Document:

Exhibit
10.1

Career Education Corporation

Restricted
Stock Grant

Cover
Page to Restricted Stock Agreement

(Remainder
of the Restricted Stock Agreement is attached hereto)

	
  Name of Participant:

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
   

  

 

·      Total
Number of Shares of Restricted Stock Granted:                                  

·      Percentage of Granted Shares
which are

Time Based Only Vesting (“Time Vested Stock”):
                                 

·      Percentage of Granted Shares
which are

Performance and Time Based Vesting (“Performance
Vesting Stock”):                                  

The Compensation Committee reserves the right, in its sole discretion,
with respect to all or a portion of the Performance Vesting Stock, to determine
that certain performance criteria (which criteria will be communicated during
the 90-day period beginning on the Grant Date) have, or have not, been fully
achieved.  If the Compensation Committee,
in its sole discretion, determines that such performance criteria have not been
fully achieved, then the Compensation Committee, in its sole discretion, but
subject to the requirements of the Plan and the remainder of Restricted Stock
Agreement, shall determine that all, a portion, or none of the Performance
Vesting Stock may become Unrestricted Stock. 
Any shares of Performance Vesting Stock which the Compensation Committee
determines to not allow to become Unrestricted Stock shall, subject to the
terms of the Plan and the remainder of the Restricted Stock Agreement, never become
Unrestricted Stock.

This cover page is subject in all respects to the terms and provisions
of the remainder of the Restricted Stock Agreement and the Plan (including,
without limitation, any amendments thereto adopted at any time and from time to
time unless such amendments are expressly intended not to apply to the grant of
Restricted Stock hereunder), all of which terms and provisions are made a part
of and incorporated into this cover page as if they were each expressly set
forth herein.  Any capitalized term not
defined in this cover page shall have the same meaning as is ascribed thereto
under the remainder of the Restricted Stock Agreement or, if not defined
therein, the Plan.  By executing below,
the Participant hereby acknowledges, (a) receipt of a true copy of the
remainder of the Restricted Stock Agreement, (b) that the Participant has read
the remainder of the Restricted Stock Agreement carefully and fully understands
its contents, (c) that the Participant has the right to request a copy of the
Plan for review, and (d) regardless of whether the Participant has actually
exercised his or her right to receive and review a copy of the Plan, that the
Participant is bound by the terms of the Plan. 
In the event of any conflict between the terms of this cover page and
the terms of the Plan, the terms of the Plan shall control.

IN
WITNESS WHEREOF, on the day and year first written above, the
Company and the Participant have (1) executed this cover page, and (2) by
executing this cover page, agreed to be bound by the rights and obligations
afforded to the Company and the Participant, respectively, under the remainder
of the Restricted Stock Agreement and the Plan, which remainder of the
Restricted Stock Agreement and Plan shall be binding upon the Company and the
Participant.

	
  CAREER EDUCATION CORPORATION

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  John M. Larson, Chairman,

  	
   

  	
   

  
	
   

  	
  President, and Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Participant’s Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

Please complete your address and
then sign and return your signed original of this cover page to the Restricted
Stock Agreement within 30 days using the enclosed self-addressed envelope to Janelle McGeeney at CEC corporate.  Please retain a copy of this cover page, the
remainder of the Restricted Stock Agreement is for your records and does not
need to be returned.

 

RESTRICTED STOCK AGREEMENT

THIS RESTRICTED STOCK AGREEMENT along with
the cover page hereto (collectively, the “Agreement”), dated as of                             
(the “Grant Date”), is entered into between Career Education Corporation, a
Delaware corporation (the “Company”), and the person named as the Participant
on the cover page hereto (the “Participant”).

WHEREAS, the Company desires, by affording
the Participant an opportunity to receive shares of the Company’s Common Stock
as hereinafter provided, to carry out the purposes of the Career Education
Corporation 1998 Employee Incentive Compensation Plan, as amended (the “Plan”);
and

WHEREAS, the Committee has duly made all
determinations necessary or appropriate to the grants hereunder;

NOW, THEREFORE, in consideration of the
above premises and the mutual covenants and agreements hereinafter set forth
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto have agreed, and do hereby
agree, as follows:

1.             Definitions.

For
purposes of the Agreement, the definitions of capitalized terms contained in
the Plan are hereby incorporated herein by reference, except to the extent that
any term is specifically defined in this Agreement.

