Document:

2014 Debt Agreement

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$132,000,000 CREDIT FACILITY 
CREDIT AGREEMENT 
Dated as of August 28, 2014 
by and among
PMI HOLDINGS, INC., 
as the Borrower,
THE OTHER PERSONS PARTY HERETO THAT ARE 
DESIGNATED AS CREDIT PARTIES,
GENERAL ELECTRIC CAPITAL CORPORATION, 
for itself, as a Lender and Swingline Lender, and as Agent for all Lenders,
CITIZENS BANK, N.A., as Documentation Agent,
WELLS FARGO BANK, N.A., as Syndication Agent,
THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO
as Lenders,
and
GE CAPITAL MARKETS, INC.,
as Sole Lead Arranger
––––––––––––––––––––––––––––––––––––––––––––––––––––––––
––––––––––––––––––––––––––––––––––––––––––––––––––––––––

TABLE OF CONTENTS
		
	ARTICLE I THE CREDITS
	2

		
	1.1
	Amounts and Terms of Commitments.    2

		
	1.2
	Notes.    10

		
	1.3
	Interest.    10

		
	1.4
	Tax Treatment.    11

		
	1.5
	Loan Accounts.    11

		
	1.6
	Procedure for Revolving Credit Borrowing.    12

		
	1.7
	Conversion and Continuation Elections.    13

		
	1.8
	Optional Prepayments and Reductions in Revolving Loan Commitments.    14

		
	1.9
	Mandatory Prepayments of Loans and Commitment Reductions.    16

		
	1.10
	Fees.    19

		
	1.11
	Payments by the Borrower.    21

		
	1.12
	Payments by the Lenders to Agent; Settlement.    22

		
	ARTICLE II CONDITIONS PRECEDENT
	26

		
	2.1
	Conditions of Initial Loans    26

		
	2.2
	Conditions to All Borrowings.    27

		
	ARTICLE III REPRESENTATIONS AND WARRANTIES
	27

		
	3.1
	Corporate Existence and Power    28

		
	3.2
	Corporate Authorization; No Contravention    28

		
	3.3
	Governmental Authorization    28

		
	3.4
	Binding Effect    29

		
	3.5
	Litigation    29

		
	3.6
	No Default    29

		
	3.7
	ERISA Compliance    29

		
	3.8
	Use of Proceeds; Margin Regulations    30

		
	3.9
	Title to Properties    30

		
	3.10
	Taxes    30

		
	3.11
	Financial Condition    30

		
	3.12
	Environmental Matters    31

		
	3.13
	Regulated Entities    32

		
	3.14
	Solvency    32

		
	3.15
	Labor Relations    32

		
	3.16
	Intellectual Property    32

		
	3.17
	Brokers’ Fees; Transaction Fees    32

		
	3.18
	Insurance    32

		
	3.19
	Ventures, Subsidiaries and Affiliates; Outstanding Stock    33

		
	3.20
	Jurisdiction of Organization; Chief Executive Office    33

		
	3.21
	Reserved.    33

		
	3.22
	Status of Holdings    33

		
	3.23
	Full Disclosure    33

		
	3.24
	Franchise Matters    33

		
	3.25
	Foreign Assets Control Regulations and Anti-Money Laundering    34

i

		
	3.26
	Patriot Act    34

		
	ARTICLE IV AFFIRMATIVE COVENANTS
	35

		
	4.1
	Financial Statements    35

		
	4.2
	Certificates; Other Information    36

		
	4.3
	Notices    37

		
	4.4
	Preservation of Corporate Existence, Etc    38

		
	4.5
	Maintenance of Property    39

		
	4.6
	Insurance    39

		
	4.7
	Payment of Obligations    40

		
	4.8
	Compliance with Laws    41

		
	4.9
	Inspection of Property and Books and Records    41

		
	4.10
	Use of Proceeds    41

		
	4.11
	Cash Management Systems    41

		
	4.12
	Landlord Agreements    42

		
	4.13
	Further Assurances    42

		
	4.14
	Environmental Matters    43

		
	4.15
	Post-Closing Obligations    44

		
	ARTICLE V NEGATIVE COVENANTS
	44

		
	5.1
	Limitation on Liens    44

		
	5.2
	Disposition of Assets    46

		
	5.3
	Consolidations and Mergers    47

		
	5.4
	Loans and Investments    48

		
	5.5
	Limitation on Indebtedness    49

		
	5.6
	Transactions with Affiliates    51

		
	5.7
	Management Fees and Compensation    51

		
	5.8
	Use of Proceeds    52

		
	5.9
	Contingent Obligations    52

		
	5.10
	Compliance with ERISA    53

		
	5.11
	Restricted Payments    53

		
	5.12
	Change in Business    56

		
	5.13
	Change in Structure    57

		
	5.14
	Changes in Accounting, Name and Jurisdiction of Organization    57

		
	5.15
	Amendments to Subordinated Indebtedness    57

		
	5.16
	No Negative Pledges    57

		
	5.17
	OFAC; Patriot Act    57

		
	5.18
	Sale-Leasebacks    58

		
	ARTICLE VI FINANCIAL COVENANTS
	58

		
	6.1
	[Reserved]    58

		
	6.2
	Leverage Ratio    58

		
	6.3
	Interest Coverage Ratio    58

		
	ARTICLE VII EVENTS OF DEFAULT
	59

		
	7.1
	Event of Default    59

		
	7.2
	Remedies    61

ii

		
	7.3
	Rights Not Exclusive    62

		
	7.4
	Cash Collateral for Letters of Credit    62

		
	ARTICLE VIII AGENT
	62

		
	8.1
	Appointment and Duties    62

		
	8.2
	Binding Effect    64

		
	8.3
	Use of Discretion    64

		
	8.4
	Delegation of Rights and Duties    65

		
	8.5
	Reliance and Liability    65

		
	8.6
	Agent Individually    66

		
	8.7
	Lender Credit Decision    66

		
	8.8
	Expenses; Indemnities; Withholding    67

		
	8.9
	Resignation of Agent or L/C Issuer    67

		
	8.10
	Release of Collateral or Guarantors    68

		
	8.11
	Additional Secured Parties    69

		
	8.12
	Documentation Agent and Syndication Agent    69

		
	ARTICLE IX MISCELLANEOUS
	70

		
	9.1
	Amendments and Waivers    70

		
	9.2
	Notices    72

		
	9.3
	Electronic Transmissions    73

		
	9.4
	No Waiver; Cumulative Remedies    74

		
	9.5
	Costs and Expenses    74

		
	9.6
	Indemnity    75

		
	9.7
	Marshaling; Payments Set Aside    76

		
	9.8
	Successors and Assigns    76

		
	9.9
	Assignments and Participations; Binding Effect    76

		
	9.10
	Non-Public Information; Confidentiality    81

		
	9.11
	Set-off; Sharing of Payments    83

		
	9.12
	Counterparts; Facsimile Signature    84

		
	9.13
	Severability    84

		
	9.14
	Captions    84

		
	9.15
	Independence of Provisions    84

		
	9.16
	Interpretation    85

		
	9.17
	No Third Parties Benefited    85

		
	9.18
	Governing Law and Jurisdiction    85

		
	9.19
	Waiver of Jury Trial    86

		
	9.20
	Entire Agreement; Release; Survival    86

		
	9.21
	Patriot Act    87

		
	9.22
	Replacement of Lender    87

		
	9.23
	Joint and Several    87

		
	9.24
	Creditor-Debtor Relationship    87

		
	9.25
	Keepwell    88

		
	ARTICLE X TAXES, YIELD PROTECTION AND ILLEGALITY
	88

		
	10.1
	Taxes    88

		
	10.2
	Illegality    91

iii

		
	10.3
	Increased Costs and Reduction of Return    92

		
	10.4
	Funding Losses    93

		
	10.5
	Inability to Determine Rates    94

		
	10.6
	Reserves on LIBOR Rate Loans    94

		
	10.7
	Certificates of Lenders    94

		
	ARTICLE XI DEFINITIONS
	95

		
	11.1
	Defined Terms    95

		
	11.2
	Other Interpretive Provisions    122

		
	11.3
	Accounting Terms and Principles    123

		
	11.4
	Payments    123

iv

SCHEDULES
	
		
	Schedule 1.1(a)
	Term Loan Commitments

	Schedule 1.1(b)
	Revolving Loan Commitments

	Schedule 3.5
	Litigation

	Schedule 3.7
	ERISA

	Schedule 3.8
	Margin Stock

	Schedule 3.9
	Real Estate

	Schedule 3.15
	Labor Relations

	Schedule 3.17
	Brokers’ and Transaction Fees

	Schedule 3.19
	Ventures, Subsidiaries and Affiliates; Outstanding Stock

	Schedule 3.20
	Jurisdiction of Organization; Chief Executive Office

	Schedule 3.26
	Franchise Matters

	Schedule 4.15
	Post-Closing Obligations

	Schedule 5.1
	Liens

	Schedule 5.2
	Permitted Store Dispositions

	Schedule 5.4
	Investments

	Schedule 5.5
	Indebtedness

	Schedule 5.6
	Transactions with Affiliates

	Schedule 5.9
	Contingent Obligations

	Schedule 11.1
	Fiscal Periods

EXHIBITS
	
		
	Exhibit 1.1.(c)
	Form of L/C Request

	Exhibit 1.1(d)
	Form of Swing Loan Request

	Exhibit 1.7
	Form of Notice of Conversion/Continuation

	Exhibit 2.1
	Closing Checklist

	Exhibit 4.2(b)
	Form of Compliance Certificate

	Exhibit 9.9(g)(i)(B) 
	Form of Affiliated Lender Assignment and Assumption

	Exhibit 11.1(a)
	Form of Assignment

	Exhibit 11.1(b)
	Form of Notice of Borrowing

	Exhibit 11.1(c)
	Form of Revolving Note

	Exhibit 11.1(d)
	Form of Swingline Note

	Exhibit 11.1(e)
	Form of Term Note

v

CREDIT AGREEMENT
This CREDIT AGREEMENT (including all exhibits and schedules hereto, as the same may be amended, modified and/or restated from time to time, this “Agreement”) is entered into as of August 28, 2014, by and among PMI Holdings, Inc., a Delaware corporation (the “Borrower”), the other Persons party hereto that are designated as a “Credit Party”, General Electric Capital Corporation, a Delaware corporation (in its individual capacity, “GE Capital”), as Agent for the several financial institutions from time to time party to this Agreement (collectively, the “Lenders” and individually each a “Lender”) and for itself as a Lender (including as Swingline Lender) and such Lenders.
W I T N E S S E T H:
WHEREAS, the Borrower has requested, and the Lenders have agreed to make available to the Borrower, a revolving credit facility (including a letter of credit subfacility) and a term loan upon and subject to the terms and conditions set forth in this Agreement to provide for working capital, capital expenditures and other general corporate purposes of the Borrower and to (a) refinance Prior Indebtedness, (b) fund directly or indirectly certain Acquisitions and/or Investments and pay related fees and expenses and (c) fund certain fees and expenses associated with the funding of the Loans on the Closing Date (collectively, the “Transactions”);
WHEREAS, the Borrower desires to secure all of its Obligations under the Loan Documents by granting to Agent, for the benefit of the Secured Parties, a security interest in and lien upon substantially all of its Property;
WHEREAS, Papa Murphy’s Intermediate, Inc., a Delaware corporation that directly owns all of the Stock and Stock Equivalents of the Borrower (“Holdings”), is willing to guaranty all of the Obligations and to pledge to Agent, for the benefit of the Secured Parties, all of the Stock and Stock Equivalents of the Borrower and substantially all of its other Property to secure the Obligations;
WHEREAS, subject to the terms hereof, each Domestic Subsidiary (other than Disregarded Domestic Persons) of Holdings other than the Borrower is willing to guaranty all of the Obligations of the Borrower and to grant to Agent, for the benefit of the Secured Parties, a security interest in and lien upon substantially all of its Property;
NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties hereto agree as follows:

