Document:

EXHIBIT
      10.1

     

    

      FINANCING
        AGREEMENT

       

      Dated
        as of June 18, 2007

       

      by
        and among

       

      MAXXCOM
        INC.,

       

      as
        Borrower,

      

       

      MDC
        PARTNERS INC. AND EACH OF ITS SUBSIDIARIES LISTED AS A GUARANTOR ON THE
        SIGNATURE PAGES HERETO,

      as
        Guarantors,

       

      THE
        LENDERS FROM TIME TO TIME PARTY HERETO,

      as
        Lenders,

       

      FORTRESS
        CREDIT CORP.,

      as
        Collateral Agent,

       

      and

       

      WELLS
        FARGO FOOTHILL, INC.,

      as
        Administrative Agent

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    FINANCING
      AGREEMENT

     

    Financing
      Agreement, dated as of June 18, 2007, by and among MDC Partners Inc., a Canadian
      corporation (the "Parent")
      and
      Maxxcom Inc., a Delaware corporation ("Maxxcom"
      or the
      "Borrower"),
      each
      Subsidiary of the Parent listed as a "Guarantor"
      on the
      signature pages hereto, the lenders from time to time party hereto (together
      with their respective successors and permitted assigns, each
      a
      "Lender"
      and
      collectively, the "Lenders"),
      Fortress
      Credit Corp., a Delaware corporation
      ("Fortress"),
      as
      collateral agent for the Lenders (in such capacity, together with its successors
      or assignees in such capacity, if any, the "Collateral
      Agent"),
      and
      Wells Fargo Foothill, Inc., as administrative agent for the Lenders (in such
      capacity, together with its successors or assignees in such capacity, if any,
      the "Administrative
      Agent"
      and
      together with the Collateral Agent, each an "Agent"
      and
      collectively, the "Agents").

     

    RECITALS

     

    The
      Borrower has asked the Lenders to extend credit to the Borrower consisting
      of
      (a) a term loan A in the aggregate principal amount of $60,000,000, (b) a
      delayed draw term loan B in the aggregate principal amount not to exceed
      $70,000,000 and (c) a revolving credit facility in an aggregate principal
      amount not to exceed $55,000,000 at any time outstanding, which will include
      a
      subfacility for the issuance of letters of credit. The proceeds of the term
      loans and the loans made under the revolving credit facility shall be used
      to
      refinance existing indebtedness of the Parent and its Subsidiaries, for general
      working capital purposes of the Borrower, to pay fees and expenses related
      to
      this Agreement, and to fund Permitted Acquisitions (as defined below) and Call
      Center Capital Expenditures (as defined below), in each case subject to the
      terms and conditions set forth herein. The letters of credit will be used for
      general working capital purposes. The Lenders are severally, and not jointly,
      willing to extend such credit to the Borrower subject to the terms and
      conditions hereinafter set forth.

     

    In
      consideration of the premises and the covenants and agreements contained herein,
      the parties hereto agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS;
      CERTAIN TERMS

     

    Section
      1.01 Definitions.
      As used
      in this Agreement, the following terms shall have the respective meanings
      indicated below, such meanings to be applicable equally to both the singular
      and
      plural forms of such terms:

     

    "Accent
      Marketing"
      means
      Accent Marketing Services, L.L.C., a Delaware limited liability company,
      including its direct or indirect wholly-owned operating
      Subsidiaries.

     

    "Account"
      means,
      with respect to any Person, any and all rights of such Person to payment for
      goods sold and/or services rendered, including accounts, general intangibles
      and
      any and all such rights evidenced by chattel paper, instruments or documents,
      whether due or to become due and whether or not earned by performance, and
      whether now or hereafter acquired or arising in the future, and any proceeds
      arising therefrom or relating thereto.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    "Account
      Debtor"
      means
      each debtor, customer or obligor in any way obligated on or in connection with
      any Account.

     

    "ACH
      Transactions"
      means
      any cash management or related services (including the Automated Clearing House
      processing of electronic fund transfers through the direct Federal Reserve
      Fedline system) provided by a Bank Product Provider for the account of the
      Borrower or its Subsidiaries.

     

    "Acquisition"
      means
      the acquisition of all or any portion of the Capital Stock of any Person or
      all
      or any portion of the assets of any Person.

     

    "Act"
      has the
      meaning specified therefor in Section 12.21.

     

    "Action"
      has the
      meaning specified therefor in 0.

     

    "additional
      amount"
      has the
      meaning specified therefor in 1)a)v).

     

    "Additional
      Permitted Investments"
      means:

     

    (a)
      investments in non-cash consideration from clients in the form of Capital Stock
      of such client, provided
      that
      upon the sale of such Capital Stock, the Net Cash Proceeds from such sale shall
      be applied to prepayment of the Revolving Loans then outstanding, if any,
      pursuant Section 2.05(b)(i), 

     

    (b) Hedging
      Agreements entered into by any Loan Party in the ordinary course of its business
      and not for speculative purposes;

     

    (c) investments
      consisting of security deposits with utilities and other similar Persons made
      in
      the ordinary course of business;

     

    (d) investments
      constituting a Guaranty permitted under Section 7.02(b);

     

    (e) loans
      and advances to employees (other than Miles Nadal) of any Loan Party in the
      ordinary course of business (including, without limitation, for travel,
      entertainment and relocation expenses) in an aggregate amount not exceeding
      $2,000,000 at any one time outstanding;

    

    (f) investments
      received
      in connection with the bankruptcy or reorganization of suppliers or customers
      of
      any
      Loan Party and
      in
      settlement of delinquent obligations of, and other disputes with, customers
      or
      suppliers of any Loan Party arising in the ordinary course of
      business;

    

    (g) investments
      of any Person in existence at the time such Person becomes a Subsidiary of the
      Parent or any of its Subsidiaries; provided
      that
      such investments were not made in connection with or anticipation of such Person
      becoming a Subsidiary of the Parent or any of its Subsidiaries, as applicable;
      

     

    
      
        
        

      

      
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    (h)
      investments in Pegasus Partners III, L.P. after the Effective Date in an
      aggregate amount not exceeding $350,000 and any investments in Pegasus Partners
      III, L.P. existing on the Effective Date;

    

    (i)
      loans
      and advances to employees (other than Miles Nadal) of any Loan Party for the
      purpose of purchasing Capital Stock of such Loan Party or the parent of such
      Loan Party so long as such Capital Stock is sold by a Loan Party and the
      proceeds of such loans and advances are received by such Loan
      Party;

     

    (k)
      other
      investments in an aggregate amount not exceeding $1,000,000 at any one time
      outstanding; and

     

    (l)
      any
      investment constituting a Restricted Payment permitted under Section
      7.02(h).

     

    "Administrative
      Agent"
      has the
      meaning specified therefor in the preamble hereto.

     

    "Administrative
      Agent's Account"
      means
      an account at a bank designated by the Administrative Agent from time to time
      as
      the account into which the Loan Parties shall make payments to the
      Administrative Agent for the benefit of the Agents and the Lenders in accordance
      with this Agreement and the other Loan Documents.

     

    "Affiliate"
      means,
      with respect to any Person, any other Person that directly or indirectly through
      one or more intermediaries, controls, is controlled by, or is under common
      control with, such Person. For purposes of this definition, "control" of a
      Person means the power, directly or indirectly, either to (i) vote 10% or more
      of the Capital Stock having ordinary voting power for the election of directors
      of such Person or (ii) direct or cause the direction of the management and
      policies of such Person whether by contract or otherwise. Notwithstanding
      anything herein to the contrary, in no event shall any Agent or any Lender
      be
      considered an "Affiliate" of any Loan Party.

     

    "After
      Acquired Property"
      has the
      meaning specified therefor in 0.

     

    "Agent"
      has the
      meaning specified therefor in the preamble hereto.

     

    "Agreement"
      means
      this Financing Agreement, including all amendments, modifications and
      supplements and any exhibits or schedules to any of the foregoing, and shall
      refer to the Agreement as the same may be in effect at the time such reference
      becomes operative.

     

    "Applicable
      Margin"
      means,
      with respect to the interest rate of a Term Loan or any portion thereof, the
      applicable margin set forth below opposite the Senior Leverage Ratio as of
      the
      last day of the fiscal quarter most recently completed prior to the date of
      determination, as determined based upon the Loan Parties' financial statements
      and/or certifications delivered to Agents pursuant to Section 7.01(a)(iii)
      and
      (v) for such fiscal quarter, which determination shall be made by the Agents
      and
      shall be final and conclusive in the absence of any manifest error: 

     

    
      
        
        

      

      
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                Senior
                  Leverage Ratio

              	 	
                Applicable
                  Margin

                LIBOR
                  Rate Loans

              	
              	
                Applicable
                  Margin

                Reference
                  Rate Loans

              	 
	
                I.
                  Greater than or equal to 2.75 to 1.00

              	 	 	
                4.75

              	
                %

              	 	
                2.35

              	
                %

              
	
                II.
                  Less than 2.75 to 1.00 but greater than or
                  equal to 1.75 to 1.00

              	 	 	
                4.25

              	
                %

              	 	
                1.85

              	
                %

              
	
                III.
                  Less than 1.75 to 1.00

              	 	 	
                3.75

              	
                %

              	 	
                1.35

              	
                %

              

      

    

     

    ;
      provided
      that,
      notwithstanding the foregoing, (i) until the earlier of (A) the date on which
      the financial statements and/or certifications required under Section
      7.01(a)(iii) and (v) are due and (B) the date such financial statements and/or
      certifications are delivered, the then current Applicable Margin shall remain
      in
      effect, (ii) if the Loan Parties fail to deliver financial statements and/or
      certifications to the Agents for any period in accordance with
      Section 7.01(a)(iii) and (v), then until such financial statements and/or
      certifications are delivered pursuant to such Section, the Applicable Margin
      shall be the rate set forth in row I above and (iii) prior to September 18,
      2007, the Applicable Margin shall be the rate set forth in row II above.
Notwithstanding
      the foregoing, in the event that the audited annual financial statements of
      the
      Parent and its Subsidiaries required to be delivered by the Borrower pursuant
      to
Section 7.01(a)(i)
      for any
      Fiscal Year shall indicate that the actual Leverage Ratio of the Parent and
      its
      Subsidiaries for any fiscal quarter in such Fiscal Year was higher or lower
      than
      as previously certified by the Borrower in the Compliance Certificate for such
      fiscal quarter, then the Applicable Margin for such fiscal quarter shall be
      adjusted retroactively (to the effective date of the determination of the
      Applicable Margin that was based upon the delivery of such Compliance
      Certificate) to reflect the correct Applicable Margin, and the Borrower shall
      promptly make payments to or receive a future credit or payment from the Agents
      and Lenders, as the case may be, to reflect such adjustment.

     

    "Applicable
      Prepayment Premium"
      means,
      as of any date of determination, an amount equal to (a) during the period of
      time from and after the date of the execution and delivery of this Agreement
      up
      to the date that is the first anniversary of the Effective Date, 2.5% times
      the
      sum of (i) the Total Revolving Credit Commitment plus
      (ii) the outstanding principal balance of the Term Loan on the date
      immediately prior to the date of determination, (b) during the period of time
      from and after the date that is the first anniversary of the Effective Date
      up
      to the date that is the second anniversary of the Effective Date, 1.5% times
      the
      sum of (i) the Total Revolving Credit Commitment plus
      (ii) the outstanding principal balance of the Term Loan on the date
      immediately prior to the date of determination, (c) during the period of
      time from and after the date that is the second anniversary of the Effective
      Date up to the date that is the third anniversary of the Effective Date, 1.0%
      times the sum of (i) the Total Revolving Credit Commitment plus
      (ii) the outstanding principal balance of the Term Loan on the date
      immediately prior to the date of determination, and (d) thereafter,
      zero.

     

    "Assignment
      and Acceptance"
      means
      an assignment and acceptance entered into by an assigning Lender and an
      assignee, and accepted by the Collateral Agent, in accordance with 0
      hereof
      and substantially in the form of Exhibit H hereto or such other form
      acceptable to the Collateral Agent.

     

    
      
        
        

      

      
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    "Authorized
      Officer"
      means,
      with respect to any Person, the chief executive officer, chief financial
      officer, chief accounting officer, president, executive vice president or vice
      president, director - treasury operations and director - budgets and forecasting
      of such Person.

     

    "Availability"
      means,
      at any time, the difference between (i) the Total Revolving Credit Commitment
      and (ii) the sum of (A) the aggregate outstanding principal amount of
      all Revolving Loans, (B) all Letter of Credit Obligations, and (C)
all
      Indebtedness of the Loan Parties in respect of existing Third Party Letters
      of
      Credit.

     

    "Bank"
      means
      Wells Fargo Bank, National Association, its successors or any other bank
      designated by the Administrative Agent to the Borrower from time to
      time.

     

    "Bankruptcy
      Code"
      means
      (i) the
      United States Bankruptcy Code (11 U.S.C. § 101, et seq.),
      (ii)
      the Bankruptcy and Insolvency Act (Canada) and (iii) the Companies' Creditors
      Arrangement Act (Canada), in each case as applicable, as amended and as in
      effect from time to time, and any successor statute.

     

    "Bank
      Product"
      means
      any financial accommodation extended to the Borrower or its Subsidiaries by
      a
      Bank Product Provider (other than pursuant to this Agreement) including:
      (a) credit cards, (b) credit card processing services, (c) debit
      cards, (d) purchase cards, (e) ACH Transactions, (f) cash
      management, including controlled disbursement, accounts or services, or
      (g) transactions under Hedge Agreements.

     

    "Bank
      Product Agreements"
      means
      those agreements entered into from time to time by the Borrower or its
      Subsidiaries with a Bank Product Provider in connection with the obtaining
      of
      any of the Bank Products.

     

    "Bank
      Product Obligations"
      means
      all obligations, liabilities, contingent reimbursement obligations, fees, and
      expenses owing by the Borrower or its Subsidiaries to any Bank Product Provider
      pursuant to or evidenced by the Bank Product Agreements and irrespective of
      whether for the payment of money, whether direct or indirect, absolute or
      contingent, due or to become due, now existing or hereafter arising, and
      including all such amounts that the Borrower or its Subsidiaries are obligated
      to reimburse to any Agent or any Lender as a result of such Agent or such Lender
      purchasing participations from, or executing indemnities or reimbursement
      obligations to, a Bank Product Provider with respect to the Bank Products
      provided by such Bank Product Provider to the Borrower or its
      Subsidiaries.

     

    "Bank
      Product Provider"
      means
      Wells Fargo Bank, National Association or any of its Affiliates.

     

    "Board"
      means
      the Board of Governors of the Federal Reserve System of the United
      States.

     

    
      
        
        

      

      
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    "Board
      of Directors"
      means,
      with respect to any Person, the board of directors (or comparable managers)
      of
      such Person or any committee thereof duly authorized to act on behalf of the
      board.

     

    "Borrower"
      has the
      meaning specified therefor in the preamble hereto.

     

    "Business
      Day"
      means
      any day other than a Saturday, Sunday or other day on which commercial banks
      in
      New York City are authorized or required to close, provided
      that,
      with respect to the borrowing, payment or continuation of, or determination
      of
      interest rate on, LIBOR Rate Loans, Business Day shall mean any Business Day
      which dealings in Dollars may be carried on in the interbank eurodollar markets
      in New York City and London.

     

    "Call
      Centers"
      means
a
      current
      or new facility established by Accent Marketing for the purpose of providing
      customer care services including but not limited to in-bound and outbound
      customer care service, database marketing, analytical services related to
      customer relationship management and other related activities.

     

    "Call
      Center Capital Expenditures"
      has the
      meaning specified therefor in Section 7.02(g).

     

    "Canadian
      Employee Benefit Laws"
      means
      the Canada Pension Plan Act (Canada), the Income Tax Act (Canada), the Pension
      Benefits Standards Act, 1985 (Canada), the Canada Labor Code, the Employment
      Insurance Act (Canada), the Pension Benefits Act (Ontario), the Workplace Safety
      and Insurance Act 1997 (Ontario), the Occupational Health and Safety Act
      (Ontario) and the Employment Standards Act, 2000 (Ontario) and any federal,
      provincial or local counterparts or equivalents, in each case, as amended from
      time to time.

     

    "Canadian
      Guarantor"
      means
      (a) Parent, and (b) each Subsidiary of the Parent organized under the laws
      of
      Canada or the laws of a province of Canada that (i) is listed as a "Guarantor"
      on the signature pages hereto or (ii) guarantees, pursuant to Section
      7.01(b) or otherwise, all or any part of the Obligations.

     

    "Canadian
      Pledge Agreements"
      means
a
      Pledge
      Agreement made by a Canadian Guarantor in favor of the Collateral Agent, for
      the
      benefit of the Agents, the Lenders and the Bank Product Providers, in form
      and
      substance reasonably satisfactory to the Collateral Agent, securing all or
      part
      of the Obligations and delivered to the Collateral Agent.

     

    "Canadian
      Security Agreements"
      means
a
      General
      Security Agreement made by a Canadian Guarantor in favor of the Collateral
      Agent, for the benefit of the Agents, the Lenders and the Bank Product
      Providers, in form and substance reasonably satisfactory to the Collateral
      Agent, securing all or part of the Obligations and delivered to the Collateral
      Agent.

     

    "Capital
      Expenditures"
      means,
      with respect to any Person for any period, the sum of the aggregate of all
      expenditures by such Person and its Subsidiaries during such period that in
      accordance with GAAP are or should be included in "property, plant and
      equipment" or in a similar fixed asset account on its balance sheet, whether
      such expenditures are paid in cash or financed and including all Capitalized
      Lease Obligations paid or payable during such period; provided
      that
      Capital Expenditures shall not include, for
      any
      period, (i) Capital Expenditures required to be reported on the statement of
      cash flows of Parent in accordance with U.S. GAAP to the extent such Capital
      Expenditures have been funded during such period by a landlord of Parent or
      any
      other Loan Party with respect to any improvements to property leased from such
      landlord by Parent or any other Loan Party, and (ii) Capital Expenditures funded
      with the proceeds of the Louisiana IDB.

     

    
      
        
        

      

      
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    "Capital
      Stock"
      means
      (i) with respect to any Person that is a corporation, any and all shares,
      interests, participations or other equivalents (however designated and whether
      or not voting) of corporate stock, and (ii) with respect to any Person that
      is
      not a corporation, any and all partnership, membership or other equity interests
      of such Person.

     

    "Capitalized
      Lease"
      means,
      with respect to any Person, any lease of real or personal property by such
      Person as lessee which is (i) required under GAAP to be capitalized on the
      balance sheet of such Person or (ii) a transaction of a type commonly known
      as a "synthetic lease" (i.e. a lease transaction that is treated as an
      operating lease for accounting purposes but with respect to which payments
      of
      rent are intended to be treated as payments of principal and interest on a
      loan
      for Federal income tax purposes).

     

    "Capitalized
      Lease Obligations"
      means,
      with respect to any Person, obligations of such Person and its Subsidiaries
      under Capitalized Leases, and, for purposes hereof, the amount of any such
      obligation shall be the capitalized amount thereof determined in accordance
      with
      GAAP.

     

    "Cash
      and Cash Equivalents"
      means
      all cash and any presently existing or hereafter arising deposit account
      balances, certificates of deposit or other financial instruments properly
      classified as cash equivalents under GAAP.

     

    "Cash
      Management Accounts"
      means
      those bank accounts of each Loan Party (other than (i) accounts specifically
      and
      exclusively used for payroll, payroll taxes and other employee wage and benefit
      payments to or for the benefit of any Loan Party's employees or (ii) any account
      established and maintained by any Loan Party at the request of such Loan Party's
      client as described in the proviso to the first sentence of Section 7.02(r))
      maintained at one or more Cash Management Banks listed on Schedule
      8.01.

     

    "Cash
      Management Bank"
      has the
      meaning specified therefor in xii)(a).

     

    "Change
      in Law"
      has the
      meaning specified therefor in 1)a)xi).

     

    "Change
      of Control"
      means
      each occurrence of any of the following:

     

    (a) the
      acquisition, directly or indirectly, by any person or group (within the meaning
      of Section 13(d)(3) of the Exchange Act) of beneficial ownership of more
      than 50% of the aggregate outstanding voting power of the Capital Stock of
      the
      Parent;

     

    (b) during
      any period of two consecutive years, individuals who at the beginning of such
      period constituted the Board of Directors of the Parent (together with any
      new
      directors whose election by such Board of Directors or whose nomination for
      election by the shareholders of the Parent was approved by a vote of at least
      a
      majority the directors of the Parent then still in office who were either
      directors at the beginning of such period, or whose election or nomination
      for
      election was previously approved) cease for any reason to constitute a majority
      of the Board of Directors of the Parent; or

     

    
      
        
        

      

      
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    (c) the
      Parent shall cease to have beneficial ownership (as defined in Rule 13d-3
      under the Exchange Act) of more than 50% of the aggregate voting power of the
      Capital Stock of the Borrower, free and clear of all Liens (other than any
      Liens
      granted hereunder and Permitted Liens).

     

    "Collateral"
      means
      all of the property and assets and all interests therein and proceeds thereof
      now owned or hereafter acquired by any Person upon which a Lien is granted
      or
      purported to be granted by such Person as security for all or any part of the
      Obligations.

     

    "Collateral
      Agent"
      has the
      meaning specified therefor in the preamble hereto.

     

    "Collateral
      Agent's Account"
      means
      an account at a bank designated by the Collateral Agent from time to time as
      the
      account into which the Loan Parties shall make payments to the Collateral Agent
      for the benefit of the Agents and the Lenders in accordance with this Agreement
      and the other Loan Documents.

     

    "Collateral
      Agent Advances"
      has the
      meaning specified therefor in 0.

     

    "Collections"
      means
      all cash, checks, notes, instruments and other items of payment (including
      insurance proceeds of cash sales, rental proceeds and tax refunds) of the Loan
      Parties.

     

    "Commitments"
      means,
      with respect to each Lender, such Lender's Revolving Credit Commitment, Term
      Loan A Commitment and Term Loan B Commitment.

     

    "Compliance
      Certificate"
      means
      a
      compliance certificate in substantially the form of Exhibit E
      hereto,

     

    "Concentration
      Account"
      means
      the Cash Management Account of Maxxcom maintained at the Concentration Account
      Bank, as disclosed to the Agents, into which cash received from the Cash
      Management Banks is wired pursuant to xii).

     

    "Concentration
      Account Agreement"
      means a
      Control Agreement among the Parent, the Borrower, the Concentration Account
      Bank
      and the Collateral Agent, in form and substance reasonably satisfactory to
      Agents, applicable to the Concentration Account.

     

    "Concentration
      Account Bank"
      means
      JPMorgan Chase Bank, N.A., or such other Person or Persons as the Borrower
      (with
      the prior written consent of the Collateral Agent, which consent will not be
      unreasonably withheld) may designate from time to time.

     

    "Consolidated
      EBITDA"
      means,
      with respect to any Person for any period, the Consolidated Net Income of such
      Person and its Subsidiaries for such period, plus
      without
      duplication, (i) the sum of the following amounts of such Person and its
      Subsidiaries for such period and to the extent deducted in determining
      Consolidated Net Income of such Person for such period: (a) Consolidated
      Net Interest Expense, (b) income tax expense, (c) depreciation
      expense, and (d) amortization expense, and (ii) to the extent not included
      in determining Consolidated Net Income of such Person for such period, cash
      distributions received from Minority-Owned Entities. In determining the
      Consolidated EBITDA for a particular period, with respect to any Person acquired
      or partly acquired (including pursuant to puts or step-ups) in a Permitted
      Acquisition after the first day of such period, the Consolidated EBITDA
      attributable to such Person shall be calculated on a pro forma basis to include
      the financial performance of such Person from and after the first day of such
      period until the date of such acquisition, as if such acquisition occurred
      on
      the first day of such period. Notwithstanding
      the foregoing, for the fiscal quarters ending on September 30, 2006, December
      31, 2006 and March 31, 2007, the Consolidated EBITDA of the Parent and its
      Subsidiaries shall be increased or decreased, as the case may be, by the amounts
      set forth on Schedule 1.01(C) hereto.

     

    
      
        
        

      

      
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    "Consolidated
      Senior Indebtedness"
      means,
      with respect to any Person at any date, all Indebtedness of such Person,
      determined on a consolidated basis in accordance with GAAP, but excluding (i)
      all Subordinated Indebtedness (including the Convertible Subordinated Debt)
      and
      (ii) all Indebtedness in respect of Third Party Letters of Credit that are
      backstopped by a Letter of Credit or fully cash collateralized.

     

    "Consolidated
      Net Income"
      means,
      with respect to any Person for any period, the result of the net income (loss)
      of such Person for such period, determined in accordance with GAAP, but
      excluding from the determination of Consolidated Net Income (without
      duplication) (a) any extraordinary or non recurring gains or losses or
      gains or losses from Dispositions, (b) restructuring charges, (c) any tax
      refunds, net operating losses or other net tax benefits, (d) effects of
      discontinued operations, (e) interest income (including interest
      paid-in-kind), (f) non-cash impairment charges, (g) non-cash stock based
      compensation expenses, and (h) other non-operating income and expenses
      determined in accordance with GAAP (including, without limitation, the net
      income (loss) from Minority-Owned Entities).

     

    "Consolidated
      Net Interest Expense"
      means,
      with respect to any Person for any period, the result of the gross interest
      expense of such Person for such period determined in accordance with GAAP
      (including, without limitation, interest expense paid to Affiliates of such
      Person), less
      (1) gains for such period on Hedging Agreements (to the extent not included
      in interest income above and to the extent not deducted in the calculation
      of
      gross interest expense), plus
      (2) the sum of (A) losses for such period on Hedging Agreements (to
      the extent not included in gross interest expense) and (B) the upfront
      costs or fees for such period associated with Hedging Agreements (to the extent
      not included in gross interest expense), in each case, determined in accordance
      with GAAP.

     

    "Contingent
      Obligation"
      means,
      with respect to any Person, any obligation of such Person guaranteeing or in
      effect guarantees any Indebtedness, leases, dividends or other obligations
      ("primary obligations") of any other Person (the "primary obligor") in any
      manner, whether directly or indirectly, including, without limitation, (i)
      the
      direct or indirect guaranty, endorsement (other than for collection or deposit
      in the ordinary course of business), co-making, discounting with recourse or
      sale with recourse by such Person of the obligation of a primary obligor,
      (ii) the obligation to make take-or-pay or similar payments, if required,
      regardless of nonperformance by any other party or parties to an agreement,
      (iii) any obligation of such Person, whether or not contingent, (A) to purchase
      any such primary obligation or any property constituting direct or indirect
      security therefor, (B) to advance or supply funds (1) for the purchase or
      payment of any such primary obligation or (2) to maintain working capital
      or equity capital of the primary obligor or otherwise to maintain the net worth
      or solvency of the primary obligor, (C) to purchase property, assets,
      securities or services primarily for the purpose of assuring the owner of any
      such primary obligation of the ability of the primary obligor to make payment
      of
      such primary obligation or (D) otherwise to assure or hold harmless the
      holder of such primary obligation against loss in respect thereof. The amount
      of
      any Contingent Obligation shall be deemed to be an amount equal to the stated
      or
      determinable amount of the primary obligation with respect to which such
      Contingent Obligation is made (or, if less, the maximum amount of such primary
      obligation for which such Person may be liable pursuant to the terms of the
      instrument evidencing such Contingent Obligation) or, if not stated or
      determinable, the maximum reasonably anticipated liability with respect thereto
      (assuming such Person is required to perform thereunder), as determined by
      such
      Person in good faith.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    "Contribution
      Agreement"
      means a
      Contribution Agreement, in
      form
      and substance reasonably satisfactory to the Collateral Agent, by and among
      certain Loan Parties.

     

    "Control
      Agreement"
      means a
      control agreement, in form and substance reasonably satisfactory to the Agents,
      executed and delivered by the applicable Loan Party, Collateral Agent, and
      a
      securities intermediary with respect to a securities account or a bank with
      respect to a deposit account.

     

    "Convertible
      Subordinated Debt"
      means
      the 8% Convertible Subordinated Debenture due 2010 of the Parent, issued
      pursuant to the trust indenture dated as of June 28, 2005, between Parent,
      as
      issuer, and the trustee named therein.

     

    "Crown"
      means
      the sovereign of the United Kingdom, Canada and the other realms and
      territories, and head of the commonwealth.

     

    "Current
      Value"
      has the
      meaning specified therefor in 0.

     

    "Default"
      means
      an event which, with the giving of notice or the lapse of time or both, would
      constitute an Event of Default.

     

    "Disbursement
      Letter"
      means a
      disbursement letter, in
      form
      and substance reasonably satisfactory to the Agents, by and among the Loan
      Parties, the Agents and the Lenders.

     

    "Disposition"
      means
      any transaction, or series of related transactions, pursuant to which any Person
      or any of its Subsidiaries sells, assigns, transfers or otherwise disposes
      of
      any property or assets (whether now owned or hereafter acquired) to any other
      Person, in each case, whether or not the consideration therefor consists of
      cash, securities or other assets owned by the acquiring Person, excluding
      any
      sales of Inventory in the ordinary course of business on ordinary business
      terms.

     

    "Dollar,"
      "Dollars"
      and the
      symbol "$"
      each
      means lawful money of the United States of America.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    "Earnout
      Amount"
      means
      any amount which is owed by any Loan Party to any Person (or any Affiliate
      of or
      successor to such Person), which is (or, prior to a determination of the amount
      thereof, was) a contingent obligation based on the financial performance of
      such
      Loan Party and which is, in substance, an amount owing on account of the unpaid
      portion of the Purchase Price for (a) Capital Stock of any Loan Party, or (b)
      assets comprising the business, or a portion thereof, of any Loan Party which,
      in either case, was acquired from such Person or an Affiliate of such Person
      by
      any Loan Party.

     

    "Effective
      Date"
      means
      the date, on or before June 18, 2007, on which all of the conditions precedent
      set forth in 0
      are
      satisfied or waived and the initial Loans are made and/or the initial Letters
      of
      Credit are issued.

     

    "Employee
      Plan"
      means
      an employee benefit plan (other than a Multiemployer Plan) covered by Title
      IV
      of ERISA or
      a
      Canadian pension or employee benefit plan, agreement or arrangement under
      Canadian Employee Benefit Laws and
      maintained (or that was maintained at any time during the six (6) calendar
      years
      preceding the date of any borrowing hereunder) for employees of any Loan Party
      or any of its ERISA Affiliates
      including any Canadian pension or employee benefit plan, agreement or
      arrangement registered or maintained under Canadian Employee Benefit
      Laws.

     

    "Environmental
      Actions"
      means
      any complaint, summons, citation, notice, directive, order, claim, litigation,
      investigation, judicial or administrative proceeding, judgment, letter or other
      communication from any Person or Governmental Authority involving violations
      of
      Environmental Laws or Releases of Hazardous Materials (i) from any assets,
      properties or businesses owned or operated by any Loan Party or any of its
      Subsidiaries or any predecessor in interest; (ii) from adjoining properties
      or
      businesses; or (iii) onto any facilities which received Hazardous Materials
      generated by any Loan Party or any of its Subsidiaries or any predecessor in
      interest. 

     

    "Environmental
      Laws"
      means
      the Comprehensive Environmental Response, Compensation and Liability Act (42
      U.S.C. § 9601, et seq.),
      the
      Hazardous Materials Transportation Act (49 U.S.C. § 1801, et seq.),
      the
      Resource Conservation and Recovery Act (42 U.S.C. § 6901, et seq.),
      the
      Federal Clean Water Act (33 U.S.C. § 1251 et seq.),
      the
      Clean Air Act (42 U.S.C. § 7401 et seq.),
      the
      Toxic Substances Control Act (15 U.S.C. § 2601 et seq.),
      the
      Occupational Safety and Health Act (29 U.S.C. § 651 et seq.),
      the
      Canadian Environmental Assessment Act, the Canadian Environmental Protection
      Act, 1999, the Fisheries Act, the Transportation of Dangerous Goods Act, 1992,
      the Environmental Assessment Act (Ontario), Ontario Water Resources Act, the
      Environmental Protection Act (Ontario), the Occupational Health and Safety
      Act
      (Ontario), the
      Environment Act (Nova Scotia), as
      such
      laws may be amended or otherwise modified from time to time, and any other
      present or future federal, state, provincial, local or foreign statute,
      ordinance, rule, regulation, order, judgment, decree, permit, license,
      authorization or other binding determination of any Governmental Authority
      imposing liability or establishing standards of conduct for protection of the
      environment or health or safety or other government restrictions relating to
      the
      protection of the environment or health or safety or the Release, deposit or
      migration of any Hazardous Materials into the environment.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    "Environmental
      Liabilities and Costs"
      means
      all liabilities, monetary obligations, Remedial Actions, losses, damages,
      punitive damages, consequential damages, treble damages, costs and expenses
      (including all reasonable fees, disbursements and expenses of counsel (for
      purposes of expenses of Canadian counsel, on a solicitor-client basis), experts
      and consultants and costs of investigations and feasibility studies), fines,
      penalties, sanctions and interest incurred as a result of any claim or demand
      by
      any Governmental Authority or any third party, and which relate to any
      environmental or health or safety condition or a Release of Hazardous Materials
      from or onto (i) any property presently or formerly owned by any Loan Party
      or any of its Subsidiaries or (ii) any facility which received Hazardous
      Materials generated or disposed by any Loan Party or any of its
      Subsidiaries.

     

    "Environmental
      Lien"
      means
      any Lien in favor of any Governmental Authority for Environmental Liabilities
      and Costs.

     

    "ERISA"
      means
      the Employee Retirement Income Security Act of 1974, as amended, and any
      successor statute of similar import, and regulations thereunder, in each case,
      as in effect from time to time. References to sections of ERISA shall be
      construed also to refer to any successor sections.

     

    "ERISA
      Affiliate"
      means,
      with respect to any Person, any trade or business (whether or not incorporated)
      which is a member of a group of which such Person is a member and which would
      be
      deemed to be a "controlled group" within the meaning of Sections 414(b), (c),
      (m) and (o) of the Internal Revenue Code.

     

    "Event
      of Default"
      means
      any of the events set forth in 0.

     

    "Exchange
      Act"
      means
      the Securities Exchange Act of 1934, as amended.

     

    "Existing
      Credit Facility"
      means
      the Credit Agreement dated as of September 22, 2004 between the Parent, Maxxcom
      Inc., an Ontario corporation and Maxxcom, as borrowers, the lenders party
      thereto, JPMorgan Chase Bank, as US administrative and collateral agent,
      JPMorgan Chase Bank, as Canadian administrative agent, Bank of Montreal and
      the
      Toronto-Dominion Bank, as co-arrangers and co-syndication agents, the Bank
      of
      Nova Scotia, as documentation agent and J.P. Morgan Securities Inc., as sole
      lead arranger and sole lead bookrunner, as amended from time to
      time.

     

    "Existing
      Lenders"
      means
      the lenders party to the Existing Credit Facility.

     

    "Extraordinary
      Receipts"
      means
      any cash received by any Loan Party not in the ordinary course of business
      (and
      not consisting of proceeds described in 0
      or
0
      hereof),
      with respect to (i) foreign, United States, state or local tax refunds, (ii)
      pension plan reversions, (iii) proceeds of insurance, (iv) judgments, proceeds
      of settlements or other consideration of any kind in connection with any cause
      of action, (v) condemnation awards (and payments in lieu thereof), (vi)
      indemnity payments, (vii) any purchase price adjustment received in
      connection with any purchase agreement, and (viii) any other cash received
      by
      any Loan Party not in the ordinary course of business during the term of this
      Agreement, provided
      that,
      Extraordinary Receipts shall not include any cash received by any Loan Party
      from the proceeds of insurance or indemnity or damage payments to the extent
      that such proceeds, awards or payments are received by such Loan Party in
      respect of any third party claim against such Loan Party, and applied to pay
      (or
      to reimburse prior payment of) such claim and the costs and expenses of such
      Loan Party, with respect thereto.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    "Facility"
      means
      each parcel of real property listed on Schedule 1.01(B) hereto, including,
      without limitation, the land on which such facility is located, all buildings
      and other improvements thereon, all fixtures located at or used in connection
      with such facility, all whether now or hereafter existing.

     

    "Federal
      Funds Rate"
      means,
      for any period, a fluctuating interest rate per annum equal to, for each day
      during such period, the weighted average of the rates on overnight Federal
      funds
      transactions with members of the Federal Reserve System arranged by Federal
      funds brokers, as published on the next succeeding Business Day by the Federal
      Reserve Bank of New York, or, if such rate is not so published for any day
      which
      is a Business Day, the average of the quotations for such day on such
      transactions received by the Administrative Agent from three Federal funds
      brokers of recognized standing selected by it.

     

    "Fee
      Letter"
      means
      that certain fee letter, dated as of June 18, 2007, between the Borrower and
      the
      Agents, in form and substance satisfactory to the Agents.

     

    "Final
      Maturity Date"
      means
      June 18, 2012, or such earlier date on which the Commitments under this
      Agreement have terminated in accordance with the terms of this Agreement and
      the
      other Loan Documents.

     

    "Financial
      Statements"
      means
      (i) the audited consolidated balance sheet of the Parent and its Subsidiaries
      for the Fiscal Year ended December 31, 2006, and the related consolidated
      statement of operations, shareholders' equity and cash flows for the Fiscal
      Year
      then ended, and (ii) the unaudited condensed consolidated balance sheet of
      the Parent and its Subsidiaries for the three months ended March 31, 2007,
      and
      the related condensed consolidated statement of operations and cash flows for
      the three months then ended.

     

    "Fiscal
      Year"
      means
      the fiscal year of the Parent and its Subsidiaries ending on December 31 of
      each
      year.

     

    "Fixed
      Charge Coverage Ratio"
      means,
      with respect to any Person for any period, the ratio of (i) Consolidated
      EBITDA of such Person and its Subsidiaries for such period minus
      Capital
      Expenditures (other than Capital Lease Obligations) made by such Person and
      its
      Subsidiaries during such period, to (ii) the sum of, without duplication,
      (A) all principal of Indebtedness of such Person and its Subsidiaries
      scheduled to be paid or prepaid during such period to the extent there is an
      equivalent permanent reduction in the commitments thereunder (including payments
      under Capitalized Lease Obligations), plus
      (B) the cash portion of Consolidated Net Interest Expense of such Person
      and its Subsidiaries for such period, plus
      (C) cash income taxes paid or due and payable by such Person and its
      Subsidiaries during such period. In determining the Fixed Charge Coverage Ratio
      for a particular period pro forma effect will be given to: (1) the
      incurrence, repayment or retirement of any Indebtedness by such Person and
      its
      Subsidiaries since the first day of such period as if such Indebtedness was
      incurred, repaid or retired on the first day of such period and (2) the
      acquisition (whether by purchase, merger or otherwise) or disposition (whether
      by sale, merger or otherwise) of any property or assets acquired or disposed
      of
      by such Person and its Subsidiaries since the first day of such period, as
      if
      such acquisition or disposition occurred on the first day of such
      period.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    "Fortress"
      has the
      meaning specified therefor in the preamble hereto.

     

    "GAAP"
      means
      generally accepted accounting principles in effect from time to time in the
      United States, applied on a consistent basis, provided that for the purpose
      of
0
      hereof
      and the definitions used therein, "GAAP" shall mean generally accepted
      accounting principles in effect on the date hereof and consistent with those
      used in the preparation of the Financial Statements, provided, further, that
      if
      there occurs after the date of this Agreement any change in GAAP that affects
      in
      any respect the calculation of any covenant contained in 0
      hereof,
      the Collateral Agent and the Borrower shall negotiate in good faith amendments
      to the provisions of this Agreement that relate to the calculation of such
      covenant with the intent of having the respective positions of the Lenders
      and
      the Borrower
      after
      such change in GAAP conform as nearly as possible to their respective positions
      as of the date of this Agreement and, until any such amendments have been agreed
      upon, the covenants in 0
      hereof
      shall be calculated as if no such change in GAAP has occurred.

     

    "Governmental
      Authority"
      means
      any nation or government, any international, federal (including the federal
      government of Canada), state, provincial, city, town, municipality, county,
      local or other political subdivision thereof or thereto and any department,
      commission, tribunal, court, board, bureau, instrumentality, agency or other
      entity exercising executive, legislative, judicial, taxing, regulatory or
      administrative powers or functions of or pertaining to government.

     

    "Guaranteed
      Obligations"
      has the
      meaning specified therefor in 0.

     

    "Guarantors"
      means,
      collectively, the US Guarantors and the Canadian Guarantors.

     

    "Guaranty"
      means
      (i) the guaranty of each US Guarantor and Canadian Guarantor party hereto
      contained in 0
      hereof,
      and (ii) each guaranty substantially in the form of Exhibit A, made by any
      other Guarantor in favor of the Collateral Agent for the benefit of the Agents
      and the Lenders pursuant to 0
      or
      otherwise.

     

    "Hazardous
      Material"
      means
      (a) any element, compound or chemical that is defined, listed, regulated or
      otherwise classified as a contaminant, pollutant, toxic pollutant, toxic or
      hazardous substance, extremely hazardous substance or chemical, waste, hazardous
      waste, special waste, or solid waste under Environmental Laws or that could
      reasonably be expected to cause immediately, or at some future time, harm to
      or
      have an adverse effect on, the environment or human health or safety, including,
      without limitation, any pollutant, contaminant, waste, hazardous waste, toxic
      substance or dangerous good which is defined, regulated or identified in any
      Environmental Law and which is present in the environment in such quantity
      or
      state that it contravenes any Environmental Law; (b) petroleum and its
      refined products; (c) polychlorinated biphenyls; (d) any substance
      exhibiting a waste, hazardous waste characteristic, including, without
      limitation, corrosivity, ignitability, toxicity or reactivity as well as any
      radioactive or explosive materials; and (e) any raw materials, building
      components (including, without limitation, asbestos-containing materials) and
      manufactured products containing hazardous substances listed, regulated or
      classified as such under Environmental Laws.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    "Hedging
      Agreement"
      means
      any interest rate, foreign currency, commodity or equity swap, collar, cap,
      floor or forward rate agreement, or other agreement or arrangement designed
      to
      protect against fluctuations in interest rates or currency, commodity or equity
      values (including, without limitation, any option with respect to any of the
      foregoing and any combination of the foregoing agreements or arrangements),
      and
      any confirmation executed in connection with any such agreement or
      arrangement.

     

    "Highest
      Lawful Rate"
      means,
      with respect to any Agent or any Lender, the maximum non-usurious interest
      rate,
      if any, that at any time or from time to time may be contracted for, taken,
      reserved, charged or received on the Obligations under laws applicable to such
      Agent or such Lender which are currently in effect or, to the extent allowed
      by
      law, under such applicable laws which may hereafter be in effect and which
      allow
      a higher maximum non-usurious interest rate than applicable laws now
      allow.

     

    "Immaterial
      Subsidiary"
      means,
      at any time, any Subsidiary of the Parent the annual Consolidated EBITDA of
      which is less than $250,000, provided that the aggregate annual Consolidated
      EBITDA of all Subsidiaries of the Parent that would otherwise constitute
      Immaterial Subsidiaries shall not exceed $1,500,000.

     

    "Indebtedness"
      means,
      with respect to any Person, without duplication, (i) all indebtedness of such
      Person for borrowed money; (ii) all obligations of such Person for the
      "earn-out" or other deferred purchase price of property or services (other
      than
      trade payables or other accounts payable incurred in the ordinary course of
      such
      Person's business) to the extent such obligations are shown as a liability
      on
      the balance sheet of such Person; (iii) all obligations of such Person
      evidenced by bonds, debentures, notes or other similar instruments or upon
      which
      interest payments are customarily made; (iv) all reimbursement, payment or
      other obligations and liabilities of such Person created or arising under any
      conditional sales or other title retention agreement with respect to property
      used and/or acquired by such Person, even though the rights and remedies of
      the
      lessor, seller and/or lender thereunder may be limited to repossession or sale
      of such property; (v) all Capitalized Lease Obligations of such Person;
      (vi) all obligations and liabilities, contingent or otherwise, of such
      Person, in respect of letters of credit, acceptances and similar facilities;
      (vii) all obligations and liabilities, calculated on a basis satisfactory
      to the Collateral Agent and in accordance with accepted practice, of such Person
      under Hedging Agreements; (viii) all monetary obligations under any
      receivables factoring, receivable sales or similar transactions and all monetary
      obligations under any synthetic lease, tax ownership/operating lease,
      off-balance sheet financing or similar financing; (ix) all Contingent
      Obligations; and (x) all obligations referred to in clauses
      (i) through (ix) of this definition of another Person secured by (or for
      which the holder of such Indebtedness has an existing right, contingent or
      otherwise, to be secured by) a Lien upon property owned by such Person, even
      though such Person has not assumed or become liable for the payment of such
      Indebtedness. The Indebtedness of any Person shall include the Indebtedness
      of
      any partnership of or joint venture in which such Person is a general partner
      or
      a joint venturer.

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    "Indemnified
      Matters"
      has the
      meaning specified therefor in 0.

     

    "Indemnitees"
      has the
      meaning specified therefor in 0.

     

    "Insolvency
      Proceeding"
      means
      any proceeding commenced by or against any Person under any provision of the
      Bankruptcy Code or under any other bankruptcy or insolvency law, assignments
      for
      the benefit of creditors, formal or informal moratoria, compositions, or
      extensions generally with creditors, or proceedings seeking reorganization,
      arrangement, or other similar relief.

     

    "Intercompany
      Subordination Agreement"
      means
      an Intercompany Subordination Agreement made by the Loan Parties in favor of
      the
      Collateral Agent for the benefit of the Agents and the Lenders, in form and
      substance reasonably satisfactory to the Collateral Agent.

     

    "Interest
      Period"
      means,
      with respect to any LIBOR Rate Loan, the period commencing on the borrowing
      date
      or the date of any continuation of such LIBOR Rate Loan, as the case may be,
      and
      ending (a) with respect to the Revolving Loans, one (1), two (2), three (3)
      or
      six (6) months thereafter, and (b) with respect to the Term Loans, three (3)
      months thereafter, provided
      that (i)
      any Interest Period that would otherwise end on a day that is not a Business
      Day
      shall be extended to the next succeeding Business Day, unless such Business
      Day
      falls in another calendar month, in which case such Interest Period shall end
      on
      the next preceding Business Day, (ii) no Interest Period for any LIBOR Rate
      Loan
      shall end after the Final Maturity Date, and (iii) LIBOR Rate Loans borrowed
      on
      the same date shall have the same Interest Period.

     

    "Internal
      Revenue Code"
      means
      the Internal Revenue Code of 1986, as amended (or any successor statute thereto)
      and the regulations thereunder.

     

    "Inventory"
      means,
      with respect to any Person, all goods and merchandise of such Person, including,
      without limitation, all raw materials, work-in-process, packaging, supplies,
      materials and finished goods of every nature used or usable in connection with
      the shipping, storing, advertising or sale of such goods and merchandise,
      whether now owned or hereafter acquired, and all such other property the sale
      or
      other disposition of which would give rise to an Account
      or
      cash.

     

    "L/C Issuer"
      means
      the Bank or such other bank as the Administrative Agent may select in its sole
      and absolute discretion.

     

    "L/C Subfacility"
      means
      that portion of the Total Revolving Credit Commitment equal to
      $20,000,000.

     

    "Lease"
      means
      any lease of real property to which any Loan Party or any of its Subsidiaries
      is
      a party as lessor or lessee.

     

    "Lender"
      has the
      meaning specified therefor in the preamble hereto.