2.             Grant
of Restricted Stock.

Subject
to and upon the terms and conditions set forth in this Agreement, the Company
hereby grants to Participant, as a matter of separate agreement and not in lieu
of salary or any other compensation for services, that number of shares of
Restricted Stock of the Company as set forth on the cover page hereto,
effective as of the Grant Date, and the Participant hereby accepts the grant of
Common Shares on a restricted basis, as set forth herein.

3.             Stock
Certificates and Escrow.

Upon
issuance, the certificates for Restricted Stock shall be held in escrow by the
Company until, and to the extent, the Restricted Stock shall cease to be
restricted and shall become non-forfeitable, and the Participant shall own such
shares free of all restrictions otherwise imposed by this Agreement.  Restricted Stock, together with any assets or
securities held in escrow hereunder, shall be (i) surrendered to the Company
for cancellation upon forfeiture, if any, of such Restricted Stock by the
Participant hereunder or (ii) subject to the provisions of Paragraph 5,
released to the Participant to the extent the Restricted Stock are no longer
subject to any of the restrictions otherwise imposed by this Agreement.

 2
 

 

4.             Limitations
on Transferability.

At
any time prior to vesting in accordance with Paragraph 5, the Restricted Stock
or any interest therein cannot be directly or indirectly transferred, sold,
assigned, pledged, hypothecated, encumbered or otherwise disposed of.

5.             Dates
of Vesting.

Subject
to the provisions of Paragraphs 6 and 7 of this Agreement, the Restricted Stock
shall cease to be restricted and shall become non-forfeitable (thereafter being
referred to as “Unrestricted Stock”), (i) with respect to a designated
portion of the Restricted Stock as set forth on the cover page hereto (the “Time
Vested Stock”), on the date that is three years from the date of
grant, and (ii) with respect to a designated portion of the
Restricted Stock as set forth on the cover page hereto (the “Performance
Vesting Stock”), on the three-year anniversary of the Grant Date, provided that
the Compensation Committee has, previous to such three-year anniversary,
determined in its sole and complete discretion that certain specified
compliance performance criteria have been satisfied, but only to the extent and
in the proportion that such compliance performance criteria have been
determined by the Compensation Committee, in its sole and complete discretion,
to have been satisfied; in each case provided that the Participant
has been in the continuous employ of the Company and/or one of its
subsidiaries from the Grant Date until the three-year anniversary of the
Grant Date.  Any shares of Performance Vesting Stock which will never
become Unrestricted Stock as a result of the determination of the Compensation
Committee pursuant to this Paragraph 5 shall be forfeited by the
Participant.  The Compensation Committee’s
determination pursuant to this Paragraph 5 shall be final and binding upon the
Participant.

6.             Termination
of Employment.

Notwithstanding
anything to the contrary in the Plan or in this Agreement, the provisions of
this Paragraph 6 shall apply in the event the Participant incurs a Termination
of Employment at any time prior to the date on which the Restricted Stock shall
become Unrestricted Stock as set forth in Paragraph 5:

(a)           Should
the Participant incur a Termination of Employment by reason of death or
Disability at any time prior to the date on which the Restricted Stock shall
cease to be restricted and shall become non-forfeitable as set forth in
Paragraph 5, then all the shares of  Time
Vested Stock immediately shall become Unrestricted Stock, and the Participant
immediately shall own such shares free of all restrictions otherwise imposed by
this Agreement.  If, at such time, the
Compensation Committee has not yet made the determination required under
Paragraph 5 hereof regarding the extent to which the Performance Vesting Stock
shall be forfeited by the Participant, then all shares of the Performance
Vesting Stock shall become Unrestricted Stock at such time and the Participant
immediately shall own such shares free of all restrictions otherwise imposed by
this Agreement.  If, however, at such time,
the Compensation Committee has made the determination required under Paragraph
5 hereof regarding the extent to which the Performance Vesting Stock shall be
forfeited by the Participant, then at such time, 

 3
 

 

only those shares
of Performance Vesting Stock which, pursuant to the determination of the
Compensation Committee, would have eventually become Unrestricted Stock
(assuming the satisfaction of the other requirements of Paragraph 5 hereof),
shall become Unrestricted Stock, and the Participant immediately shall own such
shares free of all restrictions otherwise imposed by this Agreement.