1

ARTICLE I

THE CREDITS
1.1Amounts and Terms of Commitments.
(a)The Term Loans.
(i)Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Lender with a Term Loan Commitment severally and not jointly agrees to lend to the Borrower on the Closing Date, the amount set forth opposite such Lender’s name in Schedule 1.1(a) under the heading “Term Loan Commitment” (such amount being referred to herein as such Lender’s “Term Loan Commitment”).  Amounts borrowed under this subsection 1.1(a)(i) are referred to as the “Term Loans.”
(ii)Amounts borrowed as the Term Loans which are repaid or prepaid may not be reborrowed.
(b)The Revolving Credit.  Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Revolving Lender severally and not jointly agrees to make Loans to the Borrower (each such Loan, a “Revolving Loan”) from time to time on any Business Day during the period beginning on the Closing Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule 1.1(b) under the heading “Revolving Loan Commitments” (such amount as the same may be reduced or increased from time to time in accordance with this Agreement, being referred to herein as such Lender’s “Revolving Loan Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the aggregate principal amount of all outstanding Revolving Loans shall not exceed the Maximum Revolving Loan Balance.  Subject to the other terms and conditions hereof, amounts borrowed under this subsection 1.1(b) may be repaid and reborrowed from time to time.  The “Maximum Revolving Loan Balance” from time to time will be the Aggregate Revolving Loan Commitment then in effect, less the sum of (I) the aggregate amount of Letter of Credit Obligations plus (II) the aggregate principal amount of outstanding Swing Loans.  If at any time the then outstanding principal balance of Revolving Loans exceeds the Maximum Revolving Loan Balance, then the Borrower shall immediately prepay outstanding Revolving Loans in an amount sufficient to eliminate such excess.
(c)Letters of Credit.  (i) Conditions.  On the terms and subject to the conditions contained herein, the Borrower may request that one or more L/C Issuers Issue, in accordance with such L/C Issuers’ usual and customary business practices, and for the account of the Credit Parties or any of their Subsidiaries (provided, the Borrower shall be co-applicant with respect to any Letter of Credit issued for the account of a Subsidiary that is not a Credit Party), Letters of Credit (denominated in Dollars) from time to time on any Business Day during the period from the Closing Date through the earlier of (x) the Final Availability Date and (y) five (5) days prior to the date specified in clause (a) of the definition of Revolving Termination Date; provided, however, that no 

2

L/C Issuer shall Issue any Letter of Credit upon the occurrence of any of the following or, if after giving effect to such Issuance: 
(A)(i) Availability would be less than zero or (ii) the Letter of Credit Obligations for all Letters of Credit would exceed $2,500,000 (the “L/C Sublimit”);
(B)the expiration date of such Letter of Credit (i) is not a Business Day, (ii) is more than one (1) year after the date of issuance thereof or (iii) is later than five (5) days prior to the date specified in clause (a) of the definition of Revolving Termination Date; provided, however, that any Letter of Credit with a term not exceeding one (1) year may provide for its renewal for additional periods not exceeding one (1) year as long as (x) each of the applicable Credit Party and such L/C Issuer have the option to prevent such renewal before the expiration of such term or any such period and (y) neither such L/C Issuer nor the Borrower shall permit any such renewal to extend such expiration date beyond the date set forth in clause (iii) above; or
(C) (i) any fee due in connection with, and on or prior to, such Issuance has not been paid, (ii) such Letter of Credit is requested to be Issued in a form that is not acceptable to such L/C Issuer or (iii) such L/C Issuer shall not have received, each in form and substance reasonably acceptable to it and duly executed by the Borrower, the documents that such L/C Issuer generally uses in the Ordinary Course of Business for the Issuance of letters of credit of the type of such Letter of Credit (collectively, the “L/C Reimbursement Agreement”).
Furthermore, GE Capital as an L/C Issuer may elect only to issue Letters of Credit in its own name and may only Issue Letters of Credit to the extent permitted by Requirements of Law, and such Letters of Credit may not be accepted by certain beneficiaries such as insurance companies.
For each Issuance, the applicable L/C Issuer may, but shall not be required to, determine that, or take notice whether, the conditions precedent set forth in Section 2.2 have been satisfied or waived in connection with the Issuance of any Letter of Credit; provided, however, that no Letters of Credit shall be Issued during the period starting on the first Business Day after the receipt by such L/C Issuer of notice from Agent or the Required Revolving Lenders that any condition precedent contained in Section 2.2 is not satisfied and ending on the date all such conditions are satisfied or duly waived.
Notwithstanding anything else to the contrary herein, if any Lender is a Non-Funding Lender or Impacted Lender, no L/C Issuer shall be obligated to Issue any Letter of Credit unless (w) the Non-Funding Lender or Impacted Lender has been replaced in accordance with Section 9.9 or 9.22, (x) the Letter of Credit Obligations of such Non-Funding Lender or Impacted Lender have been cash collateralized in an amount equal to 103% of the aggregate maximum undrawn amount of such Letter of Credit, (y) the Revolving Loan Commitments of the other Lenders have been increased by an amount sufficient to satisfy Agent that all future Letter of Credit Obligations will be covered by all Revolving Lenders that are not Non-Funding Lenders or Impacted Lenders, or (z) the Letter 

3

of Credit Obligations of such Non-Funding Lender or Impacted Lender have been reallocated to other Revolving Lenders in a manner consistent with subsection 1.12(e)(ii).
(i)Notice of Issuance.  The Borrower shall give the relevant L/C Issuer and Agent a notice of any requested Issuance of any Letter of Credit, which shall be effective only if received by such L/C Issuer and Agent not later than 12:00 p.m. (New York time) on the fifth Business Day prior to the date of such requested Issuance.  Such notice shall be made in a writing or Electronic Transmission substantially in the form of Exhibit 1.1(c) duly completed or in a writing in any other form acceptable to such L/C Issuer (an “L/C Request”).
(ii)Reporting Obligations of L/C Issuers.  Each L/C Issuer agrees to provide Agent, in form and substance satisfactory to Agent, each of the following on the following dates:  (A) (i) on or prior to any Issuance of any Letter of Credit by such L/C Issuer, (ii) immediately after any drawing under any such Letter of Credit or (iii) immediately after any payment (or failure to pay when due) by the Borrower of any related L/C Reimbursement Obligation, notice thereof, which shall contain a reasonably detailed description of such Issuance, drawing or payment and Agent shall provide copies of such notices to each Revolving Lender reasonably promptly after receipt thereof; (B) upon the request of Agent (or any Revolving Lender through Agent), copies of any Letter of Credit Issued by such L/C Issuer and any related L/C Reimbursement Agreement and such other documents and information as may reasonably be requested by Agent; and (C) on the first Business Day of every other calendar week and promptly upon request by Agent on any other day, a schedule of the Letters of Credit Issued by such L/C Issuer, in form and substance reasonably satisfactory to Agent, setting forth the Letter of Credit Obligations for such Letters of Credit outstanding on the last Business Day of the previous calendar week or on such other day requested by Agent, as applicable.
(iii)Acquisition of Participations.  Upon any Issuance of a Letter of Credit in accordance with the terms of this Agreement resulting in any increase in the Letter of Credit Obligations, each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in such Letter of Credit and the related Letter of Credit Obligations in an amount equal to its Commitment Percentage of such Letter of Credit Obligations.
(iv)Reimbursement Obligations of the Borrower.  The Borrower agrees to pay to the L/C Issuer of any Letter of Credit, or to Agent for the benefit of such L/C Issuer, each L/C Reimbursement Obligation owing with respect to such Letter of Credit no later than the first Business Day after the Borrower receives notice from such L/C Issuer that payment has been made under such Letter of Credit or that such L/C Reimbursement Obligation is otherwise due (the “L/C Reimbursement Date”) with interest thereon computed as set forth in clause (A) below.  In the event that any L/C Reimbursement Obligation is not repaid by the Borrower as provided in this clause (v) (or any such payment by the Borrower is rescinded or set aside for any reason), such L/C Issuer shall promptly notify Agent of such failure (and, upon receipt of such notice, Agent shall notify each Revolving Lender) and, irrespective of whether such notice is given, such L/C Reimbursement Obligation shall be 

4

payable on demand by the Borrower with interest thereon computed (A) from the date on which such L/C Reimbursement Obligation arose to the L/C Reimbursement Date, at the interest rate applicable during such period to Revolving Loans that are Base Rate Loans and (B) thereafter until payment in full, at the interest rate specified in subsection 1.3(c) to past due Revolving Loans that are Base Rate Loans (regardless of whether or not an election is made under such subsection).
(v)Reimbursement Obligations of the Revolving Lenders.
(1)Upon receipt of the notice described in clause (v) above from Agent, each Revolving Lender shall pay to Agent for the account of such L/C Issuer its Commitment Percentage of such Letter of Credit Obligations (as such amount may be increased pursuant to subsection 1.12(e)(ii)).
(2)By making any payment described in clause (1) above (other than during the continuation of an Event of Default under subsection 7.1(f) or 7.1(g)), such Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt thereof by Agent for the benefit of such L/C Issuer, the Borrower shall be deemed to have used in whole to repay such L/C Reimbursement Obligation.  Any such payment that is not deemed a Revolving Loan shall be deemed a funding by such Lender of its participation in the applicable Letter of Credit and the Letter of Credit Obligation in respect of the related L/C Reimbursement Obligations.  Such participation shall not otherwise be required to be funded.  Following receipt by any L/C Issuer of any payment from any Lender pursuant to this clause (vi) with respect to any portion of any L/C Reimbursement Obligation, such L/C Issuer shall promptly pay to Agent, for the benefit of such Lender, all amounts received by such L/C Issuer (or to the extent such amounts shall have been received by Agent for the benefit of such L/C Issuer, Agent shall promptly pay to such Lender all amounts received by Agent for the benefit of such L/C Issuer) with respect to such portion.
(vi)Obligations Absolute.  The obligations of the Borrower and the Revolving Lenders pursuant to clauses (iv), (v) and (vi) above shall be absolute, unconditional and irrevocable and performed strictly in accordance with the terms of this Agreement irrespective of (A) (i) the invalidity or unenforceability of any term or provision in any Letter of Credit, any document transferring or purporting to transfer a Letter of Credit, any Loan Document (including the sufficiency of any such instrument), or any modification to any provision of any of the foregoing, (ii) any document presented under a Letter of Credit being forged, fraudulent, invalid, insufficient or inaccurate in any respect or failing to comply with the terms of such Letter of Credit or (iii) any loss or delay, including in the transmission of any document, (B) the existence of any setoff, claim, abatement, recoupment, defense or other right that any Person (including any Credit Party) may have against the beneficiary of any Letter of Credit or any other Person, whether in connection with any Loan Document or any other Contractual Obligation or transaction, or the existence of any other withholding, abatement or reduction, (C) in the case of the obligations of any Revolving Lender, (i) the failure of any condition precedent set forth in Section 2.2 to be satisfied (each of which conditions precedent the Revolving Lenders hereby irrevocably waive) or (ii) any adverse 

5

change in the condition (financial or otherwise) of any Credit Party and (D) any other act or omission to act or delay of any kind of Agent, any Lender or any other Person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this clause (vii), constitute a legal or equitable discharge of any obligation of the Borrower or any Revolving Lender hereunder.
(d)Swing Loans.  (i)  Availability.  Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, the Swingline Lender agrees to make Loans (each a “Swing Loan”) available to the Borrower under the Revolving Loan Commitments from time to time on any Business Day during the period from the Closing Date through the Final Availability Date in an aggregate principal amount at any time outstanding not to exceed its Swingline Commitment; provided, however, that the Swingline Lender may not make any Swing Loan (x) to the extent that after giving effect to such Swing Loan, the aggregate principal amount of all Revolving Loans would exceed the Maximum Revolving Loan Balance and (y) during the period commencing on the first Business Day after it receives notice from Agent or the Required Revolving Lenders that one or more of the conditions precedent contained in Section 2.2 are not satisfied and ending when such conditions are satisfied or duly waived.  In connection with the making of any Swing Loan, the Swingline Lender may but shall not be required to determine that, or take notice whether, the conditions precedent set forth in Section 2.2 have been satisfied or waived; provided, however, that no Swing Loans shall be made during the period starting on the first Business Day after the receipt by the Swingline Lender of notice from Agent or the Required Revolving Lenders that any condition precedent contained in Section 2.2 is not satisfied and ending on the date all such conditions are satisfied or duly waived.  Each Swing Loan shall be a Base Rate Loan and must be repaid as provided herein, but in any event must be repaid in full on the Revolving Termination Date.  Within the limits set forth in the first sentence of this clause (i), amounts of Swing Loans repaid may be reborrowed under this clause (i).
(i)Borrowing Procedures.  In order to request a Swing Loan, the Borrower shall give to Agent a notice to be received not later than 2:00 p.m. (New York time) on the day of the proposed Borrowing, which shall be made in a writing or in an Electronic Transmission substantially in the form of Exhibit 1.1(d) or in a writing in any other form acceptable to Agent duly completed (a “Swingline Request”).   In addition, if any Notice of Borrowing of Revolving Loans requests a Borrowing of Base Rate Loans, the Swingline Lender may, notwithstanding anything else to the contrary herein but in any event subject to the amount of the Swingline Commitment, make a Swing Loan to the Borrower in an aggregate amount not to exceed such proposed Borrowing, and the aggregate amount of the corresponding proposed Borrowing shall be reduced accordingly by the principal amount of such Swing Loan.  Agent shall promptly notify the Swingline Lender of the details of the requested Swing Loan.  Upon receipt of such notice and subject to the terms of this Agreement, the Swingline Lender agrees to make a Swing Loan available to the Borrower by making the proceeds thereof available to Agent and, in turn, Agent shall make such proceeds available to the Borrower on the date set forth in the relevant Swingline Request or Notice of Borrowing.