     

    "Letter
      of Credit"
      has the
      meaning specified therefor in 1)a)ix).

     

    "Letter
      of Credit Application"
      has the
      meaning specified therefor in 1)a)ix).

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    "Letter
      of Credit Collateral Account"
      has the
      meaning specified therefor in 0.

     

    "Letter
      of Credit Fee"
      has the
      meaning specified therefor in 1)a)ix)(1).

     

    "Letter
      of Credit Override Fee"
      has the
      meaning specified therefor in 1)a)ix)(1).

     

    "Letter
      of Credit Guaranty"
      means
      one or more guaranties by the Administrative Agent
      in
      favor of the L/C Issuer guaranteeing or relating to the Borrower's
      obligations to the L/C Issuer under a reimbursement agreement, Letter of
      Credit Application or other like document in respect of any Letter of
      Credit.

     

    "Letter
      of Credit Obligations"
      means,
      at any time and without duplication, the sum of (i) the Reimbursement
      Obligations at such time, plus
      (ii) the aggregate maximum amount available for drawing under the Letters
      of Credit outstanding at such time, plus
      (iii) all amounts for which the Administrative Agent may be liable to the
      L/C Issuer pursuant to any Letter of Credit Guaranty.

     

    "LIBOR"
      means
      the rate per annum appearing
      on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, two Business
      Days
      prior to the commencement of the
      requested Interest Period,
      as the
      rate for Dollar deposits with a maturity comparable to the
      requested Interest Period.
      In the
      event that such rate does not appear on Reuters Screen LIBOR01 Page (or
      otherwise on such screen), "LIBOR" shall be determined by reference to such
      other comparable publicly available service for displaying eurodollar rates
      as
      may be selected by the Administrative Agent or, in the absence of such
      availability, by reference to the rate at which the Administrative Agent is
      offered Dollar deposits at or about 11:00 A.M., New York City time, two Business
      Days prior to the beginning of the
      requested Interest Period
      in the
      interbank eurodollar market where its eurodollar and foreign currency and
      exchange operations are then being conducted for delivery on the first day
      of
the
      requested Interest Period
      for the
      number of days comprised therein, which
      determination shall be conclusive in the absence of manifest error.

     

    "LIBOR
      Rate"
      means,
      for each Interest Period for each LIBOR Rate Loan, the greater of (a) the rate
      per annum determined by the Administrative Agent by dividing (i) LIBOR for
      such
      Interest Period by (ii) 100% minus the Reserve Percentage and (b) 3.00%. The
      LIBOR Rate shall be adjusted on and as of the effective day of any change in
      the
      Reserve Percentage.

     

    "LIBOR
      Rate Loan"
      means a
      Loan bearing interest calculated based upon the LIBOR Rate.

     

    "Lien"
      means
      any mortgage, deed of trust, pledge, lien (statutory or otherwise), security
      interest, charge or other encumbrance or security, including, without
      limitation, any conditional sale or title retention arrangement, any Capitalized
      Lease and any assignment, deposit arrangement or financing lease intended as,
      or
      having the effect of, security.

     

    "Loan"
      means
      the Term Loan A, the Term Loan B or any Revolving Loan made by an Agent or
      a
      Lender to the Borrower
      pursuant
      to 0
      hereof.

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    "Loan
      Account"
      means
      an account maintained hereunder by the Administrative Agent on its books of
      account at the Payment Office, and with respect to the Borrower,
      in
      which the Borrower
      will be
      charged with all Loans made to, and all other Obligations incurred by, the
      Borrower.

     

    "Loan
      Document"
      means
      this Agreement, the Fee Letter, any Guaranty, any Security Agreement, any
      Mortgage, any Canadian Pledge Agreement, any Canadian Security Agreement, any
      Letter of Credit Application, any Intercompany Subordination Agreement, and
      Contribution Agreement, any Control Agreement, and any other agreement,
      instrument, and other document executed and delivered pursuant hereto or thereto
      or otherwise evidencing or securing any Loan, any Letter of Credit Obligation
      or
      any other Obligation.

     

    "Loan
      Party"
      means
      the Borrower and any Guarantor.

     

    "Louisiana
      IDB"
      means
      the secured performance based forgivable loan granted to Accent Marketing of
      up
      to $3,000,000 for the establishment of a new Call Center in Monroe, Louisiana,
      by the Louisiana Economic Development Corporation.

     

    "Management
      Services Agreement"
      means
      that certain Management Services Agreement, dated as of April 27, 2007, among
      Parent, Nadal Management, Inc. and Miles Nadal.

     

    "Marketing
      Communications Business"
      means
      the advertising and marketing services businesses including, without limitation,
      public and government relations, corporate communications, research, direct
      marketing, database management, trade shows and exhibitions, event sponsorship,
      branding and corporate identity, strategic marketing, consulting, promotions
      and
      interactive services, and any activities generally related to any of the
      foregoing.

     

    "Material
      Adverse Effect"
      means a
      material adverse effect on (i) the operations, business, assets, properties
      or condition (financial or otherwise) of the Loan Parties taken as a whole,
      (ii) the ability of the Loan Parties, taken as a whole, to perform any of
      their obligations under any Loan Document, (iii) the legality, validity or
      enforceability against the Loan Parties, taken as a whole, of this Agreement
      or
      any other Loan Document, or (iv) the rights and remedies of any Agent or
      any Lender under any Loan Document to which it is a party.

     

    "Material
      Contract"
      means,
      with respect to any Person, each customer and supplier contract or agreement
      to
      which such Person or any of its Subsidiaries is a party involving aggregate
      consideration payable to or by such Person or such Subsidiary of $5,000,000
      or
      more (other than purchase orders in the ordinary course of the business of
      such
      Person or such Subsidiary and other than contracts that have a term less than
      90
      days or that by their terms may be terminated by such Person or Subsidiary
      in
      the ordinary course of its business upon less than 90 days' notice without
      penalty or premium).

     

    "Minority
      Holders"
      means,
      at any time, as the context requires: (i) any Shareholder of a Person that
      is an
      employee, officer, or director of such Person at such time, (ii) any Shareholder
      of a Person who, prior to such time, was an employee, officer, or director
      of
      such Person, (iii) any individual who, at such time, is an employee, officer,
      or
      director of a Person and immediately after such time becomes a Shareholder
      of
      such Person, or (iv) any Shareholder of a Person that is a corporation
      controlled by an employee, officer, or director of such Person, or a trust
      established for the benefit of an employee, officer, or director or its
      immediate family member or spouse of an employee, officer, or director of such
      Person, in each case who owns, and immediately after such time will own, less
      than 50% of the Capital Stock of such Person.

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    "Minority-Owned
      Entity"
      means
      any Person in which the Parent owns, directly or indirectly, less than 50%
      of
      the Capital Stock thereof.

     

    "Moody's"
      means
      Moody's Investors Service, Inc. and any successor thereto.

     

    "Mortgage"
      means a
      mortgage (including, without limitation, a leasehold mortgage), deed of trust
      or
      deed to secure debt, in form and substance satisfactory to the Collateral Agent,
      made by a Loan Party in favor of the Collateral Agent for the benefit of the
      Agents, the Lenders and the Bank Product Providers, securing the Obligations
      and
      delivered to the Collateral Agent pursuant to 0,
      0
      or
      otherwise.

     

    "Multiemployer
      Plan"
      means a
      "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which any
      Loan
      Party or any of its ERISA Affiliates has contributed to, or has been obligated
      to contribute, at any time during the preceding six (6) years.

     

    "Net
      Cash Proceeds"
      means,
      (i) with respect to any Disposition by any Person or any of its
      Subsidiaries, the amount of cash received (directly or indirectly) from time
      to
      time (whether as initial consideration or through the payment or disposition
      of
      deferred consideration) by or on behalf of such Person or such Subsidiary,
      in
      connection therewith after deducting therefrom only (A) the amount of any
      Indebtedness secured by any Lien permitted by 0
      on any
      asset (other than Indebtedness assumed by the purchaser of such asset) which
      is
      required to be, and is, repaid in connection with such Disposition (other than
      Indebtedness under this Agreement), (B) reasonable expenses, premiums, fees
      and commissions related thereto incurred by such Person or such Subsidiary
      in
      connection therewith, (C) transfer and/or similar taxes paid to any taxing
      authorities by such Person or such Subsidiary in connection therewith, and
      (D) net income taxes to be paid in connection with such Disposition (after
      taking into account any tax credits or deductions relating thereto and any
      tax
      sharing arrangements) and (ii) with respect to the issuance or incurrence
      of any Indebtedness by any Person or any of its Subsidiaries, or the sale or
      issuance by any Person or any of its Subsidiaries of any shares of its Capital
      Stock (excluding any sale or issuance of the Capital Stock of any Loan Party
      to
      its management personnel or employees permitted under this Agreement), the
      aggregate amount of cash received (directly or indirectly) from time to time
      (whether as initial consideration or through the payment or disposition of
      deferred consideration) by or on behalf of such Person or such Subsidiary in
      connection therewith, after deducting therefrom only (A) reasonable
      expenses, fees and commissions related thereto incurred by such Person or such
      Subsidiary in connection therewith, (B) transfer and similar taxes paid by
      such
      Person or such Subsidiary in connection therewith and (C) net income taxes
      to be
      paid in connection therewith (after taking into account any tax credits or
      deductions and any tax sharing arrangements); in each case of clause (i) and
      (ii) to the extent, but only to the extent, that the amounts so deducted are
      (x) actually paid to a Person that, except in the case of reasonable
      out-of-pocket expenses, is not an Affiliate of such Person or any of its
      Subsidiaries and (y) properly attributable to such transaction or to the asset
      that is the subject thereof.

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    "New
      Lending Office"
      has the
      meaning specified therefor in 0.

     

    "Non-U.S.
      Lender"
      has the
      meaning specified therefor in 0.

     

    "Notice
      of Borrowing"
      has the
      meaning specified therefor in 1)a)ii).

     

    "Obligations"
      means
      all
      present and future indebtedness, obligations, and liabilities of each Loan
      Party
      to the Agents and the Lenders, whether or not the right of payment in respect
      of
      such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent,
      matured, disputed, undisputed, legal, equitable, secured, unsecured, and whether
      or not such claim is discharged, stayed or otherwise affected by any proceeding
      referred to in 0.
      Without
      limiting the generality of the foregoing, the Obligations of each Loan Party
      under the Loan Documents include (a) the obligation to pay principal,
      interest, charges, expenses, fees (including
      the fees provided for in the Fee Letter),
      reasonable attorneys' fees and disbursements, indemnities and other amounts
      payable by such Person under the Loan Documents, (b) the obligation of such
      Person to reimburse any amount in respect of any of the foregoing that any
      Agent
      or any Lender (in its sole discretion) may elect to pay or advance on behalf
      of
      such Person to the extent as provided for in the Loan Documents, and (c) the
      Bank Product Obligations.

     

    "Operating
      Lease Obligations"
      means
      all obligations for the payment of rent for any real or personal property under
      leases or agreements to lease, other than Capitalized Lease
      Obligations.

     

    "Ownership
      Percentage"
      means,
      with respect to any Person, the percentage of its Capital Stock that is owned
      by
      a Loan Party or any Subsidiary thereof.

     

    "Other
      Taxes"
      has the
      meaning specified therefor in 0.

     

    "Parent"
      has the
      meaning specified therefor in the preamble hereto.

     

    "Participant
      Register"
      has the
      meaning specified therefor in 0.

     

    "Payment
      Office"
      means
      the Administrative Agent's office located at One Boston Place, 18th Floor,
      Boston, MA 02108, or at such other office or offices of the Administrative
      Agent
      as may be designated in writing from time to time by the Administrative Agent
      to
      the Collateral Agent and the Borrower.

     

    "PBGC"
      means
      the Pension Benefit Guaranty Corporation or any successor thereto.

     

    "Permitted
      Acquisition"
      means:

     

    (a) any
      Acquisition by a Loan Party or any Subsidiary of a Loan Party to the extent
      that
      each of the following conditions shall have been satisfied:

     

    (i) to
      the
      extent the Acquisition will be financed in whole or in part with the proceeds
      of
      any Loan, the conditions set forth in 0
      and 5.02
      shall have been satisfied;

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    (ii) the
      Borrower
      shall
      have furnished to the Collateral Agent, (x)
      to
      the extent the Purchase Price of any Acquisition is greater than $1,000,000,
      at
      least 30 days prior to the consummation of such Acquisition (1) if available,
      an
      executed term sheet and/or commitment letter (setting forth in reasonable detail
      the terms and conditions of such Acquisition), (2) pro forma financial
      statements of the Parent and its Subsidiaries after giving effect to the
      consummation of such Acquisition, and (3) a certificate of the chief financial
      officer of the Parent, demonstrating on a pro forma basis compliance with all
      covenants set forth in 0
      hereof
      after the consummation of such Acquisition, (y) at least 5 days prior to the
      consummation of any Acquisition, any memoranda or presentations delivered to
      the
      Board of Directors of the Parent regarding such Acquisition or if such memoranda
      or presentations are not available, a summary describing the rationale of such
      Acquisition in reasonable details, and (z) to the extent the Purchase Price
      of
      any Acquisition is greater than $1,000,000, promptly following the closing
      of
      such Acquisition, executed counterparts of the respective agreements,
      instruments or other documents pursuant to which such Acquisition has been
      consummated (including, without limitation, any related management, non-compete,
      employment, option or other material agreements), any schedules to such
      agreements, instruments or other documents and all other material ancillary
      agreements, instruments or other documents executed or delivered in connection
      therewith;

     

    (iii) the
      agreements, instruments and other documents referred to in paragraph (a)(ii)
      above shall provide that (1) neither the Loan Parties nor any of their
      Subsidiaries shall, in connection with such Acquisition, assume or remain liable
      in respect of any Indebtedness of the Seller or Sellers, or other obligation
      of
      the Seller or Sellers (except any Permitted Indebtedness), and (2) all property
      to be so acquired in connection with such Acquisition shall be free and clear
      of
      any and all Liens, except for Permitted Liens (and if any such property is
      subject to any Lien not permitted by this clause (2) then concurrently with
      such
      Acquisition such Lien shall be released);

     

    (iv) the
      entity to be acquired or formed as a result of such Acquisition (the
      "Target")
      shall
      be engaged in the same or similar business as described in Section
      6.01(l);

     

    (v) upon
      the
      consummation of such Acquisition, the Target shall be a direct Subsidiary of
      a
      Loan Party, provided
      that the
      Loan Parties may acquire less than 50% of (A) the outstanding Capital Stock
      having (in the absence of contingencies) ordinary voting power to elect a
      majority of the board of directors or other managing body of such Target,
      (B) in the case of a partnership or limited liability company, the interest
      in the capital or profits of such Target or (C) in the case of a trust,
      estate, association, joint venture or other entity, the beneficial interest
      in
      such Target, in each case to the extent that (1) the cash portion of the
      Purchase Price for all such acquisitions effected after the Effective Date
      shall
      not exceed $15,000,000 in the aggregate and (2) the non-cash portion of the
      Purchase Price paid in shares of Capital Stock of the Loan Parties for all
      such
      acquisitions effected after the Effective Date shall not exceed $40,000,000
      in
      the aggregate; 

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    (vi) such
      Acquisition shall be effected in such a manner so that the acquired Capital
      Stock or assets are owned either by a Loan Party or a Subsidiary of a Loan
      Party
      and, if effected by merger or consolidation involving a Loan Party, such Loan
      Party shall be the continuing or surviving Person or such surviving Person
      shall
      be a Loan Party;

     

    (vii) any
      such
      Target (and its equityholders) shall execute and deliver the agreements,
      instruments and other documents required by 0;

     

    (viii) the
      Loan
      Parties' proportional share of the Target's EBITDA for the trailing twelve
      months shall not exceed 15% of the Consolidated EBITDA of the Parent and its
      Subsidiaries for the trailing twelve months (calculated on a pro forma basis
      after giving effect to such Acquisition but before deducting any corporate
      overhead);

     

    (b) any
      Acquisition by a Loan Party or any Subsidiary of a Loan Party to the extent
      that
      (i) each of the conditions set forth in clauses (a)(ii), (iii), (iv), (vi)
      and
      (vii) above shall have been satisfied, and (ii) 100% of the Purchase Price
      of
      such Acquisition shall be paid in Shares of Capital Stock of such Loan Party
      or
      such Subsidiary so long as such Loan Party or such Subsidiary shall continue
      to
      constitute a Subsidiary of a Loan Party after giving effect of such Acquisition;
      and 

     

    (c) any
      Acquisition by a Loan Party or any Subsidiary of a Loan Party to the extent
      that
      (i) (A) such Acquisition is pursuant to a put or call option in existence prior
      to the Effective Date and listed on Schedule 7.02(e) and (B) each of the
      conditions set forth in clauses (a)(ii), (iii), (iv), (vi) and (vii) above
      shall
      have been satisfied, or (ii) the
      Agents, with the consent of the Required Lenders, shall otherwise have consented
      to such Acquisition.

     

    "Permitted
      Indebtedness"
      means:

     

    (a) any
      Indebtedness owing to any Agent and any Lender under this Agreement and the
      other Loan Documents;

     

    (b) any
      other
      Indebtedness listed on Schedule 0,
      and the
      extension of maturity, refinancing or modification of the terms thereof;
provided,
      however,
      that
      (i) such extension, refinancing or modification is pursuant to terms that are
      not less favorable to the Loan Parties and the Lenders than the terms of the
      Indebtedness being extended, refinanced or modified except for a reasonable
      increase in the interest rate applicable to such Indebtedness due to then
      current market conditions and (ii) after giving effect to such extension,
      refinancing or modification, the amount of such Indebtedness is not greater
      than
      the amount of Indebtedness outstanding immediately prior to such extension,
      refinancing or modification;

     

    (c) Indebtedness
      evidenced by Capitalized Lease Obligations entered into in order to finance
      Capital Expenditures made by the Loan Parties in accordance with the provisions
      of 1)a)xi)(3),
      which
      Indebtedness, when aggregated with the principal amount of all Indebtedness
      incurred under this clause (c) and clause (d) of this definition, does not
      exceed $5,000,000 at any time outstanding;

     

    (d) Indebtedness
      permitted by clause (e)
      of the
      definition of "Permitted Lien";

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    (e) Indebtedness
      permitted under 0;

     

    (f) Subordinated
      Indebtedness;

     

    (g) Indebtedness
      of any Loan Party incurred in connection with the issuance of letters of credit
      on behalf of such Loan Party in the ordinary course of business, provided that
      the aggregate face amount of such letters of credit shall not exceed $20,000,000
      at any time minus the aggregate amount of Letter of Credit Obligations then
      outstanding;

     

    (h) Contingent
      Obligations incurred in the ordinary course of business by Parent or any other
      Loan Party guaranteeing obligations of Parent or any Loan Party permitted under
      this Agreement; 

     

    (i) Indebtedness
      of Parent or any other Loan Party arising from the honoring by a bank or other
      financial institution of a check, draft or similar instrument inadvertently
      drawn by Parent or such Loan Party in the ordinary course of business against
      insufficient funds, so long as such Indebtedness is repaid within five Business
      Days;

     

    (j) Indebtedness
      in respect of performance bonds, bid bonds, appeal bonds, bankers’ acceptances,
      surety bonds or other similar obligations arising in the ordinary course of
      business, and any refinancings thereof to the extent not provided to secure
      the
      repayment of other Indebtedness (including guarantees relating
      thereto);

     

    (k) Indebtedness
      in respect of one or more Hedging Agreements entered into by any Loan Party
      in
      the ordinary course of its business and not for speculative purposes in an
      aggregate principal amount (as opposed to the aggregate notional amount) not
      exceeding $7,500,000; 

     

    (l) Indebtedness
      of any Person that is acquired in an Permitted Acquisition that is existing
      at
      the time such Person is merged with or into or becomes a Subsidiary of Parent,
      provided that (i) such Indebtedness is not incurred in connection with, or
      in
      contemplation of, such Person merging with or into or becoming a Subsidiary
      of
      Parent, and (ii) the aggregate amount of such Indebtedness, together with any
      extensions, renewals and refinancings thereof, incurred or assumed after the
      Effective Date shall not exceed $5,000,000 at any time outstanding;
      and

     

    (m) other
      Indebtedness in an aggregate amount not exceeding $10,000,000 at any time
      outstanding.

     

    "Permitted
      Investments"
      means
      (i) marketable direct obligations issued or unconditionally guaranteed by
      the United States Government, the federal government of Canada or issued by
      any
      agency thereof and backed by the full faith and credit of the United States
      or
      Canada, in each case, maturing within six months from the date of acquisition
      thereof; (ii) commercial paper, maturing not more than 270 days after
      the date of issue rated P-1 by Moody's or A-1 by Standard & Poor's or such
      comparable rating agencies in Canada; (iii) certificates of deposit
      maturing not more than 270 days after the date of issue, issued by
      commercial banking institutions and money market or demand deposit accounts
      maintained at commercial banking institutions, each of which is a member of
      the
      Federal Reserve System and has a combined capital and surplus and undivided
      profits of not less than $500,000,000; (iv) repurchase agreements having
      maturities of not more than 90 days from the date of acquisition which are
      entered into with major money center banks included in the commercial banking
      institutions described in clause (iii) above and which are secured by
      readily marketable direct obligations of the United States Government, the
      federal government of Canada or any agency thereof, (v) money market
      accounts maintained with mutual funds having assets in excess of $2,500,000,000;
      and (vi) tax exempt securities rated A or higher by Moody's or A+ or higher
      by Standard & Poor's or such comparable rating agencies in
      Canada.

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     

    "Permitted
      Liens"
      means:

     

    (a) Liens
      securing the Obligations;

     

    (b) Liens
      for
      taxes, assessments and governmental charges the payment of which is not required
      under 0;

     

    (c) Liens
      imposed by law, such as carriers', warehousemen's, mechanics', materialmen's
      and
      other similar Liens arising (provided they are subordinate to the Collateral
      Agent's Liens on Collateral) in the ordinary course of business and securing
      obligations (other than Indebtedness for borrowed money) that are not overdue
      by
      more than 30 days or are being contested in good faith and by appropriate
      proceedings promptly initiated and diligently conducted, and a reserve or other
      appropriate provision, if any, as shall be required by GAAP shall have been
      made
      therefor;

     

    (d) Liens
      described on Schedule 0,
      but not
      the extension of coverage thereof to other property or the extension of
      maturity, refinancing or other modification of the terms thereof or the increase
      of the Indebtedness secured thereby;

     

    (e) (i) purchase
      money Liens on equipment or other capital assets acquired or held by any Loan
      Party or any of its Subsidiaries in the ordinary course of its business to
      secure the purchase price of such assets or Indebtedness incurred solely for
      the
      purpose of financing the acquisition of such equipment or (ii) Liens
      existing on such equipment at the time of its acquisition; provided,
      however,
      that
      (A) no such Lien shall extend to or cover any other property of any Loan
      Party or any of its Subsidiaries (other than attachments and improvements
      thereto), (B) the principal amount of the Indebtedness secured by any such
      Lien shall not exceed the cost of the property so held or acquired and (C)
      the
      aggregate principal amount of Indebtedness secured by any or all such Liens
      shall not exceed at any one time outstanding $5,000,000;

     

    (f) deposits
      and pledges of cash securing (i) obligations incurred in respect of workers'
      compensation, unemployment insurance or other forms of governmental insurance
      or
      benefits, (ii) the performance of bids, tenders, leases, contracts (other
      than for the payment of money) and statutory obligations or (iii) obligations
      on
      surety or appeal bonds, but only to the extent such deposits or pledges are
      made
      or otherwise arise in the ordinary course of business;

     

    (g) easements,
      zoning restrictions and similar encumbrances on real property and minor
      irregularities in the title thereto that do not (i) secure obligations for
      the
      payment of money or (ii) materially impair the value of such property or its
      use
      by any Loan Party or any of its Subsidiaries in the normal conduct of such
      Person's business;

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

     

    (h) Liens
      securing Indebtedness permitted by clause (c) of the definition of Permitted
      Indebtedness;

     

    (i) deposits
      and pledges of cash in favor of issuers of letters of credit permitted by clause
      (g) of the definition of "Permitted Indebtedness," so long as such Liens attach
      solely to the cash collateralizing such letters of credit;

     

    (j) customary
      Liens for the fees, costs and expenses of trustees and escrow agents pursuant
      to
      any indenture, escrow agreement or similar agreement establishing a trust or
      escrow arrangement;

     

    (k) Liens
      arising out of awards, pre-judgment attachments or judgments not otherwise
      constituting an Event of Default hereunder, so long as the enforcement of such
      award or judgment has been stayed by reason of a pending appeal or
      otherwise;

     

    (l) Liens
      in
      favor of collecting banks having a right of setoff, revocation, refund or
      chargeback with respect to money or instruments of Parent or any other Loan
      Party on deposits with or in possession of such banks, other than relating
      to
      Indebtedness;

     

    (m) any
      interest or title of a lessor under any lease entered into by Parent or any
      other Loan Party in the ordinary course of its business and covering only the
      assets so leased, and any financing statement filed in connection with such
      lease;

     

    (n) the
      right
      (so long as not exercised) reserved to or vested in any Governmental Authority
      by the terms of any authorization acquired by any Loan Party or by any statutory
      provision, to terminate any such authorization, or to require annual or other
      periodic payments as a condition of the continuance thereof or to distrain
      or
      obtain a charge on any business asset of any Loan Party in the event of a
      failure to make such annual or periodic payments or to comply with the terms
      thereof;

     

    (o) any
      rights (so long as not exercised) of expropriation, access or use or other
      similar such rights conferred or vested on public authorities by or under
      statutes of Canada or any province or territory of Canada or any foreign
      jurisdiction, or any political subdivision thereof;

     

    (p) the
      reservations, limitations, provisos and conditions, if any, expressed in any
      original grants from the Crown;

     

    (q) Liens
      securing Indebtedness under clause (k) of the definition of "Permitted
      Indebtedness",
      so long
      as such Liens attach solely to the cash payments subject to such Hedging
      Agreements; 

     

    (r) Liens
      in
      favor of a landlord arising in the ordinary course of business of the Loan
      Parties (other than Liens on the tenant improvements); and

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

     

    (s) other
      Liens so long as the Indebtedness secured thereby does not exceed $1,000,000
      in
      the aggregate.

     

    "Person"
      means
      an individual, corporation, limited liability company, partnership, association,
      joint-stock company, trust, unincorporated organization, joint venture or other
      enterprise or entity or Governmental Authority.

     

    "Plan"
      means
      any Employee Plan or Multiemployer Plan.

     

    "Post-Default
      Rate"
      means a
      rate of interest per annum equal to the rate of interest otherwise in effect
      from time to time pursuant to the terms of this Agreement plus 3.00%, or, if
      a
      rate of interest is not otherwise in effect, interest at the highest rate
      specified herein for any Loan then outstanding prior to an Event of Default
      plus
      3.00%. 

     

    "PPSA"
      means
      the Personal Property Security Act of the applicable Canadian province or
      provinces in respect of the Canadian Guarantors, or
      any
      other applicable Canadian Federal or Provincial statute pertaining to the
      granting, perfecting, priority or ranking of security interests, liens,
      hypothecs on personal property, and any successor statutes, together with any
      regulations thereunder, in each case as in effect from time to time. References
      to sections of the PPSA shall be construed to also refer to any successor
      sections.

     

    "Pro
      Rata Share"
      means:

     

    (a) with
      respect to a Lender's obligation to make Revolving Loans and receive payments
      of
      interest, fees, and principal with respect thereto, the percentage obtained
      by
      dividing (i) such Lender's Revolving Credit Commitment, by (ii) the
      Total Revolving Credit Commitment, provided,
      that,
      if the Total Revolving Credit Commitment has been reduced to zero, the numerator
      shall be the aggregate unpaid principal amount of such Lender's Revolving Loans
      and its interest in the Letter of Credit Obligations and the denominator shall
      be the aggregate unpaid principal amount of all Revolving Loans and Letter
      of
      Credit Obligations,

     

    (b) with
      respect to a Lender's obligation to make the Term Loan A and receive payments
      of
      interest, fees, and principal with respect thereto, the percentage obtained
      by
      dividing (i) such Lender's Term Loan A Commitment, by (ii) the Total
      Term Loan A Commitment, provided
      that if
      the Total Term Loan A Commitment has been reduced to zero, the numerator shall
      be the aggregate unpaid principal amount of such Lender's portion of the Term
      Loan A and the denominator shall be the aggregate unpaid principal amount of
      the
      Term Loan A, 

     

    (c) with
      respect to a Lender's obligation to make the Term Loan B and receive payments
      of
      interest, fees, and principal with respect thereto, the percentage obtained
      by
      dividing (i) such Lender's Term Loan B Commitment, by (ii) the Total
      Term Loan B Commitment, provided
      that if
      the Total Term Loan B Commitment has been reduced to zero, the numerator shall
      be the aggregate unpaid principal amount of such Lender's portion of the Term
      Loan B and the denominator shall be the aggregate unpaid principal amount of
      the
      Term Loan B, and

     

    (d) with
      respect to all other matters (including, without limitation, the indemnification
      obligations arising under Section 10.05), the percentage obtained by
      dividing (i) the sum of such Lender's Revolving Credit Commitment, Term
      Loan B Commitment (and if such Lender's Term Loan B Commitment has been reduced
      to zero, the aggregate unpaid principal amount of such Lender's portion of
      the
      Term Loan B) and the unpaid principal amount of such Lender's portion of the
      Term Loan A, by (ii) the sum of the Total Revolving Credit Commitment, the
      Total Term Loan B Commitment (and the Total Term Loan B Commitment has been
      reduced to zero, the aggregate unpaid principal amount of the Term Loan B)
      and
      the aggregate unpaid principal amount of the Term Loan A, provided,
      that,
      if such Lender's Revolving Credit Commitment shall have been reduced to zero,
      such Lender's Revolving Credit Commitment shall be deemed to be the aggregate
      unpaid principal amount of such Lender's Revolving Loans and its interest in
      the
      Letter of Credit Obligations and if the Total Revolving Credit Commitment shall
      have been reduced to zero, the Total Revolving Credit Commitment shall be deemed
      to be the aggregate unpaid principal amount of all Revolving Loans and Letter
      of
      Credit Obligations.

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

     

    "Purchase
      Price"
      means,
      with respect to any Acquisition, an amount equal to the sum of (i) the aggregate
      consideration, whether cash, property or securities (including, without
      limitation, the fair market value of any Capital Stock of any
      Loan
      Party
      issued
      in connection with such Acquisition), paid or delivered by a
      Loan
      Party
      in
      connection with such Acquisition, plus (ii) the aggregate amount of current
      liabilities of the acquired business (net of current assets of the acquired
      business) that would be reflected on a balance sheet (if such were to be
      prepared) of the Parent and its Subsidiaries after giving effect to such
      Acquisition.

     

    "Rating
      Agencies"
      has the
      meaning specified therefor in 0.

     

    "Reference
      Bank"
      means
      Wells Fargo Bank, National Association, its successors or any other commercial
      bank designated by the Administrative Agent to the Borrower from time to
      time.

     

    "Reference
      Rate"
      means
      the rate of interest publicly announced by the Reference Bank in New York,
      New
      York from time to time as its reference rate, base rate or prime rate. The
      reference rate, base rate or prime rate is determined from time to time by
      the
      Reference Bank as a means of pricing some loans to its borrowers and neither
      is
      tied to any external rate of interest or index nor necessarily reflects the
      lowest rate of interest actually charged by the Reference Bank to any particular
      class or category of customers. Each change in the Reference Rate shall be
      effective from and including the date such change is publicly announced as
      being
      effective.

     

    "Reference
      Rate Loan"
      means a
      Loan bearing interest calculated based upon the Reference Rate.

     

    "Register"
      has the
      meaning specified therefor in 0.

     

    "Registered
      Loans"
      has the
      meaning specified therefor in 0.

     

    "Regulation
      T",
      "Regulation
      U"
      and
      "Regulation
      X"
      mean,
      respectively, Regulations T, U and X of the Board or any successor, as the
      same
      may be amended or supplemented from time to time.

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

     

    "Reimbursement
      Obligations"
      means
      the obligation of the
      Borrower
      to
      reimburse the Administrative Agent or any Lender for amounts payable by the
      Administrative Agent or any Lender under a Letter of Credit Guaranty in respect
      of any drawing made under any Letter of Credit, together with interest thereon
      as provided in 1)a)iv).

     

    "Related
      Fund"
      means,
      with respect to any Person, an Affiliate of such Person, or a fund or account
      managed by such Person or an Affiliate of such Person.

     

    "Related
      Party Assignment"
      has the
      meaning specified therefor in 0.

     

    "Related
      Party Register"
      has the
      meaning specified therefor in 0.

     

    "Release"
      means
      any spilling, leaking, pumping, pouring, emitting, emptying, discharging,
      injecting, escaping, leaching, seeping, migrating, dumping or disposing of
      any
      Hazardous Material (including the abandonment or discarding of barrels,
      containers and other closed receptacles containing any Hazardous Material)
      into
      the indoor or outdoor environment, including, without limitation, the movement
      of Hazardous Materials through or in the ambient air, soil, surface or ground
      water, or property.

     

    "Remedial
      Action"
      means
      all actions taken to (i) clean up, remove, remediate, contain, treat, monitor,
      assess, evaluate or in any other way address Hazardous Materials in the indoor
      or outdoor environment; (ii) prevent or minimize a Release or threatened Release
      of Hazardous Materials so they do not migrate or endanger or threaten to
      endanger public or worker health, safety or welfare or the indoor or outdoor
      environment; (iii) perform pre-remedial studies and investigations and
      post-remedial operation and maintenance activities; or (iv) perform any
      other actions authorized by 42 U.S.C. § 9601.

     

    "Reportable
      Event"
      means
      an event described in Section 4043 of ERISA (other than an event not subject
      to
      the provision for 30-day notice to the PBGC under the regulations promulgated
      under such Section).

     

    "Required
      Lenders"
      means
      Lenders whose Pro Rata Shares aggregate at least 50.1%.

     

    "Reserve
      Percentage"
      means,
      on any day, for any Lender, the maximum percentage prescribed by the Board
      (or
      any successor Governmental Authority) for determining the reserve requirements
      (including any basic, supplemental, marginal, or emergency reserves) that are
      in
      effect on such date with respect to eurocurrency funding (currently referred
      to
      as "eurocurrency liabilities") of that Lender, but so long as such Lender is
      not
      required or directed under applicable regulations to maintain such reserves,
      the
      Reserve Percentage shall be zero.

     

    "Restricted
      Payments"
      has the
      meaning specified in Section 7.02(h).

     

    "Revolving
      Credit Commitment"
      means,
      with respect to each Lender, the commitment of such Lender to make Revolving
      Loans to the Borrower
      in the
      amount set forth opposite such Lender's name in Schedule 1.01(A) hereto, as
      such amount may be terminated or reduced from time to time in accordance with
      the terms of this Agreement.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

     

    "Revolving
      Loan"
      means a
      loan made by a Lender to the Borrower
      pursuant
      to 0.

     

    "Revolving
      Loan Lender"
      means a
      Lender with a Revolving Credit Commitment or that holds a Revolving
      Loan.

     

    "Revolving
      Loan Obligations"
      means
      any Obligations with respect to the Revolving Loans (including without
      limitation, the principal thereof, the interest thereon, and the fees and
      expenses specifically related thereto).

     

    "SEC"
      means
      the Securities and Exchange Commission or any other similar or successor agency
      of the federal government administering the Securities Act and any applicable
      Canadian securities regulatory authority having jurisdiction.

     

    "Securities
      Act"
      means
      the Securities Act of 1933, as amended, or any similar Federal or provincial
      statute, and the rules and regulations of the SEC thereunder, all as the same
      shall be in effect from time to time.

     

    "Securitization"
      has the
      meaning specified therefor in 0.

     

    "Security
      Agreement"
      means a
      Security Agreement made by a US Loan Party in favor of the Collateral Agent,
      for
      the benefit of the Agents, the Lenders and the Bank Product Providers,
      substantially in the form of Exhibit B, securing the Obligations and
      delivered to the Collateral Agent.

     

    "Seller"
      means
      any Person that sells Capital Stock or other property or assets to a Loan Party
      or a Subsidiary of a Loan Party in a Permitted Acquisition.

     

    "Senior
      Leverage Ratio"
      means,
      as of
      the last day of any period of four
      (4)
      consecutive fiscal quarters
      for
      which financial statements have been delivered or are required to be delivered
      under Section 7.01(a), the
      ratio
      of (a) the sum of (i) the Consolidated
      Senior Indebtedness
      as of
      the last day of such period minus
      (ii) the
      amount of unrestricted Cash and Cash Equivalents of Loan Parties as of the
      last
      day of such period held in depository accounts that are subject to a Control
      Agreement in favor of the Collateral Agent, to (b) Consolidated EBITDA of
the
      Parent and its Subsidiaries
      for such
      period.

     

    "Settlement
      Period"
      has the
      meaning specified therefor in 1)a)ii)(2)
      hereof.

     

    "Shareholder"
      means
      the holder or owner of any Capital Stock.

     

    "Solvent"
      means,
      with respect to any Person on a particular date, that on such date (i) the
      fair value of the property of such Person is not less than the total amount
      of
      the liabilities of such Person, (ii) the present fair saleable value of the
      assets of such Person is not less than the amount that will be required to
      pay
      the probable liability of such Person on its existing debts as they become
      absolute and matured, (iii) such Person does not intend to, and does not believe
      that it will, incur debts or liabilities beyond such Person's ability to pay
      as
      such debts and liabilities mature, (iv) in respect of the Borrower and any
      US Guarantor, such Person is not engaged in business or a transaction, and
      is
      not about to engage in business or a transaction, for which such Person's
      property would constitute unreasonably small capital and (v) in respect of
      a
      Canadian Guarantor, such Person is not an "insolvent person" (as such term
      is
      defined in the Bankruptcy and Insolvency Act (Canada)) or a "debtor company"
      (as
      defined in the Companies' Creditors Arrangement Act (Canada)).

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

     

    "Standard
      & Poor's"
      means
      Standard & Poor's Ratings Services, a division of The McGraw-Hill
      Companies, Inc. and any successor thereto.

     

    "Subordinated
      Indebtedness"
      means
      Indebtedness of any Loan Party the terms of which are satisfactory to each
      Agent
      and which has been expressly subordinated in right of payment to all Obligations
      (i) by the execution and delivery of a subordination agreement with
      subordination provisions no less restrictive than those set forth in the trust
      indenture governing the Convertible Subordinated Debt, or (ii) otherwise on
      terms and conditions (including, without limitation, subordination provisions,
      payment terms, interest rates, covenants, remedies, defaults and other material
      terms) satisfactory to each Agent and the Required Lenders.

     

    "Subsidiary"
      means,
      (a) with respect to any Person at any date, any corporation, limited or general
      partnership, limited liability company, trust, estate, association, joint
      venture or other business entity (i) the accounts of which would be
      consolidated with those of such Person in such Person's consolidated financial
      statements if such financial statements were prepared in accordance with GAAP,
      or (ii) of which more than 50% of (A) the outstanding Capital Stock
      having (in the absence of contingencies) ordinary voting power to elect a
      majority of the board of directors or other managing body of such Person,
      (B) in the case of a partnership or limited liability company, the interest
      in the capital or profits of such partnership or limited liability company
      or
      (C) in the case of a trust, estate, association, joint venture or other
      entity, the beneficial interest in such trust, estate, association or other
      entity business is, at the time of determination, owned or controlled directly
      or indirectly through one or more intermediaries, by such Person, and (b) except
      for the purposes of calculating the financial covenants set forth in Section
      7.03 and the terms used in connection therewith (including, without limitation,
      "Consolidated EBITDA," "Consolidated Net Income," "Fixed Charge Coverage Ratio,"
      and "Senior Coverage Ratio"), each Minority-Owned Entity that is a Loan Party.
      

     

    "Taxes"
      has the
      meaning specified therefor in 1)a)v).

     

    "Term
      Loan"
      means,
      collectively, the Term Loan A and the Term Loan B.

     

    "Term
      Loan A"
      means,
      collectively, the loans made by the Term Loan A Lenders to the Borrower
      on the
      Effective Date pursuant to 0.

     

    "Term
      Loan A Commitment"
      means,
      with respect to each Lender, the commitment of such Lender to make the Term
      Loan
      A to the Borrower
      in the
      amount set forth in Schedule 1.01(A) hereto, as the same may be terminated
      or reduced from time to time in accordance with the terms of this
      Agreement.

     

    "Term
      Loan A Lender"
      means a
      Lender with a Term Loan A Commitment or that holds a Term Loan A.

     

    "Term
      Loan B"
      means,
      collectively, the loans made by the Term Loan B Lenders to the Borrower
      on the
      Effective Date pursuant to 0.

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

     

    "Term
      Loan B Commitment"
      means,
      with respect to each Lender, the commitment of such Lender to make the Term
      Loan
      B to the Borrower
      in the
      amount set forth in Schedule 1.01(A) hereto, as the same may be terminated
      or reduced from time to time in accordance with the terms of this
      Agreement.

     

    "Term
      Loan B Lender"
      means a
      Lender with a Term Loan B Commitment or that holds a Term Loan B.

     

    "Term
      Loan Commitment"
      means,
      collectively, the Term Loan A Commitment and the Term Loan B
      Commitment.

     

    "Term
      Loan Lender"
      means a
      Lender with a Term Loan Commitment or that holds a Term Loan.

     

    "Term
      Loan Obligations"
      means
      any Obligations with respect to the Term Loan (including without limitation,
      the
      principal thereof, the interest thereon, and the fees and expenses specifically
      related thereto).

     

    "Termination
      Event"
      means
      (i) a Reportable Event with respect to any Employee Plan, (ii) any event that
      causes any Loan Party or any of its ERISA Affiliates to incur liability under
      Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212
      of
      ERISA or Section 4971 or 4975 of the Internal Revenue Code, (iii) the
      filing of a notice of intent to terminate an Employee Plan or the treatment
      of
      an Employee Plan amendment as a termination under Section 4041 of ERISA,
      (iv) the institution of proceedings by the PBGC to terminate an Employee
      Plan, or (v) any other event or condition which might constitute grounds
      under Section 4042 of ERISA for the termination of, or the appointment of a
      trustee to administer, any Employee Plan.

     

    "Third
      Party Letters of Credit"
      means
      the letters of credit described in clause (g) of the definition of "Permitted
      Indebtedness."

     

    "Title
      Insurance Policy"
      means a
      mortgagee's loan policy, in form and substance satisfactory to the Collateral
      Agent, together with all endorsements made from time to time thereto, issued
      by
      or on behalf of a title insurance company satisfactory to the Collateral Agent,
      insuring the Lien created by a Mortgage in an amount and on terms satisfactory
      to the Collateral Agent, delivered to the Collateral Agent.

     

    "Total
      Commitment"
      means
      the sum of the Total Revolving Credit Commitment and the Total Term Loan
      Commitment.

     

    "Total
      Revolving Credit Commitment"
      means
      the sum of the amounts of the Lenders' Revolving Credit
      Commitments.

     

    "Total
      Term Loan A Commitment"
      means
      the sum of the amounts of the Lenders' Term Loan A Commitments.

     

    "Total
      Term Loan B Commitment"
      means
      the sum of the amounts of the Lenders' Term Loan B Commitments.

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

     

    "Total
      Term Loan Commitment"
      means
      the sum of the Total Term Loan A Commitment and the Total Term Loan B
      Commitment.

     

    "Transferee"
      has the
      meaning specified therefor in 1)a)v).

     

    "Uniform
      Commercial Code"
      has the
      meaning specified therefor in 0.

     

    "Unused
      Line Fee"
      has the
      meaning specified therefor in 0.

     

    "Unused
      Term Loan B Fee"
      has the
      meaning specified therefor in 0.

     

    "US
      Guarantor"
      means
      (i) the Borrower,
      (ii) each Subsidiary of Maxxcom listed as a "Guarantor" on the signature
      pages hereto, and (iii) each other Person which guarantees, pursuant to
0
      or
      otherwise, all or any part of the Obligations, in each case other than the
      Canadian Guarantors.

     

    "US
      Loan Party"
      means,
      collectively, the Borrower
      and the
      US Guarantors.

     

    "WARN"
      has the
      meaning specified therefor in 0.

     

    Section
      1.02 Terms
      Generally .
      The
      definitions of terms herein shall apply equally to the singular and plural
      forms
      of the terms defined. Whenever the context may require, any pronoun shall
      include the corresponding masculine, feminine and neuter forms. The words
      "include", "includes" and "including" shall be deemed to be followed by the
      phrase "without limitation". The word "will" shall be construed to have the
      same
      meaning and effect as the word "shall". Unless the context requires otherwise,
      (a) any definition of or reference to any agreement, instrument or other
      document herein shall be construed as referring to such agreement, instrument
      or
      other document as from time to time amended, supplemented or otherwise modified
      (subject to any restrictions on such amendments, supplements or modifications
      set forth herein), (b) any reference herein to any Person shall be construed
      to
      include such Person's successors and assigns, (c) the words "herein", "hereof"
      and "hereunder", and words of similar import, shall be construed to refer to
      this Agreement in its entirety and not to any particular provision hereof,
      (d)
      all references herein to Articles, Sections, Exhibits and Schedules shall be
      construed to refer to Articles and Sections of, and Exhibits and Schedules
      to,
      this Agreement and (e) the words "asset" and "property" shall be construed
      to
      have the same meaning and effect and to refer to any right or interest in or
      to
      assets and properties of any kind whatsoever, whether real, personal or mixed
      and whether tangible or intangible. References in this Agreement to
      "determination" by any Agent include good faith estimates by such Agent (in
      the
      case of quantitative determinations) and good faith beliefs by such Agent (in
      the case of qualitative determinations).

     

    Section
      1.03 Accounting
      and Other Terms .
      Unless
      otherwise expressly provided herein, each accounting term used herein shall
      have
      the meaning given it under GAAP applied on a basis consistent with those used
      in
      preparing the Financial Statements.
      All
      terms used in this Agreement which are defined in Article 8 or Article 9 of
      the
      Uniform Commercial Code as in effect from time to time in the State of New
      York
      (the "Uniform
      Commercial Code")
      and
      which are not otherwise defined herein shall have the same meanings herein
      as
      set forth therein,
      provided that terms used herein which are defined in the Uniform Commercial
      Code
      as in effect in the State of New York on the date hereof shall continue to
      have
      the same meaning notwithstanding any replacement or amendment of such statute
      except as any Agent may otherwise determine, and in respect of a Canadian
      Guarantor, when used to define a category or categories of Collateral owned
      or
      hereafter acquired by such Person, such terms shall include the equivalent
      category or categories of property set forth in the PPSA.

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

     

    Section
      1.04 Time
      References .
      Unless
      otherwise indicated herein, all references to time of day refer to Eastern
      Standard Time or Eastern daylight saving time, as in effect in New York City
      on
      such day. For purposes of the computation of a period of time from a specified
      date to a later specified date, the word "from" means "from and including"
      and
      the words "to" and "until" each means "to but excluding"; provided,
      however,
      that
      with respect to a computation of fees or interest payable to any Agent, any
      Lender or the L/C Issuer, such period shall in any event consist of at
      least one full day.