(b)           Should
the Participant incur a Termination of Employment for any reason other than
death or Disability, then the shares of Restricted Stock which have not previously
become Unrestricted Stock as set forth in Paragraph 5 shall be forfeited
immediately.

7.             Change
in Control.

Notwithstanding
anything to the contrary in the Plan or in this Agreement, in the event of a
Change in Control at any time prior to the date on which the Restricted Stock
shall become Unrestricted Stock as set forth in Paragraph 5, then all the
shares of  Time Vested Stock immediately
shall become Unrestricted Stock, and the Participant immediately shall own such
shares free of all restrictions otherwise imposed by this Agreement.  If, at such time, the Compensation Committee
has not yet made the determination required under Paragraph 5 hereof regarding
the extent to which the Performance Vesting Stock shall be forfeited by the
Participant, then all shares of the Performance Vesting Stock shall become
Unrestricted Stock at such time and the Participant immediately shall own such
shares free of all restrictions otherwise imposed by this Agreement.  If, however, at such time, the Compensation
Committee has made the determination required under Paragraph 5 hereof
regarding the extent to which the Performance Vesting Stock shall be forfeited
by the Participant, then at such time, only those shares of Performance Vesting
Stock which, pursuant to the determination of the Compensation Committee, would
have eventually become Unrestricted Stock (assuming the satisfaction of the
other requirements of Paragraph 5 hereof), shall become Unrestricted Stock, and
the Participant immediately shall own such shares free of all restrictions
otherwise imposed by this Agreement.

8.             Liability
of Company.

The
inability of Company to obtain approval from any regulatory body having
authority deemed by the Company to be necessary to the lawful issuance and
transfer of any Restricted Stock pursuant to this Agreement shall relieve the
Company of any liability with respect to the non-issuance or transfer of
the Restricted Stock as to which such approval shall not have been obtained.
The Company, however, shall use its best efforts to obtain all such approvals.

9.             Adjustment
in Restricted Stock.

The Committee
may make or provide for such adjustments as provided for in Section 4.6 of the
Plan.

10.           Plan.

Notwithstanding
any other provision of this Agreement, the Restricted Stock is granted pursuant
to the Plan, as shall be adopted by the Company, and is subject to all the
terms and conditions of the Plan, as the same may be amended from time to time;
provided, however, that 

 4
 

 

no provision of
the Plan shall deprive the Participant, without the Participant’s consent, of
any of Participant’s rights under this Agreement.  Notwithstanding the foregoing, the Committee
may amend the Plan or this Agreement without the Participant’s consent to the
extent that the Committee deems it necessary or appropriate to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and
any regulation promulgated, or guidance released, thereunder.

The
reasonable interpretation and construction by the Committee of the Plan and
this Agreement and such rules and regulations as may be adopted by the
Committee for the purpose of administering the Plan, shall be final and binding
upon the Participant.

11.           Stockholder
Rights.

The
Participant shall be entitled to receive any dividends that become payable on
or after the Grant Date with respect to any Restricted Stock; provided,
however, that no dividends shall be payable to, or for the benefit of, the
Participant for Restricted Stock with respect to record dates occurring prior
to the Grant Date, or with respect to record dates occurring on or after the
date, if any, on which the Participant has forfeited such  Restricted Stock.  The Participant shall be entitled to vote the
Restricted Stock on or after the Grant Date to the same extent as would have
been applicable to the Participant if the Restricted Stock had then been fully
vested and non-forfeitable; provided, however, that the Participant shall not
be entitled to vote the Restricted Stock with respect to record dates for such
voting rights occurring prior to the Grant Date, or with respect to record
dates occurring on or after the date, if any, on which the Participant has
forfeited the Restricted Stock.