6

(ii)Refinancing Swing Loans.
(A)    The Swingline Lender may at any time (and shall no less frequently than once a week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to subsection 1.12(e)(ii)).
(B)    Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swingline Lender on the Business Day following receipt of the notice or demand therefore.  Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, be deemed to be received on the next Business Day.  Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under subsection 7.1(f) or 7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan.  In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under subsection 7.1(f) or 7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan.  If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation.  Such participation shall not be otherwise required to be funded.  Upon receipt by the Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swingline Lender with respect to such portion.
(iii)Obligation to Fund Absolute.  Each Revolving Lender’s obligations pursuant to clause (iii) above shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including (A) the existence of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Swingline Lender, Agent, any other Lender or L/C Issuer or any other Person, (B) the failure of any condition precedent set forth in Section 2.2 to be satisfied or the failure of the Borrower to deliver a Notice of Borrowing (each of which requirements the Revolving Lenders hereby irrevocably waive) and (C) any adverse change in the condition (financial or otherwise) of any Credit Party.
(e)Incremental Facilities.
(i)Requests.  The Borrower may, by written notice to Agent (each, an “Incremental Facility Request”), request increases in an amount equal to or greater than $5,000,000 in the Term Loans or additional term loan facilities (each, an “Incremental Term 

7

Loan Commitment” and the term loans thereunder, an “Incremental Term Loan”); provided that no commitment of any Lender shall be increased without the consent of such Lender.  Such notice shall set forth (A) the amount of the Incremental Term Loan Commitment being requested and (B) the date (an “Incremental Effective Date”) on which such Incremental Term Loan Commitment is requested to become effective (which, unless otherwise agreed by Agent in its sole discretion, shall not be less than 10 Business Days after the date of such notice).
(ii)Conditions.  No Incremental Term Loan Commitment shall become effective under this Section 1.1(e) unless, after giving effect to such Incremental Term Loan Commitment, the Loans to be made thereunder, and the application of the proceeds therefrom:
(A) no Default or Event of Default shall exist at the time of funding; provided, solely with respect to an Incremental Term Loan the proceeds of which are intended to and shall be used to finance substantially contemporaneously a Permitted Acquisition, the Persons providing such Incremental Term Loan may agree to a “Funds Certain Provision” that does not impose as a condition to funding thereof that no Default or Event of Default exists at the time the Permitted Acquisition is consummated;
(B)as of the last day of the most recent Fiscal Quarter for which financial statements have been delivered pursuant to Section 4.1(c), the Leverage Ratio recomputed on a pro forma basis shall not exceed 4.00 to 1.00; 
(C)proceeds of such Incremental Term Loan shall be used for working capital, capital expenditures, Permitted Acquisitions, investments, dividends, Restricted Payments and other general corporate purposes of the Borrower and its Subsidiaries, in each case not in contravention of any Requirement of Law and not in violation of this Agreement; 
(D)such Incremental Term Loan shall constitute senior indebtedness under any subordination agreement or subordination provisions applicable to any Subordinated Indebtedness; and 
(E)Agent shall have received a certificate of a Responsible Officer of the Borrower certifying as to the foregoing.
(iii)Terms.  The final maturity date of any Incremental Term Loan that is a separate Class shall be no earlier than the maturity date of the initial Term Loans and the Weighted Average Life to Maturity of any such Incremental Term Loan shall not be shorter than the Weighted Average Life to Maturity of the initial Term Loans.  If the initial all-in yield (including interest rate margins, any interest rate floors, original issue discount and upfront fees (based on the lesser of a four-year average life to maturity or the remaining life to maturity), but excluding reasonable and customary arrangement, structuring and underwriting fees paid or payable to any arranger with respect to such Incremental Term 

8

Loan) applicable to any Incremental Term Loan incurred within twenty-four (24) months of the Closing Date exceeds by more than 0.50% per annum the corresponding all-in yield (determined on the same basis) applicable to the initial Term Loans, the then outstanding initial Term Loans (the amount of such excess above 0.50% being referred to herein as the “Yield Differential”), then the Applicable Margin with respect to initial Term Loans shall automatically be increased by the Yield Differential, effective upon the making of such Incremental Term Loan (it being agreed that to the extent the all-in-yield with respect to such Incremental Term Loan is greater than the all-in-yield of the initial Term Loans solely as a result of a higher LIBOR floor, then the increased interest rate applicable to an Existing Facility shall be effected solely by increasing the LIBOR floor applicable thereto).  Except with respect to amortization, pricing and final maturity as set forth in this clause (iii), any Incremental Term Loan shall be on terms consistent with the initial Term Loans.
(iv)Required Amendments.  Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Facility, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence of such Incremental Facility and the Loans evidenced thereby, and any joinder agreement or amendment may without the consent of the other Lenders effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of Agent and Borrower, to effect the provisions of this Section 1.1(e).  For the avoidance of doubt, this Section 1.1(e) shall supersede any provisions in Section 9.1.  From and after each Incremental Effective Date, the Loans and Commitments established pursuant to this Section 1.1(e) shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the guarantees and security interests created by the applicable Collateral Documents.  Within time periods to be reasonably agreed, the Credit Parties shall take any actions reasonably required by Agent to ensure that the Liens and security interests granted by the applicable Collateral Documents continue to be perfected under the UCC or otherwise after giving effect to the establishment of any such new Loans and Commitments, including compliance with Section 4.13(c).  Each of the parties hereto hereby agrees that Agent may, in consultation with the Borrower, take any and all action as may be reasonably necessary to ensure that all Incremental Term Loans which are not separate Classes, when originally made, are included in each Borrowing of outstanding Term Loans on a pro rata basis. This may be accomplished by requiring each outstanding Borrowing of Term Loans that are Libor Rate Loans to be converted into a Borrowing of Term Loans that are Base Rate Loans on the date of each such Incremental Term Loan, or by allocating a portion of each such Incremental Term Loan to each outstanding Borrowing of Term Loans that are Libor Rate Loans on a pro rata basis.  Any conversion of LIBOR Rate Loans to Base Rate Loans required by the preceding sentence shall be subject to Section 10.4.  If any Incremental Term Loan is to be allocated to an existing Interest Period for a Borrowing of LIBOR Rate Loans, then the interest rate thereon for such Interest Period shall be as set forth in the applicable Incremental Term Loan joinder agreement or amendment. In addition the scheduled amortization payments under Section 1.8(a) required to be made after the making of any Incremental Term Loans which are not separate Classes shall be ratably increased by the aggregate principal amount of such 

9

Incremental Term Loans for all Lenders on a pro rata basis to the extent necessary to avoid any reduction in the amortization payments to which the Term Loan Lenders were entitled before such recalculation. 
1.2Notes.
(a)The Term Loan made by each Lender with a Term Loan Commitment shall be evidenced by this Agreement and, if requested by such Lender, a Term Note payable to such Lender in an amount equal to the unpaid balance of the Term Loan held by such Lender.
(b)The Revolving Loans made by each Revolving Lender shall be evidenced by this Agreement and, if requested by such Lender, a Revolving Note payable to such Lender in an amount equal to such Lender’s Revolving Loan Commitment.
(c)Swing Loans made by the Swingline Lender shall be evidenced by this Agreement and, if requested by such Lender, a Swingline Note in an amount equal to the Swingline Commitment.
1.3Interest.
(a)Subject to subsections 1.3(c) and 1.3(d), the Term Loans shall bear interest at a rate per annum equal to the LIBOR or the Base Rate plus the Applicable Margin then in effect.  Each Revolving Loan and Swing Loan shall bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to the LIBOR or the Base Rate, as the case may be, plus the Applicable Margin then in effect; provided Swing Loans may not be LIBOR Rate Loans.  Each determination of an interest rate by Agent shall be conclusive and binding on Borrower and the Lenders in the absence of manifest error.  All computations of fees and interest (other than interest accruing on Base Rate Loans) payable under this Agreement shall be made on the basis of a 360-day year and actual days elapsed.  All computations of interest accruing on Base Rate Loans payable under this Agreement shall be made on the basis of a 365-day year (366 in the case of a leap year) and actual days elapsed.  Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to but excluding the last day thereof.
(b)Interest on each Loan shall be paid in arrears on each Interest Payment Date.  Interest shall also be paid on the date of any payment or prepayment of Loans in full, including the date of termination of the Revolving Loan Commitments.
(c)At the written election of Agent or the Required Lenders while any Event of Default exists (or automatically while any Event of Default under subsection 7.1(a), 7.1(f) or 7.1(g) exists), the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the Loans from and after the date of occurrence of such Event of Default, at a rate per annum which is determined by adding two percent (2.0%) per annum to the Applicable Margin then in effect for such Loans (plus the LIBOR or Base Rate, as the case may be).  All such interest shall be payable on demand of Agent or the Required Lenders.

10

(d)Anything herein to the contrary notwithstanding, the obligations of the Borrower hereunder shall be subject to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the respective Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Lender, and in such event the Borrower shall pay such Lender interest at the highest rate permitted by applicable law (“Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent, on behalf of Lenders, is equal to the total interest that would have been received had the interest payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement.
1.4Tax Treatment.
Borrower and the Lenders agree (i) that the Loans are intended to be treated as debt for U.S. federal income tax purposes, (ii) that none of the Loans is intended to constitute debt that is governed by the rules set out in Treasury Regulations Section 1.1275-4, and (iii) not to file any tax return, report or declaration inconsistent with the foregoing, unless required by applicable law or Governmental Authority.  The inclusion of this Section 1.4 is not an admission by any Lender that it is subject to U.S. taxation.
1.5Loan Accounts.
(a)Agent, on behalf of the Lenders, shall record on its books and records the amount of each Loan made, the interest rate applicable, all payments of principal and interest thereon and the principal balance thereof from time to time outstanding.  Agent shall deliver to the Borrower on a monthly basis a loan statement setting forth such record for the immediately preceding calendar month.  Such record shall, absent manifest error, be conclusive evidence of the amount of the Loans made by the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so, or any failure to deliver such loan statement shall not, however, limit or otherwise affect the obligation of the Borrower hereunder (and under any Note) to pay any amount owing with respect to the Loans or provide the basis for any claim against Agent.
(b)Agent, acting as a non-fiduciary agent of the Borrower solely for tax purposes and solely with respect to the actions described in this subsection 1.4(b), shall establish and maintain at its address referred to in Section 9.2 (or at such other address as Agent may notify the Borrower) (A) a record of ownership (the “Register”) in which Agent agrees to register by book entry the interests (including any rights to receive payment hereunder) of Agent, each Lender and each L/C Issuer in the Term Loans, Revolving Loans, Swing Loans, L/C Reimbursement Obligations and Letter of Credit Obligations, each of their obligations under this Agreement to participate in each Loan, Letter of Credit, Letter of Credit Obligations and L/C Reimbursement Obligations, and any assignment of any such interest, obligation or right and (B) accounts in the Register in accordance with its usual practice in which it shall record (1) the names and addresses of the Lenders and the L/C Issuers (and each change thereto pursuant to Sections 9.9 and 9.22), (2) the Commitments of 

11

each Lender, (3) the amount of each Loan and each funding of any participation described in clause (A) above, and for LIBOR Rate Loans, the Interest Period applicable thereto, (4) the amount of any principal or interest due and payable or paid, (5) the amount of the L/C Reimbursement Obligations due and payable or paid in respect of Letters of Credit and (6) any other payment received by Agent from Borrower and its application to the Obligations.
(c)Notwithstanding anything to the contrary contained in this Agreement, the Loans (including any Notes evidencing such Loans and, in the case of Revolving Loans, the corresponding obligations to participate in Letter of Credit Obligations and Swing Loans) and the L/C Reimbursement Obligations are registered obligations, the right, title and interest of the Lenders and the L/C Issuers and their assignees in and to such Loans or L/C Reimbursement Obligations, as the case may be, shall be transferable only upon notation of such transfer in the Register and no assignment thereof shall be effective until recorded therein.  This Section 1.4 and Section 9.9 shall be construed so that the Loans and L/C Reimbursement Obligations are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.
(d)The Credit Parties, Agent, the Lenders and the L/C Issuers shall treat each Person whose name is recorded in the Register as a Lender or L/C Issuer, as applicable, for all purposes of this Agreement.  Information contained in the Register with respect to any Lender or any L/C Issuer shall be available for access by the Borrower, Agent, such Lender or such L/C Issuer during normal business hours and from time to time upon at least one (1) Business Day’s prior notice.  No Lender or L/C Issuer shall, in such capacity, have access to or be otherwise permitted to review any information in the Register other than information with respect to such Lender or L/C Issuer unless otherwise agreed by Agent.
1.6Procedure for Revolving Credit Borrowing.
(a)Each Borrowing of a Revolving Loan shall be made upon the Borrower’s irrevocable (subject to Section 10.5) written notice delivered to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, which notice must be received by Agent prior to 12:00 p.m. (New York time) (i) on the date which is one (1) Business Day prior to the requested Borrowing date of each Base Rate Loan and (ii) on the day which is three Business Days prior to the requested Borrowing date in the case of each LIBOR Rate Loan and shall specify:
(i)the amount of the Borrowing (which shall be in an aggregate minimum principal amount of $100,000);
(ii)the requested Borrowing date, which shall be a Business Day;
(iii)whether the Borrowing is to be comprised of LIBOR Rate Loans or Base Rate Loans; and
(iv)if the Borrowing is to be LIBOR Rate Loans, the Interest Period applicable to such Loans.