     

    ARTICLE
      II

     

    THE
      LOANS

     

    Section
      2.01 Commitments .
      i)
      Subject
      to the terms and conditions and relying upon the representations and warranties
      herein set forth:

     

    (i) each
      Revolving Loan Lender severally agrees to make Revolving Loans to the
Borrower
      at any
      time and from time to time from the Effective Date to the Final Maturity Date,
      or until the earlier reduction of its Revolving Credit Commitment to zero in
      accordance with the terms hereof, in an aggregate principal amount of Revolving
      Loans at any time outstanding not to exceed the amount of such Lender's
      Revolving Credit Commitment;

     

    (ii) each
      Term
      Loan A Lender severally agrees to make its portion of the Term Loan A to the
      Borrower on the Effective Date, in an aggregate principal amount not to exceed
      the amount of such Lender's Term Loan A Commitment;
      and

     

    (iii) each
      Term
      Loan B Lender severally agrees to make one or more Term Loans B to the Borrower
      at
      any
      time and from time to time during the period from
      the
      Effective Date to earlier of (x) June 18, 2009 and (y) the date on which
      the
      Term
      Loan B Commitment is reduced to zero pursuant in accordance with the terms
      hereof, in
      an
      aggregate principal amount not to exceed the amount of such Lender's Term Loan
      B
      Commitment.

     

    (b) Notwithstanding
      the foregoing:

     

    (i) The
      aggregate principal amount of Revolving Loans outstanding at any time to the
      Borrower shall not exceed the difference between (x) the Total Revolving
      Credit Commitment and (y) the sum of (A) aggregate Letter of Credit
      Obligations and (B) all Indebtedness of the Loan Parties in respect of existing
      Third Party Letters of Credit (which, for the avoidance of doubt, for the
      purpose of this Section 2.01(b)(i), shall not be included if such Third Party
      Letters of Credit are backstopped by a Letter of Credit or fully cash
      collateralized). The Revolving Credit Commitment of each Lender shall
      automatically and permanently be reduced to zero on the Final Maturity Date.
      Within the foregoing limits, the Borrower may borrow, repay and reborrow, on
      or
      after the Effective Date and prior to the Final Maturity Date, subject to the
      terms, provisions and limitations set forth herein.

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

     

    (ii) The
      aggregate principal amount of the Term Loan A made on the Effective Date shall
      not exceed the Total Term Loan A Commitment. The aggregate principal amount
      of
      the Term Loan B outstanding at any time shall not exceed the Total Term Loan
      B
      Commitment. Any principal amount of the Term Loan which is repaid or prepaid
      may
      not be reborrowed.

     

    (iii) The
      aggregate principal amount of all Loans and Letter of Credit Obligations
      outstanding at any time to the Borrower shall not exceed the Total
      Commitment.

     

    (iv) The
      Borrower may borrow Revolving Loans to fund any Permitted Acquisition the
      Purchase Price of which is less than $5,000,000, so long as (x) the then unused
      and available Total Term Loan B Commitment shall be not less than the amount
      of
      such requested Revolving Loans, and (y) if the aggregate amount of all such
      Revolving Loans exceeds $10,000,000 at any time outstanding, the Borrower shall
      immediately borrow a Term Loan B in an amount not less than such excess in
      accordance with Section 2.02 and use the proceeds thereof to repay all or a
      portion of such Revolving Loans.

     

    (v) Within
      30
      days after the Effective Date, the Borrower may borrow a Term Loan B and apply
      the proceeds thereof to fund the general working capital needs of the Borrower,
      provided that the aggregate principal amount of such Term Loan B shall not
      exceed $15,000,000.

     

    Section
      2.02 Making
      the Loans .
      ii)
      (i) The
      Borrower shall give the Administrative Agent (and the Collateral Agent, in
      the
      case of the Term Loan A) prior written notice in substantially the form of
      Exhibit D hereto (a "Notice
      of Borrowing"),
      not
      later than 1:00 P.M. (New York City time) on the date which is, in the case
      of
      LIBOR Rate Loans, three (3) Business Days prior to the date of and, in the
      case
      of Reference Rate Loans, the date of, the proposed Revolving Loans or the Term
      Loan A (or such shorter period as the Administrative Agent is willing to
      accommodate from time to time, but in no event later than 1:00 P.M. (New York
      City time) on the borrowing date of the proposed Loan). Such Notice of Borrowing
      shall be irrevocable and shall specify (A) the principal amount of the
      proposed Loan, (B) whether such Loan is requested to be a Reference Rate
      Loan or a LIBOR Rate Loan, (C) whether such Loan is requested to be a Revolving
      Loan or the Term Loan A, (D) the use of the proceeds of such proposed Loan,
      and (E) the proposed borrowing date, which must be a Business Day, and,
      with respect to the Term Loan A, must be the Effective Date. The
      Administrative Agent
      and
      the Lenders may act without liability upon the basis of written, telecopied
      or
      telephonic notice believed by the Administrative Agent in good faith to be
      from
      the Borrower (or from any Authorized Officer thereof designated in writing
      purportedly from the Borrower to the Administrative Agent). The Borrower hereby
      waives the right to dispute the Administrative Agent's record of the terms
      of
      any such telephonic Notice of Borrowing. The
      Administrative Agent and each Lender shall be entitled to rely conclusively
      on
      any Authorized Officer's authority to request a Loan on behalf of the Borrower
      until the Administrative Agent receives written notice to the contrary. The
      Administrative Agent and the Lenders shall have no duty to verify the
      authenticity of the signature appearing on any written Notice of
      Borrowing.

     

    
      
        
        

      

      
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    (ii) The
      Borrower shall give the Collateral Agent a Notice of Borrowing, not later than
      1:00 P.M. (New York City time) on the date which is three (3) Business Days
      prior to the date of the proposed Term Loan B (or such shorter period as the
      Collateral Agent is willing to accommodate from time to time, but in no event
      later than 1:00 P.M. (New York City time) on the borrowing date of the proposed
      Loan). Such Notice of Borrowing shall be irrevocable and shall specify
      (A) the principal amount of the proposed Loan, (B) the proposed Loan
      is a LIBOR Rate Loan, (C) the proposed Loan is a Term Loan B, (D) the use
      of the proceeds of such proposed Loan, and (E) the proposed borrowing date,
      which must be a Business Day, and, except as provided in Section 2.01(b)(v),
      must
      be
      the closing date of the Permitted Acquisition all or a portion of the Purchase
      Price of which was funded with the proceeds of such Term Loan B.
      The
      Collateral Agent
      and
      the Lenders may act without liability upon the basis of written, telecopied
      or
      telephonic notice believed by the Collateral Agent in good faith to be from
      the
      Borrower (or from any Authorized Officer thereof designated in writing
      purportedly from the Borrower to the Collateral Agent). The Borrower hereby
      waives the right to dispute the Collateral Agent's record of the terms of any
      such telephonic Notice of Borrowing. The
      Collateral Agent and each Lender shall be entitled to rely conclusively on
      any
      Authorized Officer's authority to request a Loan on behalf of the Borrower
      until
      the Collateral Agent receives written notice to the contrary. The Collateral
      Agent and the Lenders shall have no duty to verify the authenticity of the
      signature appearing on any written Notice of Borrowing.

     

    (b) Each
      Notice of Borrowing pursuant to this ii)
      shall be
      irrevocable and the Borrower shall be bound to make a borrowing in accordance
      therewith. Each
      Revolving Loan shall be made in a minimum amount of $200,000 and shall be in
      an
      integral multiple of $100,000. Each
      Term
      Loan B shall be made in
      a
      minimum amount of $5,000,000 and shall be in an integral multiple of
      $500,000.
      No more
      than 15 LIBOR Rate Loan tranches shall be outstanding at any one time, provided
      that no more than 10 LIBOR Rate Loan tranches shall be outstanding at any one
      time for the Revolving Loans and no more than 4 LIBOR Rate Loan tranches shall
      be outstanding at any one time for the Term Loans B.

     

    (c) (1) Except
      as
      otherwise provided in this subsection 1)a)ii)(1),
      all
      Loans under this Agreement shall be made by the Lenders simultaneously and
      proportionately to their Pro Rata Shares of the Total Revolving Credit
      Commitment, the Total Term Loan A Commitment and the Total Term Loan B
      Commitment, as the case may be, it being understood that no Lender shall be
      responsible for any default by any other Lender in that other Lender's
      obligations to make a Loan requested hereunder, nor shall the Commitment of
      any
      Lender be increased or decreased as a result of the default by any other Lender
      in that other Lender's obligation to make a Loan requested hereunder, and each
      Lender shall be obligated to make the Loans required to be made by it by the
      terms of this Agreement regardless of the failure by any other
      Lender.

     

    (ii) Notwithstanding
      any other provision of this Agreement, and in order to reduce the number of
      fund
      transfers among the Borrower,
      the
      Agents and the Lenders, the Borrower,
      the
      Agents and the Lenders agree that the Administrative Agent may (but shall not
      be
      obligated to), and the Borrower
      and the
      Lenders hereby irrevocably authorize the Administrative Agent to, fund, on
      behalf of the Revolving Loan Lenders, Revolving Loans pursuant to 1)a)i),
      subject
      to the procedures for settlement set forth in subsection 1)a)ii)(2);
      provided,
      however,
      that
      (a) the Administrative Agent shall in no event fund any such Revolving
      Loans if the Administrative Agent shall have received written notice from the
      Collateral Agent or the Required Lenders on the Business Day prior to the date
      of the proposed Revolving Loan that one or more of the conditions precedent
      contained in 0
      will not
      be satisfied at the time of the proposed Revolving Loan, and (b) the
      Administrative Agent shall not otherwise be required to determine that, or
      take
      notice whether, the conditions precedent in 0
      have
      been satisfied. If the Borrower
      gives a
      Notice of Borrowing requesting a Revolving Loan and the Administrative Agent
      elects not to fund such Revolving Loan on behalf of the Revolving Loan Lenders,
      then promptly after receipt of the Notice of Borrowing requesting such Revolving
      Loan, the Administrative Agent shall notify each Revolving Loan Lender of the
      specifics of the requested Revolving Loan and that it will not fund the
      requested Revolving Loan on behalf of the Revolving Loan Lenders. If the
      Administrative Agent notifies the Revolving Loan Lenders that it will not fund
      a
      requested Revolving Loan on behalf of the Revolving Loan Lenders, each Revolving
      Loan Lender shall make its Pro Rata Share of the Revolving Loan available to
      the
      Administrative Agent,
      in
      immediately available funds, in the Administrative Agent's Account no later
      than
      3:00 p.m. (New York City time) (provided that the
      Administrative Agent
      requests payment from such Revolving Loan Lender not later than 1:00 p.m.
      (New York City time)) on the date of the proposed Revolving Loan. The
      Administrative Agent will make the proceeds of such Revolving Loans available
      to
      the Borrower
      on the
      day of the proposed Revolving Loan by causing an amount, in immediately
      available funds, equal to the proceeds of all such Revolving Loans received
      by
      the Administrative Agent
      in
      the Administrative Agent's Account or the amount funded by the
      Administrative Agent
      on
      behalf of the Revolving Loan Lenders to be deposited in an account designated
      by
      the Borrower
      which account, unless otherwise so directed by the Borrower in writing, shall
      be
      the Concentration Account.

     

    
      
        
        

      

      
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    (iii) If
      the
      Administrative Agent
      has
      notified the Revolving Loan Lenders that the Administrative Agent,
      on
      behalf of the Revolving Loan Lenders, will not fund a particular Revolving
      Loan
      pursuant to subsection 0,
      the
      Administrative Agent
      may
      assume that each such Revolving Loan Lender has made such amount available
      to
      the Administrative Agent
      on
      such day and the Administrative Agent,
      in
      its sole discretion, may, but shall not be obligated to, cause a corresponding
      amount to be made available to the Borrower
      on such
      day. If the Administrative Agent
      makes such corresponding amount available to the Borrower
      and such
      corresponding amount is not in fact made available to the
      Administrative Agent
      by
      any such Revolving Loan Lender, the Administrative Agent
      shall be entitled to recover such corresponding amount on demand from such
      Revolving Loan Lender together with interest thereon, for each day from the
      date
      such payment was due until the date such amount is paid to the
      Administrative Agent,
      at
      the Federal Funds Rate for three Business Days and thereafter at the Reference
      Rate. During the period in which such Revolving Loan Lender has not paid such
      corresponding amount to the Administrative Agent,
      notwithstanding anything to the contrary contained in this Agreement or any
      other Loan Document, the amount so advanced by the Administrative Agent
      to
      the Borrower
      shall,
      for all purposes hereof, be a Revolving Loan made by the Administrative Agent
      for its own account. Upon any such failure by a Revolving Loan Lender to pay
      the
      Administrative Agent,
      the Administrative Agent
      shall promptly thereafter notify the Borrower
      of such
      failure and the Borrower
      shall
      immediately pay such corresponding amount to the Administrative Agent
      for
      its own account.

     

    
      
        
        

      

      
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    (iv) Nothing
      in this subsection 1)a)ii)(1)
      shall be
      deemed to relieve any Revolving Loan Lender from its obligations to fulfill
      its
      Revolving Credit Commitment hereunder or to prejudice any rights that the
      Administrative Agent or the Borrower
      may have
      against any Revolving Loan Lender as a result of any default by such Revolving
      Loan Lender hereunder.

     

    (d) (2) With
      respect to all periods for which the Administrative Agent has funded Revolving
      Loans pursuant to subsection 1)a)ii)(1),
      on
      Friday of each week, or if the applicable Friday is not a Business Day, then
      on
      the following Business Day, or such shorter period as the Administrative Agent
      may from time to time select (any such week or shorter period being herein
      called a "Settlement
      Period"),
      the
      Administrative Agent shall notify each Revolving Loan Lender of the unpaid
      principal amount of the Revolving Loans outstanding as of the last day of each
      such Settlement Period. In the event that such amount is greater than the unpaid
      principal amount of the Revolving Loans outstanding on the last day of the
      Settlement Period immediately preceding such Settlement Period (or, if there
      has
      been no preceding Settlement Period, the amount of the Revolving Loans made
      on
      the date of such Revolving Loan Lender's initial funding), each Revolving Loan
      Lender shall promptly (and in any event not later than 2:00 p.m. (New York
      City time) if the Administrative Agent requests payment from such Lender not
      later than 12:00 noon (New York City time) on such day) make available to
      the Administrative Agent its Pro Rata Share of the difference in immediately
      available funds. In the event that such amount is less than such unpaid
      principal amount, the Administrative Agent shall promptly pay over to each
      Revolving Loan Lender its Pro Rata Share of the difference in immediately
      available funds. In addition, if the Administrative Agent shall so request
      at
      any time when a Default or an Event of Default shall have occurred and be
      continuing, each Revolving Loan Lender shall promptly remit to the
      Administrative Agent or, as the case may be, the Administrative Agent shall
      promptly remit to each Revolving Loan Lender, sufficient funds to adjust the
      interests of the Revolving Loan Lenders in the then outstanding Revolving Loans
      to such an extent that, after giving effect to such adjustment, each such
      Revolving Loan Lender's interest in the then outstanding Revolving Loans will
      be
      equal to its Pro Rata Share thereof. The obligations of the Administrative
      Agent
      and each Revolving Loan Lender under this subsection 1)a)ii)(2)
      shall be
      absolute and unconditional. Each Revolving Loan Lender shall only be entitled
      to
      receive interest on its Pro Rata Share of the Revolving Loans which have been
      funded by such Revolving Loan Lender.

     

    (ii) In
      the
      event that any Revolving Loan Lender fails to make any payment required to
      be
      made by it pursuant to subsection 1)a)ii)(2),
      the
      Administrative Agent shall be entitled to recover such corresponding amount
      on
      demand from such Revolving Loan Lender together with interest thereon, for
      each
      day from the date such payment was due until the date such amount is paid to
      the
      Administrative Agent, at the Federal Funds Rate for three Business Days and
      thereafter at the Reference Rate. During the period in which such Revolving
      Loan
      Lender has not paid such corresponding amount to the Administrative Agent,
      notwithstanding anything to the contrary contained in this Agreement or any
      other Loan Document, the amount so advanced by the Administrative Agent to
      the
Borrower
      shall,
      for all purposes hereof, be a Revolving Loan made by the Administrative Agent
      for its own account. Upon any such failure by a Revolving Loan Lender to pay
      the
      Administrative Agent, the Administrative Agent shall promptly thereafter notify
      the Borrower
      of such
      failure and the Borrower
      shall
      immediately pay such corresponding amount to the Administrative Agent for its
      own account. Nothing in this subsection 0
      shall be
      deemed to relieve any Revolving Loan Lender from its obligation to fulfill
      its
      Revolving Credit Commitment hereunder or to prejudice any rights that the
      Administrative Agent or the Borrower
      may have
      against any Revolving Loan Lender as a result of any default by such Revolving
      Loan Lender hereunder.

     

    
      
        
        

      

      
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    Section
      2.03 Repayment
      of Loans; Evidence of Debt .
      iii) The
      outstanding principal of all Revolving Loans shall be due and payable on the
      Final Maturity Date.

     

    (b) The
      outstanding principal of the Term Loans shall be repaid in full on the earlier
      of (i) the termination of the Total Revolving Credit Commitment and (ii) the
      Final Maturity Date.

     

    (c) Each
      Lender shall maintain in accordance with its usual practice an account or
      accounts evidencing the Indebtedness of the Borrower
      to such
      Lender resulting from each Loan made by such Lender, including the amounts
      of
      principal and interest payable and paid to such Lender from time to time
      hereunder.

     

    (d) The
      Administrative Agent (and the Collateral Agent, in the case of the Term Loans)
      shall maintain accounts in which it shall record (i) the amount of each Loan
      made hereunder, (ii) the amount of any principal or interest due and payable
      or
      to become due and payable from the Borrower
      to each
      Lender hereunder and (iii) the amount of any sum received by the
      Administrative Agent (or the Collateral Agent, as applicable) hereunder for
      the
      account of the Lenders and each Lender's share thereof.

     

    (e) The
      entries made in the accounts maintained pursuant to paragraph (c) or (d) of
      this
      Section shall be prima facie
      evidence
      of the existence and amounts of the obligations recorded therein; provided
      that the
      failure of any Lender or the Administrative Agent (or the Collateral Agent,
      as
      applicable) to maintain such accounts or any error therein shall not in any
      manner affect the obligation of the Borrower
      to repay
      the Loans in accordance with the terms of this Agreement.

     

    (f) Any
      Lender may request that Loans made by it be evidenced by a promissory note.
      In
      such event, the Borrower
      shall
      execute and deliver to such Lender a promissory note payable to the order of
      such Lender (or, if requested by such Lender, to such Lender and its registered
      assigns) in a form furnished by the Collateral Agent and reasonably acceptable
      to the Borrower. Thereafter, the Loans evidenced by such promissory note and
      interest thereon shall at all times (including after assignment pursuant to
      0)
      be
      represented by one or more promissory notes in such form payable to the order
      of
      the payee named therein (or, if such promissory note is a registered note,
      to
      such payee and its registered assigns).

     

    Section
      2.04 Interest .
      iv) Revolving
      Loans.
      Each
      Revolving Loan shall bear interest on the principal amount thereof from time
      to
      time outstanding, from the date of such Loan until such principal amount becomes
      due, at a rate per annum equal to the LIBOR Rate plus 2.50%.
      or
the
      Reference Rate plus 1.10%, as applicable.

     

    (b) Term
      Loan.
      The
      Term Loan shall bear interest on the principal amount thereof from time to
      time
      outstanding, from the date of the Term Loan until such principal amount becomes
      due, at a rate per annum equal to the LIBOR Rate plus the Applicable Margin.
      The
      portion of the Term
      Loan
that
      converts into or continues as a Reference Rate Loan pursuant to Section 2.09
      shall bear interest on the principal amount thereof from time to time
      outstanding from the date such Term
      Loan
becomes
      a
      Reference Rate Loan pursuant to this Agreement until such principal amount
      becomes due, at a rate per annum equal to the Reference Rate plus the
      Applicable Margin.

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

     

    (c) Default
      Interest.
      To the
      extent permitted by law, upon the occurrence and during the continuance of
      an
      Event of Default that remains in existence for more than 30 days (or immediately
      upon the occurrence and during the continuation of an
      Event
      of Default described in 0
      or
0
      with
      respect to any Loan Party),
      (i) the
      principal of, and all accrued and unpaid interest on, all Loans, fees,
      indemnities, outstanding Reimbursement Obligations or any other Obligations
      of
      the Loan Parties under this Agreement and the other Loan Documents, shall bear
      interest, from the date such Event of Default occurred until the date such
      Event
      of Default is cured or waived in writing in accordance herewith, at a rate
      per
      annum equal at all times to the Post-Default Rate, and (ii) the Letter of Credit
      Fees shall be increased by 3.00 percentage points above the per annum rate
      otherwise applicable hereunder. 

     

    (d) Interest
      Payment.
      Interest on each Loan shall be payable monthly, in arrears, on the first day
      of
      each month, commencing on the first day of the month following the month in
      which such Loan is made and at maturity (whether upon demand, by acceleration
      or
      otherwise). Interest at the Post-Default Rate shall be payable on demand. The
      Borrower hereby authorizes the Administrative Agent to, and the Administrative
      Agent may, from time to time, charge the Loan Account pursuant to 1)a)x)
      with the
      amount of any interest payment due hereunder.

     

    (e) General.
      Interest shall be computed on the basis of a year of 360 days for the actual
      number of days, including the first day but excluding the last day,
      elapsed.

     

    (f) Interest
      Act (Canada); Criminal Rate of Interest; Nominal Rate of
      Interest.
      Notwithstanding anything to the contrary contained in this Agreement or in
      any
      other Loan Document:

     

    (i) Whenever
      interest payable by a Canadian Guarantor is calculated on the basis of a period
      which is less than the actual number of days in a calendar year, each rate
      of
      interest determined pursuant to such calculation is, for the purposes of the
      Interest Act (Canada), equivalent to such rate multiplied by the actual number
      of days in the calendar year in which such rate is to be ascertained and divided
      by the number of days used as the basis of such calculation.

     

    (ii) In
      no
      event shall the aggregate "interest" (as defined in Section 347 of the Criminal
      Code, R.S.C. 1985, c.C-46, as the same shall be amended, replaced or re-enacted
      from time to time) payable by a Canadian Guarantor to any Agent or any Lender
      under this Agreement or any other Loan Document exceed the effective annual
      rate
      of interest on the "credit advanced" (as defined in that section) under this
      Agreement or such other Loan Document lawfully permitted under that section
      and,
      if any payment, collection or demand pursuant to this Agreement or any other
      Loan Document in respect of "interest" (as defined in that section) is
      determined to be contrary to the provisions of that section, such payment,
      collection or demand shall be deemed to have been made by mutual mistake of
      such
      Agent, such Lenders and such Canadian Guarantor and the amount of such payment
      or collection shall be refunded by such Agent and such Lenders to such Canadian
      Guarantor. For the purposes of this Agreement and each other Loan Document
      to
      which Canadian Guarantor is a party, the effective annual rate of interest
      payable by Canadian Guarantor shall be determined in accordance with generally
      accepted actuarial practices and principles over the term of the Loans on the
      basis of annual compounding for the lawfully permitted rate of interest and,
      in
      the event of dispute, a certificate of a Fellow of the Canadian Institute of
      Actuaries appointed by the Administrative Agent for the account of such Canadian
      Guarantor will be conclusive for the purpose of such determination in the
      absence of evidence to the contrary.

     

    
      
        
        

      

      
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    (iii) All
      calculations of interest payable by a Canadian Guarantor under this Agreement
      or
      any other Loan Document are to be made on the basis of the nominal interest
      rate
      described herein and therein and not on the basis of effective yearly rates
      or
      on any other basis which gives effect to the principle of deemed reinvestment
      of
      interest. The parties acknowledge that there is a material difference between
      the stated nominal interest rates and the effective yearly rates of interest
      and
      that they are capable of making the calculations required to determine such
      effective yearly rates of interest.

     

    Section
      2.05 Reduction
      of Commitment; Prepayment of Loans . 

     

    (a) Reduction
      of Commitments.
      

     

    (i) Revolving
      Credit Commitments.
      The
      Total Revolving Credit Commitment shall terminate on the Final Maturity
      Date. The
      Borrower may, after the second anniversary of the Effective Date, reduce the
      Total Revolving Credit Commitment to an amount not less than $30,000,000 to
      the
      extent that after giving effect to such reduction, the Total Revolving Credit
      Commitment shall not be less than the sum of (A) the aggregate unpaid
      principal amount of all Revolving Loans then outstanding, (B) the aggregate
      principal amount of all Revolving Loans not yet made as to which a Notice of
      Borrowing has been given by the Borrower under Section 2.02, (C) the Letter
      of Credit Obligations at such time and (D) the stated amount of all Letters
      of
      Credit not yet issued as to which a request has been made and not withdrawn.
      Each such reduction shall be in an amount which is an integral multiple of
      $1,000,000, shall be made by providing not less than five (5) Business Days'
      prior written notice to the Administrative Agent, shall be irrevocable and
      shall
      be accompanied by the payment of the Applicable Prepayment Premium (if any)
      on
      the amount of the Total Revolving Credit Commitment so reduced. Once reduced,
      the Total Revolving Credit Commitment may not be increased. Each such reduction
      of the Total Revolving Credit Commitment shall reduce the Revolving Credit
      Commitment of each Lender proportionately in accordance with its Pro Rata Share
      thereof.

     

    (ii) Term
      Loan A.
      The
      Total Term Loan A Commitment shall terminate at 5:00 p.m. (New York City
      time) on the Effective Date.

     

    (iii) Term
      Loan B.
      The
      Total Term Loan B Commitment shall be reduced by the amount of each borrowing
      of
      a Term Loan B and shall terminate at 5:00 p.m. (New York City time) on the
      earlier of (x) June 18, 2009, and (y) the date on which the
      Term
      Loan B Commitment is reduced to zero. Once
      reduced, the Term Loan B Commitment may not be increased. Such
      reduction of the Total Term Loan B Commitment shall reduce the Term Loan B
      Commitment of each Lender proportionately in accordance with its Pro Rata Share
      thereof.

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

     

    (b) Optional
      Prepayment.

     

    (i) Revolving
      Loans.
      The
Borrower
      may
      prepay without penalty or premium the principal of any Revolving Loan, in whole
      or in part. The Borrower
      shall
      not be permitted to prepay any portion of the principal of any Term Loan until
      all Revolving Loan Obligations and Letter of Credit Obligations are paid in
      full
      (or, to the extent such Obligations are contingent, such Obligations are cash
      collateralized in an amount equal to 102.5% of the aggregate undrawn amount
      of
      all outstanding Letters of Credit) and all Revolving Credit Commitments have
      been terminated.

     

    (ii) Prepayment
      In Full.
      The
Borrower
      may,
      upon at least sixty (60) days prior written notice to the Agents, terminate
      this
      Agreement by paying to the Administrative Agent and the Collateral Agent, as
      applicable, in cash, the Obligations (including either (A) providing cash
      collateral to be held by the Administrative Agent in an amount equal to 102.5%
      of the aggregate undrawn amount of all outstanding Letters of Credit or (B)
      causing the original Letters of Credit to be returned to the Administrative
      Agent), in full, together
      with the Applicable Prepayment Premium.
      If the
      Borrower has sent a notice of termination pursuant to this clause (ii), then
      the
      Lenders' obligations to extend credit hereunder shall terminate and the
Borrower
      shall be
      obligated to repay the Obligations (including either (A) providing cash
      collateral to be held by the Administrative Agent in an amount equal to 102.5%
      of the aggregate undrawn amount of all outstanding Letters of Credit or (B)
      causing the original Letters of Credit to be returned to the Administrative
      Agent), in full, together
      with the Applicable Prepayment Premium (if any), on
      the
      date set forth as the date of termination of this Agreement in such
      notice.

     

    (c) Mandatory
      Prepayment.

     

    (i) The
      Borrower
      will
      immediately prepay the Revolving Loans at any time when the aggregate principal
      amount of all Revolving Loans plus the outstanding amount of all Letter of
      Credit Obligations plus the aggregate amount of all Indebtedness of the Loan
      Parties in respect of Third Party Letters of Credit exceeds the result of the
      Total Revolving Credit Commitment, to the full extent of any such excess. If
      at
      any time after the Borrower
      has
      complied with the first sentence of this 0,
      the
      aggregate Letter of Credit Obligations is greater than the Total Revolving
      Credit Commitment, the Borrower shall provide cash collateral to the
      Administrative Agent in an amount equal to 102.5% of such excess, which cash
      collateral shall be deposited in the Letter of Credit Collateral Account and,
      provided that no Event of Default shall have occurred and be continuing,
      returned to the Borrower, at such time as the aggregate Letter of Credit
      Obligations plus the aggregate principal amount of all outstanding Revolving
      Loans no longer exceeds the Total Revolving Credit Commitment.

     

    (ii) The
      Borrower will immediately prepay the outstanding principal amount of the Term
      Loan in the event that the Total Revolving Credit Commitment is terminated
      for
      any reason, but not until all Revolving Loan Obligations and Letter
      of
      Credit Obligations are
      first
      paid in full (or,
      to
      the extent such Obligations are contingent, such Obligations are cash
      collateralized in an amount equal to 102.5% of the aggregate undrawn amount
      of
      all outstanding Letters of Credit).

     

    
      
        
        

      

      
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    (iii) The
      Administrative Agent shall on each Business Day apply all funds transferred
      to
      or deposited in the Administrative Agent's Account, to the payment, in whole
      or
      in part, of the outstanding principal amount of the Revolving
      Loans.

     

    (iv) Immediately
      upon any Disposition by any Loan Party or its Subsidiaries pursuant to
0,
      the
Borrower
      shall
      prepay the Obligations in accordance with Section 2.05(d) in an amount equal
      to
      100% of the Net Cash Proceeds received by such Person in connection with such
      Disposition. Notwithstanding
      the foregoing and provided no Event of Default has occurred and is continuing,
      Net
      Cash
      Proceeds received by such Person in connection with such Disposition shall
      not
      be required to be so applied to the extent (A) the Borrower delivers to the
      Agents promptly following such Disposition a certificate stating that a Loan
      Party or a Subsidiary thereof intends to use such Net Cash Proceeds to
      consummate a Permitted Acquisition within two hundred and seventy (270) days
      of
      receipt of such Net Cash Proceeds and (B) such Person in fact reinvests such
      Net
      Cash Proceeds within such two hundred and seventy (270) day period. Pending
      such
      reinvestments, such Loan Party shall (1) apply
      such
      Net
      Cash Proceeds
      as a
      prepayment of the applicable Revolving Loans but not as a permanent reduction
      in
      the Total Revolving Loan Commitment (and the Administrative Agent shall,
      concurrently with such prepayment, establish and maintain a reserve against
      the
      applicable Total Revolving Credit Commitment in an amount equal to such
      prepayment) and (2) after the Revolving Loans have been prepaid, the
      remainder of such
      Net
      Cash Proceeds
      shall be
      deposited in a cash collateral account in which the Collateral Agent has a
      perfected first priority security interest for the benefit of the Agents, the
      Lenders and the Bank Product Providers. Any
      Net
      Cash Proceeds not so reinvested shall be applied to permanently prepay the
      Loans. Nothing
      contained in this subsection (iv) shall permit any Loan Party or any of its
      Subsidiaries to make a Disposition of any property other than in accordance
      with
0.

     

    (v) Upon
      the
      issuance or incurrence by any Loan Party or any of its Subsidiaries of any
      Indebtedness (other than Permitted Indebtedness), or the sale or issuance by
      any
      Loan Party or any of its Subsidiaries of any shares of its Capital Stock
      (excluding shares of Capital Stock issued to employees and management personnel
      of any Loan Party), the Borrower
      shall
      prepay the Obligations in accordance with Section 2.05(d) in an amount equal
      to
      100% of the Net Cash Proceeds received by such Person in connection therewith.
      The provisions of this subsection 0
      shall
      not be deemed to be implied consent to any such issuance, incurrence or sale
      otherwise prohibited by the terms and conditions of this Agreement.

     

    (vi) Upon
      the
      receipt by any Loan Party or any of its Subsidiaries of any Extraordinary
      Receipts, the Borrower
      shall
      prepay the Obligations in accordance with Section 2.05(d) in an amount equal
      to
      100% of such Extraordinary Receipts, net of any reasonable expenses incurred
      in
      collecting such Extraordinary Receipts.

     

    
      
        
        

      

      
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    (vii) If
      the
      Parent were to terminate the services of Nadal Management, Inc. and Miles Nadal
      without "Cause" (as defined in the Management Services Agreement), and a
      successor Chief Executive Officer reasonably acceptable to the Collateral Agent
      (acting in good faith) is not appointed by the Parent's Board of Directors
      within four (4) months of such termination without Cause (the "Replacement
      Period"),
      the
      Required Lenders may, during the two (2) month period following the end of
      the
      Replacement Period, notify the Borrower that the Required Lenders have elected
      to terminate this Agreement and require the Borrower, effective on the eight
      (8)
      month anniversary of the end of the Replacement Period, to prepay the
      Obligations in full in cash (including either (A) providing cash collateral
      to
      be held by the Administrative Agent in an amount equal to 102.5% of the
      aggregate undrawn amount of all outstanding Letters of Credit or (B) causing
      the
      original Letters of Credit to be returned to the Administrative
      Agent).

     

    (viii) For
      the
      avoidance of doubt, no Applicable
      Prepayment Premium shall be paid in connection with any prepayment made in
      accordance with this Section 2.05(c).

     

    (d) Application
      of Payments.
      Each
      prepayment pursuant to subsections 0,
      0,
      and
0
      above
      shall be applied, first, to the Revolving Loans until paid in full, and second,
      ratably to the Term Loans.

     

    (e) Interest
      and Fees.
      Any
      prepayment made pursuant to this 0
      (other
      than prepayments made pursuant to subsections 0
      and
0
      of this
      Section 2.05) shall be accompanied by accrued interest on the principal
      amount being prepaid to the date of prepayment, and if such prepayment would
      reduce the amount of the outstanding Loans to zero at a time when the Total
      Revolving Credit Commitment has been terminated, such prepayment shall be
      accompanied by the payment of all fees accrued to such date pursuant to
0.
      Any
      prepayment of a LIBOR Rate Loan shall be accompanied by any payment required
      under Section 2.10.

     

    (f) Cumulative
      Prepayments.
      Except
      as otherwise expressly provided in this 0,
      payments with respect to any subsection of this 0
      are in
      addition to payments made or required to be made under any other subsection
      of
      this 0.

     

    Section
      2.06 Fees .

     

    (a) Fee
      Letter.
      The
      Borrower shall pay to the Collateral Agent the fees set forth in the Fee Letter
      as and when due and payable under the terms of the Fee Letter.

     

    (b) Unused
      Line Fee.
      From
      and after the Effective Date and until the Final Maturity Date, the Borrower
      shall pay to the Administrative Agent for the account of the Revolving Loan
      Lenders, in accordance with their
      Pro
      Rata Shares,
      an
      unused line fee (the "Unused
      Line Fee"),
      which
      shall accrue at the rate per annum of 0.5% on the excess, if any, of the Total
      Revolving Credit Commitment over the sum of the average principal amount of
      all
      Revolving Loans and Letter of Credit Obligations outstanding from time to time
      and shall be payable monthly in arrears on the first day of each month
      commencing on July 1, 2007.

     

    (c) Unused
      Term Loan B Fee.
      From
      and after the Effective Date and until the
      date
      of termination of the Total Term Loan B Commitment,
      the
      Borrower shall pay to the Collateral Agent for the account of the Term Loan
      B
      Lenders, in accordance with their Pro Rata Shares, an unused Term Loan B fee
      (the "Unused
      Term Loan B Fee"),
      which
      shall accrue at the rate per annum of 0.5% on the excess, if any, of the Total
      Term Loan B Commitment over
      the
      average principal amount of all Term Loans B outstanding from time to time
      and
      shall
      be payable monthly in arrears on the first day of each month commencing July
      1,
      2007. 

     

    
      
        
        

      

      
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    Section
      2.07 Securitization .
      The
      Loan
      Parties hereby acknowledge that the Lenders and their Affiliates may sell or
      securitize the Loans (a "Securitization")
      through the pledge of the Loans as collateral security for loans to the Lenders
      or their Affiliates or through the sale of the Loans or the issuance of direct
      or indirect interests in the Loans, which loans to the Lenders or their
      Affiliates or direct or indirect interests will be rated by Moody's, Standard
      & Poor's or one or more other rating agencies (the "Rating
      Agencies").
      The
      Loan Parties shall reasonably cooperate with the Lenders and their Affiliates
      to
      effect the Securitization including, without limitation, by (a) amending
      this Agreement and the other Loan Documents, and executing such additional
      documents, as reasonably requested by the Lenders in connection with the
      Securitization, provided that
      (i) any such amendment or additional documentation does not impose
      additional costs on the Loan Parties and (ii) any such amendment or
      additional documentation does not adversely affect the rights, or increase
      the
      obligations, of the Loan Parties under the Loan Documents or change or affect
      in
      a manner adverse to the Loan Parties the financial terms of the Loans, and
      (b) providing such information as may be reasonably requested by the
      Lenders in connection with the rating of the Loans or the
      Securitization.

     

    Section
      2.08 Taxes .
      v)
      Any and
      all payments by any Loan Party hereunder or under any other Loan Document shall
      be made free and clear of and without deduction for any and all present or
      future taxes, levies, imposts, deductions, charges or withholdings, and all
      liabilities with respect thereto, excluding
      taxes
      imposed on the net income of any Agent, any Lender or the L/C Issuer (or any
      transferee or assignee thereof, including a participation holder (any such
      entity, a "Transferee"))
      by
      the jurisdiction in which such Person is organized or has its principal lending
      office (all such nonexcluded taxes, levies, imposts, deductions, charges
      withholdings and liabilities, collectively or individually, "Taxes").
      If
      any Loan Party shall be required to deduct any Taxes from or in respect of
      any
      sum payable hereunder to any Agent, any Lender or the L/C Issuer (or any
      Transferee), (i) the sum payable shall be increased by the amount (an
      "additional
      amount")
      necessary so that after making all required deductions (including deductions
      applicable to additional sums payable under this Section 2.08) such Agent,
      such
      Lender or the L/C Issuer (or such Transferee) shall receive an amount equal
      to
      the sum it would have received had no such deductions been made, (ii) such
      Loan
      Party shall make such deductions and (iii) such Loan Party shall pay the full
      amount deducted to the relevant Governmental Authority in accordance with
      applicable law.

     

    (b) In
      addition, each Loan Party agrees to pay to the relevant Governmental Authority
      in accordance with applicable law any present or future stamp or documentary
      taxes or any other excise or property taxes, charges or similar levies that
      arise from any payment made hereunder or from the execution, delivery or
      registration of, or otherwise with respect to, this Agreement or any other
      Loan
      Document ("Other
      Taxes").
      Each
      Loan Party shall deliver to each Agent, each Lender and the L/C Issuer official
      receipts in respect of any Taxes or Other Taxes payable hereunder promptly
      after
      payment of such Taxes or Other Taxes.

     

    
      
        
        

      

      
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    (c) The
      Loan
      Parties hereby jointly and severally indemnify and agree to hold each Agent,
      each Lender and the L/C Issuer harmless from and against Taxes and Other Taxes
      (including, without limitation, Taxes and Other Taxes imposed on any amounts
      payable under this Section 2.08) paid by such Person, whether or not such Taxes
      or Other Taxes were correctly or legally asserted. Such indemnification shall
      be
      paid within 10 days from the date on which any such Person makes written demand
      therefore specifying in reasonable detail the nature and amount of such Taxes
      or
      Other Taxes.

     

    (d) Each
      Lender (or Transferee) that is organized under the laws of a jurisdiction
      outside the United States (a "Non-U.S.
      Lender")
      agrees
      that it shall, no later than the Effective Date (or, in the case of a Lender
      which becomes a party hereto pursuant to 0
      hereof
      after the Effective Date, promptly after the date upon which such Lender becomes
      a party hereto) deliver to the Agents (or, in the case of an assignee of a
      Lender which (x) is an Affiliate of such Lender or a Related Fund of such
      Lender and (y) does not deliver an Assignment and Acceptance to the
      Administrative Agent (or the Collateral Agent, as applicable) pursuant to the
      last sentence of Section 12.07(b) for recordation pursuant to Section 12.07(c),
      to the assigning Lender only, and in the case of a participant, to the Lender
      granting the participation only) one properly completed and duly executed copy
      of either U.S. Internal Revenue Service Form W-8BEN, W-8ECI or W-8IMY or any
      subsequent versions thereof or successors thereto, in each case claiming
      complete exemption from, or reduced rate of, U.S. Federal withholding tax and
      payments of interest hereunder. In addition, in the case of a Non-U.S. Lender
      claiming exemption from U.S. Federal withholding tax under Section 871(h) or
      881(c) of the Internal Revenue Code, such Non-U.S. Lender hereby represents
      to
      the Agents and the Borrower
      that
      such Non-U.S. Lender is not a bank for purposes of Section 881(c) of the
      Internal Revenue Code, is not a 10% shareholder (within the meaning of Section
      871(h)(3)(B) of the Internal Revenue Code) of the Parent and is not a controlled
      foreign corporation related to the Parent (within the meaning of Section
      864(d)(4) of the Internal Revenue Code), and such Non-U.S. Lender agrees that
      it
      shall promptly notify the Agents in the event any such representation is no
      longer accurate. Such forms shall be delivered by each Non-U.S. Lender on or
      before the date it becomes a party to this Agreement (or, in the case of a
      Transferee that is a participation holder, on or before the date such
      participation holder becomes a Transferee hereunder) and on or before the date,
      if any, such Non-U.S. Lender changes its applicable lending office by
      designating a different lending office (a "New
      Lending Office").
      In
      addition, such Non-U.S. Lender shall deliver such forms within 20 days after
      receipt of a written request therefor from any Agent, the assigning Lender
      or
      the Lender granting a participation, as applicable. Notwithstanding any other
      provision of this v),
      a
      Non-U.S. Lender shall not be required to deliver any form pursuant to this
      v)0
      that
      such Non-U.S. Lender is not legally able to deliver.

     

    (e) The
      Loan
      Parties shall not be required to indemnify any Non-U.S. Lender, or pay any
      additional amounts to any Non-U.S. Lender, in respect of United States Federal
      withholding tax pursuant to this Section 2.08 to the extent that (i) the
      obligation to withhold amounts with respect to United States Federal withholding
      tax existed on the date such Non-U.S. Lender became a party to this Agreement
      (or, in the case of a Transferee that is a participation holder, on the date
      such participation holder became a Transferee hereunder) or, with respect to
      payments to a New Lending Office, the date such Non-U.S. Lender designated
      such
      New Lending Office with respect to a Loan; provided,
      however,
      that
      this clause (i) shall not apply to the extent the indemnity payment or
      additional amounts any Transferee, or Lender (or Transferee) through a New
      Lending Office, would be entitled to receive (without regard to this clause
      (i))
      do not exceed the indemnity payment or additional amounts that the Person making
      the assignment, participation or transfer to such Transferee, or Lender (or
      Transferee) making the designation of such New Lending Office, would have been
      entitled to receive in the absence of such assignment, participation, transfer
      or designation, or (ii) the obligation to pay such additional amounts would
      not
      have arisen but for a failure by such Non-U.S. Lender to comply with the
      provisions of clause (d) above.

     

    
      
        
        

      

      
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    (f) Any
      Agent, any Lender or the L/C Issuer (or Transferee) claiming any indemnity
      payment or additional payment amounts payable pursuant to this Section 2.08
      shall use reasonable efforts (consistent with legal and regulatory restrictions)
      to file any certificate or document reasonably requested in writing by the
      Borrower
      or to
      change the jurisdiction of its applicable lending office if the making of such
      a
      filing or change would avoid the need for or reduce the amount of any such
      indemnity payment or additional amount that may thereafter accrue, would not
      require such Agent, such Lender or the L/C Issuer (or Transferee) to disclose
      any information such Agent, such Lender or the L/C Issuer (or Transferee) deems
      confidential and would not, in the sole determination of such Agent, such Lender
      or the L/C Issuer (or Transferee), be otherwise disadvantageous to such Agent,
      such Lender or the L/C Issuer (or Transferee).

     

    (g) The
      obligations of the Loan Parties under this Section 2.08 shall survive the
      termination of this Agreement and the payment of the Loans and all other amounts
      payable hereunder.

     

    Section
      2.09 LIBOR
      Not Determinable; Illegality .
      vi)
      In the
      event, and on each occasion, that on or before the day on which LIBOR is to
      be
      determined for a borrowing that is to include LIBOR Rate Loans, the
      Administrative Agent (or the Collateral Agent, with respect the Term Loans)
      has
      determined in good faith that, or has been advised by the Required Lenders
      that,
      (i) LIBOR cannot be reasonably determined for any reason or (ii) Dollar deposits
      in the principal amount of the applicable LIBOR Rate Loans are not available
      in
      the interbank eurodollar market where the eurodollar and foreign currency and
      exchange operations in respect of the Lenders' LIBOR Rate Loans are then being
      conducted, the Administrative Agent (or the Collateral Agent, as applicable)
      shall, as soon as practicable thereafter, give written notice of such
      determination to the Borrower
      and the
      other Lenders. In the event of any such determination, any request by the
Borrower
      for a
      LIBOR Rate Loan pursuant to Section 2.02 shall, until, (i) in the case of such
      a
      determination by the Required Lenders, the Administrative Agent (or
      the
      Collateral Agent, as applicable) has
      been
      advised by the Required Lenders and the Administrative Agent (or the Collateral
      Agent, as applicable) has so advised the Borrower
      that, or
      (ii) in the case of a determination by the Administrative Agent (or the
      Collateral Agent, as applicable), the Administrative Agent (or the Collateral
      Agent, as applicable) has advised the Borrower
      and the
      other Lenders that, the circumstances giving rise to such notice no longer
      exist, be deemed to be a request for a Reference Rate Loan. Each determination
      by the Administrative Agent (or the Collateral Agent, as applicable) and/or
      the
      Required Lenders hereunder shall be conclusive and binding absent manifest
      error.

     

    (b) In
      the
      event that after the Effective Date, it shall be unlawful for any Lender to
      make, maintain or fund any LIBOR Rate Loan as contemplated by this Agreement,
      then such Lender shall promptly give notice thereof to the Administrative Agent
      (or the Collateral Agent, with respect to the Term Loans) and the Borrower
      describing such illegality in reasonable detail. Effective immediately upon
      the
      giving of such notice, the obligation of such Lender to make LIBOR Rate Loans
      shall be suspended for the duration of such illegality and, if and when such
      illegality ceases to exist, such suspension shall cease, and such Lender shall
      notify the Administrative Agent (or the Collateral Agent, as applicable) and
      the
Borrower.
      If any
      such change shall make it unlawful for any Lender to maintain any outstanding
      LIBOR Rate Loan as a LIBOR Rate Loan, such Lender shall, upon the happening
      of
      such event, notify the Administrative Agent (or the Collateral Agent, as
      applicable) and the Borrower,
      and
      such Lender's Loans
      then outstanding as LIBOR Rate Loans, if any, shall be converted automatically
      to Reference Rate Loans immediately,
      or if permitted by applicable law, rule, regulation, order, decree,
      interpretation, request or directive, at the end of the Interest Period for
      such
      LIBOR Rate Loan.