12.           Employment
Rights.

Nothing
in this Agreement or in the Plan shall confer upon the Participant any right to
continue in the employ of the Company (or any of its Affiliates) for any period
of specific duration or interfere with or otherwise restrict in any way the
rights of the Company (or any such Affiliate) or the Participant, which rights
are hereby expressly reserved by each party, to Terminate the Employment of the
Participant at any time for any reason whatsoever, with or without cause or
give the Participant any right to participate in any employee welfare or
benefit plan or other program (other than the Plan) of the Company or any of
its Affiliates.

13.           Disclosure
Rights.

The
Company (or any Affiliate) shall not have any duty or obligation to disclose
affirmatively to a record or beneficial holder of Common Shares, Restricted
Stock or Unrestricted Stock, and such holder shall have no right to be advised
of, any material information regarding the Company at any time prior to, upon
or in connection with receipt of Restricted Stock.

 5
 

 

14.           Governing
Law.

The
interpretation, performance, and enforcement of this Agreement shall be
governed by and enforced in accordance with the laws of the State of Illinois
(other than its laws respecting choice of law).

15.           Compliance
with Laws and Regulations.

(a)           The
issuance of Restricted Stock shall be subject to compliance by the Company and
Participant with all applicable requirements of law relating thereto and with
all applicable regulations of any stock exchange on which shares of the Company’s
Stock may be listed at the time of such exercise and issuance.

(b)           In
connection with the grant of Restricted Stock, the Participant shall execute
and deliver to the Company such representations in writing as may be requested
by the Company in order for it to comply with the applicable requirements of
Federal and State securities laws.

16.           Successors
and Assigns.

Except
as otherwise expressly set forth in this Agreement, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the succeeding
administrators, heirs, and legal representatives of the Participant and the
successors and assigns of the Company.

17.           Changes
in Company’s Capital Structure.

This
Agreement shall not in any way affect the right of the Company to adjust,
reclassify, reorganize or otherwise make changes in its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all
or any part of its business or assets.

18.           Notices.

Any
notices, consents, or other communication required to be sent or given
hereunder by any of the parties shall in every case be in writing and shall be
deemed properly served if (a) delivered personally, (b) sent by registered or
certified mail, in all such cases with first class postage prepaid, return
receipt requested, (c) delivered to a nationally recognized overnight courier
service or (d) sent by facsimile transmission (with a copy sent by first class
mail) to the parties at the addresses set forth below:

If to the Company:               Career
Education Corporation

2895 Greenspoint Pkwy.

Suite 600

Hoffman Estates, IL 60195

Attention: Janice Block

 6
 

 

With a copy to:                    Career
Education Corporation

2895 Greenspoint Pkwy.

Suite 600

Hoffman Estates, IL 60195

Attention:  Kenneth Zilch

If
to the Participant, at the address set forth on the cover page hereto.

19.           Construction.

Notwithstanding
any other provision of this Agreement, this Agreement and the Restricted Stock
granted hereunder are made and granted pursuant to the Plan and are in all
respects limited by and subject to the express provisions of the Plan, as
amended from time to time. The reasonable interpretation and construction of
the Plan, this Agreement and the Restricted Stock by the Committee, and such
rules and regulations as may be adopted by the Committee for the purpose of
administering the Plan, shall be final and binding upon the Participant (or any
other person or persons holding the Restricted Stock).

20.           Entire
Agreement.

This
Agreement, together with the Plan, constitute the entire obligation of the
parties hereto with respect to the subject matter hereof and shall supersede
any prior expressions of intent or understanding with respect to this
transaction.

21.           Amendment.

Any amendment
to this Agreement shall be in writing and signed by the Company and the
Participant.

22.           Waiver;
Cumulative Rights.

The failure or
delay of either party to require performance by the other party of any
provision hereof shall not affect its right to require performance of such
provision unless and until such performance has been waived in writing.  Each and every right hereunder is cumulative
and may be exercised in part or in whole from time to time.

23.           Counterparts.

This Agreement
(including the cover page hereto) may be signed in two counterparts, each of
which shall be an original, but both of which shall constitute but one and the
same instrument.

24.           Headings.

The headings
contained in this Agreement are for reference purposes only and shall not
affect the meaning or interpretation of this Agreement.