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(b)Upon receipt of a Notice of Borrowing, Agent will promptly notify each Revolving Lender of such Notice of Borrowing and of the amount of such Lender’s Commitment Percentage of the Borrowing.
(c)Unless Agent is otherwise directed in writing by the Borrower, the proceeds of each requested Borrowing after the Closing Date will be made available to the Borrower by Agent by wire transfer of such amount to the Borrower pursuant to the wire transfer instructions specified by the Borrower.
1.7Conversion and Continuation Elections.
(a)The Borrower shall have the option to (i) request that any Revolving Loan be made as a LIBOR Rate Loan, (ii) convert at any time all or any part of outstanding Revolving Loans (other than Swing Loans) or Term Loans from Base Rate Loans to LIBOR Rate Loans, (iii) convert any LIBOR Rate Loan to a Base Rate Loan, subject to Section 10.4 if such conversion is made prior to the expiration of the Interest Period applicable thereto, or (iv) continue all or any portion of any Revolving Loan or Term Loan as a LIBOR Rate Loan upon the expiration of the applicable Interest Period.  Any Revolving Loan or group of Revolving Loans or Term Loan or group of Term Loans having the same proposed Interest Period to be made or continued as, or converted into, a LIBOR Rate Loan must be in a minimum amount of $100,000.  Any such election must be made by the Borrower by 12:00 p.m. (New York time) on the third Business Day prior to (1) the date of any proposed Revolving Loan which is to bear interest at LIBOR, (2) the end of each Interest Period with respect to any LIBOR Rate Loans to be continued as such, or (3) the date on which the Borrower wishes to convert any Base Rate Loan to a LIBOR Rate Loan for an Interest Period designated by the Borrower.  No LIBOR Rate Loan shall be comprised of both Revolving Loans (or any one or more portions thereof) and the Term Loan (or any one or more portions thereof).  If no election is received with respect to a LIBOR Rate Loan by 12:00 p.m. (New York time) on the third Business Day prior to the end of the Interest Period with respect thereto, that LIBOR Rate Loan shall be converted to a Base Rate Loan at the end of its Interest Period.  The Borrower must make such election by notice to Agent in writing, including by Electronic Transmission.  In the case of any conversion or continuation, such election must be made pursuant to a written notice (a “Notice of Conversion/Continuation”) substantially in the form of Exhibit 1.7 or in a writing in any other form acceptable to Agent.  No Revolving Loan or Term Loan shall be made, converted into or continued as a LIBOR Rate Loan, if an Event of Default has occurred and is continuing and Agent or the Required Lenders have determined not to make or continue any Revolving Loan or Term Loan as a LIBOR Rate Loan as a result thereof.
(b)Upon receipt of a Notice of Conversion/Continuation, Agent will promptly notify each Lender thereof.  In addition, Agent will, with reasonable promptness, notify the Borrower and the Lenders of each determination of LIBOR; provided that any failure to do so shall not relieve the Borrower of any liability hereunder or provide the basis for any claim against Agent.  All conversions and continuations shall be made pro rata according to the respective outstanding principal amounts of the Loans held by each Lender with respect to which the notice was given.

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(c)Notwithstanding any other provision contained in this Agreement, after giving effect to any Borrowing, or to any continuation or conversion of any Loans, there shall not be more than nine (9) different Interest Periods in effect. 
1.8Optional Prepayments and Reductions in Revolving Loan Commitments.
(a)Optional Prepayments Generally.  The Borrower may at any time upon at least two (2) Business Days’ (or such shorter period as is acceptable to Agent) prior written notice by the Borrower to Agent, prepay the Loans in whole or in part in an amount greater than or equal to $100,000 (other than Revolving Loans and Swing Loans for which prior written notice is not required and for which no minimum shall apply), in each instance, without penalty or premium except any reimbursements as provided in Section 10.4.  Optional partial prepayments of Term Loans shall be applied as specified by the Borrower in such notice of prepayment and, in the absence of such direction, in the manner set forth in subsection 1.9(g).  Optional partial prepayments of Term Loans in amounts less than $100,000 shall not be permitted.  The foregoing provisions of this subsection 1.8(a) shall not apply with respect to any Discounted Prepayment governed by subsection 1.8(d).
(b)Reductions in Revolving Loan Commitments.  The Borrower may at any time upon at least two (2) Business Days’ (or such shorter period as is acceptable to Agent) prior written notice to Agent permanently reduce the Aggregate Revolving Loan Commitment; provided that such reductions shall be in an amount greater than or equal to $250,000 (unless the Aggregate Revolving Commitment is being reduced to zero and the amount of the Aggregate Revolving Commitment in effect immediately prior to such reduction is less than $250,000).  All reductions of the Aggregate Revolving Loan Commitment shall be allocated pro rata among all Lenders with a Revolving Loan Commitment.  A permanent reduction of the Aggregate Revolving Loan Commitment shall require a corresponding pro rata reduction in the L/C Sublimit or the Swingline Commitment.
(c)Notices.  Notice of prepayment or commitment reduction pursuant to clauses (a) and (b) above shall not thereafter be revocable by the Borrower and Agent will promptly notify each Lender thereof and of such Lender’s Commitment Percentage of such prepayment or reduction; provided, however, any notice of prepayment or reduction may be contingent on the occurrence of a refinancing or the consummation of a sale, transfer, lease or other disposition of assets and may be revoked or the termination date deferred if the refinancing or sale, transfer, lease or other disposition of assets does not occur.  The payment amount specified in a notice of prepayment shall be due and payable on the date specified therein.  Together with each prepayment under this Section 1.8, the Borrower shall pay any amounts required pursuant to Section 10.4.
(d)Discounted Prepayments.
(i)Generally.  So long as (A) no Default or Event of Default has occurred and is continuing on both the date a Discounted Prepayment Notice (as defined below) is delivered to Agent and Lenders and the date a Discounted Prepayment (as defined below) is made (both before and after giving effect thereto), (B) no proceeds of Revolving Loans or Swing Loans are used to make any such Discounted Prepayment, and (C) except as 

14

previously disclosed in writing to Agent, no Credit Party has any MNPI that both (1) has not been previously disclosed to Agent and the Lenders (other than because a Lender does not wish to receive MNPI with respect to any Credit Party or any of their respective securities), and (2) could reasonably be expected to have a material effect upon a Lender’s decision to offer a Discounted Prepayment of the Term Loan, the Credit Parties (and their Subsidiaries) shall be permitted to make voluntary prepayments of the Term Loan from internally generated funds or the Net Issuance Proceeds from the issuance of Stock or Stock Equivalents or the incurrence of Indebtedness (other than the Obligations otherwise permitted hereunder and the proceeds of Indebtedness required to be applied to prepay the Obligations pursuant to Section 1.9(d)) not more frequently than once during each Fiscal Quarter (each, a “Discounted Prepayment”) during the term of this Agreement pursuant to the provisions of this subsection 1.8(d).  Notwithstanding anything to the contrary provided in this Agreement or any other Loan Document, the Borrower shall not be permitted to make any Discounted Prepayment if after giving effect thereto the Affiliated Lenders would hold a greater aggregate principal amount of Term Loan than is permitted by Section 9.9(g).
(ii)Procedures.  In connection with any Discounted Prepayment, the applicable Credit Party (or Subsidiary thereof) will notify Agent and Lenders holding the Term Loan in writing (the “Discounted Prepayment Notice”) that it desires to prepay the Term Loan on a specified Business Day, in a maximum aggregate amount (which amount shall be not less than $1,000,000 and whole increments of $100,000 in excess thereof) (the “Discounted Prepayment Amount”) at a discount to par (which shall be expressed as a range of percentages of par of the principal amount of the Term Loan) specified by such Credit Party (or Subsidiary thereof) with respect to each Discounted Prepayment, the “Discount Price Range”); provided, that such notice shall be received by Agent and Lenders no earlier than fifteen (15) Business Days and no later than five Business Days prior to the proposed date of such Discounted Prepayment.  In connection with a Discounted Prepayment, the applicable Credit Party (or Subsidiary thereof) will allow each Lender holding the Term Loan to specify to Borrower and, except to the extent necessary to determine the Applicable Discount Price in the following sentence, on a confidential basis, a discount to par (which shall be expressed as a price equal to a percentage of par of the principal amount of the Term Loan held by such Lender) (the “Acceptable Discount Price”) for a principal amount (subject to rounding requirements specified by Agent) of the Term Loan held by such Lender at which such Lender is willing to permit such voluntary prepayment.  Based on the Acceptable Discount Prices and principal amounts of the Term Loan specified by Lenders, Agent, in consultation with the Borrower, will determine the applicable discount price (the “Applicable Discount Price”) for the applicable Discounted Prepayment, which will be the lower of (i) the lowest Acceptable Discount Price at which the applicable Credit Party (or Subsidiary thereof) can complete the Discounted Prepayment for the Discounted Prepayment Amount and (ii) if the Lenders’ response is such that the Discounted Prepayment could not be completed for the full Discounted Prepayment Amount, the highest Acceptable Discount Price specified by the Lenders that is within the Discount Price Range specified by the applicable Credit Party (or Subsidiary thereof).

15

(iii)Prepayments; Application.  The applicable Credit Party (or Subsidiary thereof) shall prepay the Term Loan (or the respective portion thereof) offered by Lenders at the Acceptable Discount Prices specified by each such Lender that are equal to or less than the Applicable Discount Price (“Qualifying Term Loans”) at the Applicable Discount Price; provided, that if the aggregate proceeds required to prepay Qualifying Term Loans (disregarding any interest payable under this subsection 1.8(d)) would exceed the Discounted Prepayment Amount for such Discounted Prepayment, the applicable Credit Party (or Subsidiary thereof) shall prepay such Qualifying Term Loans at the Applicable Discount Price ratably based on the respective principal amounts of such Qualifying Term Loans (subject to rounding requirements specified by Agent).  The portion of the Term Loan prepaid by the applicable Credit Party (or Subsidiary thereof) pursuant to this subsection 1.8(d) shall be accompanied by payment of accrued and unpaid interest on the par principal amount so prepaid to, but not including, the date of prepayment.  The par principal amount of the Term Loan prepaid pursuant to this subsection 1.8(d) shall be applied to reduce the remaining installments of the respective Term Loan owing to the Lenders so prepaid in the manner set forth in subsection 1.9(g) with respect to mandatory prepayments (without affecting the amount of the installment payments owing to the Lenders not prepaid pursuant to this subsection 1.8(d)).  The par principal amount of the Term Loan prepaid pursuant to this subsection 1.8(d) shall be deemed immediately cancelled upon payment of the applicable Discounted Prepayment.
(iv)Lender Consent.  The Lenders hereby consent to the transactions described in this subsection 1.8(d) and waive the requirements of any provision of this Agreement or any other Loan Document that might otherwise result in a Default or Event of Default as a result of a Discounted Prepayment.
(v)Miscellaneous.  Each Discounted Prepayment shall be consummated pursuant to procedures (including, without limitation, as to timing, rounding and minimum amounts, type and Interest Periods of accepted Term Loan, conditions for terminating a Discounted Prepayment or rescinding an acceptance of prepayment (if any), forms of other notices (including notices of offer and acceptance) by the Borrower and Lenders and determination of Applicable Discount Price) established by Agent acting in its reasonable discretion and with the consent of the Borrower.  The making of a Discounted Prepayment shall be deemed to be a representation and warranty by the Borrower that all conditions precedent to such Discounted Prepayment set forth in this subsection 1.8(d) were satisfied in all respects.
1.9Mandatory Prepayments of Loans and Commitment Reductions.
(a)Scheduled Term Loan Payments.  
(i)The principal amount of the Term Loan shall be paid in installments on the dates and in the respective amounts shown below: 

16

	
			
	 
	Date of Payment
	Amount of Term 
Loan Payment

	 
	March 31, 2015
	$700,000

	 
	June 29, 2015
	$700,000

	 
	September 28, 2015
	$700,000

	 
	December 28, 2015
	$700,000

	 
	 
	 

	 
	March 28, 2016
	$700,000

	 
	June 27, 2016
	$700,000

	 
	September 26, 2016
	$1,400,000

	 
	January 2, 2017
	$1,400,000

	 
	 
	 

	 
	April 3, 2017
	$1,400,000

	 
	June 5, 2017
	$1,400,000

	 
	October 2, 2017
	$1,400,000

	 
	January 1, 2018
	$1,400,000

	 
	 
	 

	 
	April 2, 2018
	$1,400,000

	 
	July 2, 2018
	$1,400,000

	 
	October 1, 2018
	$1,400,000

	 
	December 31, 2018
	$1,400,000

	 
	 
	 