     

    
      
        
        

      

      
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    Section
      2.10 Indemnity .
      vii)
      The Loan
      Parties hereby jointly and severally indemnify each Lender against any loss
      or
      expense that such Lender actually sustains or incurs (including, without
      limitation, any loss or expense incurred by reason of the liquidation or
      reemployment of deposits or other funds acquired by such Lender to fund or
      maintain any LIBOR Rate Loan and including loss of anticipated profits) as
      a
      consequence of (i) any failure by the Loan Parties to fulfill on the date of
      any
      borrowing hereunder the applicable conditions set forth in Article VI, (ii)
      any
      failure by the Borrower
      to
      borrow any LIBOR Rate Loan hereunder, to convert any Reference Rate Loan into
      a
      LIBOR Rate Loan or to continue a LIBOR Rate Loan as such after notice of such
      borrowing, conversion or continuation has been given pursuant to Section 2.02
      hereof, (iii) any payment, prepayment (mandatory or optional) or conversion
      of a
      LIBOR Rate Loan required by any provision of this Agreement or otherwise made
      on
      a date other than the last day of the Interest Period, (iv) any default in
      payment or prepayment of the principal amount of any LIBOR Rate Loan or any
      part
      thereof or interest accrued thereon, as and when due and payable (at the due
      date thereof, by notice of prepayment or otherwise), or (v) the occurrence
      of
      any Event of Default, including, in each such case, any loss (including, without
      limitation, loss of anticipated profits) or reasonable expense sustained or
      incurred in liquidating or employing deposits from third parties acquired to
      effect or maintain such Loan or any part thereof as a LIBOR Rate Loan. Such
      loss
      or reasonable expense shall include but not be limited to an amount equal to
      the
      excess, if any, as reasonably determined by such Lender, of (i) its cost of
      obtaining the funds for the Loan being paid or prepaid or converted or continued
      or not borrowed or converted or continued (based on LIBOR applicable thereto)
      for the period from the date of such payment, prepayment, conversion,
      continuation or failure to borrow, convert or continue on the last day of the
      Interest Period for such Loan (or, in the case of a failure to borrow, convert
      or continue, the last day of the Interest Period for such Loan that would have
      commenced on the date of such failure to borrow, convert or continue) over
      (ii)
      the amount of interest (as reasonably determined by such Lender) that would
      be
      realized by such Lender in re-employing in the interbank LIBOR market for a
      comparable Interest Period the funds so paid, prepaid, converted or continued
      or
      not borrowed, converted or continued for the Interest Period. A certificate
      of
      any Lender setting forth in reasonable detail any amount or amounts that such
      Lender is entitled to receive pursuant to this Section 2.10 and the basis for
      the determination of such amount or amounts shall be delivered to the
Borrower
      and
      shall be conclusive and binding absent manifest error.

     

    
      
        
        

      

      
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    (b) Notwithstanding
      paragraph (a) of this Section 2.10, the Administrative Agent (or the Collateral
      Agent, as applicable) will use reasonable efforts to minimize or reduce any
      such
      loss or expense resulting from the mandatory prepayments required by Section
      2.05(c) of this Agreement by applying all payments and prepayments to Reference
      Rate Loans prior to any application of payments to LIBOR Rate Loans, provided
      that nothing in this Section 2.10(b) shall affect the order of application
      of
      payments as set forth in Section 2.05(b), (c) and (d) or Section 4.04(b), as
      applicable.

     

    Section
      2.11 Continuation
      and Conversion of Loans .
      viii)
      The
      Borrower may from time to time request LIBOR Rate Loans or may request that
      a
      Loan that is a Reference Rate Loan be converted to a LIBOR Rate Loan or that
      any
      existing LIBOR Rate Loans continue for an additional Interest Period. Such
      request from the Borrower shall be in writing and shall specify the amount
      of
      the LIBOR Rate Loans or the amount of the Reference Rate Loans to be converted
      to LIBOR Rate Loans or the amount of the LIBOR Rate Loans to be continued
      (subject to the limits set forth below) and the Interest Period to be applicable
      to such LIBOR Rate Loans. Subject to the terms and conditions contained herein,
      three (3) Business Days after receipt by the Administrative Agent (or the
      Collateral Agent, with respect to the Term Loans) of such a request from the
      Borrower, such LIBOR Rate Loans shall be made or Reference Rate Loans shall
      be
      converted to LIBOR Rate Loans or such LIBOR Rate Loans shall continue, as the
      case may be, provided, that, (i) no Event of Default shall exist or have
      occurred and be continuing, (ii) no party hereto shall have sent any notice
      of
      termination of this Agreement, (iii) no more than fifteen (15) Interest
      Periods ((A) in the case of Revolving Loans, no more than ten (10) Interest
      Periods, and (B) in the case of Term Loans B, no more than four (4) Interest
      Periods) may be in effect at any one time, (iv) the aggregate amount of the
      LIBOR Rate Loans must be in an amount not less than $500,000 (or in the case
      of
      a Revolving Loan, $200,000) or an integral multiple of $100,000 in excess
      thereof, and (v) the Administrative Agent (or the Collateral Agent, as
      applicable) shall not have notified the Borrower that LIBOR Rate Loans are
      unavailable pursuant to Section
      2.09.
      Any
      request by or on behalf of the Borrower for LIBOR Rate Loans or to convert
      Reference Rate Loans to LIBOR Rate Loans or to continue any existing LIBOR
      Rate
      Loans shall be irrevocable. Notwithstanding anything to the contrary contained
      herein, the Agents and Lenders shall not be required to purchase United States
      Dollar deposits in the London interbank market or other applicable LIBOR Rate
      market to fund any LIBOR Rate Loans, but the provisions hereof shall be deemed
      to apply as if the Agents and Lenders had purchased such deposits to fund the
      LIBOR Rate Loans.

     

    (b) Any
      LIBOR
      Rate Loans shall automatically convert to Reference Rate Loans upon the last
      day
      of the applicable Interest Period, unless the Administrative Agent has received
      and approved a request to continue such LIBOR Rate Loans at least three (3)
      Business Days prior to such last day in accordance with the terms hereof. Any
      LIBOR Rate Loans shall, at the Administrative Agent's option, upon notice by
      the
      Administrative Agent to the Borrower, be subsequently converted to Reference
      Rate Loans in the event that this Agreement shall terminate or not be renewed.
      The Borrower shall pay to the Administrative Agent, for the benefit of Lenders,
      upon demand by the Administrative Agent (or the Administrative Agent may, at
      its
      option, charge the Loan Account of the Borrower) any amounts required to
      compensate any Lender for any loss (including loss of anticipated profits),
      cost
      or expense incurred by such person, as a result of the conversion of LIBOR
      Rate
      Loans to Reference Rate Loans pursuant to any of the foregoing.

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    LETTERS
      OF CREDIT

     

    Section
      3.01 Letter
      of Credit Guaranty .  ix)  In
      order to assist the Loan
      Parties
      in
      establishing or opening standby letters of credit, which shall not have
      expiration dates that exceed three years from the date of issuance, or which
      have expiration dates not exceeding one year from the date of issuance subject
      to automatic renewal set forth therein (each a "Letter
      of Credit"),
      with
      the L/C Issuer, the Loan Parties have requested the Administrative Agent to
      join
      in the applications for such Letters of Credit, and/or guarantee payment or
      performance of such Letters of Credit and any drafts thereunder through the
      issuance of a Letter of Credit Guaranty, thereby lending the Administrative
      Agent's credit to that of the Loan Parties, and the Administrative Agent has
      agreed to do so. These arrangements shall be coordinated by the Administrative
      Agent, subject to the terms and conditions set forth below. The Administrative
      Agent shall not be required to be the issuer of any Letter of Credit. The Loan
      Parties will be the account party for the application for each Letter of Credit,
      which shall be substantially in the form of Exhibit G hereto or on a
      computer transmission system approved by the Administrative Agent and the
      L/C Issuer, or such other written form or computer transmission system as
      may from time to time be approved by the Administrative
      Agent
      and the
      L/C Issuer, and shall be duly completed in a manner and at a time
      reasonably acceptable to the Administrative Agent, together with such other
      certificates, agreements, documents and other papers and information as the
      Administrative
      Agent
      and the
      L/C Issuer may reasonably request (the "Letter
      of Credit Application").
      In
      the event of any conflict between the terms of any Letter of Credit Application
      and this Agreement, for purposes of this Agreement, the terms of this Agreement
      shall control.

     

    (b) The
      aggregate Letter of Credit Obligations shall not exceed the lowest of (i) the
      difference between (A) the Total Revolving Credit Commitment and (B) the sum
      of
      (I) the aggregate principal amount of all Revolving Loans then outstanding,
      and
      (II) all Indebtedness of the Loan Parties in respect of existing Third Party
      Letters of Credit (which, for the avoidance of doubt, for the purpose of this
      Section 3.01(b)(i)(B)(II), shall not be included if such Third Party Letters
      of
      Credit are backstopped by a Letter of Credit or fully cash collateralized),
      and
      (ii) the L/C Subfacility minus
      the
      aggregate amount of all Indebtedness of the Loan Parties in respect of existing
      Third Party Letters of Credit. In addition, the terms and conditions of all
      Letters of Credit and all changes or modifications thereof by the Loan Parties
      and/or the L/C Issuer shall in all respects be subject to the prior approval
      of
      the Administrative
      Agent in
      the reasonable exercise of its sole and absolute discretion; provided,
      however,
      that
      (i) the expiry date of all Letters of Credit shall be no later than fifteen
      days
      prior to the Final Maturity Date unless, no later than fifteen days prior to
      the
      Final Maturity Date either (A) such Letters of Credit shall be cash
      collateralized in an amount equal to 102.5% of the face amount of such Letters
      of Credit by deposit of cash in such amount in an account under the sole and
      exclusive control of the Administrative Agent for the benefit of the
      Administrative Agent and/or the L/C Issuer (the "Letter
      of Credit Collateral Account")
      or
      (B) the Loan Parties shall provide the Administrative Agent and the
Revolving
      Loan
      Lenders
      with an indemnification, in form and substance reasonably satisfactory to the
      Administrative Agent, from a commercial bank or other financial institution
      acceptable to the Agents for any Letter of Credit Obligations with respect
      to
      such Letters of Credit and (ii) the Letters of Credit and all documentation
      in
      connection therewith shall be in form and substance reasonably satisfactory
      to
      the Administrative
      Agent
      and
      the L/C Issuer.

     

    
      
        
        

      

      
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    (c) The
      Administrative Agent shall have the right, without notice to the Borrower,
      to
      charge the Loan Account with the amount of any and all Indebtedness, liabilities
      and obligations of any kind (including indemnification for breakage costs,
      capital adequacy and reserve requirement charges) incurred by the Agents or
      the
Revolving
      Loan
      Lenders
      under the Letter of Credit Guaranty or incurred by the L/C Issuer with
      respect to a Letter of Credit at the earlier of (i) payment by the
      Administrative Agent or the Revolving
      Loan
      Lenders
      under the Letter of Credit Guaranty or (ii) the occurrence of any Default
      or Event of Default. The Administrative Agent shall also have the right to
      charge the Loan Account with the amount of any cash collateral that the L/C
      Issuer may require from the Administrative Agent or any Lender solely under
      a
      Letter of Credit Guaranty, in each case provided
      the
      Administrative Agent provides the Borrower with prior written notice of its
      intent to charge the Loan Account in accordance with the terms of this
Section
      3.01(c).
      Any
      amount charged to the Loan Account shall be deemed a Revolving Loan hereunder
      made by the Revolving
      Loan
      Lenders
      to the Borrower, funded by the Administrative Agent on behalf of the
Revolving
      Loan
      Lenders
      and subject to ii)
      of this
      Agreement. Any charges, fees, commissions, costs and expenses charged to the
      Administrative Agent for the Borrower's account by the L/C Issuer in
      connection with or arising out of Letters of Credit or transactions relating
      thereto will be charged to the Loan Account in full when charged to or paid
      by
      the Administrative Agent and, when charged, shall be conclusive on the
Borrower
      absent
      manifest error. Each of the Revolving
      Loan
      Lenders
      and the Borrower
      agrees
      that the Administrative Agent shall have the right to make such charges
      regardless of whether any Default or Event of Default shall have occurred and
      be
      continuing or whether any of the conditions precedent in 0
      have
      been satisfied.

     

    (d) Each
      Loan
      Party agrees to unconditionally indemnify each Agent and each Lender and hold
      each Agent and each Lender harmless from any and all loss, claim or liability
      incurred by any Agent or any Lender arising from any transactions or occurrences
      relating to Letters of Credit, any drafts or acceptances thereunder, the
      Collateral relating thereto, and all Obligations in respect thereof, including
      any such loss or claim due to any action taken by the L/C Issuer, other
      than for any such loss, claim or liability arising out of the gross negligence
      or willful misconduct of the L/C Issuer, any Agent or any Lender as determined
      by a final judgment of a court of competent jurisdiction. Each Loan Party
      further agrees to hold each Agent and each Lender harmless from any errors
      or
      omission, negligence or misconduct by the L/C Issuer. Each Loan Party's
      unconditional obligations to each Agent, each Lender and the L/C Issuer
      with respect to Letters of Credit hereunder shall not be modified or diminished
      for any reason or in any manner whatsoever, other than as a result of such
      Agent's, such Lender's or the L/C Issuer's gross negligence or willful
      misconduct as determined by a final judgment of a court of competent
      jurisdiction. Each Loan Party agrees that any charges incurred by the
      Administrative Agent or the L/C Issuer for such Loan Party's account
      hereunder may be charged to the Loan Account.

     

    (e) Upon
      any
      payments made to the L/C Issuer under the Letter of Credit Guaranty, the
      Agents or the Revolving
      Loan
      Lenders,
      as the case may be, shall, without prejudice to their rights under this
      Agreement (including that such unreimbursed amounts shall constitute Loans
      hereunder), acquire by subrogation, any rights, remedies, duties or obligations
      granted or undertaken by the Loan
      Parties
      in favor
      of the L/C Issuer in any application for Letters of Credit, any standing
      agreement relating to Letters of Credit or otherwise, all of which shall be
      deemed to have been granted to the Agents and the Revolving
      Loan
      Lenders
      and apply in all respects to the Agents and the Revolving
      Loan
      Lenders
      and shall be in addition to any rights, remedies, duties or obligations
      contained herein.

     

    
      
        
        

      

      
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    Section
      3.02 Participations .

     

    (a) Purchase
      of Participations .
      Immediately upon issuance by the L/C Issuer of any Letter of Credit
      pursuant to this Agreement, each Revolving
      Loan
      Lender
      shall be deemed to have irrevocably and unconditionally purchased and received
      from the Administrative Agent, without recourse or warranty, an undivided
      interest and participation, to the extent of such Revolving
      Loan
      Lender's
      Pro Rata Share, in all obligations of the Administrative Agent in such Letter
      of
      Credit (including, without limitation, all Reimbursement Obligations of the
      Borrower
      with
      respect thereto pursuant to the Letter of Credit Guaranty or
      otherwise).

     

    (b) Sharing
      of Payments.
      In the
      event that the Administrative Agent makes any payment in respect of the Letter
      of Credit Guaranty and the Borrower
      shall
      not have repaid such amount to the Administrative Agent, the Administrative
      Agent shall charge the Loan Account in the amount of the Reimbursement
      Obligation, in accordance with 0
      and
x)
      of this
      Agreement.

     

    (c) Obligations
      Irrevocable.
      The
      obligations of a Revolving
      Loan
      Lender
      to make payments to the Administrative Agent for the account of the Agents,
      the
Revolving
      Loan
      Lenders
      or the L/C Issuer with respect to a Letter of Credit shall be irrevocable,
      without any qualification or exception whatsoever and shall be made in
      accordance with the terms and conditions of this Agreement under all
      circumstances, including, without limitation, any of the following
      circumstances:

     

    (i) any
      lack
      of validity or enforceability of this Agreement or any of the other Loan
      Documents;

     

    (ii) the
      existence of any claim, setoff, defense or other right which the Borrower
      may have
      at any time against a beneficiary named in such Letter of Credit or any
      transferee of such Letter of Credit (or any Person for whom any such transferee
      may be acting), any Agent, any Lender, or any other Person, whether in
      connection with this Agreement, such Letter of Credit, the transactions
      contemplated herein or any unrelated transactions (including any underlying
      transactions between the Borrower
      or any
      other party and the beneficiary named in such Letter of Credit);

     

    (iii) any
      draft, certificate or any other document presented under such Letter of Credit
      proving to be forged, fraudulent, invalid or insufficient in any respect or
      any
      statement therein being untrue or inaccurate in any respect;

     

    (iv) the
      surrender or impairment of any security for the performance or observance of
      any
      of the terms of any of the Loan Documents;

     

    
      
        
        

      

      
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    (v) any
      failure by any Agent to provide any notices required pursuant to this Agreement
      relating to such Letter of Credit;

     

    (vi) any
      payment by the L/C Issuer under such Letter of Credit against presentation
      of a draft or certificate which does not comply with the terms of such Letter
      of
      Credit; or 

     

    (vii) the
      occurrence of any Default or Event of Default.

     

    Section
      3.03 Letters
      of Credit .

     

    (a) Request
      for Issuance.
      The
Loan
      Parties
      may,
      upon notice not later than 12:00 noon, New York City time, at least two (2)
      Business Days in advance of the issuance thereof, request the Administrative
      Agent to assist the Borrower
      in
      establishing or opening a Letter of Credit by delivering to the Administrative
      Agent, with a copy to the L/C Issuer, a Letter of Credit Application,
      together with any necessary related documents. The Administrative Agent shall
      not provide support, pursuant to the Letter of Credit Guaranty, if the
      Administrative Agent shall have received written notice from the Collateral
      Agent or the Required Lenders on the Business Day immediately preceding the
      proposed issuance date for such Letter of Credit that one or more of the
      conditions precedent in 0
      will not
      have been satisfied on such date, and the Administrative Agent shall not
      otherwise be required to determine that, or take notice whether, the conditions
      precedent set forth in 0
      have
      been satisfied.

     

    (b) Letter
      of Credit Fees.  (1)  The
      Borrower
      shall
      pay to the Administrative Agent for the account of the Revolving
      Loan
      Lenders,
      in accordance with the Revolving
      Loan
      Lenders'
      Pro Rata Shares (x) for any Letter of Credit issued hereunder by the L/C Issuer,
      a non-refundable fee equal to 2.5% per annum of the stated amount of such Letter
      of Credit, and (y) for any amendment to an existing Letter of Credit that
      increases the stated amount of such Letter of Credit, a non-refundable fee
      equal
      to 2.5% per annum of the increase in the stated amount of such Letter of Credit,
      in
      each
      case payable monthly in arrears on the first day of each month commencing on
      July 1, 2007
      based on
      the stated amounts of the Letters of Credit issued or increased during such
      month (the "Letter
      of Credit Fees").

     

    (ii) The
      Borrower
      shall
      pay to the Administrative Agent for the ratable benefit of the Lenders, in
      accordance with the Lenders' Pro Rata Shares (x) for any Third Party Letter
      of
      Credit issued on account of any Loan Party, a non-refundable fee equal to 1%
      per
      annum of the stated amount of such Third Party Letter of Credit, and (y) for
      any
      amendment to an existing Third Party Letter of Credit that increases the stated
      amount of such letter of credit, a non-refundable fee equal to 1% per annum
      of
      the increase in the stated amount of such letter of credit, in
      each
      case payable monthly in arrears on the first day of each month commencing on
      July 1, 2007
      based on
      the stated amounts of the Third Party Letters of Credit issued or increased
      during such month (the "Letter
      of Credit Override Fees").

     

    (iii) L/C Issuer
      Charges.
      The
Borrower
      shall
      pay to the Administrative Agent the standard charges assessed by the
      L/C Issuer in connection with the issuance, administration, amendment,
      payment or cancellation of Letters of Credit.

     

    
      
        
        

      

      
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    (iv) Charges
      to the Loan Account.
      The
      Borrower hereby authorizes the Administrative Agent to, and the Administrative
      Agent may, from time to time, charge the Loan Account pursuant to 0
      and
x)
      of this
      Agreement with the amount of any Letter of Credit fees or charges due under
      this
0.

     

    ARTICLE
      IV

     

    FEES,
      PAYMENTS AND OTHER COMPENSATION

     

    Section
      4.01 [Intentionally
      Omitted.]

     

    Section
      4.02 Payments;
      Computations and Statements .
      x)
      The
      Borrower will make each payment under this Agreement not later than
      12:00 noon (New York City time) on the day when due, in lawful money of the
      United States of America and in immediately available funds, (i) with respect
      to
      the Revolving Loan Obligations, to the Administrative Agent's Account, and
      (ii)
      with respect to the Term Loan Obligations, to the Collateral Agent's Account.
      All payments received by the Administrative Agent after 12:00 noon (New York
      City time) on any Business Day will be credited to the Loan Account on the
      next
      succeeding Business Day. All payments shall be made by the Borrower without
      set-off, counterclaim, deduction or other defense to the Agents and the Lenders.
      Except as provided in ii),
      after
      receipt, the Administrative Agent and the Collateral Agent, as applicable,
      will
      promptly thereafter cause to be distributed like funds relating to the payment
      of principal ratably to the Lenders in accordance with their Pro Rata Shares
      and
      like funds relating to the payment of any other amount payable to any Lender
      to
      such Lender, in each case to be applied in accordance with the terms of this
      Agreement, provided that the Administrative Agent and the Collateral Agent,
      as
      applicable, will cause to be distributed all interest and fees received from
      or
      for the account of the Borrower not less than once each month and in any event
      promptly after receipt thereof. The Lenders and the Borrower hereby authorize
      the Administrative Agent to, and the Administrative Agent may, from time to
      time, charge the Loan Account of the Borrower with any amount due and payable
      by
      the Borrower under any Loan Document with respect to the Obligations other
      than
      Term Loan Obligations. Each of the Lenders and the Borrower agrees that the
      Administrative Agent shall have the right to make such charges whether or not
      any Default or Event of Default shall have occurred and be continuing or whether
      any of the conditions precedent in 0
      have
      been satisfied. Any amount charged to the Loan Account of the Borrower shall
      be
      deemed a Revolving Loan hereunder made by the Revolving
      Loan
      Lenders
      to the Borrower, funded by the Administrative Agent on behalf of the
Revolving
      Loan
      Lenders
      and subject to ii)
      of this
      Agreement. The Lenders and the Borrower confirm that any charges which the
      Administrative Agent may so make to the Loan Account of the Borrower as herein
      provided will be made as an accommodation to the Borrower
      and
      solely at the Administrative Agent's discretion, provided
      that the
      Administrative Agent may from time to time with respect to Revolving Loan
      Obligations, and shall upon the request of the Collateral Agent from time to
      time, charge the Loan Account of the Borrower
      with any
      amount due and payable under any Loan Document. Whenever any payment to be
      made
      under any such Loan Document shall be stated to be due on a day other than
      a
      Business Day, such payment shall be made on the next succeeding Business Day
      and
      such extension of time shall in such case be included in the computation of
      interest or fees, as the case may be. All computations of fees shall be made
      by
      the Administrative Agent (or the Collateral Agent, as applicable) on the basis
      of a year of 360 days for the actual number of days (including the first
      day but excluding the last day) occurring in the period for which such fees
      are
      payable. Each determination by the Administrative Agent and the Collateral
      Agent, as applicable, of an interest rate or fees hereunder shall be conclusive
      and binding for all purposes in the absence of manifest error.

     

    
      
        
        

      

      
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    (b) (i)
      The
      Administrative Agent (with respect to the Revolving Loan Obligations) shall
      provide the Borrower,
      promptly after the end of each calendar month, a summary statement (in the
      form
      from time to time used by the Administrative Agent) of the opening and closing
      daily balances in the Loan Account of the Borrower
      during
      such month, the amounts and dates of all Loans made to the Borrower
      during
      such month, the amounts and dates of all payments on account of the Loans to
      the
Borrower
      during
      such month and the Loans to which such payments were applied, the amount of
      interest accrued on the Loans to the Borrower
      during
      such month, any Letters of Credit issued by the L/C Issuer for the account
      of
      the Borrower
      during
      such month, specifying the face amount thereof, the amount of charges to the
      Loan Account and/or Loans made to the Borrower
      during
      such month to reimburse the Revolving
      Loan
      Lenders
      for drawings made under Letters of Credit, and the amount and nature of any
      charges to the Loan Account made during such month on account of fees,
      commissions, expenses and other Obligations. All entries on any such statement
      shall be presumed to be correct and, thirty (30) days after the same is sent,
      shall be final and conclusive absent manifest error. 

     

    (ii) The
      Collateral Agent (with respect to the Term Loan Obligations) shall provide
      the
Borrower,
      promptly after the end of each calendar month, a summary statement (in the
      form
      from time to time used by the Collateral Agent, as applicable) of the amounts
      and dates of all Term Loans made to the Borrower
      during
      such month, the amounts and dates of all payments on account of the Term Loans
      to the Borrower
      during
      such month and the Term Loans to which such payments were applied, the amount
      of
      interest accrued on the Term Loans to the Borrower
      during
      such month. All entries on any such statement shall be presumed to be correct
      and, thirty (30) days after the same is sent, shall be final and conclusive
      absent manifest error.

     

    Section
      4.03 Sharing
      of Payments, Etc .
      Except
      as provided in ii)
      hereof,
      if any Lender shall obtain any payment (whether voluntary, involuntary, through
      the exercise of any right of set-off, or otherwise) on account of any Obligation
      in excess of its ratable share of payments on account of similar obligations
      obtained by all the Lenders, such Lender shall forthwith purchase from the
      other
      Lenders such participations in such similar obligations held by them as shall
      be
      necessary to cause such purchasing Lender to share the excess payment ratably
      with each of them; provided,
      however,
      that if
      all or any portion of such excess payment is thereafter recovered from such
      purchasing Lender, such purchase from each Lender shall be rescinded and such
      Lender shall repay to the purchasing Lender the purchase price to the extent
      of
      such recovery together with an amount equal to such Lender's ratable share
      (according to the proportion of (i) the amount of such Lender's required
      repayment to (ii) the total amount so recovered from the purchasing Lender
      of
      any interest or other amount paid by the purchasing Lender in respect of the
      total amount so recovered). The Borrower agrees that any Lender so purchasing
      a
      participation from another Lender pursuant to this 0
      may, to
      the fullest extent permitted by law, exercise all of its rights (including
      the
      Lender's right of set-off) with respect to such participation as fully as if
      such Lender were the direct creditor of the Borrower
      in the
      amount of such participation.

     

    
      
        
        

      

      
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    Section
      4.04 Apportionment
      of Payments .  Subject
      to ii)
      hereof
      and to any written agreement among the Agents and/or the Lenders:

     

    (a) all
      payments of principal and interest in respect of outstanding Loans, all payments
      in respect of the Reimbursement Obligations, all payments of fees (other than
      the fees set forth in 0
      hereof
      to the extent set forth in a written agreement among the Agents and the Lenders,
      fees with respect to Letters of Credit provided for in 0)
      and all
      other payments in respect of any other Obligations, shall be allocated by the
      Administrative Agent (with respect to the Revolving Loan Obligations) and the
      Collateral Agent (with respect to the Term Loan Obligations), as applicable,
      among such of the Lenders as are entitled thereto, in proportion to their
      respective Pro Rata Shares or otherwise as provided herein or, in respect of
      payments not made on account of Loans or Letter of Credit Obligations, as
      designated by the Person making payment when the payment is made.

     

    (b) After
      the
      occurrence and during the continuance of an Event of Default, notwithstanding
      any other provisions of any Loan Document to the contrary, any Agent may, and
      upon the direction of the Required Lenders shall, apply, or cause to be applied,
      all payments in respect of any Obligations and all proceeds of the Collateral,
      subject to the provisions of this Agreement, (i) first,
      ratably
      to pay the Obligations in respect of any fees, expense reimbursements and
      indemnities then due to the Agents or the L/C Issuer until paid in full;
      (ii) second,
      ratably
      to pay the Revolving Loan Obligations in respect of any fees and indemnities
      then due to the Revolving
      Loan
      Lenders
      until paid in full; (iii) third,
      ratably
      to pay interest due in respect of the Revolving Loans, Collateral Agent Advances
      and Reimbursement Obligations until paid in full; (iv) fourth,
      ratably
      to pay principal of the Revolving Loans, Collateral Agent Advances and Letter
      of
      Credit Obligations (or, to the extent such Obligations are contingent, to
      provide cash collateral in respect of such Obligations in an amount equal to
      102.5% of the aggregate undrawn amount of all outstanding Letters of Credit)
      until paid in full; (v) fifth,
      ratably
      to pay the Term Loan Obligations in respect of any fees and indemnities then
      due
      to the Term Loan
      Lenders
      until paid in full; (vi) sixth,
      ratably
      to pay interest due in respect of the Term Loan until paid in full;
      (vii) seventh,
      ratably
      to pay principal of the Term Loan until paid in full; (viii) eighth,
      ratably
      to pay the Bank Product Obligations, until paid in full, and (ix) ninth,
      to the
      ratable payment of all other Obligations then due and payable.

     

    (c) For
      purposes of 0,
      "paid
      in
      full" means with respect to any Obligations, payment of all amounts owing under
      the Loan Documents in respect of such Obligations, including fees, interest,
      default interest, interest on interest, expense reimbursements and indemnities,
      specifically including in each case any of the foregoing which would accrue
      after the commencement of any Insolvency Proceeding irrespective of whether
      a
      claim is allowable in such Insolvency Proceeding, except to the extent that
      default interest (but not any other interest) and fees, each arising from or
      related to a default, are disallowed in any Insolvency Proceeding

     

    (d) In
      the
      event of a direct conflict between the priority provisions of this 0
      and
      other provisions contained in any Loan Document, it is the intention of the
      parties hereto that both such priority provisions in such documents shall be
      read together and construed, to the fullest extent possible, to be in concert
      with each other. In the event of any actual, irreconcilable conflict that cannot
      be resolved as aforesaid, the terms and provisions of this 0
      shall
      control and govern.

     

    
      
        
        

      

      
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    Section
      4.05 Increased
      Costs and Reduced Return .  xi)  If
      any Lender, any Agent or the L/C Issuer shall have determined that the
      adoption or implementation of, or any change in, any law, rule, treaty or
      regulation, or any policy, guideline or directive of, or any change in, the
      interpretation or administration thereof by, any court, central bank or other
      administrative or Governmental Authority, or compliance by any Lender, any
      Agent
      or the L/C Issuer or any Person controlling any such Agent, any such Lender
      or the L/C Issuer with any directive of, or guideline from, any central
      bank or other Governmental Authority (in each case, whether or not having the
      force of law) (each a "Change
      in Law"),
      shall
      (i) subject such Agent, such Lender or the L/C Issuer, or any Person
      controlling such Agent, such Lender or the L/C Issuer to any tax, duty or
      other charge with respect to this Agreement or any Loan made by such Agent
      or
      such Lender or any Letter of Credit issued by the L/C Issuer (except for
      taxes on the overall net income of such Agent, such Lender or the
      L/C Issuer or any Person controlling such Agent, such Lender or the
      L/C Issuer), or (ii) impose, modify or deem applicable any reserve, special
      deposit or similar requirement against any Loan, any Letter of Credit or against
      assets of or held by, or deposits with or for the account of, or credit extended
      by, such Agent, such Lender or the L/C Issuer or any Person controlling
      such Agent, such Lender or the L/C Issuer and the result of any event
      referred to in clauses (i) or (ii) above shall be to increase the cost to such
      Agent, such Lender or the L/C Issuer of making any Loan, issuing,
      guaranteeing or participating in any Letter of Credit, or agreeing to make
      any
      Loan or issue, guaranty or participate in any Letter of Credit, or to reduce
      any
      amount received or receivable by such Agent, such Lender or the L/C Issuer
      hereunder, then, upon demand by such Agent, such Lender or the L/C Issuer,
      the Borrower shall pay to such Agent, such Lender or the L/C Issuer such
      additional amounts as will compensate such Agent, such Lender or the
      L/C Issuer for such increased costs or reductions in amount.

     

    (b) If
      any
      Agent, any Lender or the L/C Issuer shall have determined that any Change
      in Law either (i) affects or would affect the amount of capital required or
      expected to be maintained by such Agent, such Lender or the L/C Issuer or
      any Person controlling such Agent, such Lender or the L/C Issuer, and such
      Agent, such Lender or the L/C Issuer determines that the amount of such
      capital is increased as a direct or indirect consequence of any Loans made
      or
      maintained, Letters of Credit issued or any guaranty or participation with
      respect thereto, such Agent's, such Lender's or the L/C Issuer's or such
      other controlling Person's other obligations hereunder, or (ii) has or
      would have the effect of reducing the rate of return on such Agent's, such
      Lender's or the L/C Issuer's such other controlling Person's capital to a
      level below that which such Agent, such Lender or the L/C Issuer or such
      controlling Person could have achieved but for such circumstances as a
      consequence of any Loans made or maintained, Letters of Credit issued, or any
      guaranty or participation with respect thereto or any agreement to make Loans,
      to issue Letters of Credit or such Agent's, such Lender's or the
      L/C Issuer's or such other controlling Person's other obligations hereunder
      (in each case, taking into consideration, such Agent's, such Lender's or the
      L/C Issuer's or such other controlling Person's policies with respect to
      capital adequacy), then, upon demand by such Agent, such Lender or the
      L/C Issuer, the Borrower shall pay to such Agent, such Lender or the
      L/C Issuer from time to time such additional amounts as will compensate
      such Agent, such Lender or the L/C Issuer for such cost of maintaining such
      increased capital or such reduction in the rate of return on such Agent's,
      such
      Lender's or the L/C Issuer's or such other controlling Person's
      capital.

     

    
      
        
        

      

      
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    (c) All
      amounts payable under this 1)a)xi)
      shall
      bear interest from the date that is ten (10) days after the date of demand
      by
      any Agent, any Lender or the L/C Issuer until payment in full to such
      Agent, such Lender or the L/C Issuer at the Reference Rate. A certificate
      of such Agent, such Lender or the L/C Issuer claiming compensation under
      this 1)a)xi),
      specifying the event herein above described and the nature of such event shall
      be submitted by such Agent, such Lender or the L/C Issuer to the
Borrower,
      setting
      forth the additional amount due and an explanation of the calculation thereof,
      and such Agent's, such Lender's or the L/C Issuer's reasons for invoking
      the provisions of this 1)a)xi),
      and
      shall be final and conclusive absent manifest error.

     

    ARTICLE
      V

     

    CONDITIONS
      TO LOANS

     

    Section
      5.01 Conditions
      Precedent to Effectiveness .
      This
      Agreement shall become effective as of the Business Day when each of the
      following conditions precedent shall have been satisfied in a manner
      satisfactory to the Agents (the "Effective
      Date"):

     

    (a) Payment
      of Fees, Etc.
      The
      Borrower shall have paid on or before the date of this Agreement all fees,
      costs, expenses and taxes then payable pursuant to 0
      and
0.

     

    (b) Representations
      and Warranties; No Event of Default.
      The
      following statements shall be true and correct: (i) the representations and
      warranties contained in 0
      and in
      each other Loan Document, certificate or other writing delivered to any Agent,
      any Lender or the L/C Issuer pursuant hereto or thereto on or prior to the
      Effective Date are true and correct on and as of the Effective Date as though
      made on and as of such date and (ii) no Default or Event of Default shall
      have occurred and be continuing on the Effective Date or would result from
      this
      Agreement or the other Loan Documents becoming effective in accordance with
      its
      or their respective terms.

     

    (c) Legality.
      The
      making of the initial Loans or the issuance of any Letters of Credit shall
      not
      contravene any law, rule or regulation applicable to any Agent, any Lender
      or
      the L/C Issuer.

     

    (d) Delivery
      of Documents.
      The
      Collateral Agent shall have received on or before the Effective Date the
      following, each in form and substance satisfactory to the Collateral Agent
      and,
      unless indicated otherwise, dated the Effective Date:

     

    (i) a
      Security Agreement, duly executed by each US Loan Party, together with the
      original stock certificates representing all of the Capital Stock of such US
      Loan Party's subsidiaries and all intercompany promissory notes of such US
      Loan
      Parties pledged thereunder, accompanied by undated stock powers executed in
      blank and other proper instruments of transfer;

     

    
      
        
        

      

      
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    (ii) a
      Canadian Security Agreement, duly executed by each Canadian
      Guarantor;

     

    (iii) a
      Canadian Pledge Agreement, duly executed by the Canadian Guarantors party
      thereto, together with the original stock certificates representing all of
      the
      Capital Stock of such Canadian Guarantor's subsidiaries and all intercompany
      promissory notes of such Canadian Guarantor pledged thereunder, accompanied
      by
      undated stock powers executed in blank and other proper instruments of
      transfer;

     

    (iv) the
      Fee
      Letter, duly executed by the Borrower;

     

    (v) copies
      of
      appropriate financing statements on Form UCC-1 to be filed in such office or
      offices as may be necessary or, in the opinion of the Collateral Agent,
      desirable to perfect the security interests purported to be created by each
      Security Agreement and each Mortgage and appropriate PPSA financing statements
      duly filed in such office or offices as may be necessary or, in the opinion
      of
      the Collateral Agent, desirable to perfect the security interest purported
      to be
      created by each Canadian Security Agreement;

     

    (vi) (A)
      certified copies of request for copies of information on Form UCC-11, listing
      all effective financing statements which name as debtor any US Loan Party and
      which are filed in the offices referred to in paragraph (v) above, together
      with
      copies of such financing statements, none of which, except as otherwise agreed
      in writing by the Collateral Agent or except as permitted under Section 7.02(a),
      shall cover any of the Collateral and the results of searches for any tax Lien
      and judgment Lien filed against such Person or its property, which results,
      except as otherwise agreed to in writing by the Collateral Agent or except
      as
      permitted under Section 7.02(a), shall not show any such Liens, and (B)
      certified copies of PPSA search results from the applicable Canadian
      jurisdiction listing all security interests against any Canadian Guarantor
      and
      which are filed in the applicable personal property security office of such
      Canadian jurisdiction and which do not disclose, except as otherwise agreed
      in
      writing by the Collateral Agent or except as permitted under Section 7.02(a),
      security interests affecting any of the Collateral;

     

    (vii) a
      copy of
      the resolutions of each Loan Party, certified as of the Effective Date by an
      authorized signatory thereof, authorizing (A) the borrowings hereunder and
      the transactions contemplated by the Loan Documents to which such Loan Party
      is
      or will be a party, and (B) the execution, delivery and performance by such
      Loan Party of each Loan Document to which such Loan Party is or will be a party
      and the execution and delivery of the other documents to be delivered by such
      Person in connection herewith and therewith;

     

    (viii) a
      certificate of an authorized signatory of each Loan Party, certifying the names
      and true signatures of the representatives of such Loan Party authorized to
      sign
      each Loan Document to which such Loan Party is or will be a party and the other
      documents to be executed and delivered by such Loan Party in connection herewith
      and therewith, together with evidence of the incumbency of such authorized
      signatories;

     

    (ix) a
      certificate of the appropriate official(s) of the state or province of
      organization and each state of foreign qualification of each Loan Party, each
      dated within ten (10) days of the Effective Date or otherwise acceptable to
      the
      Collateral Agent, certifying as to the subsistence and/or good standing (as
      applicable) of, and, in the case of any US Loan Party, the payment of taxes
      by,
      such Loan Party in such states or provinces (as applicable);

     

    
      
        
        

      

      
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    (x) a
      true
      and complete copy of the charter, certificate of formation, certificate of
      limited partnership or other publicly filed organizational document of each
      Loan
      Party certified as of a recent date not more than 30 days prior to the Effective
      Date (unless agreed to by the Agents) by an appropriate official of the state
      of
      organization of such Loan Party which shall set forth the same complete name
      of
      such Loan Party as is set forth herein and the organizational number of such
      Loan Party, if an organizational number is issued in such
      jurisdiction;

     

    (xi) a
      copy of
      the charter and by-laws, limited liability company agreement, operating
      agreement, agreement of limited partnership or other organizational document
      of
      each Loan Party, together with all amendments thereto, certified as of the
      Effective Date by an authorized signatory of such Loan Party;

     

    (xii) (A)
      an
      opinion of Simpson Thacher & Bartlett LLP, counsel to the Loan Parties, and
      (B) opinions of Fogler, Rubinoff LLP, Hacker Gignac Rice, Aird & Berlis LLP,
      Robins, Appleby & Taub LLP, Patterson Law, McInnes Cooper, and Shea Nerland
      Calnan LLP, Canadian counsel to the Loan Parties, each substantially in the
      form
      of Exhibit F and as to such other matters as the Collateral Agent may reasonably
      request;

     

    (xiii) a
      certificate of an Authorized Officer of the Parent and the Borrower, on behalf
      of each Loan Party, certifying as to the matters set forth in subsection
0
      of this
0;

     

    (xiv) a
      copy of
      the Financial Statements and the financial projections described in 0
      hereof;

     

    (xv) a
      certificate of the chief financial officer of the Borrower
      certifying that,
      to
      the
      knowledge of the Borrower, the Borrower believes that it would satisfy, on
      the
      date hereof, the financial covenant set forth in Section 7.03 (b) applicable
      to
      the fiscal quarter ending June 30, 2007 (calculated on a pro forma basis after
      giving effect to the Loans made and Letters of Credit issued on the date hereof)
      as
      if such
      financial covenant were measured on such date;

     

    (1) a
      certificate of the chief financial officer of the Parent, certifying as to
      the
      solvency of the Parent and its Subsidiaries taken as a whole, which certificate
      shall be satisfactory in form and substance to the Collateral
      Agent;

     

    (xvii) evidence
      of the insurance coverage required by 0(h);

     

    (xviii) a
      certificate of an Authorized Officer of the Borrower,
      certifying the names and true signatures of the persons that are authorized
      to
      provide Notices of Borrowing, Letter of Credit Applications and all other
      notices under this Agreement and the other Loan Documents;

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

     

    (xix) copies
      of
      the Material Contracts
      as in
      effect on the Effective Date, certified as true and correct copies thereof
      by an
      Authorized Officer of the Borrower;

     

    (xx) a
      termination and release agreement with respect to the Existing Credit Facility
      and all related documents, duly executed by the Loan Parties and the Existing
      Lender, together with UCC-3 termination statements for all UCC-1 financing
      statements filed by, or on behalf of, the Existing Lender and covering any
      portion of the Collateral and PPSA terminations or discharges for all PPSA
      financing statements (if any) filed by the Existing Lender and covering any
      portion of the Collateral;

     

    (xxi) such
      depository account, blocked account, lockbox account and similar agreements
      and
      other documents, each in form and substance satisfactory to the Agents, as
      the
      Agents may request with respect to the Borrower's cash management
      system;

     

    (xxii) the
      Contribution Agreement, duly executed by each Loan Party;

     

    (xxiii) the
      Intercompany Subordination Agreement, duly executed by each Loan
      Party;

     

    (xxiv) the
      Disbursement Letter, duly executed by each Loan Party; and

     

    (xxv) such
      other agreements, instruments, approvals, opinions and other documents, each
      satisfactory to the Collateral Agent in form and substance, as the Collateral
      Agent may reasonably request.

     

    (e) Material
      Adverse Effect.
      No
      event or development shall have occurred since December 31, 2006 which could
      reasonably be expected to have a Material Adverse Effect.

     

    (f) Approvals.
      All
      consents, authorizations and approvals of, and filings and registrations with,
      and all other actions in respect of, any Governmental Authority or other Person
      required in connection with the making of the Loans or the conduct of the Loan
      Parties' business shall have been obtained and shall be in full force and
      effect.

     

    (g) Proceedings;
      Receipt of Documents.
      All
      proceedings in connection with the making of the initial Loans or the issuance
      of the initial Letters of Credit and the other transactions contemplated by
      this
      Agreement and the other Loan Documents, and all documents incidental hereto
      and
      thereto, shall be satisfactory to the Collateral Agent and its counsel, and
      the
      Collateral Agent and such counsel shall have received all such information
      and
      such counterpart originals or certified or other copies of such documents as
      the
      Collateral Agent or such counsel may reasonably request.

     

    (h) Minimum
      Closing EBITDA.
      The
      Agents shall be satisfied that Consolidated EBITDA of the Parent and its
      Subsidiaries, for the trailing consecutive twelve-month period ending on April
      30, 2007, shall be more than $32,000,000.

     

    
      
        
        

      

      
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    Section
      5.02 Conditions
      Precedent to All Loans and Letters of Credit .
      The
      obligation of any Agent or any Lender to make any Loan or of the Administrative
      Agent to assist the Borrower in establishing or opening any Letter of Credit
      after the Effective Date is subject to the fulfillment, in a manner satisfactory
      to the Agents, of each of the following conditions precedent:

     

    (a) Payment
      of Fees, Etc.
      The
      Borrower shall have paid all fees, costs, expenses and taxes then payable by
      the
      Borrower pursuant to this Agreement and the other Loan Documents, including,
      without limitation, 0
      and
0
      hereof.

     

    (b) Representations
      and Warranties; No Event of Default.
      The
      following statements shall be true and correct, and the submission by the
Borrower
      to the
      Administrative Agent (or the Collateral Agent, with respect to any Term Loan
      B)
      of a Notice of Borrowing with respect to each such Loan, and the Borrower's
      acceptance of the proceeds of such Loan, or the submission by the Borrower
      of a
      Letter of Credit Application with respect to a Letter of Credit, and the
      issuance of such Letter of Credit, shall each be deemed to be a representation
      and warranty by each Loan Party on the date of such Loan or the date of issuance
      of such Letter of Credit that: (i) the representations and warranties
      contained in 0
      and in
      each other Loan Document delivered to any Agent or any Lender pursuant hereto
      or
      thereto on or prior to the date of such Loan or such Letter of Credit are true
      and correct in all material respects (except that such materiality qualifier
      shall not be applicable to any representations or warranties that already are
      qualified or modified by materiality in the text thereof) on and as of such
      date
      as though made on and as of such date, (ii) at the time of and after giving
      effect to the making of such Loan and the application of the proceeds thereof
      or
      at the time of issuance of such Letter of Credit, no Default or Event of Default
      has occurred and is continuing or would result from the making of the Loan
      to be
      made, or the issuance of such Letter of Credit to be issued, on such date and
      (iii) the conditions set forth in this 0
      have
      been satisfied as of the date of such request.

     

    (c) Notices.
      The
      Administrative Agent (or the Collateral Agent, as applicable) shall have
      received (i) a Notice of Borrowing pursuant to ii)
      hereof
      and (ii) a Letter of Credit Application pursuant to 0
      hereof,
      if applicable.

     

    (d) Compliance.
      The
      Borrower shall have delivered a certificate (which can form part of the Notice
      of Borrowing or the Letter of Credit Application, as the case may be) certifying
      that, to the knowledge of the Borrower, the Borrower believes that it would
      satisfy, on the date the requested Loan and/or Letter of Credit is made or
      issued (as the case may be), the financial covenant set forth in Section 7.03(a)
      applicable to the immediately succeeding fiscal quarter (calculated on a pro
      forma basis after giving effect to such Loan or the issuance of such Letter
      of
      Credit) as
      if such
      financial covenant was measured on such date.

     

    (e) Proceedings;
      Receipt of Documents.
      All
      proceedings in connection with the making of such Loan or the issuance of such
      Letter of Credit and the other transactions contemplated by this Agreement
      and
      the other Loan Documents, and all documents incidental hereto and thereto,
      shall
      be satisfactory to the Agents and their counsel, and the Agents and such counsel
      shall have received all such information and such counterpart originals or
      certified or other copies of such documents, in form and substance satisfactory
      to the Agents, as the Agents or such counsel may reasonably
      request.

     

    
      
        
        

      

      
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    Section
      5.03 Conditions
      Subsequent to the Initial Loans.
      The
      obligation of the Lenders to continue to make or maintain Loans is subject
      to
      the fulfillment of the conditions subsequent set forth in Schedule 5.03 (the
      failure by the Loan Parties to so perform or cause to be performed constituting
      an Event of Default).