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25.           Severability.

If any
provision of this Agreement shall for any reason be held to be invalid or
unenforceable, such invalidity or unenforceability shall not effect any other
provision hereof, and this Agreement shall be construed as if such invalid or
unenforceable provision were omitted.

26.           Tax
Consequences.

The
Participant acknowledges and agrees that he is responsible for the tax
consequences with respect to the grant of the Restricted Stock or the lapse of
restrictions otherwise imposed by this Agreement.  The Participant further acknowledges that it
is the Participant’s responsibility to obtain any advice that the Participant
deems necessary or appropriate with respect to any and all tax matters that may
exist as a result of the grant of Restricted Stock or the lapse of restrictions
otherwise imposed by this Agreement. 
Notwithstanding any other provision of this Agreement, the Restricted
Stock, together with any other assets or securities held in escrow hereunder,
shall not be released to the Participant unless, as provided in Section 13.6(c)
of the Plan, the Participant shall have paid to the Company, or made
arrangements satisfactory to the Company regarding the payment of, any Federal,
state, local or foreign taxes of any kind required by law to be withheld with
respect to the grant of the Restricted Stock or the lapse of restrictions
otherwise imposed by this Agreement.

IN
WITNESS WHEREOF, the parties hereto have acknowledged
their rights and obligations under this Restricted Stock Agreement as of the
day and year first above written, by signing the cover page hereto.

 

 8Exhibit 4.1

TENTH
AMENDMENT AND CONSENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This TENTH AMENDMENT AND
CONSENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 1,
2006 (this “Amendment”), to the Existing Credit Agreement (as hereinafter
defined), by and among (i) CONN-SELMER, INC., f/k/a THE SELMER COMPANY, INC., a
Delaware corporation, and the surviving corporation of the merger of United
Musical Instruments USA, Inc. and United Instruments Holdings, Inc. with and
into Conn-Selmer, Inc. (“Conn-Selmer”), (ii) STEINWAY, INC., a Delaware
corporation (“Steinway” and together with Conn-Selmer, the “Borrowers”), (iii)
those signatories hereto and identified on Schedule I (as may be amended from
time to time) as Guarantors (the “Guarantors”), (iv) the lenders (the “Lenders”)
from time to time party to the Existing Credit Agreement (defined below) and
(v) GMAC COMMERCIAL FINANCE LLC (successor by merger to GMAC Commercial Credit,
LLC), a Delaware limited liability company, as administrative agent for the
Lenders hereunder (in such capacity, the “Administrative Agent”).

RECITALS

A.            The Borrowers, the Guarantors, the
Administrative Agent and the Lenders have entered into the Existing Credit
Agreement, pursuant to which the Lenders are providing to the Borrowers an
$85,000,000 revolving credit facility and a $22,500,000 term loan facility,
each of which is secured by certain accounts receivable, real estate, and other
collateral of Conn-Selmer and Steinway and guaranteed by the Guarantors.

B.            Borrower has requested certain
amendments to the Existing Credit Agreement because the early repayment of both
Term Loan B and the SMI 83⁄4% Senior Notes due 2011 (i) do not fall within the
definition of Scheduled Payment and (ii) no longer automatically qualify as “extraordinary
items” under GAAP and as such are not automatically excluded from the
definition of Consolidated Cash Flow.

C.            In consideration of the foregoing
and of the mutual covenants and undertakings herein contained, the parties
hereto hereby agree that the Existing Credit Agreement is amended as
hereinafter provided.

ARTICLE I

Definitions

1.             Definitions. (a) 
In addition to the definitions set forth in the heading and the recitals
to this Amendment, the following definitions shall apply hereto:

“Existing Credit
Agreement”: the Second Amended and Restated Credit Agreement, dated as of
September 14, 2000, among (i) Selmer, (ii) Steinway, (iii) the Guarantors, (iv)
the Lenders and (v) the Administrative Agent as amended or otherwise modified
from time to time prior to the effective date of this Tenth Amendment.

(b)           Unless otherwise indicated,
capitalized terms that are used but not defined herein shall have the meanings
ascribed to them in the Existing Credit Agreement.