	 
	April 1, 2019
	$1,400,000

	 
	July 1, 2019
	$1,400,000

	 
	August 28, 2019
	$91,000,000

The final scheduled installment of the Term Loan shall, in any event, be in an amount equal to the entire remaining principal balance of the Term Loan.
(ii)Scheduled installments for an Incremental Term Loan shall be as specified in the applicable amendment or joinder agreement.
(b)Revolving Loan.  The Borrower shall repay to the Lenders in full on the date specified in clause (a) of the definition of “Revolving Termination Date” the aggregate principal amount of the Revolving Loans and Swing Loans outstanding on the Revolving Termination Date.
(c)Asset Dispositions.  If a Credit Party or any Subsidiary of a Credit Party shall at any time or from time to time:
(i)make a Disposition; or
(ii)suffer an Event of Loss;
and the aggregate amount of the Net Proceeds received by the Credit Parties and their Subsidiaries in connection with (x) such Disposition exceeds $500,000 or such Disposition and all other Dispositions occurring during the Fiscal Year exceeds $1,000,000 or (y) such Event of Loss exceeds 

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$500,000 or such Event of Loss and all other Events of Loss occurring during the Fiscal Year exceeds $1,000,000, then (A) the Borrower shall promptly notify Agent of such Disposition or Event of Loss (including the amount of the estimated Net Proceeds to be received by a Credit Party and/or such Subsidiary in respect thereof) and (B) promptly upon receipt by a Credit Party and/or such Subsidiary of the Net Proceeds of such Disposition or Event of Loss, the Borrower shall deliver, or cause to be delivered an amount equal to, such excess Net Proceeds to Agent for distribution to the Lenders as a prepayment of the Loans, which prepayment shall be applied in accordance with subsection 1.9(g) hereof.  Notwithstanding the foregoing and provided no Default or Event of Default has occurred and is continuing, such prepayment shall not be required to the extent a Credit Party or such Subsidiary reinvests an amount equal to the Net Proceeds of such Disposition or Event of Loss in assets (other than Inventory) of a kind then used or usable in the business of a Credit Party or such Subsidiary, within two hundred seventy (270) days after the date of receipt of such Net Proceeds or enters into a binding commitment thereof within said two hundred seventy (270) day period and subsequently makes such reinvestment within three hundred sixty (360) days after the date of receipt of such Net Proceeds; provided, that the Borrower notifies Agent of such Credit Party’s or such Subsidiary’s intent to reinvest and of the completion of such reinvestment at the time such proceeds are received and when such reinvestment occurs, respectively.  Pending such reinvestment, the Net Proceeds shall be deposited, and shall remain on deposit, in a deposit account in respect of which there exists a Control Agreement between Agent and the bank or other financial institution pursuant to which Agent has a perfected security interest.
(d)Issuance of Indebtedness.  Without duplication of subsection 1.9(c), immediately upon the receipt by any Credit Party or any Subsidiary of any Credit Party of the Net Issuance Proceeds of the incurrence of Indebtedness (other than Net Issuance Proceeds from the incurrence of Indebtedness permitted hereunder), the Borrower shall deliver, or cause to be delivered, to Agent an amount equal to such Net Issuance Proceeds, in each case, for application to the Loans in accordance with subsection 1.9(g).
(e)Excess Cash Flow.  Within five Business Days after the annual financial statements are required to be delivered pursuant to subsection 4.1(a) hereof, commencing with such annual financial statements for the Fiscal Year ending December 28, 2015, the Borrower shall deliver to Agent (and Agent shall make available to each Lender) a written calculation of Excess Cash Flow of the Credit Parties and their Subsidiaries for such Fiscal Year in the form of Exhibit 4.2(b) and certified as correct on behalf of the Credit Parties by a Responsible Officer of the Borrower and concurrently therewith shall deliver to Agent, for distribution to the Lenders, an amount equal to (i) (x) a percentage of such Excess Cash Flow equal to, if the Leverage Ratio (as calculated in the manner set forth on Exhibit 4.2(b)), as of the last day of such Fiscal Year is (1) greater than or equal to 3.25, fifty percent (50%), (2) less than 3.25 but equal to or greater than 2.50, twenty five percent (25%), and (3) less than 2.50, zero percent (0%), less (ii) voluntary prepayments of the Term Loan during such period (which shall, with respect to Discounted Prepayments, equal the Applicable Discount Price therefor), in each case to the extent such prepayments are applied in the same manner mandatory prepayments under this subsection 1.9(e) are required to be applied in accordance with subsection 1.9(g) (or in the inverse order of maturity), less (iii) voluntary prepayments of Revolving Loans during such period accompanied by a permanent reduction of the Revolving Loan Commitment, to the extent not funded with the proceeds of other Indebtedness, in each case, for 

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application to the Loans in accordance with the provisions of subsection 1.9(g) hereof.  Excess Cash Flow shall be calculated in the manner set forth in the Compliance Certificate.
(f)[Reserved].  
(g)Application of Prepayments.    Subject to subsection 1.11(c), any prepayments pursuant to subsection 1.9(c), 1.9(d), or 1.9(e) shall be applied first to prepay the next six unpaid scheduled amortization payments on the Term Loan in direct order of maturity and second to prepay all remaining installments of the Term Loan pro rata against all such scheduled installments (including the final installment at maturity).  To the extent permitted by the foregoing sentences, amounts prepaid shall be applied first to any Base Rate Loans then outstanding and then to outstanding LIBOR Rate Loans with the shortest Interest Periods remaining.  Together with each prepayment under this Section 1.9, the Borrower shall pay any amounts required pursuant to Section 10.4 hereof.
(h)No Implied Consent.  Provisions contained in this Section 1.9 for application of proceeds of certain transactions shall not be deemed to constitute consent of the Lenders to transactions that are not otherwise permitted by the terms hereof or the other Loan Documents.
1.10Fees.
(a)Fees.  The Borrower shall pay to Agent, for Agent’s own account, fees in the amounts and at the times set forth in a letter agreement between the Borrower and Agent dated of even date herewith (as amended from time to time, the “Fee Letter”).
(b)Unused Commitment Fee.  The Borrower shall pay to Agent a fee (the “Unused Commitment Fee”) for the account of each Revolving Lender in an amount equal to
(i)the average daily balance of the Revolving Loan Commitment of such Revolving Lender during the preceding Fiscal Quarter, less
(ii)the sum of (x) the average daily balance of all Revolving Loans held by such Revolving Lender plus (y) the average daily amount of Letter of Credit Obligations held by such Revolving Lender, plus (z) in the case of the Swingline Lender, the average daily balance of all outstanding Swing Loans held by such Swingline Lender, in each case, during the preceding Fiscal Quarter; provided, in no event shall the amount computed pursuant to clauses (i) and (ii) with respect to the Swingline Lender be less than zero,
(iii)multiplied by: 
(A)for the period commencing on the Closing Date through the last day of the calendar month during which financial statements for the Fiscal Period ending December 29, 2014 are delivered, one half of one percent (0.50%) per annum; and
(B)thereafter, if the Leverage Ratio as demonstrated in the last Compliance Certificate delivered to Agent by Borrower pursuant to Section 4.2 

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hereof is (x) greater than 3.25, one half of one percent (0.50%) per annum and (y) less than or equal to 3.25, three hundred seventy five hundreds of one percent (0.375%) per annum.
The total Unused Commitment Fee paid by the Borrower will be equal to the sum of all of the Unused Commitment Fees due to the Lenders, subject to subsection 1.12(e)(vi).  Such fee shall be payable quarterly in arrears on the first day of each Fiscal Quarter following the date hereof.
The Unused Commitment Fee provided in this subsection 1.10(b) shall accrue at all times from and after the Closing Date.
Subject to the foregoing, the Unused Commitment Fee shall be adjusted from time to time upon delivery to Agent of the Fiscal Period financial statements for the last Fiscal Period of each Fiscal Quarter required to be delivered pursuant to Section 4.1(b) hereof accompanied by a Compliance Certificate as of the end of the Fiscal Period for which such financial statements are delivered.  If such calculation indicates that the Unused Commitment Fee shall increase or decrease, then not later than the fifth Business Day following the date of delivery of such financial statements and written calculation, the Unused Commitment Fee shall be adjusted in accordance therewith; provided, however, that if the Borrower shall fail to deliver any such financial statements for any such Fiscal Period by the date required pursuant to Section 4.1(b), then, effective as of the first day of the calendar month following the end of the Fiscal Period during which such financial statements were to have been delivered, and continuing until the fifth Business Day following the date (if ever) after such financial statements and such Compliance Certificate are delivered, the Unused Commitment Fee shall be conclusively presumed to equal one half of one percent (0.50%) per annum.  In the event that any financial statement or Compliance Certificate delivered pursuant to Sections 4.1 or 4.2 is inaccurate, and such inaccuracy, if corrected, would have led to the imposition of a higher Unused Commitment Fee for any period than the Unused Commitment Fee applied for that period, then (i) the Borrower shall immediately deliver to Agent a corrected financial statement and a corrected Compliance Certificate for that period, (ii) the Unused Commitment Fee shall be determined based on the corrected Compliance Certificate for that period, and (iii) the Borrower shall immediately pay to Agent (for the account of the Lenders that hold the Commitments and Loans at the time such payment is received, regardless of whether those Lenders held the Commitments and Loans during the relevant period) the accrued additional amount owing as a result of such increased Unused Commitment Fee for that period. This paragraph shall survive the termination of this Agreement until the payment in full in cash of the aggregate outstanding principal balance of the Loans.
(c)Letter of Credit Fee.  The Borrower agrees to pay to Agent for the ratable benefit of the Revolving Lenders, as compensation to such Lenders for Letter of Credit Obligations incurred hereunder, (i) without duplication of costs and expenses otherwise payable to Agent or Lenders hereunder or fees otherwise paid by the Borrower, all reasonable out‐of‐pocket costs and expenses incurred by Agent or any Lender on account of such Letter of Credit Obligations, and (ii) for each Fiscal Quarter during which any Letter of Credit Obligation shall remain outstanding, a fee (the “Letter of Credit Fee”) in an amount equal to the product of the average daily undrawn face amount of all Letters of Credit Issued, guaranteed or supported by risk participation agreements 

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multiplied by a per annum rate equal to the Applicable Margin with respect to Revolving Loans which are LIBOR Rate Loans; provided, however, at Required Revolving Lenders’ option, while an Event of Default exists (or automatically while an Event of Default under subsection 7.1(a), 7.1(f) or 7.1(g) exists), such rate shall be increased by two percent (2.00%) per annum.  Such fee shall be paid to Agent for the benefit of the Revolving Lenders in arrears, on the first day of each Fiscal Quarter and on the date on which all L/C Reimbursement Obligations have been discharged.  In addition, the Borrower shall pay to Agent, any L/C Issuer or any prospective L/C Issuer, as appropriate, on demand, such L/C Issuer’s or prospective L/C Issuer’s customary fees at then prevailing rates, without duplication of fees otherwise payable hereunder (including all per annum fees), charges and expenses of such L/C Issuer or prospective L/C Issuer in respect of the application for, and the Issuance, negotiation, acceptance, amendment, transfer and payment of, each Letter of Credit or otherwise payable pursuant to the application and related documentation under which such Letter of Credit is Issued.
1.11Payments by the Borrower.
(a)All payments (including prepayments) to be made by each Credit Party on account of principal, interest, fees and other amounts required hereunder shall be made without set off, recoupment, counterclaim or deduction of any kind (except as otherwise expressly provided in Section 10.1), shall, except as otherwise expressly provided herein, be made to Agent (for the ratable account of the Persons entitled thereto) at the address for payment specified in the signature page hereof in relation to Agent (or such other address as Agent may from time to time specify in accordance with Section 9.2), including payments utilizing the ACH system, and shall be made in Dollars and by wire transfer or ACH transfer in immediately available funds (which shall be the exclusive means of payment hereunder), no later than 2:00 p.m. (New York time) on the date due.  Any payment which is received by Agent later than 2:00 p.m. (New York time) may in Agent’s discretion be deemed to have been received on the immediately succeeding Business Day and any applicable interest or fee shall continue to accrue.  The Borrower and each other Credit Party hereby irrevocably waives the right to direct the application during the continuance of an Event of Default of any and all payments in respect of any Obligation and any proceeds of Collateral.  The Borrower hereby authorizes Agent and each Lender to make a Revolving Loan (which shall be a Base Rate Loan and which may be a Swing Loan) to pay (i) interest, principal (including Swing Loans), L/C Reimbursement Obligations, Agent’s fees, Unused Commitment Fees and Letter of Credit Fees, in each instance, on the date due, or (ii) after ten (10) days prior notice to the Borrower, other fees, costs or expenses payable by the Borrower or any of its Subsidiaries hereunder or under the other Loan Documents.
(b)Subject to the provisions set forth in the definition of “Interest Period” herein, if any payment hereunder 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.
(c)During the continuance of an Event of Default, Agent may, and shall upon the direction of Required Lenders, apply any and all payments received by Agent in respect of any Obligation (including all payments and prepayments) and all proceeds received by Agent as a result 