     

    ARTICLE
      VI

     

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      6.01 Representations
      and Warranties .
      Each of
      the Borrower and the Parent, on behalf of itself and the other Loan Parties,
      hereby represents and warrants to the Agents, the Lenders and the
      L/C Issuer as follows:

     

    (a) Organization,
      Good Standing, Etc.
      Each
      Loan Party (i) is a corporation, limited liability company or limited
      partnership duly organized, validly existing and in good standing under the
      laws
      of the state or jurisdiction of its organization, (ii) has all requisite power
      and authority to conduct its business as now conducted and as presently
      contemplated and, in the case of the Borrower, to make the borrowings hereunder,
      and to execute and deliver each Loan Document to which it is a party, and to
      consummate the transactions contemplated thereby, and (iii) is duly qualified
      to
      do business and is in good standing in each jurisdiction in which the character
      of the properties owned or leased by it or in which the transaction of its
      business makes such qualification necessary, other than jurisdictions where
      the
      failure to be so qualified and in good standing could not reasonably be expected
      to have a Material Adverse Effect.

     

    (b) Authorization,
      Etc.
      The
      execution, delivery and performance by each Loan Party of each Loan Document
      to
      which it is or will be a party, (i) have been duly authorized by all necessary
      action, (ii) do not and will not contravene its charter or by-laws, its limited
      liability company or operating agreement or its certificate of partnership
      or
      partnership agreement, or other publicly filed organizational document of each
      Loan Party as applicable, or any applicable law or any material contractual
      restriction binding on or otherwise affecting it or any of its properties,
      (iii)
      do not and will not result in or require the creation of any Lien (other than
      pursuant to any Loan Document) upon or with respect to any of its properties,
      and (iv) do not and will not result in any default, noncompliance, suspension,
      revocation, impairment, forfeiture or nonrenewal of any material permit,
      license, authorization or approval applicable to its operations or any of its
      properties.

     

    (c) Governmental
      Approvals.
      No
      authorization or approval or other action by, and no notice to or filing with,
      any Governmental Authority is required in connection with the due execution,
      delivery and performance by any Loan Party of any Loan Document to which it
      is
      or will be a party.

     

    (d) Enforceability
      of Loan Documents.
      This
      Agreement is, and each other Loan Document to which any Loan Party is or will
      be
      a party, when delivered hereunder, will be, a legal, valid and binding
      obligation of such Person, enforceable against such Person in accordance with
      its terms, except as may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws.

     

    
      
        
        

      

      
        -62-

        
          

        

      

      
        
        

      

    

     

    (e) Subsidiaries.

     

    (i) As
      of the
      Effective Date, Schedule 6.010
      is a
      complete and correct description of the name, jurisdiction of incorporation
      and
      ownership of the outstanding Capital Stock of such Subsidiaries of the Parent
      (for the purposes of this Section 6.01(e), including all Minority-Owned Entities
      that are not Loan Parties, other than any investments set forth in Schedule
      7.02(e)). All
      of
      the issued and outstanding shares of Capital Stock of such
      Subsidiaries
      have
      been validly issued and are fully paid and nonassessable, and the holders
      thereof are not entitled to any preemptive, first refusal or other similar
      rights, except as indicated on such Schedule. Except as indicated on such
      Schedule, all
      such
      Capital Stock is owned by the Parent or one or more of its Subsidiaries, free
      and clear of all Liens. As of the Effective Date, except
      as
      indicated on such Schedule, there
      are
      no outstanding debt or equity securities of the Parent or any of its
      Subsidiaries and no outstanding obligations of the Parent or any of its
      Subsidiaries convertible into or exchangeable for, or warrants, options or
      other
      rights for the purchase or acquisition from the Parent or any of its
      Subsidiaries, or other obligations of any Subsidiary to issue, directly or
      indirectly, any shares of Capital Stock of any Subsidiary of the
      Parent.
      Except
      as indicated on such Schedule, as
      of the
      Effective Date, any
      Subsidiary of the Parent that is not a Loan Party is an Immaterial
      Subsidiary.

     

    (f) Litigation;
      Commercial Tort Claims.
      Except
      as set forth in Schedule 6.010,
      (i) there is no pending or, to the knowledge
      of any
      Loan Party, threatened action, suit or proceeding affecting any Loan Party
      before any court or other Governmental Authority or any arbitrator that
      (A) if adversely determined, could have a Material Adverse Effect or
      (B) relates to this Agreement or any other Loan Document or any transaction
      contemplated hereby or thereby and (ii) as of the Effective Date, none of
      the Loan Parties holds any commercial tort claims in respect of which a claim
      has been filed in a court of law or a written notice by an attorney has been
      given to a potential defendant.

     

    (g) Financial
      Condition.

     

    (i) The
      Financial Statements, copies of which have been delivered to the Collateral
      Agent, fairly present the consolidated financial condition of the Parent
      and
      its
      Subsidiaries as at the respective dates thereof and the consolidated results
      of
      operations of the Parent
      and
      its
      Subsidiaries for the fiscal periods ended on such respective dates, all in
      accordance with GAAP, and since December 31, 2006 no event or development has
      occurred that has had or could reasonably be expected to have a Material Adverse
      Effect.

     

    (ii) The
      Parent
      has
      heretofore furnished to each Agent (A) projected quarterly balance sheets,
      income statements and statements of cash flows of the Parent and its
      Subsidiaries for the period from January 1, 2007, through December 31, 2007,
      and
      (B) the model of projected cash flows and capital position of the Parent
      and
      its
      Subsidiaries for the Fiscal Years 2007 through 2011, which projected financial
      statements shall be updated from time to time pursuant to Section 7.01(a)(vi).
      Such projections, as may be updated, shall be believed by the Parent
      at
      the
      time furnished to be reasonable, shall have been prepared on a reasonable basis
      and in good faith by the Parent,
      and
      shall have been based on assumptions believed by the Parent
      to
      be
      reasonable at the time made and upon the information then reasonably available
      to the Parent,
      and the
Parent
      shall not be aware
      of
      any facts or information that would lead it to believe that such projections,
      together with any other information made available to the Agents, taken as
      a
      whole, as so updated, are incorrect or misleading in any material
      respect.

     

    
      
        
        

      

      
        -63-

        
          

        

      

      
        
        

      

    

     

    (h) Compliance
      with Law, Etc.
      No Loan
      Party is in violation of its organizational documents, any law, rule,
      regulation, judgment or order of any Governmental Authority applicable to it
      or
      any of its property or assets, or any material term of any agreement or
      instrument (including, without limitation, any Material Contract) binding on
      or
      otherwise affecting it or any of its properties, and no Default or Event of
      Default has occurred and is continuing.

     

    (i) ERISA.
      Except
      as could not reasonably be expected to have a Material Adverse Effect, (i)
      each
      Employee Plan is in substantial compliance with ERISA, the Internal Revenue
      Code
      and the Canadian Employee Benefit Laws, as applicable, (ii) no Termination
      Event has occurred nor is reasonably expected to occur with respect to any
      Employee Plan, (iii) the most recent annual report (Form 5500 Series) with
      respect to each Employee Plan, including any required Schedule B (Actuarial
      Information) thereto, copies of which have been filed with the Internal Revenue
      Service and delivered to the Agents, is complete and correct and fairly presents
      the funding status of such Employee Plan, and since the date of such report
      there has been no material adverse change in such funding status, and (iv)
      no
      Lien imposed under the Internal Revenue Code or ERISA exists or is likely to
      arise on account of any Employee Plan within the meaning of Section 412 of
      the
      Internal Revenue Code. Except as set forth on Schedule 0,
      as of
      the Effective Date, no Loan Party or any of its ERISA Affiliates has incurred
      any withdrawal liability under ERISA with respect to any Multiemployer Plan,
      or
      is aware of any facts indicating that it or any of its ERISA Affiliates may
      in
      the future incur any such withdrawal liability. Except as could not reasonably
      be expected to have a Material Adverse Effect, no Loan Party or any of its
      ERISA
      Affiliates nor any fiduciary of any Employee Plan has (i) engaged in a nonexempt
      prohibited transaction described in Sections 406 of ERISA or 4975 of the
      Internal Revenue Code, (ii) failed to pay any required installment or other
      payment required under Section 412 of the Internal Revenue Code on or before
      the
      due date for such required installment or payment, (iii) engaged in a
      transaction within the meaning of Section 4069 of ERISA or (iv) incurred any
      liability to the PBGC which remains outstanding other than the payment of
      premiums, and there are no premium payments which have become due which are
      unpaid. Except as could not reasonably be expected to have a Material Adverse
      Effect, there are no pending or, to the knowledge of any Loan Party, threatened
      claims, actions, proceedings or lawsuits (other than claims for benefits in
      the
      normal course) asserted or instituted against (i) any Employee Plan or its
      assets, (ii) any fiduciary with respect to any Employee Plan, or (iii) any
      Loan
      Party or any of its ERISA Affiliates with respect to any Employee Plan. Except
      as could not reasonably be expected to have a Material Adverse Effect, except
      as
      required by Section 4980B of the Internal Revenue Code, no Loan Party or any
      of
      its ERISA Affiliates maintains an employee welfare benefit plan (as defined
      in
      Section 3(1) of ERISA) which provides health or welfare benefits (through the
      purchase of insurance or otherwise) for any retired or former employee of any
      Loan Party or any of its ERISA Affiliates or coverage after a participant's
      termination of employment.
      Except
      as could not reasonably be expected to have a Material Adverse Effect: all
      Canadian Employee Plans are, and have been, established, registered, qualified,
      administered, funded and invested in all material respects in accordance with
      the terms of such Canadian Employee Plans including the terms of the material
      documents that support such Canadian Employee Plans, any applicable collective
      agreement and all applicable laws; no event has occurred respecting any Canadian
      Employee Plan which could result in the revocation of the registration of such
      Canadian Employee Plan or entitle any person (without consent of the applicable
      Loan party) to wind up or terminate any Canadian Employee Plan, in whole or
      in
      part, or which could otherwise reasonably be expected to adversely affect the
      tax status of any such Canadian Employee Plan; there are no unfunded liabilities
      in respect of any Canadian Employee Plan including going concern unfunded
      liabilities, solvency deficiencies or wind-up deficiencies where applicable;
      none of the Canadian Employee Plans provide benefits beyond retirement or other
      termination of service to employees or former employees or to the beneficiaries
      or dependants of such employees; and there is no proceeding, action, suit or
      claim (other than routine claims for payments of benefits) pending or threatened
      involving any Canadian Employee Plan or its assets.

     

    
      
        
        

      

      
        -64-

        
          

        

      

      
        
        

      

    

     

    (j) Taxes,
      Etc.
      All
      material federal, Canadian, state, provincial and local tax returns and other
      reports required by applicable law to be filed by any Loan Party have been
      filed, or extensions have been obtained, and all taxes, assessments and other
      governmental charges imposed upon any Loan Party or any property of any Loan
      Party and which have become due and payable on or prior to the date hereof
      have
      been paid, except for taxes, assessments and charges in an aggregate amount
      not
      the exceed $2,000,000 and except to the extent contested in good faith by proper
      proceedings which stay the imposition of any penalty, fine or Lien resulting
      from the non-payment thereof and with respect to which adequate reserves have
      been set aside for the payment thereof on the Financial Statements in accordance
      with GAAP.

     

    (k) Regulations
      T, U and X.
      No Loan
      Party is or will be engaged in the business of extending credit for the purpose
      of purchasing or carrying margin stock (within the meaning of Regulation T,
      U or
      X), and no proceeds of any Loan will be used to purchase or carry any margin
      stock or to extend credit to others for the purpose of purchasing or carrying
      any margin stock. 

     

    (l) Nature
      of Business.
      No Loan
      Party is engaged in any business other than the Marketing Communications
      Business.

     

    (m) Adverse
      Agreements, Etc.
      No Loan
      Party is a party to any agreement or instrument, or subject to any charter,
      limited liability company agreement, partnership agreement or other corporate,
      partnership or limited liability company restriction or any judgment, order,
      regulation, ruling or other requirement of a court or other Governmental
      Authority, which could reasonably be expected to have a Material Adverse
      Effect.

     

    (n) Permits,
      Etc.
      Each
      Loan Party has, and is in compliance with, all permits, licenses,
      authorizations, approvals, entitlements and accreditations required for such
      Person lawfully to own, lease, manage or operate, or to acquire, each business
      currently owned, leased, managed or operated, or to be acquired, by such Person,
      except where a lack of compliance could not reasonably be expected to have
      Material Adverse Effect. No condition exists or event has occurred which, in
      itself or with the giving of notice or lapse of time or both, would result
      in
      the suspension, revocation, impairment, forfeiture or non-renewal of any such
      permit, license, authorization, approval, entitlement or accreditation, and
      there is no claim that any thereof is not in full force and effect, except
      where
      the existence of such condition could not reasonably be expected to have
      Material Adverse Effect.

     

    
      
        
        

      

      
        -65-

        
          

        

      

      
        
        

      

    

     

    (o) Properties.  (2)  Each
      Loan Party has good and marketable title to, valid leasehold interests in,
      or
      valid licenses to use, all property and assets material to its business, free
      and clear of all Liens, except Permitted Liens. All such properties and assets
      are in good working order and condition, ordinary wear and tear
      excepted.

     

    (ii) Schedule
      1)a)xi)(2)
      sets
      forth a complete and accurate list, as of the Effective Date, of the location,
      by state or province (as the case may be) and street address, of all real
      property owned or leased by each Loan Party. As of the Effective Date, each
      Loan
      Party has valid leasehold interests in all of the Leases material to its
      business taken as a whole. No consent or approval of any landlord or other
      third
      party in connection with any such Lease is necessary for any Loan Party to
      enter
      into and execute the Loan Documents to which it is a party, except as could
      not
      reasonably be expected to have a Material Adverse Effect. To the knowledge
      of
      any Loan Party, except as could not reasonably be expected to have a Material
      Adverse Effect, no Loan Party is in default of its obligations under any such
      Lease, and no Loan Party has at any time delivered or received any notice of
      default which remains uncured under any such Lease and, as of the Effective
      Date, no event has occurred which, with the giving of notice or the passage
      of
      time or both, would constitute a default under any such Lease.

     

    (p) Full
      Disclosure.
      Each
      Loan
      Party has
      disclosed to the Agents all agreements, instruments and corporate or other
      restrictions to which it is subject, and all other matters known to it, that,
      individually or in the aggregate, could reasonably be expected to result in
      a
      Material Adverse Effect. None of the other reports, financial statements,
      certificates or other information furnished by or on behalf of any Loan
      Party
      to the
      Agents in connection with the negotiation of this Agreement or delivered
      hereunder (as modified or supplemented by other information so furnished)
      contains any material misstatement of fact or omits to state any material fact
      necessary to make the statements therein, in the light of the circumstances
      under which it was made, not misleading; provided
      that,
      with respect to projected financial information, each Loan
      Party represents
      only that such information was prepared in good faith based upon assumptions
      believed to be reasonable at the time prepared. As of the Effective Date,
      there
      is
      no contingent liability or fact that could reasonably be expected to have a
      Material Adverse Effect which has not been set forth in a footnote included
      in
      the Financial Statements or a Schedule hereto.

     

    (q) [Intentionally
      Omitted].

     

    (r) Environmental
      Matters.
      Except
      as set forth on Schedule 0
      or as
      could not reasonably be expected to have a Material Adverse Effect, (i) the
      operations of each Loan Party are in material compliance with all Environmental
      Laws; (ii) there has been no Release at any of the properties owned or
      operated by any Loan Party or a predecessor in interest, or at any disposal
      or
      treatment facility which received Hazardous Materials generated by any Loan
      Party or any predecessor in interest; (iii) no Environmental Action has
      been asserted against any Loan Party or any predecessor in interest nor does
      any
      Loan Party have knowledge or notice of any threatened or pending Environmental
      Action against any Loan Party or any predecessor in interest which could have
      a
      Material Adverse Effect; (iv) no Environmental Actions have been asserted
      against any facilities that may have received Hazardous Materials generated
      by
      any Loan Party or any predecessor in interest; (v) no
      property now or formerly owned or operated by a Loan Party has been used as
      a
      treatment or disposal site for any Hazardous Material; (vi) no Loan Party
      has failed to report to the proper Governmental Authority any Release which
      is
      required to be so reported by any Environmental Laws; (vii) each Loan Party
      holds all licenses, permits and approvals required under any Environmental
      Laws
      in connection with the operation of the business carried on by it; and (viii)
      no
      Loan Party has received any notification pursuant to any Environmental Laws
      that
      (A) any work, repairs, construction or Capital Expenditures are required to
      be
      made in respect as a condition of continued compliance with any Environmental
      Laws, or any license, permit or approval issued pursuant thereto or (B) any
      license, permit or approval referred to above is about to be reviewed, made,
      subject to limitations or conditions, revoked, withdrawn or
      terminated.

     

    
      
        
        

      

      
        -66-

        
          

        

      

      
        
        

      

    

     

    (s) Insurance.
      Each
      Loan Party keeps its property adequately insured and maintains
      (i) insurance to such extent and against such risks, including fire, as is
      customary with companies in the same or similar businesses, (ii) workmen's
      compensation insurance in the amount required by applicable law, (iii) public
      liability insurance, which shall include product liability insurance, in the
      amount customary with companies in the same or similar business against claims
      for personal injury or death on properties owned, occupied or controlled by
      it,
      and (iv) such other insurance as may be required by law or as may be reasonably
      required by the Collateral Agent (including, without limitation, against
      larceny, embezzlement or other criminal misappropriation). Schedule 0
      sets
      forth a list of all insurance maintained by each Loan Party on the Effective
      Date.

     

    (t) Use
      of
      Proceeds.
      (i) The
      proceeds of the Term Loan A shall be used to (A) refinance existing indebtedness
      of the Borrower, (B) pay fees and expenses in connection with the transactions
      contemplated hereby, and (C) fund working capital and other general corporate
      purposes of the Borrower, (ii) the Revolving Loans shall be used to (A)
      refinance existing indebtedness of the Borrower, (B) pay fees and expenses
      in
      connection with the transactions contemplated hereby, (C) fund working capital
      and other general corporate purposes of the Borrower, and (D) fund the Purchase
      Price of Permitted Acquisitions subject to the limitations set forth in Section
      2.01(b)(iv), and (iii) the proceeds of the Term Loan B shall be used to (A)
      fund
      the Purchase Price of Permitted Acquisitions and the Call Center Capital
      Expenditures, and (B) fund working capital and other general corporate needs
      of
      the Borrower subject to the limitations set forth in Section 2.01(b)(v). The
      Letters of Credit will be used for general working capital
      purposes.

     

    (u) Solvency.
      After
      giving effect to the transactions contemplated by this Agreement and before
      and
      after giving effect to each Loan and Letter of Credit, the Loan Parties on
      a
      consolidated basis are Solvent.

     

    (v) Location
      of Bank Accounts.
      Schedule 0
      sets
      forth a complete and accurate list as of the Effective Date of all deposit,
      checking and other bank accounts, all securities and other accounts maintained
      with any broker dealer and all other similar accounts maintained by each Loan
      Party, together with a description thereof (i.e.,
      the
      bank or broker dealer at which such deposit or other account is maintained
      and
      the account number and the purpose thereof).

     

    
      
        
        

      

      
        -67-

        
          

        

      

      
        
        

      

    

     

    (w) Intellectual
      Property.
      Except
      as set forth on Schedule 0,
      each
      Loan Party owns or licenses or otherwise has the right to use all licenses,
      permits, patents, patent applications, trademarks, trademark applications,
      service marks, tradenames, copyrights, copyright applications, franchises,
      authorizations, non-governmental licenses and permits and other intellectual
      property rights that are necessary for the operation of its business, without
      infringement upon or conflict with the rights of any other Person with respect
      thereto, except for such infringements and conflicts which, individually or
      in
      the aggregate, could not have a Material Adverse Effect. Set forth on
      Schedule 0
      is a
      complete and accurate list as of the Effective Date of all such material
      licenses, permits, patents, patent applications, trademarks, trademark
      applications, service marks, tradenames, copyrights, copyright applications,
      franchises, authorizations, non-governmental licenses and permits and other
      intellectual property rights of each Loan Party. No slogan or other advertising
      device, product, process, method, substance, part or other material now
      employed, or now contemplated to be employed, by any Loan Party infringes upon
      or conflicts with any rights owned by any other Person, and no claim or
      litigation regarding any of the foregoing is pending or threatened, except
      for
      such infringements and conflicts which could not reasonably be expected to
      have,
      individually or in the aggregate, a Material Adverse Effect. To the knowledge
      of
      each Loan Party, no patent, invention, device, application, principle or any
      statute, law, rule, regulation, standard or code is pending or proposed, which,
      individually or in the aggregate, could reasonably be expected to have a
      Material Adverse Effect.

     

    (x) Material
      Contracts.
      Set
      forth on Schedule 0
      is a
      complete and accurate list as of the Effective Date of all Material Contracts
      of
      each Loan Party, showing the parties and subject matter thereof and amendments
      and modifications thereto. Each such Material Contract (i) is in full force
      and effect and is binding upon and enforceable against each Loan Party that
      is a
      party thereto and, to the knowledge of such Loan Party, all other parties
      thereto in accordance with its terms, and (ii) is not in default due to the
      action of any Loan Party or, to the knowledge of any Loan Party, any other
      party
      thereto.

     

    (y) Investment
      Company Act.
      None of
      the Loan Parties is
      an
      "investment company" or an "affiliated person" or "promoter" of, or "principal
      underwriter" of or for, an "investment company", as such terms are defined
      in
      the Investment Company Act of 1940, as amended.

     

    (z) Employee
      and Labor Matters.
      Except
      as
      could not reasonably be expected to have a Material Adverse Effect, there is
      (i)
      no unfair labor practice complaint pending or, to the knowledge
      of any
Loan
      Party,
      threatened against any Loan
      Party
      before
      any Governmental Authority and no grievance or arbitration proceeding pending
      or
      threatened against any Loan
      Party
      which
      arises out of or under any collective bargaining agreement, (ii) no strike,
      labor dispute, slowdown, stoppage or similar action or grievance pending or
      threatened against any Loan
      Party
      or (iii)
      to the knowledge
      of any
Loan
      Party,
      no
      union representation question existing with respect to the employees of any
      Loan
      Party and
      no
      union organizing activity taking place with respect to any of the employees
      of
      any Loan Party. No Loan Party or any of its ERISA Affiliates has incurred any
      liability or obligation under the Worker Adjustment and Retraining Notification
      Act ("WARN")
      or
similar
      state, provincial or foreign law,
      which
      remains unpaid or unsatisfied. The hours worked and payments made to employees
      of any Loan Party have not been in violation of the Fair Labor Standards Act,
      the
      applicable Canadian provincial employment standards legislation or any other
      applicable legal requirements,
      except
      to the extent such violations could not, individually or in the aggregate,
      reasonably be expected to result in a Material Adverse Effect. All material
      payments due from any Loan Party on account of wages and employee health and
      welfare insurance and other benefits have been paid or accrued as a liability
      on
      the books of such Loan Party, except where the failure to do so could not,
      individually or in the aggregate, reasonably be expected to have a Material
      Adverse Effect.

     

    
      
        
        

      

      
        -68-

        
          

        

      

      
        
        

      

    

     

    (aa) No
      Bankruptcy Filing.
      Except
      as set forth on Schedule 6.01(aa), no Loan Party is
      contemplating either an Insolvency Proceeding or the liquidation of all or
      a
      major portion of such Loan
      Party's assets
      or
      property, and no Loan Party has
      any
      knowledge of any Person contemplating an Insolvency Proceeding against
      it.

     

    (bb) Name;
      Jurisdiction of Organization; Organizational ID Number; Chief Place of Business;
      Chief Executive Office; FEIN.
      Schedule 0
      sets
      forth a complete and accurate list as of the date hereof of (i) the exact
      legal name of each Loan Party, (ii) the jurisdiction of organization of
      each Loan Party, (iii) the organizational identification number of each
      Loan Party (or indicates that such Loan Party has no organizational
      identification number), (iv) the chief place of business of each
Loan
      Party,
      (v) the chief executive office of each Loan
      Party and (vi) the federal employer identification number or Canada Revenue
      Agency business number, of each Loan Party, if applicable.

     

    (cc) [Intentionally
      Omitted].

     

    (dd) U.S.
      Security Interests.
      Each
      Security Agreement creates in favor of the Collateral Agent, for the benefit
      of
      the Agents, the Lenders and the Bank Product Providers, a legal, valid and
      enforceable security interest in the Collateral secured thereby. Upon the filing
      of the UCC-1 financing statements described in 0
      and the
      recording of the Collateral Assignments for Security referred to in each
      Security Agreement in the United States Patent and Trademark Office and the
      United States Copyright Office, as applicable, such security interests in and
      Liens on the Collateral granted thereby shall be perfected, first priority
      security interests (subject to Permitted Liens).

     

    (ee) Canadian
      Security Interests.
      Each
      Canadian Security Agreement creates in favor of the Collateral Agent, for the
      benefit of the Agents, the Lenders and the Bank Product Providers, a legal,
      valid and enforceable security interest in the Collateral secured thereby.
      Liens
      on the Collateral granted by each Canadian Security Agreement are perfected,
      first priority security interests (subject to Permitted Liens).

     

    (ff) No
      Default.
      No
      Event of Default has occurred and is continuing and no condition exists which
      constitutes a Default or an Event of Default.

     

    (gg) Withholdings
      and Remittances.
      Each
      Loan
      Party has (i) withheld from each payment made to any of its past or present
      employees, officers and directors, and to any nonresident of the country in
      which it is resident, the amount of all material taxes and other deductions
      required to be withheld therefrom and has paid the same to the proper tax or
      other receiving officers within the time required under any applicable
      legislation and (ii) collected and remitted to the appropriate tax authority
      when required by law to do so all material amounts collectible and remittable
      in
      respect of goods and services tax and similar provincial or state taxes, and
      has
      paid all such material mounts payable by it on account of sales taxes including
      goods and services and other value-added taxes (for purposes of this paragraph,
      the amount of a tax is material if it equals or exceeds $2,000,000 in the
      aggregate for any Loan Party.

     

    
      
        
        

      

      
        -69-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VII

     

    COVENANTS
      OF THE LOAN
      PARTIES

     

    Section
      7.01 Affirmative
      Covenants .
      So long
      as any principal of or interest on any Loan, Reimbursement Obligation, Letter
      of
      Credit Obligation or any other Obligation (whether or not due) shall remain
      unpaid (other
      than contingent indemnification obligations to the extent no claim giving rise
      thereto has been asserted)
      or any
      Lender shall have any Commitment hereunder, each Loan Party will, unless the
      Required Lenders shall otherwise consent in writing:

     

    (a) Reporting
      Requirements.
      Furnish
      to the Collateral Agent (for prompt dissemination by the Collateral Agent to
      the
      Lenders in the case of the items described in clauses (i) through (iv) and
      (vi)
      below):

     

    (i) (A)
      as
      soon as available, and in any event within 90 days after the end of each Fiscal
      Year of the Parent and its Subsidiaries, consolidated balance sheets,
      consolidated statements of operations and retained earnings and consolidated
      statements of cash flows of the Parent and its Subsidiaries as at the end of
      such Fiscal Year, setting forth in each case in comparative form the
      corresponding figures for the immediately preceding Fiscal Year, all in
      reasonable detail and prepared in accordance with GAAP, and accompanied by
      a
      report and an unqualified opinion, prepared in accordance with generally
      accepted auditing standards, of independent certified public accountants of
      recognized standing selected by the Parent and satisfactory to the Agents (which
      opinion shall be without (x) a "going concern" or like qualification or
      exception, (y) any qualification or exception as to the scope of such
      audit, or (z) any qualification which relates to the treatment or
      classification of any item and which, as a condition to the removal of such
      qualification, would require an adjustment to such item, the effect of which
      would be to cause any noncompliance with the provisions of 0);
      and (B)
      concurrently with delivery to the SEC (and promptly after such delivery, a
      notice to the Collateral Agent of such delivery), any financial statements
      contained in Form 10-K filed with the SEC, provided
      that
      such financial statements shall be deemed delivered upon the filing of such
      financial statements on EDGAR (or any successor system of the SEC);

     

    (ii) as
      soon
      as available, and in any event within 55 days after the end of each fiscal
      month
      of the Parent and its Subsidiaries commencing with the first fiscal month of
      the
      Parent and its Subsidiaries ending after the Effective Date, the internally
      prepared monthly financial reporting package in substantially the form of
      Exhibit I hereto;

     

    (iii) (A)
      as
      soon as available and in any event within 55 days after the end of each of
      the
      first three fiscal quarters of the Parent and its Subsidiaries commencing with
      the first fiscal quarter of the Parent and its Subsidiaries ending after the
      Effective Date, condensed consolidated balance sheets, statements of operations
      and statements of cash flows of the Parent and its Subsidiaries as at the end
      of
      such quarter, and for the period commencing at the end of the immediately
      preceding Fiscal Year and ending with the end of such quarter, setting forth
      in
      each case in comparative form the figures for the corresponding date or period
      of the immediately preceding Fiscal Year, all in reasonable detail and certified
      by an Authorized Officer of the Parent as fairly presenting, in all material
      respects, the financial position of the Parent and its Subsidiaries as of the
      end of such quarter and the results of operations and cash flows of the Parent
      and its Subsidiaries for such quarter, in accordance with GAAP applied in a
      manner consistent with that of the most recent audited financial statements
      of
      the Parent and its Subsidiaries furnished to the Agents and the Lenders, subject
      to normal year-end adjustments, and
      (B)
      concurrently with delivery to the SEC (and promptly after such delivery, a
      notice to the Collateral Agent of such delivery), any financial statements
      contained in Form 10-Q filed with the SEC, provided
      that
      such financial statements shall be deemed delivered upon the filing of such
      financial statements on EDGAR (or any successor system of the SEC);

     

    
      
        
        

      

      
        -70-

        
          

        

      

      
        
        

      

    

     

    (iv) as
      soon
      as available, and in any event within 55 days after the end of each of the
      first
      three fiscal quarters of the Parent and its Subsidiaries commencing with the
      first fiscal quarter of the Parent and its Subsidiaries ending after the
      Effective Date (and simultaneously with the delivery of the financial statements
      required under clause (i) of this Section 7.01(a)), a Compliance Certificate
      of
      an Authorized Officer of the Parent (A) stating that such Authorized Officer
      has
      reviewed the provisions of this Agreement and the other Loan Documents and
      has
      made or caused to be made under his or her supervision a review of the condition
      and operations of the Parent and its Subsidiaries during the period covered
      by
      such financial statements with a view to determining whether the Parent and
      its
      Subsidiaries were in compliance with all of the provisions of this Agreement
      and
      such Loan Documents at the times such compliance is required hereby and thereby,
      and that such review has not disclosed, and such Authorized Officer has no
      knowledge of, the existence during such period of an Event of Default or Default
      or, if an Event of Default or Default existed, describing the nature and period
      of existence thereof and the action which the Parent and its Subsidiaries
      propose to take or have taken with respect thereto and (B) attaching a
      schedule showing the calculations specified in 0;

     

    (v) as
      soon
      as available, and in any event within 55 days after the end of the fourth fiscal
      quarter of the Parent and its Subsidiaries, a certificate from an Authorized
      Officer of the Parent attaching a schedule showing the estimated calculations
      of
      the financial covenants specified in 0
      for the
      most recently ended fiscal quarter;

     

    (vi) as
      soon
      as available and in any event not later than 30 days after the end of each
      Fiscal Year, financial projections, supplementing and superseding the financial
      projections referred to in 0(A),
      prepared on a quarterly basis and otherwise in form and substance satisfactory
      to the Agents, for the immediately succeeding Fiscal Year for the Parent and
      its
      Subsidiaries, all such financial projections to be reasonable, to be prepared
      on
      a reasonable basis and in good faith, and to be based on assumptions believed
      by
      the Parent to be reasonable at the time made and from the information then
      available to the Parent;

     

    (vii) promptly
      after submission to any Governmental Authority, all documents and information
      furnished to such Governmental Authority in connection with any investigation
      of
      any Loan Party other than routine inquiries by such Governmental
      Authority;

     

    
      
        
        

      

      
        -71-

        
          

        

      

      
        
        

      

    

     

    (viii) as
      soon
      as possible, and in any event within 5 days after the occurrence of an Event
      of
      Default or Default or the occurrence of any event or development that, to the
      knowledge
      of the
      Parent, could reasonably be expected to have a Material Adverse Effect, the
      written statement of an Authorized Officer of the Parent
      setting
      forth the details of such Event of Default or Default or other event or
      development having a Material Adverse Effect and the action which the affected
      Loan Party proposes to take with respect thereto;

     

    (ix) to
      the
      extent that, individually or in the aggregate, could reasonably be expected
      to
      result in liability of the Loan Parties in an aggregate amount exceeding
      $2,000,000, (A) as soon as possible and in any event within 10 days after any
      Loan Party or any ERISA Affiliate thereof knows or has reason to know that
      (1)
      any Reportable Event with respect to any Employee Plan has occurred, (2) any
      other Termination Event with respect to any Employee Plan has occurred, or
      (3)
      an accumulated funding deficiency has been incurred or an application has been
      made to the Secretary of the Treasury or other such applicable Governmental
      Authority for a waiver or modification of the minimum funding standard
      (including installment payments) or an extension of any amortization period
      under Section 412 of the Internal Revenue Code or under Canadian Employee
      Benefit Laws with respect to an Employee Plan, a statement of an Authorized
      Officer of the Borrower
      setting
      forth the details of such occurrence and the action, if any, which such Loan
      Party or such ERISA Affiliate proposes to take with respect thereto, (B)
      promptly and in any event within three days after receipt thereof by any Loan
      Party or any ERISA Affiliate thereof from the PBGC or other Governmental
      Authority, copies of each notice received by any Loan Party or any ERISA
      Affiliate thereof of the PBGC's or other Governmental Authority's intention
      to
      terminate any Plan or to have a trustee appointed to administer any Plan, (C)
      promptly and in any event within 10 days after the filing thereof with the
      Internal Revenue Service if requested by any Agent, copies of each Schedule
      B
      (Actuarial Information) to the annual report (Form 5500 Series) with respect
      to
      each Employee Plan and Multiemployer Plan, (D) promptly and in any event within
      10 days after any Loan Party or any ERISA Affiliate thereof knows or has reason
      to know that a required installment within the meaning of Section 412 of the
      Internal Revenue Code or under Canadian Employee Benefit Laws have not been
      made
      when due with respect to an Employee Plan, (E) promptly and in any event within
      3 days after receipt thereof by any Loan Party or any ERISA Affiliate thereof
      from a sponsor of a Multiemployer Plan or from the PBGC, a copy of each notice
      received by any Loan Party or any ERISA Affiliate thereof concerning the
      imposition or amount of withdrawal liability under Section 4202 of ERISA or
      indicating that such Multiemployer Plan may enter reorganization status under
      Section 4241 of ERISA, and (F) promptly and in any event within 10 days after
      any Loan Party or any ERISA Affiliate thereof sends notice of a plant closing
      or
      mass layoff or termination (as defined in WARN or the applicable Canadian
      Employee Benefit Law) to employees, copies of each such notice sent by such
      Loan
      Party or such ERISA Affiliate thereof;

     

    (x) promptly
      after the commencement thereof but in any event not later than 5 days after
      service of process with respect thereto on, or the obtaining of knowledge
      thereof by, any Loan Party, notice of each action (including any Environmental
      Action), suit or proceeding before any court or other Governmental Authority
      or
      other regulatory body or any arbitrator which, if adversely determined, could
      reasonably be expected to have a Material Adverse Effect;

     

    
      
        
        

      

      
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    (xi) as
      soon
      as possible and in any event within 5 days after execution, receipt or delivery
      thereof, copies of any material notices that any Loan Party executes or receives
      in connection with any Material Contract;

     

    (xii) as
      soon
      as possible and in any event within 5 days after execution, receipt or
      delivery thereof, copies of any material notices that any Loan Party executes
      or
      receives in connection with the sale or other Disposition of all or
      substantially all of the Capital Stock of, or all or substantially all of the
      assets of, any Loan Party;

     

    (xiii) promptly
      upon receipt thereof, copies of all financial reports, if any, submitted to
      the
      Borrower or the Parent by its auditors in connection with any annual or interim
      audit of the books thereof; and

     

    (xiv) promptly
      upon request, such other information concerning the condition or operations,
      financial or otherwise, of any Loan Party as any Agent may from time to time
      may
      reasonably request.

     

    (b) Additional
      Guaranties and Collateral Security.
      Cause:

     

    (i) each
      Subsidiary (other than Immaterial Subsidiaries) of any
      Loan
      Party not
      in
      existence on the Effective Date, to execute and deliver to the Collateral Agent
      promptly and in any event within 20 days after the formation, acquisition
      or change in status thereof (A) a Guaranty guaranteeing the Obligations, (B)
      a
      Security Agreement or Canadian Security Agreement (as the case may be), and
      if
      such Subsidiary has any Subsidiaries, together
      with (x) certificates evidencing all of the Capital Stock of any Person owned
      by
      such Subsidiary, and (y) undated stock powers executed in blank with signature
      guaranteed, (C)
      one
      or more Mortgages creating on the real property of such Subsidiary a perfected,
      first priority Lien on such real property, a Title Insurance Policy covering
      such real property, a current ALTA survey thereof (in respect of the real
      property located in the United States) and a surveyor's certificate, each in
      form and substance satisfactory to the Collateral Agent, together with such
      other agreements, instruments and documents as the Collateral Agent may require
      whether comparable to the documents required under 0
      or
      otherwise, and (E ) such other agreements, instruments, approvals, legal
      opinions (to the extent that the annual Consolidated EBITDA of such Subsidiary
      is not less than $2,000,000) or other documents reasonably requested by the
      Collateral Agent in order to create, perfect, establish the first priority
      of or
      otherwise protect any Lien purported to be covered by any such Security
      Agreement (or Canadian Security Agreement) or Mortgage or otherwise to effect
      the intent that such Subsidiary shall become bound by all of the terms,
      covenants and agreements contained in the Loan Documents and that all property
      and assets of such Subsidiary shall become Collateral for the Obligations;
      and

     

    (ii) each
      owner of the Capital Stock of any such Subsidiary (including any Immaterial
      Subsidiaries) to execute and deliver promptly and in any event within 20 days
      after the formation or acquisition of such Subsidiary a supplement to Security
      Agreement, together with (A) certificates
      evidencing all of the Capital Stock of such Subsidiary, (B) undated stock
      powers or other appropriate instruments of assignment executed in blank
with
      signature guaranteed, and (C) such other agreements, instruments, approvals
      or other documents requested by the Collateral Agent.

     

    
      
        
        

      

      
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    (c) Compliance
      with Laws, Etc.
      (i)
      Except as could not reasonably be expected to have a Material Adverse Effect,
      comply, and cause each of its Subsidiaries to comply, in all respects with
      all
      applicable laws, rules, regulations, orders (including, without limitation,
      all
      Environmental Laws and Canadian Employee Benefit Law), judgments and awards
      (including any settlement of any claim that, if breached, could give rise to
      any
      of the foregoing), and (ii) comply, and cause each of its Subsidiaries to
      comply, in all material respects with all applicable tax laws, rules,
      regulations and orders, such compliance to include, without limitation, (x)
      paying before the same become delinquent all taxes, assessments and governmental
      charges or levies imposed upon it or upon its income or profits or upon any
      of
      its properties, and (y) paying all lawful claims which if unpaid might
      become a Lien or charge upon any of its properties, except to the extent
      contested in good faith by proper proceedings which stay the imposition of
      any
      penalty, fine or Lien resulting from the non-payment thereof and with respect
      to
      which adequate reserves have been set aside for the payment thereof in
      accordance with GAAP.

     

    (d) Preservation
      of Existence, Etc.
      Maintain
      and preserve, and cause each of its Subsidiaries to maintain and preserve,
      its
      existence, rights and privileges, and become or remain, and cause each of its
      Subsidiaries to become or remain, duly qualified and in good standing in each
      jurisdiction in which the character of the properties owned or leased by it
      or
      in which the transaction of its business makes such qualification necessary,
      except to the extent that the failure to be so qualified could not reasonably
      be
      expected to result in a Material Adverse Effect.

     

    (e) Keeping
      of Records and Books of Account.
      Keep,
      and cause each of its Subsidiaries to keep, adequate records and books of
      account, with entries made to permit the preparation of financial statements
      in
      accordance with GAAP.

     

    (f) Inspection
      Rights.
      Permit,
      and cause each of its Subsidiaries to permit, the agents and representatives
      of
      any Agent at any time and from time to time during normal business hours upon
      reasonable prior notice to the Borrower, or at any time and without notice
      to
      the Borrower if an Event of Default exists or has occurred and is continuing,
      at
      the expense of the Borrower,
      to
      examine and make copies of and abstracts from its records and books of account,
      to visit and inspect its properties, to verify materials, leases, notes,
      accounts receivable, deposit accounts and its other assets, to conduct audits,
      physical counts, valuations, appraisals, environmental assessments or
      examinations and to discuss its affairs, finances and accounts with any of
      its
      directors, officers, managerial employees, independent accountants or any of
      its
      other representatives. In furtherance of the foregoing, each Loan Party hereby
      authorizes its independent accountants, and the independent accountants of
      each
      of its Subsidiaries, to discuss the affairs, finances and accounts of such
      Person (independently or together with representatives of such Person) with
      the
      agents and representatives of any Agent in accordance with this 0.

     

    (g) Maintenance
      of Properties, Etc.
      Except
      as could not reasonably be expected to have a Material Adverse Effective,
      maintain and preserve, and cause each of its Subsidiaries to maintain and
      preserve, all of its properties used in the proper conduct of its business
      in
      good working order and condition, ordinary wear and tear excepted, and comply,
      and cause each of its Subsidiaries to comply, at all times with the provisions
      of all leases to which it is a party as lessee or under which it occupies
      property, so as to prevent any loss or forfeiture thereof or
      thereunder.

     

    
      
        
        

      

      
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    (h) Maintenance
      of Insurance.
      Maintain, and cause each of its Subsidiaries to maintain, insurance with
      responsible and reputable insurance companies or associations (including,
      without limitation, comprehensive general liability, hazard, rent and business
      interruption insurance) with respect to its properties (including all real
      properties leased or owned by it) and business, in such amounts and covering
      such risks as is required by any Governmental Authority having jurisdiction
      with
      respect thereto or as is customarily carried in accordance with sound business
      practice by companies in similar businesses similarly situated and in any event
      in amount, adequacy and scope reasonably satisfactory to the Collateral Agent.
      All policies covering the Collateral are to be made payable to the Collateral
      Agent for the benefit of the Agents, the Lenders and the Bank Product Providers,
      as its interests may appear, in case of loss, under a standard non-contributory
      "lender" or "secured party" clause and are to contain such other provisions
      as
      the Collateral Agent may require to fully protect the Lenders' interest in
      the
      Collateral and to any payments to be made under such policies. All certificates
      of insurance are to be delivered to the Collateral Agent, with the loss payable
      and additional insured endorsement in favor of the Collateral Agent and such
      other Persons as the Collateral Agent may designate from time to time, and
      shall
      provide for not less than 30 days' prior written notice to the Collateral Agent
      of the exercise of any right of cancellation. If any Loan Party or any of its
      Subsidiaries fails to maintain such insurance, the Collateral Agent may arrange
      for such insurance, but at the Borrower's expense and without any responsibility
      on the Collateral Agent's part for obtaining the insurance, the solvency of
      the
      insurance companies, the adequacy of the coverage, or the collection of claims.
      Upon the occurrence and during the continuance of an Event of Default, the
      Collateral Agent shall have the sole right, in the name of the Lenders, any
      Loan
      Party and its Subsidiaries, to file claims under any insurance policies, to
      receive, receipt and give acquittance for any payments that may be payable
      thereunder, and to execute any and all endorsements, receipts, releases,
      assignments, reassignments or other documents that may be necessary to effect
      the collection, compromise or settlement of any claims under any such insurance
      policies.

     

    (i) Obtaining
      of Permits, Etc.
      Obtain,
      maintain and preserve, and cause each of its Subsidiaries to obtain, maintain
      and preserve, and take all necessary action to timely renew, all material
      permits, licenses, authorizations, approvals, entitlements and accreditations
      which are necessary or useful in the proper conduct of its
      business.

     

    (j) Environmental.
      (i) Except as could not reasonably be expected to have a Material Adverse
      Effect, keep any property either owned or operated by it or any of its
      Subsidiaries free of any Environmental Liens; (ii) except as could not
      reasonably be expected to have a Material Adverse Effect, comply, and cause
      each
      of its Subsidiaries to comply, in all respects with Environmental Laws and
      provide to the Collateral Agent any documentation of such compliance which
      the
      Collateral Agent may reasonably request; (iii) except as could not
      reasonably be expected to have a Material Adverse Effect, provide the Agents
      written notice within five (5) days of any Release of a Hazardous Material
      in
      excess of any reportable quantity from or onto property at any time owned or
      operated by it or any of its Subsidiaries and take any Remedial Actions required
      to abate said Release; (iv) provide the Agents with written notice within
      ten (10) days of the receipt of any of the following: (A) notice that an
      Environmental Lien has been filed against any property of any Loan Party or
      any
      of its Subsidiaries; (B) commencement of any Environmental Action or notice
      that an Environmental Action will be filed against any Loan Party or any of
      its
      Subsidiaries; and (C) notice of a violation, citation or other order, in
      each case of clauses (A), (B) and (C) above, which could reasonably be expected
      to have a Material Adverse Effect and (v) defend, indemnify and hold
      harmless the Agents and the Lenders and their transferees, and their respective
      employees, agents, officers and directors, from and against any claims, demands,
      penalties, fines, liabilities, settlements, damages, costs or expenses
      (including, without limitation, attorney and consultant fees, investigation
      and
      laboratory fees, court costs and litigation expenses) arising out of
      (A) the generation, presence, disposal, Release or threatened Release of
      any Hazardous Materials on, under, in, originating or emanating from any
      property at any time owned or operated by any Loan Party or any of its
      Subsidiaries (or its predecessors in interest or title), (B) any personal
      injury (including wrongful death) or property damage (real or personal) arising
      out of or related to the presence or Release of such Hazardous Materials,
      (C) any request for information, investigation, lawsuit brought or
      threatened, settlement reached or order by a Governmental Authority or any
      other
      Person relating to the presence or Release of such Hazardous Materials,
      (D) any violation of any Environmental Law and/or (E) any
      Environmental Action filed against any Agent or any Lender.

     

    
      
        
        

      

      
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    (k) Further
      Assurances.
      Take
      such action and execute, acknowledge and deliver, and cause each of its
      Subsidiaries to take such action and execute, acknowledge and deliver, at its
      sole cost and expense, such agreements, instruments or other documents as any
      Agent may reasonably require from time to time in order (i) to carry out
      more effectively the purposes of this Agreement and the other Loan Documents,
      (ii) to subject to valid and perfected first priority Liens any of the
      Collateral or any other property of any Loan Party and its Subsidiaries,
      (iii) to establish and maintain the validity and effectiveness of any of
      the Loan Documents and the validity, perfection and priority of the Liens
      intended to be created thereby, and (iv) to better assure, convey, grant,
      assign, transfer and confirm unto each Agent, each Lender and the
      L/C Issuer the rights now or hereafter intended to be granted to it under
      this Agreement or any other Loan Document. In furtherance of the foregoing,
      to
      the maximum extent permitted by applicable law, each Loan Party
      (i) authorizes each Agent to execute any such agreements, instruments or
      other documents in such Loan Party's name and to file such agreements,
      instruments or other documents in any appropriate filing office, (ii) authorizes
      each Agent to file any financing statement required hereunder or under any
      other
      Loan Document, and any continuation statement or amendment with respect thereto,
      in any appropriate filing office without the signature of such Loan Party,
      and
      (iii) ratifies the filing of any financing statement, and any continuation
      statement or amendment with respect thereto, filed without the signature of
      such
      Loan Party prior to the date hereof.