ARTICLE II

Representations

1.             Representations. 
Each of the Borrowers and Guarantors hereby represents and warrants as
follows:

 

 

(a)           It has full power, authority and
legal right to enter into this Amendment and perform all of its respective
obligations hereunder. The execution, delivery and performance hereof is within
its powers and has been duly authorized, is not in contravention of any law(s)
which might have a material adverse effect upon it, the Collateral, its
operations, financial condition or prospects, or in contravention of the terms
of its by-laws, certificate of incorporation, declaration of trust or other
documents relating to its formation, as applicable, or to the conduct of its
business or of any material agreement or undertaking to which it is a party or
by which it is bound, and will not conflict with or result in any breach of any
of the provisions of, or constitute a default under, or result in the creation
of any Lien upon any of its assets under, the provisions of any agreement,
charter, instrument, by-law, declaration of trust or other instrument to which
it is a party or by which it or its assets may be bound.

(b)           It is duly organized and in good
standing under the laws of its respective state of organization and it is
qualified to do business and is in good standing in each jurisdiction in which
qualification and good standing are necessary for it to conduct its businesses
and own its properties and where the failure to so qualify would have a
Material Adverse Effect.

(c)           This Amendment has been duly executed
and delivered on its behalf and this Amendment constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

(d)           The conditions contained in Article IV
hereof have been satisfied.

(e)           Each of the Loan Documents is on the
date hereof in full force and effect.

(f)            No Default or Event of Default has
occurred and is continuing.

ARTICLE III

Amendments to Existing Credit Agreement

1.               Amendments to Section 1.

(a)           The definition of “Consolidated Cash
Flow” in Section 1.1 of the Existing Credit Agreement is hereby amended
in its entirety to read as follows:

“Consolidated
Cash Flow” for SMI and its consolidated Subsidiaries, consolidated net income
determined in accordance with GAAP before deducting the following items
(without any duplication): (i) Interest Expenses and financing charges, (ii)
income taxes, (iii) depreciation, (iv) amortization, (v) extraordinary gains
and losses, (vi) Loss from Extinguishment, and (vii) all other non-cash
charges, in each case determined in accordance with GAAP.  Notwithstanding the foregoing, Interest
Income shall not be included in Consolidated Cash Flow.”

(b)           The following definition of “Loss
from Extinguishment” is hereby added to Section 1.1 of the Existing
Credit Agreement:

 

 

“Loss from Extinguishment”
means all of Borrowers’ costs incurred in connection with the repayment of all
obligations owing under Term Loan B and the SMI 83⁄4% Senior Notes due 2011.”

ARTICLE IV

Conditions to Effectiveness

This Amendment, and the
modifications to the Existing Credit Agreement provided for herein, shall
become effective on the date (the “Tenth Amendment Effective Date”) on which
all of the following conditions have been (or are concurrently being)
satisfied:

1.             This Amendment shall have been duly executed and
delivered by each party thereto.

2.             No Default or Event of Default shall have occurred and
be continuing.

3.             All corporate and other proceedings, and all documents,
instruments and other legal matters in connection with the transactions
contemplated by the Existing Credit Agreement and this Amendment shall be
reasonably satisfactory in form and substance to the Administrative Agent, and
the Administrative Agent shall have received such other documents in respect of
any aspect or consequence of the transactions contemplated hereby or thereby as
it shall reasonably request.

ARTICLE V

Miscellaneous

1.             No Other Amendments; Confirmation. Except as
expressly amended, modified and supplemented hereby and by the documents
related hereto, the provisions of the Existing Credit Agreement and the other
Loan Documents shall remain in full force and effect.

2.             Affirmation by Loan Parties.  Each Loan Party hereby reaffirms its
obligations under the Loan Documents executed by such Loan Party.

3.             Governing Law; Counterparts.  (a) 
This Amendment and the rights and obligations of the parties hereto
shall be governed by, and construed and interpreted in accordance with, the
laws of the State of New York.

(b)           This Amendment may be executed by one
or more of the parties hereto on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the
same instrument.  A set of the copies of
this Amendment signed by all the parties shall be lodged with each of the
Borrowers and the Administrative Agent, as the Administrative Agent.  This Amendment may be delivered by facsimile
transmission of the relevant signature pages hereof.