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of the exercise of its remedies under the Collateral Documents after the occurrence and during the continuation of an Event of Default in accordance with clauses first through sixth below.  Notwithstanding any provision herein to the contrary, all amounts collected or received by Agent, including proceeds of any Collateral and all payments made by the Credit Parties to Agent, after any or all of the Obligations have been accelerated (so long as such acceleration has not been rescinded), shall be applied as follows:
first, to payment of costs and expenses, including Attorney Costs, of Agent payable or reimbursable by the Credit Parties under the Loan Documents;
second, to payment of Attorney Costs of Lenders payable or reimbursable by the Borrower under this Agreement;
third, to payment of all accrued unpaid interest on the Obligations (other than Bank Product Obligations and Secured Rate Contracts) and fees owed to Agent, Lenders and L/C Issuers;
fourth, to payment of principal of the Obligations (other than Bank Product Obligations and Secured Rate Contracts) including, without limitation, L/C Reimbursement Obligations then due and payable, and cash collateralization of unmatured L/C Reimbursement Obligations to the extent not then due and payable;
fifth, to payment of any other amounts owing constituting Obligations, including Bank Product Obligations (other than Secured Rate Contracts); 
sixth, to payment of any interest, principal or other amounts owing in respect of Secured Rate Contracts; and
seventh, any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto.
In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided, that until amounts in such category have been satisfied in full prior to the application to the next succeeding category, (ii) each of the Lenders or other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to clauses third, fourth and fifth above.  No Default or Event of Default shall be deemed to have occurred solely as a result of the application of payments pursuant to this Section 1.11(c) and (iii) no payments by a Guarantor and no proceeds of Collateral of a Guarantor shall be applied to Excluded Rate Contract Obligations of such Guarantor.
1.12Payments by the Lenders to Agent; Settlement.
(a)Agent may, on behalf of Lenders, disburse funds to the Borrower for Loans requested.  Each Lender shall reimburse Agent on demand for all funds disbursed on its behalf by Agent, or if Agent so requests, each Lender will remit to Agent its Commitment Percentage of any Loan before Agent disburses same to the Borrower.  If Agent elects to require that each Lender 

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make funds available to Agent prior to disbursement by Agent to the Borrower, Agent shall advise each Lender by telephone or fax of the amount of such Lender’s Commitment Percentage of the Loan requested by the Borrower no later than the Business Day prior to the scheduled Borrowing date applicable thereto, and provided that Agent has complied with its obligations under subsection 1.5(b) hereof, each such Lender shall pay Agent such Lender’s Commitment Percentage of such requested Loan, in same day funds, by wire transfer to Agent’s account, as set forth on Agent’s signature page hereto, no later than 1:00 p.m. (New York time) on such scheduled Borrowing date.  Nothing in this subsection 1.12(a) or elsewhere in this Agreement or the other Loan Documents, including the remaining provisions of Section 1.12, shall be deemed to require Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that Agent, any Lender or the Borrower may have against any Lender as a result of any default by such Lender hereunder.
(b)Agent shall advise each Lender by telephone or fax of the amount of such Lender’s Commitment Percentage of principal, interest and Fees paid for the benefit of Lenders with respect to each applicable Loan and, promptly following receipt of such payment, shall pay to each Lender such Lender’s Commitment Percentage (except as otherwise provided in subsection 1.12(e)(iv) and subsection 1.12(e)(vi)) thereof.  Such payments shall be made by wire transfer to such Lender not later than 2:00 p.m. (New York time) on the next Business Day following such receipt.
(c)Availability of Lender’s Commitment Percentage.  Agent may assume that each Revolving Lender will make its Commitment Percentage of each Revolving Loan available to Agent on each Borrowing date.  If such Commitment Percentage is not, in fact, paid to Agent by such Revolving Lender when due, Agent will be entitled to recover such amount on demand from such Revolving Lender without setoff, counterclaim or deduction of any kind.  If any Revolving Lender fails to pay the amount of its Commitment Percentage forthwith upon Agent’s demand, Agent shall promptly notify the Borrower and the Borrower shall immediately repay such amount to Agent.  Nothing in this subsection 1.12(c) or elsewhere in this Agreement or the other Loan Documents shall be deemed to require Agent to advance funds on behalf of any Revolving Lender or to relieve any Revolving Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that the Borrower may have against any Revolving Lender as a result of any default by such Revolving Lender hereunder.  Without limiting the provisions of subsection 1.12(b), to the extent that Agent advances funds to the Borrower on behalf of any Revolving Lender and is not reimbursed therefor on the same Business Day as such advance is made, Agent shall be entitled to retain for its account all interest accrued on such advance from the date such advance was made until reimbursed by the applicable Revolving Lender.
(d)Return of Payments.
(i)If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received by Agent from the Borrower and such related payment is not received by Agent, then Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any kind.

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(ii)If Agent determines at any time that any amount received by Agent under this Agreement or any other Loan Document must be returned to any Credit Party or paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, Agent will not be required to distribute any portion thereof to any Lender.  In addition, each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to pay to the Borrower or such other Person, without setoff, counterclaim or deduction of any kind, and Agent will be entitled to set-off against future distributions to such Lender any such amounts (with interest) that are not repaid on demand.
(e)Non-Funding Lenders.
(i)Responsibility.  The failure of any Non-Funding Lender to make any Revolving Loan, to fund any purchase of any participation to be made or funded by it, or to make any payment required by it hereunder on the date specified therefor shall not relieve any other Lender of its obligations to make such loan, fund the purchase of any such participation, or make any other payment required hereunder on such date, and neither Agent nor, other than as expressly set forth herein, any other Lender shall be responsible for the failure of any Non-Funding Lender to make a loan, fund the purchase of a participation or make any other payment required hereunder.
(ii)Reallocation.  If any Revolving Lender is a Non-Funding Lender, all or a portion of such Non-Funding Lender’s Letter of Credit Obligations (unless such Lender is the L/C Issuer that issued such Letter of Credit) and reimbursement obligations with respect to Swing Loans shall, at Agent’s election at any time or upon any L/C Issuer’s or Swingline Lender’s, as applicable, written request delivered to Agent (whether before or after the occurrence of any Default or Event of Default), be reallocated to and assumed by the Revolving Lenders that are not Non-Funding Lenders or Impacted Lenders in accordance with their Commitment Percentages of the Aggregate Revolving Loan Commitment (calculated as if all Non-Funding Lenders’ and Impacted Lenders’ Commitment Percentages were reduced to zero and each other Revolving Lender’s (other than any other Non-Funding Lender’s and any Impacted Lender’s) Commitment Percentage had been increased proportionately), provided, that no Revolving Lender shall be reallocated any such amounts or be required to fund any amounts that would cause the sum of its outstanding Revolving Loans, outstanding Letter of Credit Obligations, amounts of its participations in Swing Loans and its pro rata share of unparticipated amounts in Swing Loans to exceed its Revolving Loan Commitment.
(iii)Voting Rights.  Notwithstanding anything set forth herein to the contrary, including Section 9.1, a Non-Funding Lender (other than a Non-Funding Lender who only holds Term Loan) shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” or a “Revolving Lender” (or be, or have its Loans and Commitments, included in the determination of “Required Lenders”, “Required Revolving Lenders” or “Lenders directly affected” pursuant to Section 9.1) for any voting 

24

or consent rights under or with respect to any Loan Document, provided, that (A) the Commitment of a Non-Funding Lender may not be increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans may not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a Non-Funding Lender may not be reduced by an amendment, waiver or consent under any Loan Documents, in each case, without the consent of such Non-Funding Lender.  Moreover, for the purposes of determining Required Lenders and Required Revolving Lenders, the Loans, Letter of Credit Obligations, and Commitments held by Non-Funding Lenders shall be excluded from the total Loans and Commitments outstanding.
(iv)Borrower Payments to a Non-Funding Lender.  Agent is hereby authorized to use all portions of any payments received by Agent for the benefit of any Non-Funding Lender pursuant to this Agreement to pay in full the Aggregate Excess Funding Amount to the appropriate Secured Parties.  Agent is hereby authorized and is entitled to hold as cash collateral in a non-interest bearing account up to an amount equal to such Non-Funding Lender’s pro rata share, without giving effect to any reallocation pursuant to subsection 1.12(e)(ii), of all Letter of Credit Obligations until the Obligations are paid in full in cash, all Letter of Credit Obligations have been discharged or cash collateralized and all Commitments have been terminated.  Upon any unfunded obligations owing by a Non-Funding Lender becoming due and payable, Agent is hereby authorized to use such cash collateral to make such payment on behalf of such Non‐Funding Lender.  With respect to any Non-Funding Lender’s failure to fund Revolving Loans or purchase participations in Letters of Credit or Letter of Credit Obligations, any amounts applied by Agent to satisfy such funding shortfalls shall be deemed to constitute a Revolving Loan or amount of the participation required to be funded and, if necessary to effectuate the foregoing, the other Revolving Lenders shall be deemed to have sold, and such Non-Funding Lender shall be deemed to have purchased, Revolving Loans or Letter of Credit participation interests from the other Revolving Lenders until such time as the aggregate amount of the Revolving Loans and participations in Letters of Credit and Letter of Credit Obligations are held by the Revolving Lenders in accordance with their Commitment Percentages of the Aggregate Revolving Loan Commitment.  Any amounts owing by a Non-Funding Lender to Agent which are not paid when due shall accrue interest at the interest rate applicable during such period to Revolving Loans that are Base Rate Loans.  In the event that Agent is holding cash collateral of a Non-Funding Lender that cures pursuant to clause (v) below or ceases to be a Non-Funding Lender pursuant to the definition of Non-Funding Lender, Agent shall return the unused portion of such cash collateral to such Lender.  The “Aggregate Excess Funding Amount” of a Non-Funding Lender shall be the aggregate amount of (A) all unpaid obligations owing by such Lender to Agent, L/C Issuers, Swingline Lender, and other Lenders under the Loan Documents, including such Lender’s share of all Revolving Loans, Letter of Credit Obligations, Swing Loans, plus, without duplication, (B) all amounts of Letter of Credit Obligations and reimbursement obligations with respect to Swing Loans of such Non-Funding Lender reallocated to other Lenders pursuant to subsection 1.12(e)(ii).
(v)Cure.  A Lender may cure its status as a Non-Funding Lender under clause (a) of the definition of Non-Funding Lender if such Lender fully pays to Agent, on 

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behalf of the applicable Secured Parties, the Aggregate Excess Funding Amount, plus all interest due thereon.  Any such cure shall not relieve any Lender from liability for breaching its contractual obligations hereunder.
(vi)Fees.  A Lender that is a Non-Funding Lender pursuant to clause (a) of the definition of Non-Funding Lender shall not earn and shall not be entitled to receive, and the Borrower shall not be required to pay, such Lender’s portion of the Unused Commitment Fee during the time such Lender is a Non-Funding Lender pursuant to clause (a) thereof.  In the event that any reallocation of Letter of Credit Obligations occurs pursuant to subsection 1.12(e)(ii), during the period of time that such reallocation remains in effect, the Letter of Credit Fee payable with respect to such reallocated portion shall be payable to (A) all Revolving Lenders based on their pro rata share of such reallocation or (B) to the L/C Issuer for any remaining portion not reallocated to any other Revolving Lenders.
(f)Procedures.  Agent is hereby authorized by each Credit Party and each other Secured Party to establish procedures (and to amend such procedures from time to time) to facilitate administration and servicing of the Loans and other matters incidental thereto.  Without limiting the generality of the foregoing, Agent is hereby authorized to establish procedures to make available or deliver, or to accept, notices, documents and similar items on, by posting to or submitting and/or completion, on E-Systems.