     

    (l) [Intentional
      Omitted].

     

    (m) [Intentional
      Omitted].

     

    (n) Subordination.
      Cause
      all Indebtedness and other obligations now or hereafter owed by it to any of
      its
      Affiliates, to be subordinated in right of payment and security to the
      Indebtedness and other Obligations owing to the Agents and the Lenders in
      accordance with a subordination agreement in form and substance satisfactory
      to
      the Agents.

     

    
      
        
        

      

      
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    (o) After
      Acquired Real Property.
      Upon
      the acquisition by it or any of its Subsidiaries after the date hereof of any
      fee interest in any real property (wherever located) (each such interest being
      an "After
      Acquired Property")
      with a
      Current Value (as defined below) in excess of $500,000 promptly (but in any
      event within 20 days) after such acquisition so notify the Collateral Agent,
      setting forth with specificity a description of the interest acquired, the
      location of the real property, any structures or improvements thereon and either
      an appraisal or such Loan Party's good-faith estimate of the current value
      of
      such real property (for purposes of this Section, the "Current
      Value").
      The
      Collateral Agent shall notify such Loan Party whether it intends to require
      a
      Mortgage and the other documents referred to below. Upon receipt of such notice
      requesting a Mortgage, the Person which has acquired such After Acquired
      Property shall promptly furnish to the Collateral Agent the following, each
      in
      form and substance reasonably satisfactory to the Collateral Agent: (i) a
      Mortgage with respect to such real property and related assets located at the
      After Acquired Property, each duly executed by such Person and in recordable
      form; (ii) evidence of the recording of the Mortgage referred to in clause
      (i) above in such office or offices as may be necessary or, in the opinion
      of
      the Collateral Agent, desirable to create and perfect a valid and enforceable
      first priority lien on the property purported to be covered thereby or to
      otherwise protect the rights of the Agents and the Lenders thereunder,
      (iii) a Title Insurance Policy, (iv) a survey of such real property,
      certified to the Collateral Agent and to the issuer of the Title Insurance
      Policy by a licensed professional surveyor reasonably satisfactory to the
      Collateral Agent, and (v) such other documents or instruments (including
      guarantees and opinions of counsel) as the Collateral Agent may reasonably
      require. The Borrower shall pay all fees and expenses, including reasonable
      attorneys' fees and expenses, and all title insurance charges and premiums,
      in
      connection with each Loan Party's obligations under this 0.

     

    (p) Fiscal
      Year.
      Cause
      the Fiscal Year of the Parent and its Subsidiaries to end on December 31 of
      each
      calendar year unless the Agents consent to a change in such Fiscal Year (and
      appropriate related changes to this Agreement).

     

    (q) Accounts
      Payable.
      Take
      commercially reasonable efforts to cause all material accounts payable owing
      by
      any Loan Party to be paid in the ordinary course of business, except to the
      extent contested in good faith by proper proceedings and with respect to which
      adequate reserves have been set aside for the payment thereof in accordance
      with
      GAAP.

     

    Section
      7.02 Negative
      Covenants .
      So long
      as any principal of or interest on any Loan, Reimbursement Obligation, Letter
      of
      Credit Obligation or any other Obligation (whether or not due) shall remain
      unpaid (other
      than contingent indemnification obligations to the extent no claim giving rise
      thereto has been asserted) or
      any
      Lender shall have any Commitment hereunder, each Loan Party shall not, unless
      the Required Lenders shall otherwise consent in writing:

     

    (a) Liens,
      Etc.
      Create,
      incur, assume or suffer to exist, or permit any of its Subsidiaries to create,
      incur, assume or suffer to exist, any Lien upon or with respect to any of its
      properties, whether now owned or hereafter acquired; file or suffer to exist
      under the Uniform Commercial Code, the PPSA or any similar law or statute of
      any
      jurisdiction, a financing statement (or the equivalent thereof) that names
      it or
      any of its Subsidiaries as debtor; sign or suffer to exist any security
      agreement authorizing any secured party thereunder to file such financing
      statement (or the equivalent thereof); sell any of its property or assets
      subject to an understanding or agreement, contingent or otherwise, to repurchase
      such property or assets (including sales of accounts receivable) with recourse
      to it or any of its Subsidiaries or assign or otherwise transfer, or permit
      any
      of its Subsidiaries to assign or otherwise transfer, any account or other right
      to receive income; other than, as to all of the above, Permitted
      Liens.

     

    
      
        
        

      

      
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    (b) Indebtedness.
      Create,
      incur, assume, guarantee or suffer to exist, or otherwise become or remain
      liable with respect to, or permit any of its Subsidiaries to create, incur,
      assume, guarantee or suffer to exist or otherwise become or remain liable with
      respect to, any Indebtedness other than Permitted Indebtedness.

     

    (c) Fundamental
      Changes; Dispositions.
      Wind-up, liquidate or dissolve, or merge, consolidate or amalgamate with any
      Person, or convey, sell, lease or sublease, transfer or otherwise dispose of,
      whether in one transaction or a series of related transactions, all or any
      part
      of its business, property or assets, whether now owned or hereafter acquired
      (or
      agree to do any of the foregoing), or purchase or otherwise acquire, whether
      in
      one transaction or a series of related transactions, all or substantially all
      of
      the assets of any Person (or any division thereof) (or agree to do any of the
      foregoing), or permit any of its Subsidiaries to do any of the foregoing;
provided,
      however,
      that

     

    (i) any
      Subsidiary of any Loan Party (other than the Borrower) may be merged into such
      Loan Party or another Subsidiary of such Loan Party, or may consolidate with
      another Subsidiary of such Loan Party, so long as (A) no other provision of
      this Agreement would be violated thereby, (B) such Loan Party gives the
      Agents at least 30 days' prior written notice of such merger or consolidation,
      (C) no Default or Event of Default shall have occurred and be continuing
      either before or after giving effect to such transaction, (D) the Lenders'
      rights in any Collateral, including, without limitation, the existence,
      perfection and priority of any Lien thereon, are not adversely affected by
      such
      merger or consolidation and (E) the surviving Subsidiary, if any, is joined
      as a Loan Party hereunder and is a party to a Guaranty and a Security Agreement
      or Canadian Security Agreement (pursuant to which the Capital Stock of such
      Subsidiary is pledged to the Collateral Agent), as applicable, in each case,
      which is in full force and effect on the date of and immediately after giving
      effect to such merger or consolidation; and

     

    (ii) any
      Loan
      Party and its Subsidiaries may (A) (x) sell or otherwise dispose of Inventory
      or
      obsolete or worn-out equipment in the ordinary course of business, and (y)
      sell
      or otherwise dispose of other property or assets for cash in an aggregate amount
      not less than the fair market value of such property or assets, provided
      that the
      Net Cash Proceeds of such Dispositions pursuant to this subclause (y) do not
      exceed $10,000,000 in the aggregate in any twelve-month period, (B) lease
      or
      sub-lease a Facility that would not materially interfere with the required
      use
      of such Facility by the Parent or any other Loan Party, (C) dispose of Permitted
      Investments in the ordinary course of business, (D) make Dispositions permitted
      by Section 7.02(c)(i), (E) license, on a non-exclusive basis, patents,
      trademarks, copyrights and know-how to third Persons, the Parent or any other
      Loan Party in the ordinary course of business, (F) make Dispositions of
defaulted
      Accounts in order to realize on such Accounts in a commercially reasonable
      manner, (G) make Dispositions
      of non-core assets listed in Schedule 7.02(c) hereto;
      provided
      that in
      case of clauses (A) through (G), the Net Cash Proceeds are paid to the
      Administrative Agent for the benefit of the Lenders pursuant to the terms of
      0.

     

    
      
        
        

      

      
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    (d) Change
      in Nature of Business.
      Make,
      or permit any of its Subsidiaries to make, any change in the nature of its
      business as described in 0.

     

    (e) Loans,
      Advances, Investments, Etc.
      Make or
      commit or agree to make any loan, advance guarantee of obligations, other
      extension of credit or capital contributions to, or hold or invest in or commit
      or agree to hold or invest in, or purchase or otherwise acquire or commit or
      agree to purchase or otherwise acquire any shares of the Capital Stock, bonds,
      notes, debentures or other securities of, or make or commit or agree to make
      any
      other investment in, any other Person, or purchase or own any futures contract
      or otherwise become liable for the purchase or sale of currency or other
      commodities at a future date in the nature of a futures contract, or permit
      any
      of its Subsidiaries to do any of the foregoing, except
      for: (i) investments, including any contracted commitments, existing on the
      date
      hereof and
      set
      forth on Schedule 7.02(e) hereto, but not any increase in the amount
      thereof (other
      than increases in connection with the exercise of put or call options described
      in such Schedule) or
      any
      other modification of the terms thereof,
      (ii) loans and advances by it to its Subsidiaries and Minority-Owned
      Entities and by such Subsidiaries or Minority-Owned Entities to it, made in
      the
      ordinary course of business, provided that the aggregate principal amount of
      such loans and advances made to Subsidiaries or Minority-Owned Entities that
      are
      not Loan Parties shall not exceed $1,000,000 at any one time outstanding,
      (iii) Permitted Investments, (iv) Permitted Acquisitions, and (v)
      Additional Permitted Investments.

     

    (f) Sale/leaseback
      Obligations.
      Create,
      incur or suffer to exist, or permit any of its Subsidiaries to create, incur
      or
      suffer to exist, any obligations as lessee for the payment of rent for any
      real
      or personal property in connection with any sale and leaseback
      transaction.

     

    (g) Capital
      Expenditures.
      (3)
      Make or
      commit or agree to make, or permit any of its Subsidiaries to make or commit
      or
      agree to make, any Capital Expenditure (by purchase or Capitalized Lease) that
      would cause the aggregate amount of all Capital Expenditures (other than Call
      Center Capital Expenditures) made by the Loan Parties and their Subsidiaries
      to
      exceed $15,000,000 in any Fiscal Year, provided
      that up
      to 25% of any such amount referred to above, if not so expended in the Fiscal
      Year for which it is permitted, may be carried over for expenditure in the
      next
      succeeding Fiscal Year. Upon
      the
      consummation of each Permitted Acquisition after the Effective Date, the maximum
      amount of Capital Expenditures (other than Call Center Capital Expenditures)
      permitted thereafter shall be increased by an amount equal to 10% of the
      consolidated EBITDA of the Target subject to such acquisition (calculated on
      the
      same basis as set forth in the definition of "Consolidated EBITDA") for the
      most
      recently completed fiscal year of such Target (which amount shall be determined
      in good faith by the Parent, based upon the audited financial statements (or,
      to
      the extent audited financial statements are not available, unaudited financial
      statements) of such Target for such fiscal year furnished to the Collateral
      Agent), provided
      that,
      the aggregate amount of such increases permitted under this Section 7.02(g)(i)
      shall not exceed $1,000,000.

     

    (ii) Notwithstanding
      the provisions set forth in paragraph (g)(i) above, Accent Marketing may make
      additional Capital Expenditures in
      connection with the development, construction, ownership and operation of Call
      Centers
      developed after the Effective Date ("Call
      Center Capital Expenditures")
      in an
      aggregate amount not to exceed (x) $5,000,000 in any Fiscal Year, provided
      that up
      to 25% of any such amount, if not so expended in the Fiscal Year for which
      it is
      permitted, may be carried over for expenditure in the next succeeding Fiscal
      Year, and (y) $15,000,000 during the term of this Agreement, in each case
      so long as:

     

    
      
        
        

      

      
        -79-

        
          

        

      

      
        
        

      

    

     

    (A)
      the
      Parent delivers to the Agents, at least 30 days prior to the initial allocation
      of such Capital Expenditures as Call Center Capital Expenditures for each Call
      Center developed after the Effective Date, financial projections in form and
      substance reasonably acceptable to the Agents demonstrating that (1) the
      Consolidated EBITDA for such Call Center resulting from such Capital
      Expenditures in the first two years (or the first year, in the case the related
      customer contract has a term less than three years) following the initial date
      of the revenue generating operations of such Call Center exceeds 100% of the
      amount of such Capital Expenditures, (2) such Call Center shall be profitable
      within three months after the initial date of its revenue generating operations,
      and (3) the anticipated build-out period of such Call Center,

    

    (B)
      the
      Agents shall have received a certificate from an Authorized Officer of the
      Parent certifying that, with respect to each Call Center developed after the
      Effective Date, (1) the Consolidated EBITDA for such Call Center resulting
      from
      the corresponding Call Center Capital Expenditures in the first two years (or
      the first year, in the case the related customer contract has a term less than
      three years) following the initial date of the revenue generating operations
      of
      such Call Center exceeded 100% of the amount of such Capital Expenditures,
      and
      (2) such Call Center became profitable within three months after the initial
      date of its revenue generating operations, and

    

    (C)
      Accent Marketing shall have entered into contracts with its customers in
      connection with such Call Centers for a term of not less than three years (or
      two years, so long as the Consolidated EBITDA for such Call Center resulting
      from such Capital Expenditures in the first year following the initial date
      of
      the revenue generating operations of such Call Center exceeds 100% of the amount
      of such Capital Expenditures) after the initial date of the revenue generating
      operations of such Call Center and which require such customers to make minimum
      payments to support the financial projections delivered to the Agents pursuant
      to clause (ii)(A) above.

     

    (h) Restricted
      Payments.  (i)  Declare
      or pay any dividend or other distribution, direct or indirect, on account of
      any
      Capital Stock of any Loan Party or any of its Subsidiaries, now or hereafter
      outstanding, (ii) make any repurchase, redemption, retirement, defeasance,
      sinking fund or similar payment, purchase or other acquisition for value, direct
      or indirect, of any Capital Stock of any Loan Party or any direct or indirect
      parent of any Loan Party, now or hereafter outstanding, (iii) make any payment
      to retire, or to obtain the surrender of, any outstanding warrants, options
      or
      other rights for the purchase or acquisition of shares of any class of Capital
      Stock of any Loan Party, now or hereafter outstanding, (iv) return any Capital
      Stock to any shareholders or other equity holders of any Loan Party or any
      of
      its Subsidiaries, or make any other distribution of property, assets, shares
      of
      Capital Stock, warrants, rights, options, obligations or securities thereto
      as
      such or (v) pay any management fees or any other fees or expenses (including
      the
      reimbursement thereof by any Loan Party or any of its Subsidiaries) pursuant
      to
      any management (for the avoidance of doubt, other than the Management Service
      Agreement so long as the nature of the employment covered by such agreement
      is
      the same as in effect on the date hereof), consulting or other services
      agreement to any of the shareholders or other equityholders of any Loan Party
      or
      any of its Subsidiaries or other Affiliates, or to any other Subsidiaries or
      Affiliates of any Loan Party (collectively, the "Restricted
      Payments");
      provided,
      however,
      (A) any Loan Party may pay dividends to the Parent (1) in amounts
      necessary to pay customary expenses of the Parent in the ordinary course of
      its
      business as a public holding company (including salaries and related reasonable
      and customary expenses incurred by employees of the Parent) and (2) in
      amounts necessary to pay taxes when due and owing by the Parent, (B) any
      Subsidiary of the Borrower may make Restricted Payments to the Borrower,
      (C) the Parent may pay dividends in the form of common Capital Stock, (D)
      any Loan Party may make Restricted Payments to the Shareholders and employees
      and management personnel of the Shareholders pursuant to the terms of the
      shareholder agreements or similar agreements between such Loan Party and such
      Shareholders, (E) the Parent and the Borrower may make any purchase, repurchase
      or redemption of restricted stock units and/or restricted stock of the Parent,
      any of its Subsidiaries or Minority-Owned Entities to satisfy any applicable
      tax
      withholding obligations of directors, officers or employees of the Parent,
      such
      Subsidiary or Minority-Owned Entity, provided
      that any
      such purchase, repurchase or redemption is permitted pursuant to the underlying
      equity incentive plan or restricted stock or restricted stock unit grant, and
      (F) any Loan Party may make payments in respect of Earnout Amounts made pursuant
      to the terms of the definitive documentation for any Permitted Acquisition,
      provided further
      that, in
      the case of clause (D), (I) no
      Default or Event of Default has occurred and is continuing or
      would
      arise as a result of such Restricted Payments, and (II) the Loan Parties shall
      be in compliance with the financial covenants set forth in 0
      calculated on a pro forma basis after giving effect to such Restricted Payments
      based upon the Loan Parties' financial statements delivered to the Agents
      pursuant to Section 7.01(a) for the most recently ended fiscal month,
provided further
      that, in
      each case of clauses (A) through (C), (E) and (F) above, at the election of
      the
      Collateral Agent, which the Collateral Agent may and, upon the direction of
      the
      Required Lenders, shall make by notice to the Borrower,
      no such
      payment shall be made if an Event of Default shall have occurred and be
      continuing.

     

    
      
        
        

      

      
        -80-

        
          

        

      

      
        
        

      

    

     

    (i) Federal
      Reserve Regulations.
      Permit
      any Loan or the proceeds of any Loan under this Agreement to be used for any
      purpose that would cause such Loan to be a margin loan under the provisions
      of
      Regulation T, U or X of the Board.

     

    (j) Transactions
      with Affiliates.
      Enter
      into, renew, extend or be a party to, or permit any of its Subsidiaries to
      enter
      into, renew, extend or be a party to, any transaction or series of related
      transactions (including, without limitation, the purchase, sale, lease, transfer
      or exchange of property or assets of any kind or the rendering of services
      of
      any kind) with any Affiliate, except (i) in the ordinary course of business
      in a manner and to an extent consistent with past practice and necessary or
      desirable for the prudent operation of its business, for fair consideration
      and
      on terms no less favorable to it or its Subsidiaries than would be obtainable
      in
      a comparable arm's length transaction with a Person that is not an Affiliate
      thereof, (ii) transactions among the Borrower, its Subsidiaries and
      Minority-Owned Entities (provided such Subsidiaries and Minority-Owned Entities
      are Loan Parties), and (iii) transactions permitted by Section
      7.02(e).

     

    
      
        
        

      

      
        -81-

        
          

        

      

      
        
        

      

    

     

    (k) Limitations
      on Dividends and Other Payment Restrictions Affecting
      Subsidiaries.
      Create
      or otherwise cause, incur, assume, suffer or permit to exist or become effective
      any consensual encumbrance or restriction of any kind on the ability of any
      Subsidiary of any Loan Party (i) to pay dividends or to make any other
      distribution on any shares of Capital Stock of such Subsidiary owned by any
      Loan
      Party or any of its Subsidiaries, (ii) to pay or prepay or to subordinate
      any Indebtedness owed to any Loan Party or any of its Subsidiaries,
      (iii) to make loans or advances to any Loan Party or any of its
      Subsidiaries or (iv) to transfer any of its property or assets to any Loan
      Party or any of its Subsidiaries, or permit any of its Subsidiaries to do any
      of
      the foregoing; provided, however, that
      nothing in any of clauses (i) through (iv) of this 0
      shall
      prohibit or restrict compliance with:

     

    (A) this
      Agreement and the other Loan Documents;

     

    (B) any
      agreements in effect on the date of this Agreement and described on
      Schedule 0;

     

    (C) any
      applicable law, rule or regulation (including, without limitation, applicable
      currency control laws and applicable state corporate statutes restricting the
      payment of dividends in certain circumstances);

     

    (D) in
      the
      case of clause (iv) any agreement setting forth customary restrictions on the
      subletting, assignment or transfer of any property or asset that is a lease,
      license, conveyance or contract of similar property or assets; or

     

    (E) in
      the
      case of clause (iv) any agreement, instrument or other document evidencing
      a
      Permitted Lien from restricting on customary terms the transfer of any property
      or assets subject thereto.

     

    (l) Limitation
      on Issuance of Capital Stock.
      Other
      than with respect to the Parent, issue or sell or enter into any agreement
      or
      arrangement for the issuance and sale of, or permit any of its Subsidiaries
      to
      issue or sell or enter into any agreement or arrangement for the issuance and
      sale of, any shares of its Capital Stock, any securities convertible into or
      exchangeable for its Capital Stock or any warrants, except for, in the case
      of
      any Loan Party other than the Parent, the issuance and sale of shares of such
      Loan Party's Capital Stock and any securities convertible into or exchangeable
      for such Loan Party's Capital Stock granted or issued to such Loan Party's
      senior officers and management personnel in an aggregate amount not to exceed
      30% of the aggregate outstanding shares of such Loan Party's Capital Stock
      as of
      the Effective Date.

     

    (m) Modifications
      of Indebtedness, Organizational Documents and Certain Other Agreements;
      Etc.
      (i)
      Amend, modify or otherwise change (or permit the amendment, modification or
      other change in any manner of) any of the provisions of any of its or its
      Subsidiaries' Indebtedness or of any instrument or agreement (including, without
      limitation, any purchase agreement, indenture, loan agreement or security
      agreement) relating to any such Indebtedness if such amendment, modification
      or
      change would shorten the final maturity or average life to maturity of, or
      require any payment to be made earlier than the date originally scheduled on,
      such Indebtedness, would increase the interest rate applicable to such
      Indebtedness, would change the subordination provision, if any, of such
      Indebtedness, or would otherwise be adverse to the Lenders or the issuer of
      such
      Indebtedness in any respect, (ii) except for the Obligations, make any
      voluntary or optional payment, prepayment, redemption, defeasance, sinking
      fund
      payment or other acquisition for value of any of its or its Subsidiaries'
      Indebtedness (including, without limitation, by way of depositing money or
      securities with the trustee therefor before the date required for the purpose
      of
      paying any portion of such Indebtedness when due), or refund, refinance, replace
      or exchange any other Indebtedness for any such Indebtedness (except to the
      extent such Indebtedness is otherwise expressly permitted by the definition
      of
      "Permitted Indebtedness"), or make any payment, prepayment, redemption,
      defeasance, sinking fund payment or repurchase of any outstanding Indebtedness
      as a result of any asset sale, change of control, issuance and sale of debt
      or
      equity securities or similar event, or give any notice with respect to any
      of
      the foregoing, (iii) except as permitted by 0,
      amend,
      modify or otherwise change its name, jurisdiction of organization,
      organizational identification number or FEIN or (iv) amend, modify or otherwise
      change its certificate of incorporation or bylaws (or other similar
      organizational documents), including, without limitation, by the filing or
      modification of any certificate of designation, or any agreement or arrangement
      entered into by it, with respect to any of its Capital Stock (including any
      shareholders' agreement), or enter into any new agreement with respect to any
      of
      its Capital Stock, except any such amendments, modifications or changes or
      any
      such new agreements or arrangements pursuant to this clause (iv) that
      either individually or in the aggregate, could not reasonably be expected to
      have a Material Adverse Effect.

     

    
      
        
        

      

      
        -82-

        
          

        

      

      
        
        

      

    

     

    (n) Investment
      Company Act of 1940.
      Engage
      in any business, enter into any transaction, use any securities or take any
      other action or permit any of its Subsidiaries to do any of the foregoing,
      that
      would cause it or any of its Subsidiaries to become subject to the registration
      requirements of the Investment Company Act of 1940, as amended, by virtue of
      being an "investment company" or a company "controlled" by an "investment
      company" not entitled to an exemption within the meaning of such
      Act.

     

    (o) ERISA .
      Except
      as could not reasonably be expected to have a Material Adverse Effect, (i)
      engage, or permit any ERISA Affiliate to engage, in any transaction described
      in
      Section 4069 of ERISA; (ii) engage, or permit any ERISA Affiliate to
      engage, in any prohibited transaction described in Section 406 of ERISA or
      4975
      of the Internal Revenue Code for which a statutory or class exemption is not
      available or a private exemption has not previously been obtained from the
      U.S.
      Department of Labor; (iii) adopt or permit any ERISA Affiliate to adopt any
      employee welfare benefit plan within the meaning of Section 3(1) of ERISA which
      provides benefits to employees after termination of employment other than as
      required by Section 601 of ERISA or applicable law; (iv) fail to make any
      contribution or payment to any Multiemployer Plan which it or any ERISA
      Affiliate may be required to make under any agreement relating to such
      Multiemployer Plan, or any law pertaining thereto; or (v) fail, or permit any
      ERISA Affiliate to fail, to pay any required installment or any other payment
      required under Section 412 of the Internal Revenue Code on or before the due
      date for such installment or other payment.

     

    (p) Environmental.
      (i)
      Permit the use, handling, generation, storage, treatment, Release or disposal
      of
      Hazardous Materials at any property owned or leased by it or any of its
      Subsidiaries, except in compliance with Environmental Laws and so long as such
      use, handling, generation, storage, treatment, Release or disposal of Hazardous
      Materials does not result in a Material Adverse Effect; or (ii) assume through
      agreement by it or any of its Subsidiaries any Environmental Liabilities and
      Costs except as could not reasonably be expected to have a Material Adverse
      Effect.

     

    
      
        
        

      

      
        -83-

        
          

        

      

      
        
        

      

    

     

    (q) Certain
      Agreements.
      Agree
      to any amendment or other change to or waiver of any of its rights under any
      Material Contract to the extent such amendment, change or waiver could
      materially adverse to its interests or the interests of the Agents and the
      Lenders.

     

    (r) Excess
      Cash.
      Notwithstanding anything contained herein to the contrary, neither the Parent
      nor any of its Subsidiaries shall accumulate or maintain cash in bank accounts
      (in excess of checks outstanding against such accounts and amounts necessary
      to
      meet minimum balance requirements), cash equivalents and Permitted Investments
      in an aggregate amount in excess of $2,000,000 (excluding (i) the amounts
      deposited into the Cash Management Accounts and accounts specifically and
      exclusively used for payroll, payroll taxes and other employee wage and benefit
      payments to or for the benefit of any Loan Party's employees and sales taxes,
      and (ii) the amount of any cash in bank accounts, cash equivalents and Permitted
      Investments of (x) Allard Johnson Communications Inc. and (y) Veritas
      Communications Inc., so long as such Person is not a Loan Party) for a period
      of
      more than 5 consecutive Business Days (or, during the months of January and
      December in any calendar year, for VitroRobertson LLC, Hello Design, LLC and
      any
      other Loan Party with bank accounts located in the State of California (with
      respect to such bank accounts) for a period of more than 8 consecutive Business
      Days, until such Person's bank accounts have been moved to accounts held with
      a
      Cash Management Bank), provided
      that any
      Loan Party may, at the request of a client, set aside media and
      production-related advances made by such client in escrow accounts which are
      not
      Cash Management Accounts. The
      Parent shall use reasonable efforts to cause VitroRobertson LLC, Hello
      Design, LLC and
      any
      other Loan Party with bank accounts located in the State of California (with
      respect to such bank accounts) to transfer
      cash held in their existing bank accounts to accounts maintained by a Cash
      Management Bank.

     

    Section
      7.03 Financial
      Covenants .
      So long
      as any principal of or interest on any Loan, Reimbursement Obligation, Letter
      of
      Credit Obligation or any other Obligation (whether or not due) shall remain
      unpaid or any Lender shall have any Commitment hereunder, each Loan Party shall
      not, unless the Required Lenders shall otherwise consent in
      writing:

     

    (a) Senior
      Leverage Ratio.
      Permit
      the Senior Leverage Ratio,
      for any
      period of four (4) consecutive fiscal quarters of the Parent and its
      Subsidiaries, as of the end of each fiscal quarter set forth below, to be
      greater than the applicable ratio set forth opposite
      such period:

     

    
      
        
        

      

      
        -84-

        
          

        

      

      
        
        

      

    

    

      
        	
                 Applicable
                  Period 

              	 	
                 Senior
                  Leverage Ratio 

              
	
                 June
                  30, 2007 

              	 	
                 3.2500:1.00 

              
	
                 September
                  30, 2007 

              	 	
                 3.2500:1.00 

              
	
                 December
                  31, 2007 

              	 	
                 3.2500:1.00 

              
	
                 March
                  31, 2008 

              	 	
                 3.2500:1.00 

              
	
                 June
                  30, 2008 

              	 	
                 3.2500:1.00 

              
	
                 September
                  30, 2008 

              	 	
                 3.2500:1.00 

              
	
                 December
                  31, 2008 

              	 	
                 3.2500:1.00 

              
	
                 March
                  31, 2009 

              	 	
                 3.2500:1.00 

              
	
                 June
                  30, 2009 

              	 	
                 3.2500:1.00 

              
	
                 September
                  30, 2009 

              	 	
                 3.2500:1.00 

              
	
                 December
                  31, 2009 

              	 	
                 3.2500:1.00 

              
	
                 March
                  31, 2010 

              	 	
                 3.2500:1.00 

              
	
                 June
                  30, 2010 

              	 	
                 3.1875:1.00 

              
	
                 September
                  30, 2010 

              	 	
                 3.1250:1.00 

              
	
                 December
                  31, 2010 

              	 	
                 3.0625:1.00 

              
	
                 March
                  31, 2011 

              	 	
                 3.0000:1.00 

              
	
                 June
                  30, 2011 

              	 	
                 2.9375:1.00 

              
	
                 September
                  30, 2011 

              	 	
                 2.8750:1.00 

              
	
                 December
                  31, 2011 

              	 	
                 2.8125:1.00 

              
	
                 March
                  31, 2012 

              	 	
                 2.7500:1.00 

              

      

    

     

    
      
        
        

      

      
        -85-

        
          

        

      

      
        
        

      

    

     

    (b) Fixed
      Charge Coverage Ratio.
      Permit
      the Fixed Charge Coverage Ratio of the Parent and its Subsidiaries,
      (i)
as
      of
the
      end
      of
      each
      period of four (4) consecutive fiscal quarters of the Parent and its
      Subsidiaries ending June 30, 2007, September 30, 2007, December 31, 2007 and
      March 31, 2008, to be less than 1.20:1.00, (ii) as of the
      end
      of
      each
      period of four (4) consecutive fiscal quarters of the Parent and its
      Subsidiaries ending June 30, 2008, to be less than 1.25:1.00, and (iii) as
      of
the
      end
      of
      each
      period of four (4) consecutive fiscal quarters of the Parent and its
      Subsidiaries thereafter, to be less than 1.30:1.00.

     

    (c) Consolidated
      EBITDA.
      Permit
      Consolidated EBITDA of the Parent and its Subsidiaries, for any period of four
      (4) consecutive fiscal quarters of the Parent and its Subsidiaries, commencing
      with the period ending June 30, 2007, to be less than $30,000,000. Upon
      the
      consummation of each Permitted Acquisition after the Effective Date, the minimum
      Consolidated EBITDA covenant level thereafter shall be increased by an amount
      equal to 100% of the consolidated EBITDA of the Target subject to such
      acquisition (calculated on the same basis as set forth in the definition of
      "Consolidated EBITDA") for the most recently completed fiscal year of such
      Target (which amount shall be determined in good faith by the Parent, based
      upon
      the audited financial statements (or, to the extent audited financial statements
      are not available, unaudited financial statements) of such Target for such
      fiscal year furnished to the Collateral Agent).

     

    

    ARTICLE
      VIII

     

    MANAGEMENT,
      COLLECTION AND STATUS OF

    ACCOUNTS
      AND OTHER COLLATERAL

     

    Section
      8.01 Collection
      of Accounts; Management of Collateral .
      xii)
      The Loan
      Parties shall (i) establish and maintain cash management services of a type
      and
      on terms satisfactory to Administrative Agent at one or more of the banks set
      forth on Schedule 8.01 (each a "Cash
      Management Bank"),
      and
      shall take such reasonable steps to enforce, collect and receive all amounts
      owing on the Accounts of Loan Parties or any of their Subsidiaries, except
      as
      set forth on Schedule 8.01, and (ii) deposit or cause to be deposited promptly,
      and in any event no later than the first Business Day after the date of receipt
      thereof, all proceeds in respect of any Collateral and all Collections and
      other
      amounts received by any Loan Party (including payments made by the Account
      Debtors directly to any Loan Party) into a Cash Management Account or the
      Concentration Account, subject to one or more Control Agreements. 

     

    (b) On
      the
      Effective Date, the Loan Parties shall, with respect to each Cash Management
      Account, deliver to Collateral Agent a Control Agreement with respect to such
      Cash Management Account.  Each
      such
      Control Agreement shall provide, among other things, that (i) upon the
      occurrence and during the continuance of an Event of Default, the Cash
      Management Bank will comply with any instructions originated by the Collateral
      Agent directing the disposition of the funds in such Cash Management Account
      without further consent by the Borrower or its Subsidiaries, as applicable,
      (ii)
      the Cash Management Bank has no rights of setoff or recoupment or any other
      claim against the applicable Cash Management Account, other than for payment
      of
      its service fees and other charges directly related to the administration of
      such Cash Management Account and for returned
      checks
      or other items of payment, and (iii) upon the occurrence and during the
      continuance of an Event of Default, upon the instruction of the Collateral
      Agent, the Cash Management Bank will forward, by daily sweep, all amounts in
      the
      applicable Cash Management Account to the Administrative Agent's
      Account.

     

    
      
        
        

      

      
        -86-

        
          

        

      

      
        
        

      

    

     

    (c) Upon
      the
      terms and subject to the conditions set forth in the Concentration Account
      Agreement with respect to the Concentration Account, all amounts received in
      the
      Concentration Account shall be wired each Business Day into the Administrative
      Agent's Account,
      except
      that, so long as no Event of Default has occurred and is continuing, the
      Collateral Agent will not direct the Concentration Account Bank to transfer
      funds in the Concentration Account to the Administrative
      Agent's Account.

     

    (d) So
      long
      as no Default or Event of Default has occurred and is continuing, the
Borrower
      may
      amend Schedule 8.01 to add or replace a Cash Management Bank or Cash Management
      Account; provided,
      however,
      that
      (i) such prospective Cash Management Bank shall be reasonably satisfactory
      to
      Collateral Agent and Collateral Agent shall have consented in writing in advance
      to the opening of such Cash Management Account with the prospective Cash
      Management Bank, and (ii) prior to the time of the opening of such Cash
      Management Account, the applicable Loan Party and such prospective Cash
      Management Bank shall have executed and delivered to Collateral Agent a Control
      Agreement. Each Loan Party shall close any of its Cash Management Accounts
      (and
      establish replacement cash management accounts in accordance with the foregoing
      sentence) promptly and in any event within thirty (30) days of notice from
      Collateral Agent that the creditworthiness of the Cash Management Bank, at
      which
      such Cash Management Accounts are located, is no longer acceptable in Collateral
      Agent's reasonable judgment, or as promptly as practicable and in any event
      within sixty (60) days of notice from Collateral Agent that the operating
      performance, funds transfer, or availability procedures or performance of the
      Cash Management Bank with respect to Cash Management Accounts or Collateral
      Agent's liability under any Control Agreement with such Cash Management Bank
      is
      no longer acceptable in Collateral Agent's reasonable judgment.

     

    (e) The
      Cash
      Management Accounts shall be subject to Control Agreements and shall be cash
      collateral accounts, with all cash, checks and similar items of payment in
      such
      accounts securing payment of the Obligations, and in which the Loan Parties
      are
      hereby deemed to have granted a Lien to Collateral Agent for the benefit of
      the
      Secured Parties. All checks, drafts, notes, money orders, acceptances, cash
      and
      other evidences of Indebtedness received directly by any Loan Party as proceeds
      of any Collateral shall be held by such Loan Party in trust for the Agents
      and
      the Lenders and upon receipt be deposited by such Loan Party in original form
      and no later than the next Business Day after receipt thereof into the
      Concentration Account; provided,
      however,
      all Net
      Cash Proceeds received directly by such Loan Party pursuant to an event
      described in 0,
      (v)
      or
      (vi) shall
      be
      held by such Loan Party in trust for the Agents and the Lenders and upon the
      instruction of Collateral Agent, be deposited by the Loan Party in original
      form
      and no later than the next Business Day after receipt thereof into the
Administrative
      Agent's Account.
      A Loan
      Party shall not commingle such collections with such Loan Party's own funds
      or
      the funds of any Subsidiary or Affiliate of such Loan Party or with the proceeds
      of any assets not included in the Collateral. No checks, drafts or other
      instrument received by the Collateral Agent shall constitute final payment
      to
      the Collateral Agent unless and until such instruments have actually been
      collected.

     

    
      
        
        

      

      
        -87-

        
          

        

      

      
        
        

      

    

     

    (f) After
      the
      occurrence and during the continuance of an Event of Default, any Agent may
      send
      a notice of assignment and/or notice of the Lenders' security interest to any
      and all Account Debtors or third parties holding or otherwise concerned with
      any
      of the Collateral, and thereafter the Collateral Agent shall have the sole
      right
      to collect the Accounts and/or take possession of the Collateral and the books
      and records relating thereto. The Loan Parties shall not, without prior written
      consent of the Collateral Agent, grant any extension of time of payment of
      any
      Account, compromise or settle any Account for less than the full amount thereof,
      release, in whole or in part, any Person or property liable for the payment
      thereof, or allow any credit or discount whatsoever thereon, except, in the
      absence of a continuing Event of Default, in the ordinary course of
      business.

     

    (g) Each
      Loan
      Party hereby appoints each Agent or its designee on behalf of such Agent as
      the
      Loan Parties' attorney-in-fact with power exercisable during the continuance
      of
      an Event of Default to endorse any Loan Party's name upon any notes,
      acceptances, checks, drafts, money orders or other evidences of payment relating
      to the Accounts, to sign any Loan Party's name on any invoice or bill of lading
      relating to any of the Accounts, drafts against Account Debtors with respect
      to
      Accounts, assignments and verifications of Accounts and notices to Account
      Debtors with respect to Accounts, to send verification of Accounts, and to
      notify the relevant postal service authorities to change the address for
      delivery of mail addressed to any Loan Party to such address as such Agent
      may
      designate and to do all other acts and things necessary to carry out this
      Agreement. All acts of said attorney or designee are hereby ratified and
      approved, and said attorney or designee shall not be liable for any acts of
      omission or commission (other than acts of omission or commission constituting
      gross negligence or willful misconduct as determined by a final judgment of
      a
      court of competent jurisdiction), or for any error of judgment or mistake of
      fact or law; this power being coupled with an interest is irrevocable until
      all
      of the Loans, Letter of Credit Obligations and other Obligations under the
      Loan
      Documents are paid in full and all of the Loan Documents are
      terminated.

     

    (h) Nothing
      herein contained shall be construed to constitute any Agent as agent of any
      Loan
      Party for any purpose whatsoever, and the Agents shall not be responsible or
      liable for any shortage, discrepancy, damage, loss or destruction of any part
      of
      the Collateral wherever the same may be located and regardless of the cause
      thereof (other than from acts of omission or commission constituting gross
      negligence or willful misconduct as determined by a final judgment of a court
      of
      competent jurisdiction). The Agents shall not, under any circumstance or in
      any
      event whatsoever, have any liability for any error or omission or delay of
      any
      kind occurring in the settlement, collection or payment of any of the Accounts
      or any instrument received in payment thereof or for any damage resulting
      therefrom (other than acts of omission or commission constituting gross
      negligence or willful misconduct as determined by a final judgment of a court
      of
      competent jurisdiction). The Agents, by anything herein or in any assignment
      or
      otherwise, do not assume any of the obligations under any contract or agreement
      assigned to any Agent and shall not be responsible in any way for the
      performance by any Loan Party of any of the terms and conditions
      thereof.

     

    (i) If
      any
      Account includes a charge for any tax payable to any Governmental Authority,
      each Agent is hereby authorized (but in no event obligated) in its discretion
      to
      pay the amount thereof to the proper taxing authority for the Loan Parties'
      account and to charge the Loan Parties therefor. The Loan Parties shall notify
      the Agents if any Account includes any taxes due to any such Governmental
      Authority and, in the absence of such notice, the Agents shall have the right
      to
      retain the full proceeds of such Account and shall not be liable for any taxes
      that may be due by reason of the sale and delivery creating such
      Account.

     

    
      
        
        

      

      
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    (j) Notwithstanding
      any other terms set forth in the Loan Documents, the rights and remedies of
      the
      Agents and the Lenders herein provided, and the obligations of the Loan Parties
      set forth herein, are cumulative of, may be exercised singly or concurrently
      with, and are not exclusive of, any other rights, remedies or obligations set
      forth in any other Loan Document or as provided by law.

     

    Section
      8.02 Collateral
      Custodian.
      Upon
      the occurrence and during the continuance of any Default or Event of Default,
      the Collateral Agent may at any time and from time to time employ and maintain
      on the premises of any Loan Party a custodian selected by the Collateral Agent
      who shall have full authority to do all acts necessary to protect the Agents'
      and the Lenders' interests. Each Loan Party hereby agrees to, and to cause
      its
      Subsidiaries to, cooperate with any such custodian and to do whatever the
      Collateral Agent may reasonably request to preserve the Collateral. All costs
      and expenses incurred by the Collateral Agent by reason of the employment of
      the
      custodian shall be the responsibility of the Borrower and charged to the Loan
      Account.

     

    ARTICLE
      IX

     

    EVENTS
      OF DEFAULT

     

    Section
      9.01 Events
      of Default .
      If any
      of the following Events of Default shall occur and be continuing:

     

    (a) the
      Borrower shall fail to pay any principal of or interest on any Loan, any
      Collateral Agent Advance, any Reimbursement Obligation or any fee, indemnity
      or
      other amount payable under this Agreement or any other Loan Document when due
      (whether by scheduled maturity, required prepayment, acceleration, demand or
      otherwise); 

     

    (b) any
      representation or warranty made or deemed made by or on behalf of any Loan
      Party
      or by any officer of the foregoing under or in connection with any Loan Document
      or under or in connection with any report, certificate, or other document
      delivered to any Agent, any Lender or the L/C Issuer pursuant to any Loan
      Document shall have been incorrect in any material respect when made or deemed
      made;

     

    (c) any
      Loan
      Party shall fail to perform or comply with (i) any covenant or agreement
      contained in paragraph (c)(i) of Section 7.01 or paragraph (d) of Section 7.01
      (with respect to the Parent and the Borrower), or any covenant or agreement
      contained in Section 7.02, Section 7.03 or 0,
      or any
      Loan Party shall fail to perform or comply with any covenant or agreement
      contained in any Security Agreement to which it is a party, any Mortgage to
      which it is a party or any Canadian Security Agreement to which it is a party,
      (ii) any covenant or agreement contained in paragraph (a) of Section 7.01,
      and
      such failure, if capable of being remedied, shall remain unremedied for a period
      of 7 days, after the earlier of the date a senior officer of any Loan Party
      becomes aware of such failure and the date written notice of such default shall
      have been given by any Agent to the Borrower, (iii) any covenant or agreement
      contained in paragraphs (f), (h), (j)(iii) or (j)(iv) of Section 7.01, and
      such
      failure, if capable of being remedied, shall remain unremedied for a period
      of 5
      days after the earlier of the date a senior officer of any Loan Party becomes
      aware of such failure and the date written notice of such default shall have
      been given by any Agent to the Borrower, (iv) any covenant or agreement
      contained in paragraphs (b), (c)(ii), (o) or (q) of Section 7.01, and such
      failure, if capable of being remedied, shall remain unremedied for a period
      of
      10 days after the earlier of the date a senior officer of any Loan Party becomes
      aware of such failure and the date written notice of such default shall have
      been given by any Agent to the Borrower;

     

    
      
        
        

      

      
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    (d) any
      Loan
      Party shall fail to perform or comply with any other term, covenant or agreement
      contained in any Loan Document to be performed or observed by it and, except
      as
      set forth in subsections 0,
      0
      and
0
      of this
0,
      such
      failure, if capable of being remedied, shall remain unremedied for 25 days
      after
      the earlier of the date a senior officer of any Loan Party becomes aware of
      such
      failure and the date written notice of such default shall have been given by
      any
      Agent to such Loan Party;

     

    (e) any
      Loan
      Party shall fail to pay any principal of any of its Indebtedness (excluding
      Indebtedness evidenced by this Agreement), in excess of $2,000,000 when due
      (whether by scheduled maturity, required prepayment, acceleration, demand or
      otherwise) and such failure shall continue after the applicable grace period,
      if
      any, specified in the agreement or instrument relating to such Indebtedness,
      or
      any other default under any agreement or instrument relating to any such
      Indebtedness, or any other event, shall occur and shall continue after the
      applicable grace period, if any, specified in such agreement or instrument,
      if
      the effect of such default or event is to accelerate, or to permit the
      acceleration of, the maturity of such Indebtedness; or any such Indebtedness
      shall be declared to be due and payable, or required to be prepaid (other than
      by a regularly scheduled required prepayment), redeemed, purchased or defeased
      or an offer to prepay, redeem, purchase or defease such Indebtedness shall
      be
      required to be made, in each case, prior to the stated maturity
      thereof;

     

    (f) any
      Loan
      Party (i) shall institute any proceeding or voluntary case seeking to adjudicate
      it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up,
      reorganization, arrangement, adjustment, protection, relief or composition
      of it
      or its debts under any law relating to bankruptcy, insolvency, reorganization
      or
      relief of debtors, or seeking the entry of an order for relief or the
      appointment of a receiver, trustee, custodian or other similar official for
      any
      such Person or for any substantial part of its property, (ii) shall be generally
      not paying its debts as such debts become due or shall admit in writing its
      inability to pay its debts generally, (iii) shall make a general assignment
      for
      the benefit of creditors, or (iv) shall take any action to authorize or effect
      any of the actions set forth above in this subsection 0;

     

    (g) any
      proceeding shall be instituted against any Loan Party seeking to adjudicate
      it a
      bankrupt or insolvent, or seeking dissolution, liquidation, winding up,
      reorganization, arrangement, adjustment, protection, relief of debtors, or
      seeking the entry of an order for relief or the appointment of a receiver,
      trustee, custodian or other similar official for any such Person or for any
      substantial part of its property, and either such proceeding shall remain
      undismissed or unstayed for a period of 45 days or any of the actions sought
      in
      such proceeding (including, without limitation, the entry of an order for relief
      against any such Person or the appointment of a receiver, trustee, custodian
      or
      other similar official for it or for any substantial part of its property)
      shall
      occur;

     

    
      
        
        

      

      
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    (h) (x)
      any
      Loan Document shall at any time for any reason (other than pursuant to the
      express terms thereof) cease to be valid and binding on or enforceable against
      any Loan Party intended to be a party thereto, or (y) the validity or
      enforceability of any material provision of any Loan Document shall be contested
      by any Loan Party thereto, or a proceeding shall be commenced by any Loan Party,
      seeking to establish the invalidity or unenforceability thereof;

     

    (i) any
      Security Agreement, any Mortgage, any Canadian Security Agreement or any other
      security document, after delivery thereof pursuant hereto, shall for any reason
      fail or cease to create a valid and perfected and, except to the extent
      permitted by the terms hereof or thereof, first priority Lien in favor of the
      Collateral Agent for the benefit of the Agents, the Lenders and the Bank Product
      Providers on any Collateral purported to be covered thereby; 

     

    (j) one
      or
      more judgments, orders or awards (or any settlement of any claim that, if
      breached, could result in a judgment, order or award) for the payment of money
      exceeding $3,000,000 in the aggregate shall be rendered against any Loan Party
      and remain unsatisfied and either (i) enforcement proceedings shall have
      been commenced by any creditor upon any such judgment, order, award or
      settlement, (ii) there shall be a period of 20 consecutive days after entry
      thereof during which a stay of enforcement of any such judgment, order, award
      or
      settlement, by reason of a pending appeal or otherwise, shall not be in effect,
      or (iii) at any time during which a stay of enforcement of any such judgment,
      order, award or settlement, by reason of a pending appeal or otherwise, is
      in
      effect, such judgment, order, award or settlement is not bonded in the full
      amount of such judgment, order, award or settlement; provided,
      however,
      that
      any such judgment, order, award or settlement shall not give rise to an Event
      of
      Default under this subsection 0
      if and
      for so long as (A) the amount of such judgment, order, award or settlement
      is
      covered by a valid and binding policy of insurance between the defendant and
      the
      insurer covering full payment thereof and (B) such insurer has been
      notified, and has not disputed the claim made for payment, of the amount of
      such
      judgment, order, award or settlement;

     

    (k) any
      Loan
      Party is enjoined, restrained or in any way prevented by the order of any court
      or any Governmental Authority from conducting all or any material part of the
      Loan Parties' business taken as a whole for more than fifteen (15)
      days;

     

    (l) any
      cessation of a substantial part of the business of any Loan Party for a period
      which materially and adversely affects the ability of the Loan Parties to
      continue their business taken as a whole on a profitable basis;

     

    (m) the
      loss,
      suspension or revocation of, or failure to renew, any license or permit now
      held
      or hereafter acquired by any Loan Party, if such loss, suspension, revocation
      or
      failure to renew could reasonably be expected to have a Material Adverse
      Effect;

     

    
      
        
        

      

      
        -91-

        
          

        

      

      
        
        

      

    

     

    (n) the
      indictment of any Loan Party under any criminal statute, or commencement of
      criminal or civil proceedings against any Loan Party, pursuant to which statute
      or proceedings the penalties or remedies sought or available include forfeiture
      to any Governmental Authority of any material portion of the property of the
      Loan Parties taken as a whole;

     

    (o) any
      Loan
      Party or any of its ERISA Affiliates shall have made a complete or partial
      withdrawal from a Multiemployer Plan, and, as a result of such complete or
      partial withdrawal, any Loan Party or any of its ERISA Affiliates incurs a
      withdrawal liability in an annual amount exceeding $1,000,000; or a
      Multiemployer Plan enters reorganization status under Section 4241 of
      ERISA, and, as a result thereof any Loan Party's or any of its ERISA Affiliates'
      annual contribution requirements with respect to such Multiemployer Plan
      increases in an annual amount exceeding $1,000,000;

     

    (p) any
      Termination Event with respect to any Employee Plan shall have occurred, and,
      30
      days after notice thereof shall have been given to any Loan Party by any Agent,
      (i) such Termination Event (if correctable) shall not have been corrected,
      and
      (ii) the then current value of such Employee Plan's vested benefits exceeds
      the
      then current value of assets allocable to such benefits in such Employee Plan
      by
      more than $1,000,000 (or, in the case of a Termination Event involving liability
      under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204
      or
      4212 of ERISA or Section 4971 or 4975 of the Internal Revenue Code, the
      liability is in excess of such amount); or

     

    (q) a
      Change
      of Control shall have occurred;

     

    then,
      and
      in any such event, the Collateral Agent may, and shall at the request of the
      Required Lenders, by notice to the Borrower,
      (i)
      terminate or reduce all Commitments, whereupon all Commitments shall immediately
      be so terminated or reduced, (ii) declare all or any portion of the Loans and
      Reimbursement Obligations then outstanding to be due and payable, whereupon
      all
      or such portion of the aggregate principal of all Loans and Reimbursement
      Obligations, all accrued and unpaid interest thereon, all fees and all other
      amounts payable under this Agreement and the other Loan Documents shall become
      due and payable immediately, without presentment, demand, protest or further
      notice of any kind, all of which are hereby expressly waived by each Loan Party
      and (iii) exercise any and all of its other rights and remedies under
      applicable law, hereunder and under the other Loan Documents; provided,
      however,
      that
      upon the occurrence of any Event of Default described in subsection 0
      or
0
      of this
0
      with
      respect to any Loan Party, without any notice to any Loan Party or any other
      Person or any act by any Agent or any Lender, all Commitments shall
      automatically terminate and all Loans and Reimbursement Obligations then
      outstanding, together with all accrued and unpaid interest thereon, all fees
      and
      all other amounts due under this Agreement and the other Loan Documents shall
      become due and payable automatically and immediately, without presentment,
      demand, protest or notice of any kind, all of which are expressly waived by
      each
      Loan Party. Subject to Section 4.04(b), the Administrative Agent may, after
      the
      occurrence and during the continuation of any Event of Default, require the
      Borrower to deposit with the Administrative Agent with respect to each Letter
      of
      Credit then outstanding cash in an amount equal to 102.5% of the greatest amount
      for which such Letter of Credit may be drawn. Such deposits shall be held by
      the
      Administrative Agent in the Letter of Credit Collateral Account as security
      for,
      and to provide for the payment of, the Letter of Credit
      Obligations.