[Signatures
pages follow]

 

 

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

	
  CONN-SELMER, INC.,

  	
   

  	
   

  
	
  Borrower

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dennis M. Hanson

  	
   

  	
   

  	
   

  
	
   

  	
  Title: Senior
  Executive Vice President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STEINWAY,
  INC.,

  	
   

  	
   

  
	
  Borrower

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dennis M. Hanson

  	
   

  	
   

  	
   

  
	
   

  	
  Title: Senior Executive Vice President and Chief
  Financial Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GMAC
  COMMERCIAL FINANCE LLC

  	
   

  	
   

  
	
  (successor by
  merger to GMAC Commercial Credit, LLC),

  	
   

  	
   

  
	
  as
  Administrative Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Daniel J. Murray

  	
   

  	
   

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GMAC
  COMMERCIAL FINANCE LLC

  	
   

  	
   

  
	
  (successor by
  merger to GMAC Commercial Credit, LLC),

  	
   

  	
   

  
	
  as Lender

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Daniel J. Murray

  	
   

  	
   

  	
   

  
	
   

  	
  Title: Vice
  President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Signatures
  continue on the following page]

  	
   

  	
   

  

 

 

 

	
  [Signatures continued from previous page]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  FLEET
  CAPITAL CORPORATION,

  	
   

  	
   

  
	
  as Lender

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Christopher M. O’Halloran

  	
   

  	
   

  	
   

  
	
   

  	
  Title: Vice
  President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE
  BANK OF NEW YORK,

  	
   

  	
   

  
	
  as Lender

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Anthony Creanza

  	
   

  	
   

  	
   

  
	
   

  	
  Title: Vice
  President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TD
  BANKNORTH, N.A., (formerly known as Banknorth, N.A.)

  	
   

  	
   

  
	
  as Lender

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Matthew Leighton

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LASALLE
  BUSINESS CREDIT, LLC,

  	
   

  	
   

  
	
  as Lender

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  N/A

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ISRAEL
  DISCOUNT BANK OF NEW YORK,

  	
   

  	
   

  
	
  as Lender

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  N/A

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Signatures
  continue on following page]

  	
   

  	
   

  

 

 

 

[Signatures
continued from previous page]

 

SCHEDULE I

GUARANTORS

	
  Steinway Musical Instruments, Inc.,

  	
   

  	
   

  
	
  Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dennis M. Hanson

  	
   

  	
   

  	
   

  
	
  Title: Senior
  Executive Vice President and Chief Financial Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  800 South Street

  	
   

  	
   

  
	
  Suite 425

  	
   

  	
   

  
	
  Waltham, MA
  02453

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The
  Steinway Piano Company, Inc.,

  	
   

  	
   

  
	
  Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dennis M. Hanson

  	
   

  	
   

  	
   

  
	
  Title: Senior
  Executive Vice President and Chief Financial Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  600 Industrial
  Parkway

  	
   

  	
   

  
	
  Elkhart, IN
  46516

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  S&B
  Retail, Inc.,

  	
   

  	
   

  
	
  Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dennis M. Hanson

  	
   

  	
   

  	
   

  
	
  Title: Senior
  Executive Vice President and Chief Financial Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  455 Route 17
  South

  	
   

  	
   

  
	
  Paramus, New
  Jersey 07652

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Signatures
  continue on following page]

  	
   

  	
   

  

 

 

 

	
  [Signatures continued from previous page]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Boston
  Piano Company, Inc.,

  	
   

  	
   

  
	
  Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dennis M. Hanson

  	
   

  	
   

  	
   

  
	
  Title: Senior
  Executive Vice President and Chief Financial Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  37-11 19th Avenue

  	
   

  	
   

  
	
  Long Island
  City, NY 11105

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The
  O.S. Kelly Corporation,

  	
   

  	
   

  
	
  Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dennis M. Hanson

  	
   

  	
   

  	
   

  
	
  Title: Senior
  Executive Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  P.O. Box 1267

  	
   

  	
   

  
	
  318 E. North
  Spring Street

  	
   

  	
   

  
	
  Springfield, OH
  45503

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}]]