ARTICLE II

CONDITIONS PRECEDENT
2.1Conditions of Initial Loans.  The obligation of each Lender to make its initial Loans and of each L/C Issuer to Issue, or cause to be Issued, the initial Letters of Credit hereunder is subject to satisfaction of the following conditions:
(a)Loan Documents.  Agent shall have received on or before the Closing Date all of the agreements, documents, instruments and other items set forth on the Closing Checklist, each in form and substance reasonably satisfactory to Agent and the Lenders;
(b)Leverage.  The Borrower shall have delivered a certificate to Agent, in form reasonably satisfactory to Agent, demonstrating that: the ratio of (x) total Funded Indebtedness of the Credit Parties as of the Closing Date after giving effect to the consummation of the Transactions, payment of all costs and expenses in connection therewith, funding of the initial Loans and Issuance of the initial Letters of Credit, if any, to (y) EBITDA of the Borrower for the twelve (12) consecutive Fiscal Periods ending June 30, 2014 (with such adjustments thereto as reasonably agreed upon between Agent and Borrower) shall be not greater than 4.04 to 1.00; and
(c)Repayment of Prior Lender Obligations; Satisfaction of Outstanding L/Cs.  (i) Agent shall have received fully executed pay-off letters reasonably satisfactory to Agent respecting the amounts necessary to repay in full all of the obligations of any Credit Party to Prior Lender and confirming that all Liens upon any of the Property of the Credit Parties or any of their Subsidiaries in favor of Prior Lender shall be terminated upon receipt of such payment; and (ii) all letters of credit issued or guaranteed by Prior Lender shall have been cash collateralized, or supported 

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by a Letter of Credit Issued pursuant hereto, as mutually agreed upon by Agent, the Borrower and Prior Lender.
2.2Conditions to All Borrowings.  Except as otherwise expressly provided herein, no Lender or L/C Issuer shall be obligated to fund any Loan or incur any Letter of Credit Obligation, if, as of the date thereof:
(a)any representation or warranty by any Credit Party contained herein or in any other Loan Document is untrue or incorrect in any material respect (without duplication of any materiality qualifier contained therein) as of such date, except to the extent that such representation or warranty expressly relates to an earlier date (in which event such representations and warranties were untrue or incorrect in any material respect (without duplication of any materiality qualifier contained therein) as of such earlier date), and (i) with respect to Revolving Loans or Issuances of Letters of Credit, Agent or the Required Revolving Lenders have determined not to make such Loan or incur such Letter of Credit Obligation as a result of the fact that such warranty or representation is untrue or incorrect or (ii) with respect to Incremental Term Loans, the Persons providing such Incremental Term Loan have determined not to make such Incremental Term Loan as a result of the fact that such representation or warranty is untrue or incorrect unless, with respect to an Incremental Term Loan the proceeds of which are used to finance substantially contemporaneously a Permitted Acquisition, the Persons providing such Incremental Term Loan have agreed to not impose as a condition to funding thereof that such representations and warranties are true and correct at the time the Permitted Acquisition is consummated;
(b)(i) with respect to Revolving Loans or Issuances of Letters of Credit, any Default or Event of Default has occurred and is continuing or would result after giving effect to any Loan (or the incurrence of any Letter of Credit Obligations), and Agent or the Required Revolving Lenders shall have determined not to make any Loan or incur any Letter of Credit Obligation as a result of that Default or Event of Default or (ii) with respect to Incremental Term Loans, the conditions set forth in subsection 1.1(e)(ii)(A) shall not be or have been satisfied or duly waived; and
(c)after giving effect to any Loan (or the incurrence of any Letter of Credit Obligations), the aggregate outstanding amount of the Revolving Loans would exceed the Maximum Revolving Loan Balance.
The request by the Borrower and acceptance by the Borrower of the proceeds of any Loan or the incurrence of any Letter of Credit Obligations shall be deemed to constitute, as of the date thereof, (i) a representation and warranty by the Borrower that the conditions in this Section 2.2 have been satisfied and (ii) a reaffirmation by each Credit Party of the granting and continuance of Agent’s Liens, on behalf of itself and the Secured Parties, pursuant to the Collateral Documents.

ARTICLE III
REPRESENTATIONS AND WARRANTIES
The Credit Parties, jointly and severally, represent and warrant to Agent and each Lender that the following are, and after giving effect to the Transactions will be, true and correct:

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3.1Corporate Existence and Power.  Each Credit Party and each of its respective Subsidiaries:
(a)is (i) a corporation, limited liability company or limited partnership, as applicable, duly organized, validly existing and (ii) in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as applicable;
(b)has the power and authority and all governmental licenses, authorizations, Permits, consents and approvals to execute, deliver, and perform its obligations under, the Loan Documents to which it is a party;
(c)has the power and authority and all governmental licenses, authorizations, Permits, consents and approvals to own its assets and carry on its business;
(d)is duly qualified as a foreign corporation, limited liability company or limited partnership, as applicable, and licensed and in good standing, under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification or license; and
(e)is in compliance with all Requirements of Law; 
except, in each case referred to in clause (a)(ii), clause (c), clause (d) or clause (e), to the extent that the failure to do so would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
3.2Corporate Authorization; No Contravention.  The execution, delivery and performance by each of the Credit Parties of this Agreement and by each Credit Party and each of its respective Subsidiaries of any other Loan Document to which such Person is party, have been duly authorized by all necessary action, and do not and will not:
(a)contravene the terms of any of that Person’s Organization Documents;
(b)conflict with or result in any material breach or contravention of, or result in the creation of any Lien (other than Liens created under the Loan Documents) under, any document evidencing any material Contractual Obligation to which such Person is a party or any order, injunction, writ or decree of any Governmental Authority to which such Person or its Property is subject; or
(c)violate any material Requirement of Law in any material respect.
3.3Governmental Authorization.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Credit Party or any Subsidiary of any Credit Party of this Agreement, any other Loan Document except (a) for recordings and filings in connection with the Liens granted to Agent under the Collateral Documents, (b) those obtained or made on or prior to the Closing Date and (c) those which, if not obtained or made, would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.

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3.4Binding Effect.  This Agreement and each other Loan Document to which any Credit Party or any Subsidiary of any Credit Party is a party constitute the legal, valid and binding obligations of each such Person which is a party thereto, enforceable against such Person in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability.
3.5Litigation.  Except as specifically disclosed in Schedule 3.5, there are no actions, suits, proceedings, claims or disputes pending, or to the best knowledge of the Responsible Officers of each Credit Party, threatened, at law, in equity, in arbitration or before any Governmental Authority, against any Credit Party, any Subsidiary of any Credit Party or any of their respective Properties which:
(a)purport to affect or pertain to this Agreement, any other Loan Document, or any of the transactions contemplated hereby or thereby; or
(b)would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect.
No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement, any other Loan Document, or directing that the transactions provided for herein or therein not be consummated as herein or therein provided.  As of the Closing Date, except as set forth on Schedule 3.5, no Credit Party or any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party’s knowledge, any review or investigation by any Governmental Authority (excluding the IRS and other taxing authorities) concerning the violation or possible violation of any Requirement of Law.
3.6No Default.  No Default or Event of Default exists or would result from the incurring of any Obligations by any Credit Party or the grant or perfection of Agent’s Liens on the Collateral or the consummation of the Transactions.  No Credit Party and no Subsidiary of any Credit Party is in default under or with respect to any Contractual Obligation in any respect which, individually or together with all such defaults, would reasonably be expected to have a Material Adverse Effect.
3.7ERISA Compliance.  Schedule 3.7 sets forth, as of the Closing Date, a complete and correct list of, and that separately identifies, (a) all Title IV Plans and (b) all Multiemployer Plans.  Except for those that would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Requirements of Law, (y) there are no existing or pending (or to the knowledge of any Credit Party, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which any Credit Party incurs or otherwise has or could have an obligation or any Liability and (z) no ERISA Event is reasonably expected to occur.  On the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities (contingent or otherwise) remain outstanding.

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3.8Use of Proceeds; Margin Regulations.  The proceeds of the Loans are intended to be and shall be used solely for the purposes set forth in and permitted by Section 4.10, and are intended to be and shall be used in compliance with Section 5.8.  No Credit Party and no Subsidiary of any Credit Party is engaged in the business of purchasing or selling Margin Stock or extending credit for the purpose of purchasing or carrying Margin Stock.  Proceeds of the Loans shall not be used for the purpose of purchasing or carrying Margin Stock.  As of the Closing Date, except as set forth on Schedule 3.8, no Credit Party and no Subsidiary of any Credit Party owns any Margin Stock.
3.9Title to Properties.  As of the Closing Date, the Real Estate listed in Schedule 3.9 constitutes all of the Real Estate of each Credit Party and each of their respective Subsidiaries.  Each of the Credit Parties and each of their respective Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all Real Estate, and good and valid title to all owned personal property and valid leasehold interests in all leased personal property, in each instance, necessary or, except to the extent such failure would not reasonably be expected to have a Material Adverse Effect, used in the ordinary conduct of their respective businesses.  None of the Property of any Credit Party or any Subsidiary of any Credit Party is subject to any Liens other than Permitted Liens.  As of the Closing Date, Schedule 3.9 also describes any purchase options, rights of first refusal or other similar contractual rights pertaining to any Real Estate.  All material Permits required to have been issued or appropriate to enable the Real Estate to be lawfully occupied and used for all of the purposes for which it is currently occupied and used have been lawfully issued and are in full force and effect, except to the extent such failure would not reasonably be expected to have a Material Adverse Effect.
3.10Taxes.  Except (i) where failure to do so could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect or (ii) to the extent contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are maintained on the books of the appropriate Person in accordance with GAAP, all federal, state, local and foreign income and franchise and other material tax returns, reports and statements (collectively, the “Tax Returns”) required to be filed by any of the Credit Parties or any of their Subsidiaries have been filed with the appropriate Governmental Authorities, all such Tax Returns are true and correct in all material respects, and all Taxes reflected therein or otherwise due and payable have been paid.
3.11Financial Condition.
(a)Each of (i) the audited consolidated balance sheet of Parent and its Subsidiaries dated December 30, 2013, and the related audited consolidated statements of income or operations and cash flows for the Fiscal Year ended on that date and (ii) the unaudited interim consolidated balance sheet of Parent and its Subsidiaries dated June 30, 2014 and the related unaudited consolidated statements of income and cash flows for the six (6) Fiscal Periods then ended:
(x)were prepared in accordance with GAAP consistently applied throughout the respective periods covered thereby, except as otherwise expressly noted therein, subject to, in the case of the unaudited interim financial statements, normal year-end adjustments and the lack of footnote disclosures; and

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(y)present fairly in all material respects the consolidated financial condition of Holdings and its Subsidiaries as of the dates thereof and results of operations for the periods covered thereby.
(b)The pro forma unaudited consolidated balance sheet of Parent and its Subsidiaries dated June 30, 2014 delivered on the Closing Date was prepared by Holdings giving pro forma effect to the funding of the Loans and Transactions, was based on the unaudited consolidated balance sheet of Holdings and its Subsidiaries dated September 30, 2013, and was prepared in accordance with GAAP, with only such adjustments thereto as would be required in a manner consistent with GAAP.
(c)Since December 30, 2013, there has not been any event or circumstance that has had a Material Adverse Effect.
(d)All financial performance projections delivered to Agent, including the financial performance projections delivered on or prior to the Closing Date, represent the Borrower’s best good faith estimate of future financial performance and are based on assumptions believed by the Borrower to be fair and reasonable in light of current market conditions, in each case, at the time of delivery of such projections, it being acknowledged and agreed by Agent and Lenders that projections as to future events are not to be viewed as facts and that the actual results during the period or periods covered by such projections may differ from the projected results and such differences may be material.
3.12Environmental Matters.  Except where any failures to comply would not reasonably be expected to result in, either individually or in the aggregate, a Material Adverse Effect, (a) the operations of each Credit Party and each Subsidiary of each Credit Party are and have been in compliance with all applicable Environmental Laws, including obtaining, maintaining and complying with all Permits required by any applicable Environmental Law, (b) no Credit Party and no Subsidiary of any Credit Party is party to, and no Credit Party and no Subsidiary of any Credit Party and no Real Estate currently (or to the knowledge of any Credit Party previously) owned, leased, subleased, operated or otherwise occupied by or for any such Person is subject to or the subject of, any Contractual Obligation or any pending (or, to the knowledge of any Credit Party, threatened) order, action, investigation, suit, proceeding, audit, claim, demand, dispute or notice of violation or of potential liability or similar notice relating in any manner to any Environmental Law, (c) no Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities has attached to any property of any Credit Party or any Subsidiary of any Credit Party and, to the knowledge of any Credit Party, no facts, circumstances or conditions exist that could reasonably be expected to result in any such Lien attaching to any such property, (d) no Credit Party and no Subsidiary of any Credit Party has caused or suffered to occur a Release of Hazardous Materials at, to or from any Real Estate, (e) all Real Estate currently (or to the knowledge of any Credit Party previously) owned, leased, subleased, operated or otherwise occupied by or for any such Credit Party and each Subsidiary of each Credit Party is free of contamination by any Hazardous Materials and (f) no Credit Party and no Subsidiary of any Credit Party (i) is or has been engaged in, or has permitted any current or former tenant to engage in, operations in violation of any Environmental Law or (ii) knows of any facts, circumstances or conditions reasonably constituting notice of a violation of any Environmental Law, including receipt of any information request or 