     

    
      
        
        

      

      
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    ARTICLE
      X

     

    AGENTS

     

    Section
      10.01 Appointment .
      Each
      Lender (and each subsequent maker of any Loan by its making thereof) hereby
      irrevocably appoints and authorizes the Administrative Agent and the Collateral
      Agent to perform the duties of each such Agent as set forth in this Agreement
      including: (i) to receive on behalf of each Lender any payment of principal
      of or interest on the Loans outstanding hereunder and all other amounts accrued
      hereunder for the account of the Lenders and paid to such Agent, and, subject
      to
1)a)ii)
      of this
      Agreement, to distribute promptly to each Lender its Pro Rata Share of all
      payments so received; (ii) to distribute to each Lender copies of all
      material notices and agreements received by such Agent and not required to
      be
      delivered to each Lender pursuant to the terms of this Agreement, provided
      that
      while Agents shall endeavor to make such deliveries Agents shall not have any
      liability to the Lenders for any Agent's failure to distribute any such notices
      or agreements to the Lenders; (iii) to maintain, in accordance with its
      customary business practices, ledgers and records reflecting the status of
      the
      Obligations, the Loans, and related matters and to maintain, in accordance
      with
      its customary business practices, ledgers and records reflecting the status
      of
      the Collateral and related matters; (iv) to execute or file any and all
      financing or similar statements or notices, amendments, renewals, supplements,
      documents, instruments, proofs of claim, notices and other written agreements
      with respect to this Agreement or any other Loan Document; (v) to make the
      Loans and Collateral Agent Advances, for such Agent or on behalf of the
      applicable Lenders as provided in this Agreement or any other Loan Document;
      (vi) to perform, exercise, and enforce any and all other rights and
      remedies of the Lenders with respect to the Loan Parties, the Obligations,
      or
      otherwise related to any of same to the extent reasonably incidental to the
      exercise by such Agent of the rights and remedies specifically authorized to
      be
      exercised by such Agent by the terms of this Agreement or any other Loan
      Document; (vii)  to incur and pay such fees necessary or appropriate for
      the performance and fulfillment of its functions and powers pursuant to this
      Agreement or any other Loan Document;
      and
      (viii) subject to 0 of
      this
      Agreement, to take such action as such Agent deems appropriate on its behalf
      to
      administer the Loans and the Loan Documents and to exercise such other powers
      delegated to such Agent by the terms hereof or the other Loan Documents
      (including, without limitation, the power to give or to refuse to give notices,
      waivers, consents, approvals and instructions and the power to make or to refuse
      to make determinations and calculations) together with such powers as are
      reasonably incidental thereto to carry out the purposes hereof and thereof.
      As
      to any matters not expressly provided for by this Agreement and the other Loan
      Documents (including, without limitation, enforcement or collection of the
      Loans), the Agents shall not be required to exercise any discretion or take
      any
      action, but shall be required to act or to refrain from acting (and shall be
      fully protected in so acting or refraining from acting) upon the instructions
      of
      the Required Lenders, and such instructions of the Required Lenders shall be
      binding upon all Lenders and all makers of Loans; provided,
      however,
      that
      the L/C Issuer shall not be required to refuse to honor a drawing under any
      Letter of Credit and the Agents shall not be required to take any action which,
      in the reasonable opinion of any Agent, exposes such Agent to liability or
      which
      is contrary to this Agreement or any other Loan Document or applicable
      law.

     

    
      
        
        

      

      
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    Section
      10.02 Nature
      of Duties .
      The
      Agents shall have no duties or responsibilities except those expressly set
      forth
      in this Agreement or in the other Loan Documents. The duties of the Agents
      shall
      be mechanical and administrative in nature. The Agents shall not have by reason
      of this Agreement or any other Loan Document a fiduciary relationship in respect
      of any Lender. Nothing in this Agreement or any other Loan Document, express
      or
      implied, is intended to or shall be construed to impose upon the Agents any
      obligations in respect of this Agreement or any other Loan Document except
      as
      expressly set forth herein or therein. Each Lender shall make its own
      independent investigation of the financial condition and affairs of the Loan
      Parties in connection with the making and the continuance of the Loans hereunder
      and shall make its own appraisal of the creditworthiness of the Loan Parties
      and
      the value of the Collateral, and the Agents shall have no duty or
      responsibility, either initially or on a continuing basis, to provide any Lender
      with any credit or other information with respect thereto, whether coming into
      their possession before the initial Loan hereunder or at any time or times
      thereafter, provided that, upon the reasonable request of a Lender, each Agent
      shall provide to such Lender any documents or reports delivered to such Agent
      by
      the Loan Parties pursuant to the terms of this Agreement or any other Loan
      Document. If any Agent seeks the consent or approval of the Required Lenders
      to
      the taking or refraining from taking any action hereunder, such Agent shall
      send
      notice thereof to each Lender. Each Agent shall promptly notify each Lender
      any
      time that the Required Lenders have instructed such Agent to act or refrain
      from
      acting pursuant hereto.

     

    Section
      10.03 Rights,
      Exculpation, Etc.
      The
      Agents and their directors, officers, agents or employees shall not be liable
      for any action taken or omitted to be taken by them under or in connection
      with
      this Agreement or the other Loan Documents, except for their own gross
      negligence or willful misconduct as determined by a final judgment of a court
      of
      competent jurisdiction. Without limiting the generality of the foregoing, the
      Agents (i) may treat the payee of any Loan as the owner thereof until the
      Administrative Agent (or the Collateral Agent, as applicable) receives written
      notice of the assignment or transfer thereof, pursuant to 0
      hereof,
      signed by such payee and in form satisfactory to the Administrative Agent (or
      the Collateral Agent, as applicable); (ii) may consult with legal counsel
      (including, without limitation, counsel to any Agent or counsel to the Loan
      Parties), independent public accountants, and other experts selected by any
      of
      them and shall not be liable for any action taken or omitted to be taken in
      good
      faith by any of them in accordance with the advice of such counsel or experts;
      (iii) make no warranty or representation to any Lender and shall not be
      responsible to any Lender for any statements, certificates, warranties or
      representations made in or in connection with this Agreement or the other Loan
      Documents; (iv) shall not have any duty to ascertain or to inquire as to
      the performance or observance of any of the terms, covenants or conditions
      of
      this Agreement or the other Loan Documents on the part of any Person, the
      existence or possible existence of any Default or Event of Default, or to
      inspect the Collateral or other property (including, without limitation, the
      books and records) of any Person; (v) shall not be responsible to any
      Lender for the due execution, legality, validity, enforceability, genuineness,
      sufficiency or value of this Agreement or the other Loan Documents or any other
      instrument or document furnished pursuant hereto or thereto; and (vi) shall
      not
      be deemed to have made any representation or warranty regarding the existence,
      value or collectibility of the Collateral, the existence, priority or perfection
      of the Collateral Agent's Lien thereon, or any certificate prepared by any
      Loan
      Party in connection therewith, nor shall the Agents be responsible or liable
      to
      the Lenders for any failure to monitor or maintain any portion of the
      Collateral. The Agents shall not be liable for any apportionment or distribution
      of payments made in good faith pursuant to 0,
      and if
      any such apportionment or distribution is subsequently determined to have been
      made in error the sole recourse of any Lender to whom payment was due but not
      made, shall be to recover from other Lenders any payment in excess of the amount
      which they are determined to be entitled. The Agents may at any time request
      instructions from the Lenders with respect to any actions or approvals which
      by
      the terms of this Agreement or of any of the other Loan Documents the Agents
      are
      permitted or required to take or to grant, and if such instructions are promptly
      requested, the Agents shall be absolutely entitled to refrain from taking any
      action or to withhold any approval under any of the Loan Documents until they
      shall have received such instructions from the Required Lenders. Without
      limiting the foregoing, no Lender shall have any right of action whatsoever
      against any Agent as a result of such Agent acting or refraining from acting
      under this Agreement or any of the other Loan Documents in accordance with
      the
      instructions of the Required Lenders.

     

    
      
        
        

      

      
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    Section
      10.04 Reliance .
      Each
      Agent shall be entitled to rely upon any written notices, statements,
      certificates, orders or other documents or any telephone message believed by
      it
      in good faith to be genuine and correct and to have been signed, sent or made
      by
      the proper Person, and with respect to all matters pertaining to this Agreement
      or any of the other Loan Documents and its duties hereunder or thereunder,
      upon
      advice of counsel selected by it.

     

    Section
      10.05 Indemnification .
      To the
      extent that any Agent or the L/C Issuer is not reimbursed and indemnified by
      any
      Loan Party, the Lenders will reimburse and indemnify such Agent and the
      L/C Issuer from and against any and all liabilities, obligations, losses,
      damages, penalties, actions, judgments, suits, costs, expenses, advances or
      disbursements of any kind or nature whatsoever which may be imposed on, incurred
      by, or asserted against such Agent or the L/C Issuer in any way relating to
      or arising out of this Agreement or any of the other Loan Documents or any
      action taken or omitted by such Agent or the L/C Issuer under this
      Agreement or any of the other Loan Documents, in proportion to each Lender's
      Pro
      Rata Share, including, without limitation, advances and disbursements made
      pursuant to 0;
      provided,
      however,
      that no
      Lender shall be liable for any portion of such liabilities, obligations, losses,
      damages, penalties, actions, judgments, suits, costs, expenses, advances or
      disbursements for which there has been a final judicial determination that
      such
      liability resulted from such Agent's or the L/C Issuer's gross negligence
      or willful misconduct. The obligations of the Lenders under this 0
      shall
      survive the payment in full of the Loans and the termination of this
      Agreement. 

     

    Section
      10.06 Agents
      Individually .
      With
      respect to its Pro Rata Share of the Total Commitment hereunder and the Loans
      made by it, each Agent shall have and may exercise the same rights and powers
      hereunder and is subject to the same obligations and liabilities as and to
      the
      extent set forth herein for any other Lender or maker of a Loan. The terms
      "Lenders" or "Required Lenders" or any similar terms shall, unless the context
      clearly otherwise indicates, include each Agent in its individual capacity
      as a
      Lender or one of the Required Lenders. Each Agent and its Affiliates may accept
      deposits from, lend money to, and generally engage in any kind of banking,
      trust
      or other business with the Borrower as if it were not acting as an Agent
      pursuant hereto without any duty to account to the other Lenders.

     

    Section
      10.07 Successor
      Agent .
      xiii)  Each
      Agent may resign from the performance of all its functions and duties hereunder
      and under the other Loan Documents at any time by giving at least thirty (30)
      Business Days' prior written notice to the Borrower and each Lender. Such
      resignation shall take effect upon the acceptance by a successor Agent of
      appointment pursuant to clauses (b) and (c) below or as otherwise provided
      below.

     

    
      
        
        

      

      
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    (b) Upon
      any
      such notice of resignation, the Required Lenders shall appoint a successor
      Agent, which successor Agent shall, so long as no Default or Event of Default
      under Section 9.01(a), (c), (f) or (g) shall have occurred and be continuing,
      be
      acceptable to the Borrower (such acceptance not to be unreasonably withheld
      or
      delayed). Upon the acceptance of any appointment as Agent hereunder by a
      successor Agent, such successor Agent shall thereupon succeed to and become
      vested with all the rights, powers, privileges and duties of the retiring Agent,
      and the retiring Agent shall be discharged from its duties and obligations
      under
      this Agreement and the other Loan Documents. After any Agent's resignation
      hereunder as an Agent, the provisions of this 0
      shall
      inure to its benefit as to any actions taken or omitted to be taken by it while
      it was an Agent under this Agreement and the other Loan Documents.

     

    (c) If
      a
      successor Agent shall not have been so appointed within said thirty (30)
      Business Day period, the retiring Agent, with the consent of the other Agent
      shall then appoint a successor Agent who shall serve as an Agent until such
      time, if any, as the Required Lenders, with the consent of the other Agent,
      appoint a successor Agent as provided above; provided
      that if
      all of the Revolving Obligations are paid in full, the Administrative Agent's
      resignation shall be effective at the end of such thirty (30) Business Day
      period regardless of whether a successor Agent has been appointed.

     

    Section
      10.08 Collateral
      Matters .

     

    (a) The
      Collateral Agent may, after the occurrence and during the continuation of a
      Default or an Event of Default, from time to time make such disbursements and
      advances ("Collateral
      Agent Advances")
      which
      the Collateral Agent, in its reasonable discretion, deems necessary or desirable
      to preserve, protect, prepare for sale or lease or dispose of the Collateral
      or
      any portion thereof, to enhance the likelihood or maximize the amount of
      repayment by the Borrower of the Loans, Reimbursement Obligations, Letter of
      Credit Obligations and other Obligations or to pay any other amount chargeable
      to the Borrower pursuant to the terms of this Agreement, including, without
      limitation, costs, fees and expenses as described in 0,
      provided
      that the
      aggregate amount of outstanding Collateral Agent Advances at no time shall
      exceed $5,500,000. The Collateral Agent Advances shall be repayable on demand
      and be secured by the Collateral. The Collateral Agent Advances shall constitute
      Obligations hereunder which may be charged to the Loan Account in accordance
      with 1)a)x).
      The
      Collateral Agent shall notify each Lender and the Borrower in writing of each
      such Collateral Agent Advance, which notice shall include a description of
      the
      purpose of such Collateral Agent Advance. Without limitation to its obligations
      pursuant to 0,
      each
      Lender agrees that it shall make available to the Collateral Agent, upon the
      Collateral Agent's demand, in Dollars in immediately available funds, the amount
      equal to such Lender's Pro Rata Share (determined under clause (d) of the
      definition of Pro Rata Share) of each such Collateral Agent Advance. If such
      funds are not made available to the Collateral Agent by such Lender, the
      Collateral Agent shall be entitled to recover such funds on demand from such
      Lender, together with interest thereon for each day from the date such payment
      was due until the date such amount is paid to the Collateral Agent, at the
      Federal Funds Rate for three Business Days and thereafter at the Reference
      Rate.

     

    
      
        
        

      

      
        -96-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Lenders hereby irrevocably authorize the Collateral Agent, at its option and
      in
      its discretion, to release any Lien granted to or held by the Collateral Agent
      upon any Collateral upon termination of the Total Commitment and payment and
      satisfaction of all Loans, Reimbursement Obligations, Letter of Credit
      Obligations, and all other Obligations in accordance with the terms hereof;
      or
      constituting property being sold or disposed of in compliance with the terms
      of
      this Agreement and the other Loan Documents; or constituting property in which
      the Loan Parties owned no interest at the time the Lien was granted or at any
      time thereafter; or if approved, authorized or ratified in writing by the
      Lenders. Upon request by the Collateral Agent at any time, the Lenders will
      confirm in writing the Collateral Agent's authority to release particular types
      or items of Collateral pursuant to this 0.

     

    (c) Without
      in any manner limiting the Collateral Agent's authority to act without any
      specific or further authorization or consent by the Lenders (as set forth in
      0),
      each
      Lender agrees to confirm in writing, upon request by the Collateral Agent,
      the
      authority to release Collateral conferred upon the Collateral Agent under
0.
      Upon
      receipt by the Collateral Agent of confirmation from the Lenders of its
      authority to release any particular item or types of Collateral, and upon prior
      written request by any Loan Party, the Collateral Agent shall (and is hereby
      irrevocably authorized by the Lenders to) execute such documents as may be
      necessary to evidence the release of the Liens granted to the Collateral Agent
      for the benefit of the Agents, the Lenders and the Bank Product Providers upon
      such Collateral; provided,
      however,
      that
      (i) the Collateral Agent shall not be required to execute any such document
      on
      terms which, in the Collateral Agent's opinion, would expose the Collateral
      Agent to liability or create any obligations or entail any consequence other
      than the release of such Liens without recourse or warranty, and (ii) such
      release shall not in any manner discharge, affect or impair the Obligations
      or
      any Lien upon (or obligations of any Loan Party in respect of) all interests
      in
      the Collateral retained by any Loan Party.

     

    (d) Neither
      Agent shall have any obligation whatsoever to any Lender to assure that the
      Collateral exists or is owned by the Loan Parties or is cared for, protected
      or
      insured or has been encumbered or that the Lien granted to the Collateral Agent
      pursuant to this Agreement or any other Loan Document has been properly or
      sufficiently or lawfully created, perfected, protected or enforced or is
      entitled to any particular priority, or to exercise at all or in any particular
      manner or under any duty of care, disclosure or fidelity, or to continue
      exercising, any of the rights, authorities and powers granted or available
      to
      any Agent in this 0
      or in
      any other Loan Document, it being understood and agreed that in respect of
      the
      Collateral, or any act, omission or event related thereto, any Agent may act
      in
      any manner it may deem appropriate, in its sole discretion, given such Agent's
      own interest in the Collateral as one of the Lenders and that neither Agent
      shall have any duty or liability whatsoever to any other Lender, except as
      otherwise provided herein.

     

    Section
      10.09 Agency
      for Perfection .
      Each
      Agent and each Lender hereby appoints each other Agent and each other Lender
      as
      agent and bailee for the purpose of perfecting the security interests in and
      liens upon the Collateral in assets which, in accordance with Article 9 of
      the
      Uniform Commercial Code or the PPSA, as applicable, can be perfected only by
      possession or control (or where the security interest of a secured party with
      possession or control has priority over the security interest of another secured
      party) and each Agent and each Lender hereby acknowledges that it holds
      possession of or otherwise controls any such Collateral for the benefit of
      the
      Agents, the Lenders and the Bank Product Providers as secured party. Should
      the
      Administrative Agent or any Lender obtain possession or control of any such
      Collateral, the Administrative Agent or such Lender shall notify the Collateral
      Agent thereof, and, promptly upon the Collateral Agent's request therefor shall
      deliver such Collateral to the Collateral Agent or in accordance with the
      Collateral Agent's instructions. In addition, the Collateral Agent shall also
      have the power and authority hereunder to appoint such other sub-agents as
      may
      be necessary or required under applicable state or provincial law or otherwise
      to perform its duties and enforce its rights with respect to the Collateral
      and
      under the Loan Documents. Each
      Loan
      Party by its execution and delivery of this Agreement hereby consents to the
      foregoing.

     

    
      
        
        

      

      
        -97-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

     

    GUARANTY

     

    Section
      11.01 Guaranty .
      (a)
      Each Guarantor hereby jointly and severally and unconditionally and irrevocably
      guarantees the punctual payment when due, whether at stated maturity, by
      acceleration or otherwise, of all Obligations of the Borrower, now or hereafter
      existing under any Loan Document, whether for principal, interest (including,
      without limitation, all interest that accrues after the commencement of any
      Insolvency Proceeding of the Borrower, whether or not a claim for post-filing
      interest is allowed in such Insolvency Proceeding), Letter of Credit
      Obligations, fees, commissions, expense reimbursements, indemnifications or
      otherwise (such obligations, to the extent not paid by the Borrower, being
      the "Guaranteed
      Obligations"),
      and
      agrees to pay any and all expenses (including reasonable counsel fees and
      expenses) incurred by the Agents, the Lenders and the L/C Issuer in
      enforcing any rights under the guaranty set forth in this 0.
      Without
      limiting the generality of the foregoing, each Guarantor's liability shall
      extend to all amounts that constitute part of the Guaranteed Obligations and
      would be owed by the Borrower to the Agents, the Lenders and the L/C Issuer
      under any Loan Document but for the fact that they are unenforceable or not
      allowable due to the existence of an Insolvency Proceeding involving
the
      Borrower. 

     

    (b) In
      addition to the guaranty specified in Section 11.01(a) above, each Guarantor
      agrees to indemnify and save the Agents, the Lenders and the L/C Issuer harmless
      from and against all costs, losses, expenses and damages it may suffer as a
      result or consequence of, the Borrower's default in the performance of any
      of
      the Guaranteed Obligations, or any ability by the Agents, the Lenders or the
      L/C
      Issuer to recover the ultimate balance due or remaining unpaid to such party
      in
      respect of the Guaranteed Obligations, including, without limitation, legal
      fees
      incurred by or on behalf of the Agents, the Lenders or the L/C Issuer resulting
      from any action instituted on the basis of this 0.

     

    Section
      11.02 Guaranty
      Absolute .
      Each
      Guarantor jointly and severally guarantees that the Guaranteed Obligations
      will
      be paid strictly in accordance with the terms of the Loan Documents, regardless
      of any law, regulation or order now or hereafter in effect in any jurisdiction
      affecting any of such terms or the rights of the Agents, the Lenders or the
      L/C Issuer with respect thereto. Each Guarantor agrees that this
0
      constitutes a guaranty of payment when due and not of collection and waives
      any
      right to require that any resort be made by any Agent or any Lender to any
      Collateral. The obligations of each Guarantor under this 0
      are
      independent of the Guaranteed Obligations and a separate action or actions
      may
      be brought and prosecuted against each Guarantor to enforce such obligations,
      irrespective of whether any action is brought against any Loan Party or whether
      any Loan Party is joined in any such action or actions. The liability of each
      Guarantor under this 0
      shall be
      irrevocable, absolute and unconditional irrespective of, and each Guarantor
      hereby irrevocably waives any defenses it may now or hereafter have in any
      way
      relating to, any or all of the following:

     

    
      
        
        

      

      
        -98-

        
          

        

      

      
        
        

      

    

     

    (a) any
      lack
      of validity or enforceability of any Loan Document or any agreement or
      instrument relating thereto;

     

    (b) any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the Guaranteed Obligations, or any other amendment or waiver of or
      any
      consent to departure from any Loan Document, including, without limitation,
      any
      increase in the Guaranteed Obligations resulting from the extension of
      additional credit to any Loan Party or otherwise;

     

    (c) any
      taking, exchange, release or non-perfection of any Collateral, or any taking,
      release or amendment or waiver of or consent to departure from any other
      guaranty, for all or any of the Guaranteed Obligations;

     

    (d) the
      existence of any claim, set-off, defense or other right that any Guarantor
      may
      have at any time against any Person, including, without limitation, any Agent,
      any Lender or the L/C Issuer;

     

    (e) any
      change, restructuring or termination of the corporate, limited liability company
      or partnership structure or existence of any Loan Party; or

     

    (f) any
      other
      circumstance (including, without limitation, any statute of limitations) or
      any
      existence of or reliance on any representation by the Agents, the Lenders or
      the
      L/C Issuer that might otherwise constitute a defense available to, or a
      discharge of, any Loan Party or any other guarantor or surety.

     

    This
      0
      shall
      continue to be effective or be reinstated, as the case may be, if at any time
      any payment of any of the Guaranteed Obligations is rescinded or must otherwise
      be returned by the Agents, the Lenders, the L/C Issuer or any other Person
      upon
      the insolvency, bankruptcy or reorganization of the Borrower or otherwise,
      all
      as though such payment had not been made.

     

    Section
      11.03 Waiver .
      Each
      Guarantor hereby waives (i) promptness and diligence, (ii) notice of
      acceptance and any other notice with respect to any of the Guaranteed
      Obligations and this 0
      and any
      requirement that the Agents, the Lenders or the L/C Issuer exhaust any
      right or take any action against any Loan Party or any other Person or any
      Collateral, (iii) any right to compel or direct any Agent, any Lender or
      the L/C Issuer to seek payment or recovery of any amounts owed under this
0
      from any
      one particular fund or source or to exhaust any right or take any action against
      any other Loan Party, any other Person or any Collateral, (iv) any requirement
      that any Agent, any Lender or the L/C Issuer protect, secure, perfect or insure
      any security interest or Lien on any property subject thereto or exhaust any
      right to take any action against any Loan Party, any other Person or any
      Collateral, and (v) any other defense available to any Guarantor. Each Guarantor
      agrees that the Agents, the Lenders and the L/C Issuer shall have no obligation
      to marshal any assets in favor of any Guarantor or against, or in payment of,
      any or all of the Obligations. Each Guarantor acknowledges that it will receive
      direct and indirect benefits from the financing arrangements contemplated herein
      and that the waiver set forth in this 0
      is
      knowingly made in contemplation of such benefits. Each Guarantor hereby waives
      any right to revoke this 0,
      and
      acknowledges that this 0
      is
      continuing in nature and applies to all Guaranteed Obligations, whether existing
      now or in the future.

     

    
      
        
        

      

      
        -99-

        
          

        

      

      
        
        

      

    

     

    Section
      11.04 Continuing
      Guaranty; Assignments .
      This
0
      is a
      continuing guaranty and shall (a) remain in full force and effect until the
      later of the cash payment in full of the Guaranteed Obligations (other than
      indemnification obligations as to which no claim has been made) and all other
      amounts payable under this 0
      and the
      Final Maturity Date, (b) be binding upon each Guarantor, its successors and
      assigns and (c) inure to the benefit of and be enforceable by the Agents, the
      Lenders and the L/C Issuer and their successors, pledgees, transferees and
      assigns. Without limiting the generality of the foregoing clause (c), any
      Lender may pledge, assign or otherwise transfer all or any portion of its rights
      and obligations under this Agreement (including, without limitation, all or
      any
      portion of its Commitments, its Loans,
      the
      Reimbursement Obligations and the Letter of Credit Obligations owing to
      it)
      to any
      other Person, and such other Person shall thereupon become vested with all
      the
      benefits in respect thereof granted such Lender herein or otherwise, in each
      case as provided in 0.

     

    Section
      11.05 Subrogation .
      No
      Guarantor will exercise any rights that it may now or hereafter acquire against
      any Loan Party or any other guarantor that arise from the existence, payment,
      performance or enforcement of such Guarantor's obligations under this
0,
      including, without limitation, any right of subrogation, reimbursement,
      exoneration, contribution or indemnification and any right to participate in
      any
      claim or remedy of the Agents, the Lenders and the L/C Issuer against any Loan
      Party or any other guarantor or any Collateral, whether or not such claim,
      remedy or right arises in equity or under contract, statute or common law,
      including, without limitation, the right to take or receive from any Loan Party
      or any other guarantor, directly or indirectly, in cash or other property or
      by
      set-off or in any other manner, payment or security solely on account of such
      claim, remedy or right, unless and until all of the Guaranteed Obligations,
      and
      all other amounts payable under this 0
      shall
      have been paid in full in cash and the Final Maturity Date shall have occurred.
      If any amount shall be paid to any Guarantor in violation of the immediately
      preceding sentence at any time prior to the later of the payment in full in
      cash
      of the Guaranteed Obligations, and all other amounts payable under this
0
      and the
      Final Maturity Date, such amount shall be held in trust for the benefit of
      the
      Agents, the Lenders and the L/C Issuer and shall forthwith be paid to the
      Agents, the Lenders and the L/C Issuer to be credited and applied to the
      Guaranteed Obligations, and all other amounts payable under this 0,
      whether
      matured or unmatured, in accordance with the terms of this Agreement, or to
      be
      held as Collateral for any Guaranteed Obligations, or other amounts payable
      under this 0
      thereafter arising. If (i) any Guarantor shall make payment to the Agents,
      the Lenders and the L/C Issuer of all or any part of the Guaranteed Obligations,
      (ii) all of the Guaranteed Obligations, and all other amounts payable under
      this 0
      shall be
      paid in full in cash and (iii) the Final Maturity Date shall have occurred,
      the Agents, the Lenders and the L/C Issuer will, at such Guarantor's request
      and
      expense, execute and deliver to such Guarantor appropriate documents, without
      recourse and without representation or warranty, necessary to evidence the
      transfer by subrogation to such Guarantor of an interest in the Guaranteed
      Obligations, resulting from such payment by such Guarantor.
      Subject
      to the provisions contained in this Section 11.05, each Guarantor hereby agrees
      that to the extent that a Guarantor shall have paid more than its proportionate
      share of payment made under this 0,
      the
      provisions of the Contribution Agreement shall apply.

     

    
      
        
        

      

      
        -100-

        
          

        

      

      
        
        

      

    

     

    Section
      11.06 Maximum
      Liability .
      The
      provisions of under this ARTICLE XI are severable, and in any action or
      proceeding involving any state or provincial corporate law, or any state,
      federal or foreign bankruptcy, insolvency, reorganization or other law affecting
      the rights of creditors generally, if the obligations of any Guarantor under
      this ARTICLE XI would otherwise be held or determined to be avoidable, invalid
      or unenforceable on account of the amount of such Guarantor's liability under
      this ARTICLE XI, then, notwithstanding any other provision of this ARTICLE
      XI to
      the contrary, the amount of such liability shall, without any further action
      by
      the Guarantors or the Lenders, be automatically limited and reduced to the
      highest amount that is valid and enforceable as determined in such action or
      proceeding (such highest amount determined hereunder being the relevant
      Guarantor's "Maximum
      Liability").
      This
      Section 11.06 with respect to the Maximum Liability of each Guarantor is
      intended solely to preserve the rights of the Lenders to the maximum extent
      not
      subject to avoidance under applicable law, and no Guarantor nor any other person
      or entity shall have any right or claim under this Section with respect to
      such
      Maximum Liability, except to the extent necessary so that the obligations of
      any
      Guarantor hereunder shall not be rendered voidable under applicable law. Each
      Guarantor agrees that the Guaranteed Obligations may at any time and from time
      to time exceed the Maximum Liability of each Guarantor without impairing this
      ARTICLE XI or affecting the rights and remedies of the Lenders hereunder,
      provided that, nothing in this sentence shall be construed to increase any
      Guarantor's obligations hereunder beyond its Maximum Liability.

     

    ARTICLE
      XII

     

    MISCELLANEOUS

     

    Section
      12.01 Notices,
      Etc.
      All
      notices and other communications provided for hereunder shall be in writing
      and
      shall be mailed, telecopied or delivered, if to any Loan Party, at the following
      address:

     

    c/o
      MDC
      Partners Inc.

    950
      Third
      Avenue, 5th
      Floor

    New
      York,
      New York 10022

    Attention:
      Chief Financial Officer

    Telephone:
      (646) 429-1818

    Telecopier:
      (212) 937-4365

     

    with
      a
      copy to:

     

    Simpson
      Thacher & Bartlett LLP

    425
      Lexington Avenue

    New
      York,
      New York 10017

    Attention:
      Frank Huck, Esq.

    Telephone:
      (212) 455-7025

    Telecopier:
      (212) 455-2502

     

    
      
        
        

      

      
        -101-

        
          

        

      

      
        
        

      

    

     

    if
      to the
      Administrative Agent,
      to
      it at the following address:

     

    Wells
      Fargo Foothill, Inc.

    One
      Boston Place, 18th Floor

    Boston,
      MA  02108

    Attention:
      Business Finance Manager

    Telephone:
      (617) 624-4400

    Telecopier:
      (617) 523-3077

     

    with
      a
      copy to:

     

    Goldberg,
      Kohn, Bell, Black, Rosenbloom & Moritz, Ltd. 

    55
      East
      Monroe Street, Suite 3300

    Chicago,
      Illinois 60603

    Attention:
      Keith G. Radner, Esq.

    Telephone:
      (312) 201-3945

    Telecopier:
      (312) 863-7445

     

    if
      to the
      Collateral Agent, to it at the following address:

     

    Fortress
      Credit Corp.

    1345
      Avenue of the Americas, 46th Floor

    New
      York,
      New York 10105

    Attention:
      Glenn
      P.
      Cummins

    Telephone:
      (212)
      798-6052

    Telecopier:
      (646)
      224-8716

     

    in
      each
      case, with a copy to:

     

    Schulte
      Roth & Zabel LLP

    919
      Third
      Avenue

    New
      York,
      New York 10022

    Attention:
      Eliot
      L.
      Relles, Esq.

    Telephone:
      212-756-2000

    Telecopier:
      212-593-5955

     

    or,
      as to
      each party, at such other address as shall be designated by such party in a
      written notice to the other parties complying as to delivery with the terms
      of
      this 0.
      All
      such notices and other communications shall be effective, (i) if mailed, when
      received or three days after deposited in the mails, whichever occurs first,
      (ii) if telecopied, when transmitted and confirmation received, or (iii) if
      delivered, upon delivery, except that notices to any Agent or the
      L/C Issuer pursuant to 0
      and
0
      shall
      not be effective until received by such Agent or the L/C Issuer, as the
      case may be.

     

    
      
        
        

      

      
        -102-

        
          

        

      

      
        
        

      

    

     

    Section
      12.02 Amendments,
      Etc.
      (a) No
      amendment or waiver of any provision of this Agreement or any other Loan
      Document, and no consent to any departure by any Loan Party therefrom, shall
      in
      any event be effective unless the same shall be in writing and signed by the
      Required Lenders or by the Collateral Agent with the consent of the Required
      Lenders, and then such waiver or consent shall be effective only in the specific
      instance and for the specific purpose for which given, provided,
      however,
      that no
      amendment, waiver or consent shall (i) increase the Commitment of any
      Lender, reduce the principal of, or interest on, the Loans or the Reimbursement
      Obligations payable to any Lender, reduce the amount of any fee payable for
      the
      account of any Lender, or postpone or extend the Final Maturity Date or any
      date
      fixed for any payment of principal of, or interest or fees on, the Loans or
      Letter of Credit Obligations payable to any Lender, in each case without the
      written consent of any Lender affected thereby, (ii) increase the Total
      Commitment without the written consent of each Lender, (iii) change the
      percentage of the Commitments or of the aggregate unpaid principal amount of
      the
      Loans that is required for the Lenders or any of them to take any action
      hereunder without the written consent of each Lender, (iv) amend the definition
      of "Required Lenders," or "Pro Rata Share" without the written consent of each
      Lender, (v) release all or a substantial portion of the Collateral (except
      as otherwise provided in this Agreement and the other Loan Documents),
      subordinate any Lien granted in favor of the Collateral Agent for the benefit
      of
      the Agents, the Lenders and the Bank Product Providers, or release the Borrower
      or any Guarantor, in each case, without the written consent of each Lender,
      or
      (vi) amend, modify or waive Section 2.05(b)(i), Section 2.05(d),
0
      or this
0
      of this
      Agreement, in each case, without the written consent of each Lender.
      Notwithstanding the foregoing, no amendment, waiver or consent shall, unless
      in
      writing and signed by an Agent, affect the rights or duties of such Agent (but
      not in its capacity as a Lender) under this Agreement or the other Loan
      Documents.

     

    (b) If,
      in
      connection with any proposed amendment, waiver, discharge, termination or
      consent, the consent of Fortress and its Related Funds is obtained, but the
      consent of other necessary Lenders is not obtained (any such Lender whose
      consent is necessary but not obtained being referred to herein as a
“Non-Consenting
      Lender”),
      then
      the Borrower may elect to replace a Non-Consenting Lender as a Lender party
      to
      this Agreement, provided that,
      concurrently with such replacement, (i) another bank or other entity which
      is
      reasonably satisfactory to the Borrower and the Collateral Agent shall agree,
      as
      of such date, to purchase for cash the Loans and other Obligations due to the
      Non-Consenting Lender pursuant to an Assignment and Assumption and to become
      a
      Lender for all purposes under this Agreement and to assume all obligations
      of
      the Non-Consenting Lender to be terminated as of such date and to comply with
      the requirements of Section 12.07(b), and (ii) the Borrower shall pay to such
      Non-Consenting Lender in same day funds on the day of such replacement (1)
      all
      interest, fees and other amounts then accrued but unpaid to such Non-Consenting
      Lender by the Borrower hereunder to and including the date of termination,
      and
      (2) an amount, if any, equal to the payment which would have been due to
      such Lender on the day of such replacement under Section 2.10 had the Loans
      of
      such Non-Consenting Lender been prepaid on such date rather than sold to the
      replacement Lender plus the Applicable Prepayment Premium (if any).

     

    Section
      12.03 No
      Waiver; Remedies, Etc.
      No
      failure on the part of any Agent or any Lender to exercise, and no delay in
      exercising, any right hereunder or under any other Loan Document shall operate
      as a waiver thereof; nor shall any single or partial exercise of any right
      under
      any Loan Document preclude any other or further exercise thereof or the exercise
      of any other right. The rights and remedies of the Agents and the Lenders
      provided herein and in the other Loan Documents are cumulative and are in
      addition to, and not exclusive of, any rights or remedies provided by law.
      The
      rights of the Agents and the Lenders under any Loan Document against any party
      thereto are not conditional or contingent on any attempt by the Agents and
      the
      Lenders to exercise any of their rights under any other Loan Document against
      such party or against any other Person.

     

    
      
        
        

      

      
        -103-

        
          

        

      

      
        
        

      

    

     

    Section
      12.04 Expenses;
      Taxes; Attorneys' Fees .
      The
      Borrower will pay on demand, all reasonable costs and expenses incurred by
      or on
      behalf of each Agent (and, in the case of clauses (b) through (m) below, each
      Lender), regardless of whether the transactions contemplated hereby are
      consummated, including, without limitation, reasonable fees, costs, client
      charges and expenses of counsel for each Agent (and, in the case of clauses
      (b)
      through (m) below, each Lender), accounting, due diligence, periodic field
      audits, physical counts, valuations, investigations, searches and filings,
      monitoring of assets, appraisals of Collateral, title searches and reviewing
      environmental assessments, miscellaneous disbursements, examination, travel,
      lodging and meals, arising from or relating to: (a) the negotiation,
      preparation, execution, delivery, performance and administration of this
      Agreement and the other Loan Documents (including, without limitation, the
      preparation of any additional Loan Documents pursuant to 0
      or the
      review of any of the agreements, instruments and documents referred to in
0),
      (b) any requested amendments, waivers or consents to this Agreement or the
      other Loan Documents whether or not such documents become effective or are
      given, (c) the preservation and protection of any of the Lenders' rights
      under this Agreement or the other Loan Documents, (d) the defense of any claim
      or action asserted or brought against any Agent or any Lender by any Person
      that
      arises from or relates to this Agreement, any other Loan Document, the Agents'
      or the Lenders' claims against any Loan Party, or any and all matters in
      connection therewith, (e) the commencement or defense of, or intervention in,
      any court proceeding arising from or related to this Agreement or any other
      Loan
      Document, (f) the filing of any petition, complaint, answer, motion or
      other pleading by any Agent or any Lender, or the taking of any action in
      respect of the Collateral or other security, in connection with this Agreement
      or any other Loan Document, (g) the protection, collection, lease, sale, taking
      possession of or liquidation of, any Collateral or other security in connection
      with this Agreement or any other Loan Document, (h) any attempt to enforce
      any
      Lien or security interest in any Collateral or other security in connection
      with
      this Agreement or any other Loan Document, (i) any attempt to collect from
      any
      Loan Party, (j) all liabilities and costs arising from or in connection with
      the
      past, present or future operations of any Loan Party involving any damage to
      real or personal property or natural resources or harm or injury alleged to
      have
      resulted from any Release of Hazardous Materials on, upon or into such property,
      (k) any Environmental Liabilities and Costs incurred in connection with the
      investigation, removal, cleanup and/or remediation of any Hazardous Materials
      present or arising out of the operations of any facility of any Loan Party,
      (l)
      any Environmental Liabilities and Costs incurred in connection with any
      Environmental Lien, or (m) the receipt by any Agent or any Lender of any advice
      from professionals with respect to any of the foregoing. Without limitation
      of
      the foregoing or any other provision of any Loan Document: (x) the Borrower
      agrees to pay all stamp, document, transfer, recording or filing taxes or fees
      and similar impositions now or hereafter determined by any Agent or any Lender
      to be payable in connection with this Agreement or any other Loan Document,
      and
      the Borrower agree to save each Agent and each Lender harmless from and against
      any and all present or future claims, liabilities or losses with respect to
      or
      resulting from any omission to pay or delay in paying any such taxes, fees
      or
      impositions, (y) the Borrower agrees to pay all broker fees for its brokers
      that
      may become due in connection with the transactions contemplated by this
      Agreement and the other Loan Documents, and (z) if the Borrower fails to perform
      any covenant or agreement contained herein or in any other Loan Document, any
      Agent may itself perform or cause performance of such covenant or agreement,
      and
      the expenses of such Agent incurred in connection therewith shall be reimbursed
      on demand by the Borrower.

     

    
      
        
        

      

      
        -104-

        
          

        

      

      
        
        

      

    

     

    Section
      12.05 Right
      of Set-off .
      Upon
      the
      occurrence and during the continuance of any Event of Default, any Agent or
      any
      Lender may, and is hereby authorized to, at any time and from time to time,
      without notice to any Loan Party (any such notice being expressly waived by
      the
      Loan Parties) and to the fullest extent permitted by law, set off and apply
      any
      and all deposits (general or special, time or demand, provisional or final)
      at
      any time held and other Indebtedness at any time owing by such Agent or such
      Lender to or for the credit or the account of any Loan Party against any and
      all
      obligations of the Loan Parties either now or hereafter existing under any
      Loan
      Document, irrespective of whether or not such Agent or such Lender shall have
      made any demand hereunder or thereunder and although such obligations may be
      contingent or unmatured. Each Agent and each Lender agrees to notify such Loan
      Party promptly after any such set-off and application made by such Agent or
      such
      Lender provided that the failure to give such notice shall not affect the
      validity of such set-off and application. The rights of the Agents and the
      Lenders under this 0
      are in
      addition to the other rights and remedies (including other rights of set-off)
      which the Agents and the Lenders may have under this Agreement or any other
      Loan
      Documents of law or otherwise.

     

    Section
      12.06 Severability .
      Any
      provision of this Agreement which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining portions
      hereof or affecting the validity or enforceability of such provision in any
      other jurisdiction.

     

    Section
      12.07 Assignments
      and Participations.

     

    (a) This
      Agreement and the other Loan Documents shall be binding upon and inure to the
      benefit of each Loan Party and each Agent and each Lender and their respective
      successors and assigns; provided,
      however,
      that
      none of the Loan Parties may assign or transfer any of its rights hereunder
      or
      under the other Loan Documents without the prior written consent of each Lender
      and any such assignment without the Lenders' prior written consent shall be
      null
      and void.

     

    
      
        
        

      

      
        -105-

        
          

        

      

      
        
        

      

    

     

    (b) Each
      Lender may (x) with the written consent of the Collateral Agent (which such
      consent shall not be unreasonably withheld or delayed), assign to one or more
      other lenders or other entities all or a portion of its rights and obligations
      under this Agreement with respect to all or a portion of its Term Loan
      Commitment and any Term Loan made by it, and (y) with the written consent
      of the Administrative Agent (which such consent shall not be unreasonably
      withheld or delayed), assign to one or more other lenders or other entities
      all
      or a portion of its rights and obligations under this Agreement with respect
      to
      all or a portion of its Revolving Credit Commitment and the Revolving Loans
      made
      by it; provided,
      however,
      that
      (i) such assignment is in an amount which is at least $5,000,000 or a
      multiple of $1,000,000 in excess thereof (or the remainder of such Lender's
      Commitment) (except such minimum amount shall not apply to an assignment by
      a
      Lender to (x) a Lender, an Affiliate of such Lender or a Related Fund of
      such Lender or (y) a group of new Lenders, each of whom is an Affiliate or
      Related Fund of each other to the extent the aggregate amount to be assigned
      to
      all such new Lenders is at least $5,000,000 or a multiple of $1,000,000 in
      excess thereof), (ii) except as provided in the second to the last sentence
      of this 0,
      the
      parties to each such assignment shall (x) execute and deliver to the Collateral
      Agent (and the Administrative Agent, if applicable), for its acceptance, an
      Assignment and Acceptance, together with any promissory note subject to such
      assignment and such parties shall deliver to the Collateral Agent, for the
      benefit of the Collateral Agent (or the Administrative Agent, in the case of
      an
      assignment of any Revolving Credit Commitment and Revolving Loans), a processing
      and recordation fee of $5,000 (except the payment of such fee shall not be
      required in connection with an assignment by a Lender to a Lender, an Affiliate
      of such Lender or a Related Fund of such Lender) and (y) deliver to the Borrower
      an executed copy of such Assignment and Acceptance and (iii) no written
      consent of the Collateral Agent or the Administrative Agent and no notice to
      the
      Borrower shall be required (1) in connection with any assignment by a
      Lender to a Lender, an Affiliate of such Lender or a Related Fund of such Lender
      or (2) if such assignment is in connection with any merger, consolidation,
      sale, transfer, or other disposition of all or any substantial portion of the
      business or loan portfolio of such Lender. Upon such execution, delivery and
      acceptance, from and after the effective date specified in each Assignment
      and
      Acceptance, which effective date shall be at least 3 Business Days after
      the delivery thereof to the Administrative Agent or, in the case of an
      assignment of any Term Loan Commitment or Term Loan, the Collateral Agent (or
      such shorter period as shall be agreed to by the Administrative Agent, or the
      Collateral Agent, as applicable, and the parties to such assignment),
      (A) the assignee thereunder shall become a "Lender" hereunder and, in
      addition to the rights and obligations hereunder held by it immediately prior
      to
      such effective date, have the rights and obligations hereunder that have been
      assigned to it pursuant to such Assignment and Acceptance and (B) the
      assigning Lender thereunder shall, to the extent that rights and obligations
      hereunder have been assigned by it pursuant to such Assignment and Acceptance,
      relinquish its rights and be released from its obligations under this Agreement
      (and, in the case of an Assignment and Acceptance covering all or the remaining
      portion of an assigning Lender's rights and obligations under this Agreement,
      such Lender shall cease to be a party hereto). Notwithstanding anything to
      the
      contrary contained in this 0,
      a
      Lender may assign any or all of its rights under the Loan Documents to an
      Affiliate of such Lender or a Related Fund of such Lender without delivering
      an
      Assignment and Acceptance to the Agents or to any other Person (a "Related
      Party Assignment");
      provided,
      however,
      that
      (I) the Borrower and the Administrative Agent (and the Collateral Agent, as
      applicable) may continue to deal solely and directly with such assigning Lender
      until an Assignment and Acceptance has been delivered to the Administrative
      Agent (or the Collateral Agent, as applicable) for recordation on the Register,
      (II) the Administrative Agent (and the Collateral Agent, as applicable) may
      continue to deal solely and directly with such assigning Lender until receipt
      by
      the Administrative Agent (or the Collateral Agent, as applicable) of a copy
      of
      the fully executed Assignment and Acceptance pursuant to Section 12.07(e),
      (III) the failure of such assigning Lender to deliver an Assignment and
      Acceptance to the Agents shall not affect the legality, validity, or binding
      effect of such assignment, and (IV) an Assignment and Acceptance between
      the assigning Lender and an Affiliate of such Lender or a Related Fund of such
      Lender shall be effective as of the date specified in such Assignment and
      Acceptance and recorded on the Related Party Register (as defined
      below).
      Each
      Lender, who makes an assignment or sale pursuant to the foregoing sentence
      where
      the Assignment and Acceptance is not delivered to Administrative Agent (or
      the
      Collateral Agent, as applicable), shall indemnify and agree to hold Agents,
      the
      Borrower and the other Lenders harmless from and against any United States
      federal withholding tax that would not have been imposed but for (i) the failure
      of the Affiliate or the Related Fund that received such assignment to comply
      with this Agreement or (ii) the failure of such Lender to withhold such tax
      at
      the proper rate in the event such Affiliate or Related Fund does not comply
      with
      this Agreement (or complies with this Agreement but delivers forms indicating
      it
      is entitled to a reduced rate of such tax).

     

    
      
        
        

      

      
        -106-

        
          

        

      

      
        
        

      

    

     

    (c) By
      executing and delivering an Assignment and Acceptance, the assigning Lender
      and
      the assignee thereunder confirm to and agree with each other and the other
      parties hereto as follows: (i) other than as provided in such Assignment
      and Acceptance, the assigning Lender makes no representation or warranty and
      assumes no responsibility with respect to any statements, warranties or
      representations made in or in connection with this Agreement or any other Loan
      Document or the execution, legality, validity, enforceability, genuineness,
      sufficiency or value of this Agreement or any other Loan Document furnished
      pursuant hereto; (ii) the assigning Lender makes no representation or
      warranty and assumes no responsibility with respect to the financial condition
      of any Loan Party or any of its Subsidiaries or the performance or observance
      by
      any Loan Party of any of its obligations under this Agreement or any other
      Loan
      Document furnished pursuant hereto; (iii) such assignee confirms that it
      has received a copy of this Agreement and the other Loan Documents, together
      with such other documents and information it has deemed appropriate to make
      its
      own credit analysis and decision to enter into such Assignment and Acceptance;
      (iv) such assignee will, independently and without reliance upon the
      assigning Lender, any Agent or any Lender and based on such documents and
      information as it shall deem appropriate at the time, continue to make its
      own
      credit decisions in taking or not taking action under this Agreement and the
      other Loan Documents; (v) such assignee appoints and authorizes the Agents
      to take such action as agents on its behalf and to exercise such powers under
      this Agreement and the other Loan Documents as are delegated to the Agents
      by
      the terms hereof and thereof, together with such powers as are reasonably
      incidental hereto and thereto; and (vi) such assignee agrees that it will
      perform in accordance with their terms all of the obligations which by the
      terms
      of this Agreement and the other Loan Documents are required to be performed
      by
      it as a Lender.

     

    (d) The
      Administrative Agent (and with respect to the Term Loans, the Collateral Agent)
      shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,
      maintain, or cause to be maintained at the Payment Office, a copy of each
      Assignment and Acceptance delivered to and accepted by it and a register (the
      "Register")
      for
      the recordation of the names and addresses of the Lenders and the Commitments
      of, and the principal amount of the Loans (and stated interest thereon) (the
      "Registered
      Loans")
      and
      Letter of Credit Obligations owing to each Lender from time to time. The entries
      in the Register shall be conclusive and binding for all purposes, absent
      manifest error, and the Borrower, the Agents and the Lenders may treat each
      Person whose name is recorded in the Register as a Lender hereunder for all
      purposes of this Agreement. The Register shall be available for inspection
      by
      the Borrower and any Lender at any reasonable time and from time to time upon
      reasonable prior notice. In the case of an assignment pursuant to the last
      sentence of 0
      as to
      which an Assignment and Acceptance is not delivered to the Administrative Agent
      or the Collateral Agent, as applicable, the assigning Lender shall, acting
      solely for this purpose as a non-fiduciary agent of the Borrower, maintain
      a
      register (the "Related
      Party Register")
      comparable to the Register on behalf of the Borrower.
      The
      Related Party Register shall be available for inspection by the Borrower and
      any
      Lender at any reasonable time and from time to time upon reasonable prior
      notice.

     

    
      
        
        

      

      
        -107-

        
          

        

      

      
        
        

      

    

     

    (e) Upon
      receipt by the Administrative Agent or the Collateral Agent, as applicable,
      of a
      completed Assignment and Acceptance, and subject to any consent required from
      the Administrative Agent or the Collateral Agent pursuant to 0
      (which
      consent of the Collateral Agent or the Administrative Agent, as applicable,
      must
      be evidenced by the Collateral Agent's or the Administrative Agent's, as
      applicable, execution of an acceptance to such Assignment and Acceptance),
      the
      Administrative Agent or the Collateral Agent, as applicable, shall accept such
      assignment, record the information contained therein in the Register and provide
      to the Collateral Agent a copy of the fully executed Assignment and
      Acceptance.

     

    (f) A
      Registered Loan (and the registered note, if any, evidencing the same) may
      be
      assigned or sold in whole or in part only by registration of such assignment
      or
      sale on the Register or the Related Party Register (and each registered note
      shall expressly so provide). Any assignment or sale of all or part of such
      Registered Loan (and the registered note, if any, evidencing the same) may
      be
      effected only by registration of such assignment or sale on the Register or
      the
      Related Party Register, together with the surrender of the registered note,
      if
      any, evidencing the same duly endorsed by (or accompanied by a written
      instrument of assignment or sale duly executed by) the holder of such registered
      note, whereupon, at the request of the designated assignee(s) or transferee(s),
      one or more new registered notes in the same aggregate principal amount shall
      be
      issued to the designated assignee(s) or transferee(s). Prior to the registration
      of assignment or sale of any Registered Loan (and the registered note, if any,
      evidencing the same), the Agents shall treat the Person in whose name such
      Registered Loan (and the registered note, if any, evidencing the same) is
      registered on the Register as the owner thereof for the purpose of receiving
      all
      payments thereon, notwithstanding notice to the contrary.

     

    (g) In
      the
      event that any Lender sells participations in a Registered Loan, such Lender
      shall, acting for this purpose as a non-fiduciary agent of the Borrower,
      maintain a register on which it enters the name of all participants in the
      Registered Loans held by it and the principal amount (and stated interest
      thereon) of the portion of the Registered Loan that is the subject of the
      participation (the "Participant
      Register").
      A
      Registered Loan (and the registered note, if any, evidencing the same) may
      be
      participated in whole or in part only by registration of such participation
      on
      the Participant Register (and each registered note shall expressly so provide).
      Any participation of such Registered Loan (and the registered note, if any,
      evidencing the same) may be effected only by the registration of such
      participation on the Participant Register. The
      Participant Register shall be available for inspection by the Borrower and
      any
      Lender at any reasonable time and from time to time upon reasonable prior
      notice.

     

    (h) Any
      Non-U.S. Lender who purchases or is assigned or participates in any portion
      of
      such Registered Loan shall comply with 0.
      Any
      Lender may at any time pledge or assign a security interest in all or any
      portion of its rights under this Agreement (including under its promissory
      notes
      related thereto, if any) to secure obligations of such Lender in connection
      with
      any financing obtained by such Lender, including any pledge or assignment to
      secure obligations to a Federal Reserve Bank; provided that no such pledge
      or
      assignment shall release a Lender from any of its obligations hereunder or
      substitute any such pledgee or assignee for such Lender as a party
      hereto.

     

    
      
        
        

      

      
        -108-

        
          

        

      

      
        
        

      

    

     

    (i) Each
      Lender may sell participations to one or more banks or other entities in or
      to
      all or a portion of its rights and obligations under this Agreement and the
      other Loan Documents (including, without limitation, all or a portion of its
      Commitments, the Loans made by it and its Pro Rata Share of the Letter of Credit
      Obligations); provided, that (i) such Lender's obligations under this Agreement
      (including without limitation, its Commitments hereunder) and the other Loan
      Documents shall remain unchanged; (ii) such Lender shall remain solely
      responsible to the other parties hereto for the performance of such obligations,
      and the Borrower, the Agents and the other Lenders shall continue to deal solely
      and directly with such Lender in connection with such Lender's rights and
      obligations under this Agreement and the other Loan Documents; and (iii) a
      participant shall not be entitled to require such Lender to take or omit to
      take
      any action hereunder except (A) action directly effecting an extension of the
      maturity dates or decrease in the principal amount of the Loans or Letter of
      Credit Obligations, (B) action directly effecting an extension of the due
      dates or a decrease in the rate of interest payable on the Loans or the fees
      payable under this Agreement, or (C) actions directly effecting a release of
      all
      or a substantial portion of the Collateral or any Loan Party (except as set
      forth in 0
      of this
      Agreement or any other Loan Document). The Loan Parties agree that each
      participant shall be entitled to the benefits of v)
      and
1)a)xi)
      of this
      Agreement with respect to its participation in any portion of the Commitments
      and the Loans as if it was a Lender.

     

    Section
      12.08 Counterparts .
      This
      Agreement may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which shall be deemed to be an
      original, but all of which taken together shall constitute one and the same
      agreement.
      Delivery
      of an executed counterpart of this Agreement by telecopier shall be equally
      as
      effective as delivery of an original executed counterpart of this Agreement.
      Any
      party delivering an executed counterpart of this Agreement by telecopier also
      shall deliver an original executed counterpart of this Agreement but the failure
      to deliver an original executed counterpart shall not affect the validity,
      enforceability, and binding effect of this Agreement. The foregoing shall apply
      to each other Loan Document mutatis
      mutandis.

     

    Section
      12.09 GOVERNING
      LAW .
      THIS
      AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE
      CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT) SHALL
      BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
      YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW
      YORK.

     

    Section
      12.10 CONSENT
      TO JURISDICTION; SERVICE OF PROCESS AND VENUE .
      ANY
      LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN
      DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY
      OF
      NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
      NEW
      YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO HEREBY
      IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
      THE JURISDICTION OF THE AFORESAID COURTS.
      EACH
      PARTY HERETO HEREBY IRREVOCABLY APPOINTS THE SECRETARY OF STATE OF THE STATE
      OF
      NEW YORK AS ITS AGENT FOR SERVICE OF PROCESS IN RESPECT OF ANY SUCH ACTION
      OR
      PROCEEDING AND FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF
      ANY
      OF THE AFOREMENTIONED COURTS AND IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING
      OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT
      ITS
      ADDRESS FOR NOTICES AS SET FORTH IN SECTION 12.01 AND TO THE SECRETARY OF STATE
      OF THE STATE OF NEW YORK, SUCH SERVICE TO BECOME EFFECTIVE TEN (10) DAYS AFTER
      SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE AGENTS AND THE
      LENDERS TO SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
      COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY LOAN PARTY IN ANY
      OTHER JURISDICTION. EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES,
      TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR
      HEREAFTER HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION
      BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
      LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY
      PARTY HERETO HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF
      ANY
      COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT
      PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT
      TO
      ITSELF OR ITS PROPERTY, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES SUCH
      IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER LOAN
      DOCUMENTS.

     

    
      
        
        

      

      
        -109-

        
          

        

      

      
        
        

      

    

     

    Section
      12.11 WAIVER
      OF JURY TRIAL, ETC.
      EACH
      PARTY HERETO HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION,
      PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE
      OTHER LOAN DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT,
      DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED
      IN
      CONNECTION THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN
      CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION, PROCEEDINGS
      OR
      COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH LOAN
      PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF ANY AGENT
      OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY AGENT OR ANY
      LENDER WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK
      TO ENFORCE THE FOREGOING WAIVERS. EACH LOAN PARTY HEREBY ACKNOWLEDGES THAT
      THIS
      PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS AND THE LENDERS ENTERING
      INTO
      THIS AGREEMENT.

     

    Section
      12.12 Consent
      by the Agents and Lenders .
      Except
      as otherwise expressly set forth herein to the contrary, if the consent,
      approval, satisfaction, determination, judgment, acceptance or similar action
      (an "Action")
      of any
      Agent or any Lender shall be permitted or required pursuant to any provision
      hereof or any provision of any other agreement to which any Loan Party is a
      party and to which any Agent or any Lender has succeeded thereto, such Action
      shall be required to be in writing and may be withheld or denied by such Agent
      or such Lender, in its sole discretion, with or without any reason, and without
      being subject to question or challenge on the grounds that such Action was
      not
      taken in good faith.

     

    
      
        
        

      

      
        -110-

        
          

        

      

      
        
        

      

    

     

    Section
      12.13 No
      Party Deemed Drafter .
      Each of
      the parties hereto agrees that no party hereto shall be deemed to be the drafter
      of this Agreement.

     

    Section
      12.14 Reinstatement;
      Certain Payments .
      If any
      claim is ever made upon any Agent, any Lender or the L/C Issuer for
      repayment or recovery of any amount or amounts received by such Agent, such
      Lender or the L/C Issuer in payment or on account of any of the
      Obligations, such Agent, such Lender or the L/C Issuer shall give prompt
      notice of such claim to each other Agent and Lender and the Borrower, and if
      such Agent, such Lender or the L/C Issuer repays all or part of such amount
      by reason of (i) any judgment, decree or order of any court or
      administrative body having jurisdiction over such Agent, such Lender or the
      L/C Issuer or any of its property, or (ii) any good faith settlement
      or compromise of any such claim effected by such Agent, such Lender or the
      L/C Issuer with any such claimant, then and in such event each Loan Party
      agrees that (A) any such judgment, decree, order, settlement or compromise
      shall
      be binding upon it notwithstanding the cancellation of any Indebtedness
      hereunder or under the other Loan Documents or the termination of this Agreement
      or the other Loan Documents, and (B) it shall be and remain liable to such
      Agent, such Lender or the L/C Issuer hereunder for the amount so repaid or
      recovered to the same extent as if such amount had never originally been
      received by such Agent, such Lender or the L/C Issuer.

     

    Section
      12.15 Indemnification .

     

    (a) General
      Indemnity.
      In
      addition to each Loan Party's other Obligations under this Agreement, each
      Loan
      Party agrees to, jointly and severally, defend, protect, indemnify and hold
      harmless each Agent, each Lender and the L/C Issuer and all of their
      respective officers, directors, employees, attorneys, consultants and agents
      (collectively called the "Indemnitees")
      from
      and against any and all losses, damages, liabilities, obligations, penalties,
      fees, reasonable costs and expenses (including, without limitation, reasonable
      attorneys' fees, costs and expenses) incurred by such Indemnitees, whether
      prior
      to or from and after the Effective Date, whether direct, indirect or
      consequential, as a result of or arising from or relating to or in connection
      with any of the following: (i) the negotiation, preparation, execution or
      performance or enforcement of this Agreement, any other Loan Document or of
      any
      other document executed in connection with the transactions contemplated by
      this
      Agreement, (ii) any Agent's or any Lender's furnishing of funds to the
      Borrower or the L/C Issuer's issuing of Letters of Credit for the account
      of the Borrower under this Agreement or the other Loan Documents, including,
      without limitation, the management of any such Loans, the Reimbursement
      Obligations or the Letter of Credit Obligations, (iii) any matter relating
      to the financing transactions contemplated by this Agreement or the other Loan
      Documents or by any document executed in connection with the transactions
      contemplated by this Agreement or the other Loan Documents, or (iv) any
      claim, litigation, investigation or proceeding relating to any of the foregoing,
      whether or not any Indemnitee is a party thereto (collectively,
      the "Indemnified
      Matters");
      provided,
      however,
      that
      the Loan Parties shall not have any obligation to any Indemnitee under this
      subsection (a) for any Indemnified Matter caused by the gross negligence or
      willful misconduct of such Indemnitee, as determined by a final judgment of
      a
      court of competent jurisdiction.

     

    
      
        
        

      

      
        -111-

        
          

        

      

      
        
        

      

    

     

    (b) The
      indemnification for all of the foregoing losses, damages, fees, costs and
      expenses of the Indemnitees are chargeable against the Loan Account. To the
      extent that the undertaking to indemnify, pay and hold harmless set forth in
      this 0
      may be
      unenforceable because it is violative of any law or public policy, each Loan
      Party shall, jointly and severally, contribute the maximum portion which it
      is
      permitted to pay and satisfy under applicable law, to the payment and
      satisfaction of all Indemnified Matters incurred by the Indemnitees. The
      indemnities set forth in this 0
      shall
      survive the repayment of the Obligations and discharge of any Liens granted
      under the Loan Documents.

     

    Section
      12.16 Records .
      The
      unpaid principal of and interest on the Loans, the interest rate or rates
      applicable to such unpaid principal and interest, the duration of such
      applicability, the Commitments, and the accrued and unpaid fees payable pursuant
      to 0
      hereof,
      including, without limitation, the accrued
      and unpaid fees payable pursuant to the
      Fee
      Letter,
      the
      Unused Line Fee, the Unused Term Loan B Fee, the Letter of Credit Fee, and
      the
      Letter of Credit Override Fee shall at all times be ascertained from the records
      of the Agents, which shall be conclusive and binding absent manifest
      error.

     

    Section
      12.17 Binding
      Effect .
      This
      Agreement shall become effective when it shall have been executed by each Loan
      Party, each Agent and each Lender and when the conditions precedent set forth
      in
0
      hereof
      have been satisfied or waived in writing by the Agents, and thereafter shall
      be
      binding upon and inure to the benefit of each Loan Party, each Agent and each
      Lender, and their respective successors and assigns, except that the Loan
      Parties shall not have the right to assign their rights hereunder or any
      interest herein without the prior written consent of each Lender, and any
      assignment by any Lender shall be governed by 0
      hereof.

     

    Section
      12.18 Interest .
      It is
      the intention of the parties hereto that each Agent and each Lender shall
      conform strictly to usury laws applicable to it. Accordingly, if the
      transactions contemplated hereby or by any other Loan Document would be usurious
      as to any Agent or any Lender under laws applicable to it (including the laws
      of
      the United States of America and the State of New York or any other jurisdiction
      whose laws may be mandatorily applicable to such Agent or such Lender
      notwithstanding the other provisions of this Agreement), then, in that event,
      notwithstanding anything to the contrary in this Agreement or any other Loan
      Document or any agreement entered into in connection with or as security for
      the
      Obligations, it is agreed as follows: (i) the aggregate of all consideration
      which constitutes interest under law applicable to any Agent or any Lender
      that
      is contracted for, taken, reserved, charged or received by such Agent or such
      Lender under this Agreement or any other Loan Document or agreements or
      otherwise in connection with the Obligations shall under no circumstances exceed
      the maximum amount allowed by such applicable law, any excess shall be canceled
      automatically and if theretofore paid shall be credited by such Agent or such
      Lender on the principal amount of the Obligations (or, to the extent that the
      principal amount of the Obligations shall have been or would thereby be paid
      in
      full, refunded by such Agent or such Lender, as applicable, to the Borrower);
      and (ii) in the event that the maturity of the Obligations is accelerated by
      reason of any Event of Default under this Agreement or otherwise, or in the
      event of any required or permitted prepayment, then such consideration that
      constitutes interest under law applicable to any Agent or any Lender may never
      include more than the maximum amount allowed by such applicable law, and excess
      interest, if any, provided for in this Agreement or otherwise shall be canceled
      automatically by such Agent or such Lender, as applicable, as of the date of
      such acceleration or prepayment and, if theretofore paid, shall be credited
      by
      such Agent or such Lender, as applicable, on the principal amount of the
      Obligations (or, to the extent that the principal amount of the Obligations
      shall have been or would thereby be paid in full, refunded by such Agent or
      such
      Lender to the Borrower). All sums paid or agreed to be paid to any Agent or
      any
      Lender for the use, forbearance or detention of sums due hereunder shall, to
      the
      extent permitted by law applicable to such Agent or such Lender, be amortized,
      prorated, allocated and spread throughout the full term of the Loans until
      payment in full so that the rate or amount of interest on account of any Loans
      hereunder does not exceed the maximum amount allowed by such applicable law.
      If
      at any time and from time to time (x) the amount of interest payable to any
      Agent or any Lender on any date shall be computed at the Highest Lawful Rate
      applicable to such Agent or such Lender pursuant to this 0
      and
      (y) in respect of any subsequent interest computation period the amount of
      interest otherwise payable to such Agent or such Lender would be less than
      the
      amount of interest payable to such Agent or such Lender computed at the Highest
      Lawful Rate applicable to such Agent or such Lender, then the amount of interest
      payable to such Agent or such Lender in respect of such subsequent interest
      computation period shall continue to be computed at the Highest Lawful Rate
      applicable to such Agent or such Lender until the total amount of interest
      payable to such Agent or such Lender shall equal the total amount of interest
      which would have been payable to such Agent or such Lender if the total amount
      of interest had been computed without giving effect to this 0.

     

    
      
        
        

      

      
        -112-

        
          

        

      

      
        
        

      

    

     

    For
      purposes of this 0,
      the
      term "applicable law" shall mean that law in effect from time to time and
      applicable to the loan transaction between the Borrower, on the one hand, and
      the Agents and the Lenders, on the other, that lawfully permits the charging
      and
      collection of the highest permissible, lawful non-usurious rate of interest
      on
      such loan transaction and this Agreement, including laws of the State of New
      York and, to the extent controlling, laws of the United States of America.
      

     

    The
      right
      to accelerate the maturity of the Obligations does not include the right to
      accelerate any interest that has not accrued as of the date of
      acceleration.

     

    Section
      12.19 Confidentiality .
      Each
      Agent and each Lender agrees (on behalf of itself and each of its affiliates,
      directors, officers, employees and representatives) to use reasonable
      precautions to keep confidential and use in compliance with applicable law
      solely in connection with this Agreement and the other Loan Documents and the
      transactions contemplated hereby and thereby, in accordance with the customary
      procedures for handling confidential information of this nature and in
      accordance with safe and sound practices of comparable commercial finance
      companies, any non-public information supplied to it by the Loan Parties
      pursuant to this Agreement or the other Loan Documents which is identified
      in
      writing by the Loan Parties as being confidential at the time the same is
      delivered to such Person (and which at the time is not, and does not thereafter
      become, publicly available or available to such Person from another source
      not
      known to be subject to a confidentiality obligation to such Person not to
      disclose such information), provided
      that
      nothing herein shall limit the disclosure of any such information (i) to
      the extent required by statute, rule, regulation or judicial process,
      (ii) to counsel for any Agent or any Lender, (iii) to examiners,
      auditors, accountants or Securitization Parties, (iv) in connection with
      any litigation to which any Agent or any Lender is a party, (v) to any
      assignee or participant (or prospective assignee or participant) so long as
      such
      assignee or participant (or prospective assignee or participant) first agrees,
      in writing, to be bound by confidentiality provisions similar in substance
      to
      this 0,
      or (vi)
      to Fitch and/or other ratings agencies, as such Lender reasonably deems
      necessary or appropriate in connection with such Lender's obtaining financing;
      provided,
      however, that such financial institution or ratings agency shall be informed
      of
      the confidentiality of such information. Each Agent and each Lender agrees
      that,
      upon receipt of a request or identification of the requirement for disclosure
      pursuant to clause (iv) hereof, it will make reasonable efforts to keep the
      Loan Parties informed of such request or identification; provided
      that the
      each Loan Party acknowledges that each Agent and each Lender may make disclosure
      as required or requested by any Governmental Authority or representative thereof
      and that each Agent and each Lender may be subject to review by Securitization
      Parties or other regulatory agencies and may be required to provide to, or
      otherwise make available for review by, the representatives of such parties
      or
      agencies any such non-public information.

     

    
      
        
        

      

      
        -113-

        
          

        

      

      
        
        

      

    

     

    Section
      12.20 Integration .
      This
      Agreement, together with the other Loan Documents, reflects the entire
      understanding of the parties with respect to the transactions contemplated
      hereby and shall not be contradicted or qualified by any other agreement, oral
      or written, before the date hereof.

     

    Section
      12.21 USA
      Patriot Act.
      Each
      Lender that is subject to the requirements of the USA Patriot Act (Title 111
      of
      Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act")
      hereby
      notifies the Borrower and Guarantors that pursuant to the requirements of the
      Act, it is required to obtain, verify and record information that identifies
      the
      Borrower and Guarantors, which information includes the name and address of
      the
      Borrower and Guarantors and other information that will allow such Lender to
      identify the Borrower and Guarantors in accordance with the Act.

    

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK]

    
      
        
        

      

      
        -114-

        
          

        

      

      
        
        

      

    

    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.

     

    
      	 	 	 
	 	
              BORROWER:

               

              MAXXCOM
                INC., a Delaware corporation

            
	 
 	 
 	 
 
	 	By:  	/s/
              Steven Berns
	 	
              
Name:
              Steven Berns
	 	Title:  
President

    

    
       

      
        	 	 	 
	 
 	 
 	 
 
	 	By:  	/s/ Mitchell Gendel
	 	
                
Name:
                Mitchell Gendel
	 	Title:  
S.V.P.

      

    
      	 	 	 
	 	
              GUARANTORS:

               

              MDC
                PARTNERS INC., a Canadian corporation

               

              MAXXCOM
                INC., an Ontario corporation

               

              MAXXCOM
                (NOVA SCOTIA) CORP., a Nova Scotia corporation

               

              656712
                ONTARIO LIMITED, an Ontario corporation

               

              ACCUMARK
                COMMUNICATIONS INC., an Ontario corporation

               

              ACLC
                INC., an Ontario corporation

               

              STUDIOTYPE
                INC., an Ontario corporation

               

              ASHTON
                POTTER CANADA INC., an Ontario corporation

               

              HENDERSON
                BAS, an Ontario partnership

               

              BRUCE
                MAU HOLDINGS LTD., an Ontario corporation

               

              BRUCE
                MAU DESIGN INC., an Ontario corporation

               

              TREE
                CITY INC., an Ontario corporation

               

              BRYAN
                MILLS IRADESSO CORP., an Ontario corporation

            
	 
 	 
 	 
 
	 	 	
            
	 	
            
	 	
            

    

     

    
      
        
        

      

      
        -115-

        
          

        

      

      
        
        

      

    

     

    

      
        	 	 	 
	 	
                COMPUTER
                  COMPOSITION OF CANADA INC., an Ontario corporation

                 

                CRISPIN
                  PORTER + BOGUSKY (NOVA SCOTIA) CO., a Nova Scotia corporation

                 

                NORTHSTAR
                  RESEARCH HOLDINGS CANADA INC., an Ontario corporation

                 

                NORTHSTAR
                  RESEARCH PARTNERS INC., an Ontario corporation

                 

                ZIG
                  INC., an Ontario corporation

                 

                MAXXCOM
                  (USA) HOLDINGS INC., a Delaware corporation

                 

                MAXXCOM
                  (USA) FINANCE COMPANY, a Delaware corporation

                 

                MDC
                  CORPORATE (US) INC., a Delaware corporation

                 

                MDC
                  TRAVEL, INC., a Delaware corporation

                 

                ACCENT
                  ACQUISITION CO., a Delaware corporation

                 

                ACCENT
                  MARKETING SERVICES, L.L.C., a Delaware limited liability
                  company

                 

                BRATSKEIR
                  & COMPANY, INC., a Delaware corporation

                 

                COMPANY
                  C COMMUNICATIONS, INC., a Delaware corporation

                 

                COLLE
                  & MCVOY, INC., a Minnesota corporation

                 

                SABLE
                  ADVERTISING SYSTEMS, INC., a Minnesota corporation

                 

                CPB
                  ACQUISITION INC., a Delaware corporation

                 

                CRISPIN
                  PORTER & BOGUSKY LLC, a Delaware limited liability
                  company

                 

                FMA
                  ACQUISITION CO., a Delaware corporation

                 

                FLETCHER
                  MARTIN LLC, a Delaware limited liability company

                 

                HELLO
                  ACQUISITION INC., a Delaware corporation

                 

                HELLO
                  DESIGN, LLC, a California limited liability company

              
	 
 	 
 	
                
 

              
	 	 	
                
                

              
	 	
              
	 	
              

      

       

      
        
          
          

        

        
          -116-

          
            

          

        

        
          
          

        

      

    

    

      
        	 	 	 
	 	
                VITROROBERTSON
                  LLC, a Delaware limited liability company

                 

                KBP
                  HOLDINGS LLC, a Delaware limited liability company

                 

                DOTGLU
                  LLC, a Delaware limited liability company

                 

                KIRSHENBAUM
                  BOND & PARTNERS LLC, a Delaware limited liability company

                 

                KIRSHENBAUM
                  BOND & PARTNERS WEST LLC, a Delaware limited liability
                  company

                 

                MF+P
                  ACQUISITION CO., a Delaware corporation

                 

                MARGEOTES
                  FERTITTA POWELL LLC, a Delaware limited liability company

                 

                MDC/KBP
                  ACQUISITION INC., a Delaware corporation

                 

                HL
                  GROUP PARTNERS LLC, a Delaware limited liability company

                 

                THE
                  ITO PARTNERSHIP, LLC, a Delaware limited liability company

                 

                MONO
                  ADVERTISING, LLC, a Delaware limited liability company

                 

                SMI
                  ACQUISITION CO., a Delaware corporation

                 

                SOURCE
                  MARKETING LLC, a New York limited liability company

                 

                TRACK
                  21 LLC, a Delaware limited liability company

                 

                TARGETCOM
                  LLC, a Delaware limited liability company

                 

                TC
                  ACQUISITION INC., a Delaware corporation

                 

                BRUCE
                  MAU DESIGN (USA) LLC, a Delaware limited liability company

                 

                HW
                  ACQUISITION LLC, a Delaware limited liability company

                 

                ZIG
                  (USA) LLC, a Delaware limited liability company

                 

                NORTHSTAR
                  RESEARCH GP LLC, a Delaware limited liability company

              
	 
 	 
 	
                
 

              
	 	 	
                
                

              
	 	
              
	 	
              

      

    

     

    
      
        
        

      

      
        -117-

        
          

        

      

      
        
        

      

    

    
      
        	 	 	 
	 	
                
                  NORTHSTAR
                    RESEARCH HOLDINGS USA LP, a Delaware limited partnership

                   

                  NORTHSTAR
                    RESEARCH PARTNERS (USA) LLC, a Delaware limited liability
                    company

                   

                  TREND
                    CORE, LLC, a Delaware limited liability company

                   

                  YAMAMOTO
                    MOSS MACKENZIE, INC., a Delaware corporation

                   

                  ZG
                    ACQUISITION INC., a Delaware corporation

                   

                  ZYMAN
                    GROUP, LLC, a Delaware limited liability company

                   

                

              
	 
 	 
 	
                
 

              
	 	 	
                
                

              
	 	
              
	 	
              

      

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	/s/ Steven Berns
	 	
              
Name:
              Steven Berns
	 	Title:   Authorized
              Signatory

    

    
      	 	 	
              
              

            
	 	
            
	 	
            

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	/s/ Mitchell Gendel
	 	
                
Name:
                Mitchell Gendel
	 	Title:   Authorized
                Signatory

      

    

     

    
      
        
        

      

      
        -118-

        
          

        

      

      
        
        

      

    

    
      	 	 	
              
              

            
	 	
            
	 	
            

      
        	 	 	 
	 	
                COLLATERAL
                  AGENT AND LENDER:

                 

                FORTRESS
                  CREDIT CORP.

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title:

      

      
        
          	 	 	
                  
                  

                
	 	
                
	 	
                

          
            	 	 	 
	 	
                    
                      ADMINISTRATIVE
                        AGENT AND REVOLVING LENDER:

                       

                      WELLS
                        FARGO FOOTHILL, INC.

                    

                  
	 
 	
                    
 

                  	 
 
	 	By:  	 
	 	
                    
Name:
	 	Title:

          

           

        

      

    

    
      
        
        

      

      
        -119-Exhibit
      10.1

    

    EMPLOYMENT
      AGREEMENT

    

    

    THIS
      EMPLOYMENT AGREEMENT
      (the
“Agreement”), made and entered into as of the ____
      day of
June
      2007,
      by and
      between:

    

    
      	 	
              (i)

            	
              PETER
                J. PRYGELSKI,
                an individual of Coral Springs, Florida (the “Employee”)
                and

            

    

    

    
      	 	
              (ii)

            	
              21ST
                CENTURY HOLDING COMPANY,
                a
                Florida corporation with offices and place of business in Lauderdale
                Lakes, Florida (the “Company”).

            

    

     

    PRELIMINARY
      STATEMENT

    WHEREAS,
      the
      Company is engaged in the insurance business and desires to employ Employee
      and
      to secure for the Company the benefit of Employee’s experience, efforts and
      abilities in connection with the business of the Company, all as provided
      herein; and

    

    WHEREAS,
      the
      Company has and will continue to expend substantial resources in connection
      with
      the aforementioned endeavors; and

    

    WHEREAS,
      the
      Company desires to engage Employee as Chief Financial Officer of the Company
      to
      perform accounting and management functions and other services in connection
      with the business of the Company, and

    

    NOW,
      THEREFORE,
      in
      consideration of the premises and mutual covenants herein contained and for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the parties hereto hereby agree as follows:

    

    1. Employment.
      Effective as of June ____, 2007, the Company employs Employee, and Employee
      hereby accepts employment by Company, and agrees to serve the Company, upon
      the
      terms and conditions set forth in this Agreement.

    

    2. Term
      of Employment.
      The
      Employee shall be employed for a period of three (3) year(s) from the date
      set
      forth in Paragraph 1 herein (the period of employment may be referred to as
      the
“Term of Employment”).

    

    3. Duties
      of Employee.
      So long
      as employed hereunder, Employee agrees to devote Employee’s full business time
      and energy to the business and affairs of the Company, to perform Employee’s
      duties hereunder effectively, diligently and to the best of Employee’s ability
      and to use Employee’s best efforts, skill and abilities to promote the Company’s
      interests. Employee’s duties shall include, but are not limited to, sales and
      management functions for the Company, as well as providing any other services
      as
      may be determined by the Company from time to time in the Company’s reasonable
      discretion.

    

    Note:
      It
      is understood that it is the Employee’s responsibility to produce the Company’s
      quarterly and annual financials accurately and on time and if that does not
      occur, the Company’s Board of Directors may change the Employee’s title, duties
      and/or description, however, this contract will be otherwise
      unaffected.

    

    4. Compensation.
      For all
      services to be rendered by Employee to the Company during the Term of
      Employment, the Company agrees to compensate Employee and Employee agrees to
      accept from Employer, the following compensation:

    

    (a) Base
      Salary.
      The
      Company agrees to pay Employee an annual salary of ONE HUNDRED SIXTY THOUSAND
      DOLLARS ($160,000.00) per year payable biweekly, in the following
      amount:

    

    SIXTY-ONE
      HUNDRED FIFTY-THREE DOLLARS and 85/100  ($6,153.85)
      biweekly

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) After
      the
      execution of this Agreement, Employee shall receive 20,000 stock options to
      purchase the Company’s common stock pursuant to the 1998 Stock Option Plan of
      21st Century Holding Company, with the grant price set at 2% over the fair
      market value on the effective date of this Agreement, vesting 20% per year
      and
      expiring six (6) years from the grant date.

    

    (c) Medical
      Insurance.
      In
      addition to the Employee’s salary and bonus, as set forth above, and so long as
      Employee is employed by the Company, the Company agrees to provide and pay
      the
      premium cost for medical insurance coverage for the Employee commensurate with
      the coverage provided by the Company for other similarly situated
      employees.

    

    (d) Vacation/Personal
      Time.
      Employee shall be entitled to reasonable vacations and/or personal time off
      during each year of the Term, the time and duration thereof to be determined
      by
      mutual agreement between Employee and the Company.

    

    5. Termination.
      Employee’s employment with the Company may be terminated by the Company if any
      of the following shall occur:

    

    (a) Employee
      shall be discharged for “good cause” which shall mean that:

    

    (i) there
      has
      been continued neglect on the part of the Employee in the performance of
      Employee’s duties under this Agreement with notice and an opportunity to cure:
      or

    

    (ii) Employee
      shall have committed a material breach of any term or condition of this
      Agreement; or

    

    (iii) Employee
      is convicted of a felony or of any crime involving moral turpitude which is
      committed by Employee during the term of this Agreement.

    

    	(iv)  	
            Employee
              continued to neglect Employee Handbook Policies and
              Procedures.

          

    

    If
      Employee’s employment with the Company shall be terminated as provided in this
      Section 5(a), the Employee shall be entitled to Employee’s base weekly salary
      (as provided in Section 4(a) above) prorated only through the date of the
      termination of employment.

    

    (b)  Termination
      by the Company Without Cause. If during the Term of this Agreement the
      Employee’s employment is terminated by the Company without cause, the Company
      will make a lump sum payment to the Employee in an amount equal one (1) year’s
      base salary or the base salary through the balance of the Term remaining on
      this
      Agreement, whichever is a lesser amount. Additionally, the Company will
      accelerate all unvested stock options held by the Employee at the time of
      termination.

     

    	(c)  	
            Change
              of Control. 

          

     

    (i)  For
      the
      purposes of this Agreement, a “Change of Control” shall be deemed to have taken
      place if: (1) any person, including a “group” as defined in Section 13(d)(3) of
      the Securities Exchange Act of 1934, as amended, becomes the owner or beneficial
      owner of Company securities, after the date of this Agreement, having 20% or
      more of the combined voting power of the then outstanding securities of the
      Company that may be cast for the election of directors of the Company (other
      than as a result of an issuance of securities initiated by the Company, or
      open
      market purchases approved by the Board, as long as the majority of the Board
      approving the purchases is the majority at the time the purchases are made),
      or
      (2) the persons who were directors of the Company before such transactions
      shall
      cease to constitute a majority of the Board, or any successor to the Company,
      as
      the direct or indirect result of or in connection with, any cash tender or
      exchange offer, merger or other business combination, sale of assets or
      contested election, or any combination of the foregoing
      transactions.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (ii)  The
      Company and Employee hereby agree that, if Employee is employed with the Company
      on the date on which a Change of Control occurs (the “Change of Control Date”),
      and if during the remaining term hereof after the Change of Control Date
      Employee’s employment is terminated by the Company (or subsidiary), the Company
      will make a lump sum payment to the Employee in an amount equal one (1) year’s
      base salary or the base salary through the balance of the Term remaining on
      this
      Agreement, whichever is a lesser amount. Additionally, the Company will
      accelerate all unvested stock options held by the Employee at the time of
      termination.

     

    6. Resignation.
      If the
      Employee voluntarily resigns his employment with the Company with less than
      2
      weeks advanced notice, the Employee’s compensation shall be reduced one day for
      each day the advanced notice is less than two weeks. Also, the Employee agrees
      to reimburse the Company, if necessary to comply with this
      provision.

    

    7. Non-Solicitation
      of Company Employees Agreement.
      Employee
      agrees that for the period that Employee is employed by the Company and for
      a
      period of two (2) years if Employee resigns or is terminated from the Company,
      Employee will not, for any reason, solicit or hire, whether for himself or
      on
      behalf of another company, any of the Company’s current employees. Employees of
      the Company will be considered “current” for the period of their employment with
      the Company and for a period of six (6) months after their resignation or
      termination from the Company.

    

    8. Confidentiality
      Agreement.
      The
      Employee recognizes, acknowledges and agrees that the documents, lists, files,
      records, data and other information developed and acquired by the Company,
      including all information developed and acquired by the Employee in the course
      of Employee’s employment with the Company as it may exist from time to time, are
      considered confidential, and include, but are not limited to, all information
      relating to the Company’s projects, proposed projects or applications (the
“Confidential Information”).

    

    (a) Prohibited
      Acts.
      The
      Employee understands and agrees that all such Confidential Information is to
      be
      preserved and protected, is not to be disclosed or made available, directly
      or
      indirectly, to third persons for purposes unrelated to the objectives of the
      Company, without prior authorization of an executive officer of the Company,
      and
      is not to be used, directly or indirectly, for any purpose unrelated to the
      objectives of the Company without prior written authorization of an executive
      officer of the Company.

    

    (b) Continuing
      Obligations.
      The
      Employee understands and agrees that Employee’s obligations under this
      Agreement, specifically including the obligations to preserve and protect and
      not to disclose (or make available to third persons) or use for purposes
      unrelated to the objectives of the Company, without prior written authorization
      of an executive officer of the Company, Confidential Information, continue
      indefinitely and do not, under any circumstances or for any reason (specifically
      including wrongful discharge), cease upon termination of employment; and that,
      in the event of termination of the Employee’s employment for any reason
      (specifically including wrongful discharge), such Confidential Information
      shall
      remain the sole property of the Company and shall be left in its entirety in
      the
      undisputed possession and control of the Company after such
      termination.

    

    9. Enforcement
      of Covenants.
      In
      addition to all other remedies available at law or in equity, the covenants
      contained in Sections 7 and 8 hereof shall be enforceable by decree of specific
      performance and/or injunctive relief and shall be construed as separate
      covenants covering competition in the geographical territory set forth, and
      if
      any court shall finally determine that the restraints provided for therein
      are
      too broad as to the area, activity or time covered, then the area, activity
      or
      time covered, as the case may be, may be reduced by such court to whatever
      extent the court deems reasonable and such covenants shall be enforced as to
      such reduced area, activity or time.

    

    10. Notices.
      All
      notices, demands and other communications which may or are required to be given
      to or made by either party to the other in connection with this Agreement shall
      be in writing, shall be given by hand delivery or by United States Certified
      or
      Registered mail, return receipt requested, postage prepaid, and shall be deemed
      to have been given or made when received by the addressee, addressed to the
      respective parties as follows:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

       

     

    

      
        	If to
                Employee:	 	PETER
                J.
                PRYGELSKI
	 	 	
                10999
                  N.W. 13 Court

              
	 	 	
                Coral
                  Springs, FL 33071

              
	 	 	 
	
                If
                  to Company:

              	 	
                21ST
                  CENTURY HOLDING COMPANY

              
	 	 	
                3661
                  West Oakland Park Blvd., Suite 300

              
	 	 	
                Lauderdale
                  Lakes, Florida 33311

              
	 	 	
                Attn:
                  Edward J. Lawson, CEO

              

      

    

    

    11. Miscellaneous:

    

    (a) This
      Agreement has been executed in and shall be governed and construed in accordance
      with the laws of the State of Florida.

    

    (b) Unless
      otherwise provided herein, all rights, powers, and privileges conferred
      hereunder upon the parties shall be cumulative and not restrictive of those
      given by law.

    

    (c) No
      failure of any party hereto to exercise any power given such party hereunder
      or
      to insist upon strict compliance by the other party with its obligations
      hereunder, and no customary practice of the parties at variance with the terms
      hereof, shall constitute a waiver of a party’s right to demand exact compliance
      with the terms hereof.

    

    (d) Time
      is
      of the essence in complying with the terms, conditions and provisions of this
      Agreement.

    

    (e) This
      Agreement contains the entire agreement of the parties hereto pertaining to
      the
      subject matter hereof, and no representation, inducements, promises or
      agreements between the parties not contained herein shall be of any force or
      effect.

    

    (f) This
      Agreement is binding upon and shall inure to the benefit of the Company, its
      successors and assigns and the Employee and his respective heirs, personal
      representatives, successors and assigns.

    

    (g) Any
      amendment to this Agreement shall not be binding upon the parties to this
      Agreement unless such amendment is in writing and due executed by all the
      parties hereto.

    

    (h) In
      the
      event any litigation or controversy arises out of or in connection with this
      Agreement between the parties hereto, the prevailing party in such litigation
      or
      controversy shall be entitled to recover from the other party or parties all
      reasonable attorney’s fees, expenses and suit costs, including those associated
      with any appellate or post-judgment collection proceeding.

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Agreement to be executed as of the day, month
      and year first above written.

    

     

    
      	 	
            
	 	
              
                
PETER
                J. PRYGELSKI

              (the
                “Employee”)

            
	 	 
	 	
              21ST
                CENTURY HOLDING COMPANY

              a
                Florida corporation

            
	 	 	 
	 	By:	 
	 	 	

              
                

              

              Name: Edward
                J. Lawson 

              Title: Chief
                Executive Officer

              (the
                “Company”)

            
	 	 	 

    

    

    

     

    
      
         

      

      
        4

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