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notice of potential responsibility under the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. §§ 9601 et seq.) or similar Environmental Laws.
3.13Regulated Entities.  None of any Credit Party, any Person controlling any Credit Party, or any Subsidiary of any Credit Party, is (a) an “investment company” within the meaning of the Investment Company Act of 1940 or (b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any state public utilities code, or any other Federal or state statute, rule or regulation limiting its ability to incur Indebtedness, pledge its assets or perform its Obligations under the Loan Documents.
3.14Solvency.  Both before and after giving effect to the Transactions, the Credit Parties are Solvent on a consolidated basis.
3.15Labor Relations.  There are no strikes, work stoppages, slowdowns or lockouts existing, pending (or, to the knowledge of any Credit Party, threatened) against or involving any Credit Party or any Subsidiary of any Credit Party, except for those that would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.  As of the Closing Date, (a) there is no collective bargaining or similar agreement with any union, labor organization, works council or similar representative covering any employee of any Credit Party or any Subsidiary of any Credit Party in its capacity as such, (b) no petition for certification or election of any such representative is existing or pending with respect to any employee of any Credit Party or any Subsidiary of any Credit Party and (c) no such representative has sought certification or recognition with respect to any employee of any Credit Party or any Subsidiary of any Credit Party.
3.16Intellectual Property.  Each Credit Party and each Subsidiary of each Credit Party owns, or is licensed to use, all Intellectual Property necessary to conduct its business as currently conducted except for such Intellectual Property the failure of which to own or license would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.  To the knowledge of each Credit Party, (a) the conduct and operations of the businesses of each Credit Party and each Subsidiary of each Credit Party does not infringe, misappropriate, dilute, violate or otherwise impair any Intellectual Property owned by any other Person and (b) no other Person has contested any right, title or interest of any Credit Party or any Subsidiary of any Credit Party in, or relating to, any Intellectual Property, other than, in each case, as cannot reasonably be expected to affect the Loan Documents and the transactions contemplated therein and would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.
3.17Brokers’ Fees; Transaction Fees.  Except as disclosed on Schedule 3.17 and except for fees payable to Agent and Lenders, none of the Credit Parties or any of their respective Subsidiaries has any obligation to any Person in respect of any finder’s, broker’s or investment banker’s fee in connection with the transactions contemplated hereby.
3.18Insurance.  Each of the Credit Parties and each of their respective Subsidiaries and their respective Properties are insured with financially sound and reputable insurance companies which are not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried in all material respects by companies engaged in similar businesses and owning similar Properties in localities where such Person operates.  A true and complete listing 

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of such insurance as of the Closing Date, including issuers, coverages and deductibles, has been provided to the Administrative Agent.
3.19Ventures, Subsidiaries and Affiliates; Outstanding Stock.  Except as set forth in Schedule 3.19, as of the Closing Date, no Credit Party and no Subsidiary of any Credit Party has any Subsidiaries or is engaged in any joint venture or partnership with any other Person.  All issued and outstanding Stock and Stock Equivalents of each of the Credit Parties and each of their respective Subsidiaries are duly authorized and validly issued, fully paid, non‐assessable, and free and clear of all Liens other than, with respect to the Stock and Stock Equivalents of the Borrower and Subsidiaries of the Borrower, those in favor of Agent, for the benefit of the Secured Parties.  All such securities were issued in compliance with all applicable state and federal laws concerning the issuance of securities.  As of the Closing Date, all of the issued and outstanding Stock of each Credit Party and each Subsidiary of each Credit Party and owned by each of the Persons and in the amounts set forth in Schedule 3.19.  Except as set forth in Schedule 3.19, as of the Closing Date, there are no pre-emptive or other outstanding rights to purchase, options, warrants or similar rights or agreements pursuant to which any Credit Party may be required to issue, sell, repurchase or redeem any of its Stock or Stock Equivalents or any Stock or Stock Equivalents of its Subsidiaries.
3.20Jurisdiction of Organization; Chief Executive Office.  Schedule 3.20 lists each Credit Party’s jurisdiction of organization, legal name, organizational identification number, if any, employer identification number and the location of such Credit Party’s chief executive office or sole place of business, in each case as of the Closing Date, and such Schedule 3.20 also lists all jurisdictions of organization and legal names of such Credit Party for the five years preceding the Closing Date.
3.21Reserved.
3.22Status of Holdings.  Holdings has not engaged in any business activities and Holdings does not own any Property other than (i) direct ownership of the Stock and Stock Equivalents of the Borrower and indirect ownership of the Subsidiaries of the Borrower, (ii) activities and contractual rights incidental to maintenance of its corporate existence, (iii) performance of its obligations under the Loan Documents to which it is a party and (iv) other actions expressly permitted by the Loan Documents.
3.23Full Disclosure.  None of the written statements contained in each exhibit, report, statement or certificate furnished by or on behalf of any Credit Party or any of their Subsidiaries in connection with the Loan Documents (other than forward looking information and information of a general economic or industry specific nature), when taken as a whole, contains any untrue statement of a material fact or omits any material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they are made, not materially misleading as of the time when made or delivered.
3.24Franchise Matters.  Except as disclosed on Schedule 3.26, (i) the Credit Parties have prepared and maintained each of their respective Disclosure Documents for the Papa Murphy’s® brand, in accordance with all applicable Requirements of Law, have filed Disclosure Documents, to the extent applicable and required, in all states and jurisdictions requiring registration and approval prior to any offers or sales of franchises in such states and has filed all material changes, 

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amendments, renewals thereto on a timely and accurate basis as required by applicable Requirements of Law, and (ii) each Credit Party’s Disclosure Documents were prepared in all material respects in compliance with applicable Requirements of Law, and there were no material misrepresentations or material omissions of information in any Disclosure Document at the time any Credit Party was using such Disclosure Document; except, in each case, where failure to comply with the foregoing would not reasonably be expected to have a Material Adverse Effect.  Each Franchise Agreement to which any Credit Party is a party complies in all material respects, and the offer and sale of such Franchise complied in all material respects at the time such offer and sale was and is made with, all applicable Franchise Laws, the non-compliance with which would not reasonably be expected to have a Material Adverse Effect.
3.25Foreign Assets Control Regulations and Anti-Money Laundering.  Each Credit Party and each Subsidiary of each Credit Party is and will remain in compliance in all material respects with all U.S. economic sanctions laws, executive orders and implementing regulations as promulgated by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), and all applicable anti-money laundering and counter-terrorism financing provisions of the Bank Secrecy Act and all regulations issued pursuant to it.  No Credit Party and no Subsidiary or Affiliate of a Credit Party (i) is a Person designated by the U.S. government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN List”) with which a U.S. Person (as defined by OFAC) cannot deal with or otherwise engage in business transactions, (ii) is a Person who is otherwise the target of U.S. economic sanctions laws such that a U.S. Person cannot deal or otherwise engage in business transactions with such Person or (iii) is controlled by (including without limitation by virtue of such Person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any person or entity on the SDN List or a foreign government that is the target of U.S. economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any other Loan Document would be prohibited under U.S. law.
3.26Patriot Act.  The Credit Parties and each of their Subsidiaries are in compliance in all material respects with (a) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B Chapter V, as amended) and any other enabling legislation or executive order relating thereto, (b) the Patriot Act and (c) other federal or state laws relating to “know your customer” and anti‐money laundering rules and regulations.  No part of the proceeds of any Loan will be used directly or indirectly for any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977.

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ARTICLE IV

AFFIRMATIVE COVENANTS

Each Credit Party covenants and agrees that, so long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation (other than contingent indemnification Obligations to the extent no claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied: 
4.1Financial Statements.  Each Credit Party shall maintain, and shall cause each of its Subsidiaries to maintain, a system of accounting established and administered in accordance with sound business practices to permit the preparation of financial statements in conformity with GAAP (provided that Fiscal Quarter financial statements shall not be required to have footnote disclosures and are subject to normal year-end adjustments).  The Borrower shall deliver to Agent (and Agent shall make available to each Lender) by Electronic Transmission and in detail reasonably satisfactory to Agent:
(a)as soon as available, but not later than ninety (90) days after the end of each Fiscal Year, a copy of the audited consolidated balance sheets of Parent and each of its Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of income or operations and cash flows for such Fiscal Year, and accompanied by the report of Moss Adams LLP or any “Big Four” or other nationally recognized independent public accounting firm reasonably acceptable to Agent which report shall (x) contain an unqualified opinion (provided that a qualification or exception may be included in any such audit report for any period ending within the twelve (12) consecutive Fiscal Periods preceding the stated maturity of the Loans to the extent such qualification is solely a result of the Loans being reported as short term indebtedness), stating that such consolidated financial statements present fairly in all material respects the financial position for the periods indicated in conformity with GAAP applied on a basis consistent with prior years and (y) not include any explanatory paragraph expressing substantial doubt as to going concern status (except as expressly provided in clause (x) above); and
(b)as soon as available, but not later than forty-five (45) days after the end of each Fiscal Quarter, a copy of the unaudited consolidated balance sheets of Parent and each of its Subsidiaries as at the end of such Fiscal Quarter of the Borrower, and the related consolidated statements of income or operations and cash flows for such Fiscal Quarter and for the period from the beginning of such Fiscal Year to such Fiscal Quarter, all certified on behalf of the Borrower by an appropriate Responsible Officer of the Borrower as fairly presenting, in all material respects, in accordance with GAAP, the financial position and the results of operations of Parent and its Subsidiaries, subject to normal year-end adjustments and absence of footnote disclosures.
Notwithstanding the foregoing, the financial statements required to be delivered above with respect to Parent and its Subsidiaries shall be accompanied by a reconciliation in detail reasonably satisfactory to Agent which differentiates the financial statements of Parent from the financial statements of Holdings and its Subsidiaries.

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4.2Certificates; Other Information.  The Borrower shall furnish to Agent (and Agent shall make available to each Lender) by Electronic Transmission:
(a)together with each delivery of financial statements pursuant to (i) subsections 4.1(a) and, with respect to the Fiscal Period financial statements coinciding with the end of each Fiscal Quarter of each Fiscal Year, 4.1(b), (i) a management discussion and analysis report, in reasonable detail, describing the operations and financial condition of the Credit Parties and their Subsidiaries for the Fiscal Period and the portion of the Fiscal Year then ended (or for the Fiscal Year then ended in the case of annual financial statements), and (ii) reports setting forth (x) in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, the Fiscal Year to date and (y) system-wide same store sales comparisons (including on a company-owned stores and franchised stores basis, including openings and total store count); provided that other than with respect to the deliverables set forth in the foregoing clause (y) which will be included in any event, the Borrower shall only be required to deliver such management discussion and analysis, comparative prior period figures and system-wide comparisons that are consistent with the financial disclosure requirements of a public reporting company.
(b)concurrently with the delivery of the financial statements referred to in subsections 4.1(a) and 4.1(b) above, a fully and properly completed certificate in the form of Exhibit 4.2(b) (a “Compliance Certificate”), certified on behalf of the Borrower by a Responsible Officer of the Borrower (with calculations of financial covenants appearing in Compliance Certificates delivered with the financial statements for the last Fiscal Period of each Fiscal Quarter only);
(c)promptly after the same are publicly filed, copies of all financial statements and regular, periodic or special reports which such Person may make to, or file with, the Securities and Exchange Commission or any successor or similar Governmental Authority;
(d)as soon as available and in any event not later than sixty (60) days following the beginning of each Fiscal Year of the Borrower, a budget for the Credit Parties (and their Subsidiaries’) consolidated financial performance for the forthcoming three Fiscal Years on a year by year basis, and for the forthcoming Fiscal Year on a Fiscal Quarter by Fiscal Quarter basis, in each case consisting solely of consolidated income statements and capital expenditures;
(e)from time to time, if Agent reasonably determines that obtaining appraisals is necessary in order for Agent or any Lender to comply with applicable laws or regulations (including any appraisals required to comply with FIRREA), Agent may, or may require the Borrower to, in either case at the Borrower’s expense, obtain appraisals in form and substance and from appraisers reasonably satisfactory to Agent stating the fair market value or such other value as determined by Agent (for example, replacement cost for purposes of Flood Insurance) of any Real Estate of any Credit Party subject to a Mortgage; or of any Subsidiary of any Credit Party;
(f)together with each delivery of financial statements pursuant to Section 4.1(b), (which information may be included in the applicable Compliance Certificate) (A) a certificate of a Responsible Officer of the Borrower setting forth in reasonable detail any Margin Stock owned by each Credit Party and each Subsidiary of each Credit Party as of the last day of such Fiscal 

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Quarter and (B) a summary in reasonable detail of outstanding Investments permitted under Section 5.4(b)(iii); and
(g)promptly, such additional business, financial, corporate affairs, perfection certificates and other information as Agent may from time to time reasonably request.
4.3Notices.  The Borrower shall notify promptly Agent (and Agent shall notify each Lender) of each of the following (and in no event later than five (5) Business Days after a Responsible Officer becoming aware thereof):
(a)the occurrence or existence of any Default or Event of Default;
(b)any breach or non performance of, or any default under, any Contractual Obligation of any Credit Party or any Subsidiary of any Credit Party, or any violation of, or non‐compliance with, any Requirement of Law, which would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect, including a description of such breach, non-performance, default, violation or non-compliance and the steps, if any, such Person has taken, is taking or proposes to take in respect thereof;
(c)any dispute, litigation, investigation, proceeding or suspension which may exist at any time between any Credit Party or any Subsidiary of any Credit Party and any Governmental Authority which would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect;
(d)the commencement of, or any material development in, any litigation or proceeding affecting any Credit Party or any Subsidiary of any Credit Party (i) in which the amount of damages claimed is $1,000,000 (or its equivalent in another currency or currencies) or more, (ii) in which injunctive or similar relief is sought and which would reasonably be expected to have a Material Adverse Effect, or (iii) in which the relief sought is an injunction or other stay of the performance of this Agreement or any other Loan Document;
(e)(i) the receipt by any Credit Party of any notice of violation of or potential liability or similar notice under Environmental Law, (ii)(A) unpermitted Releases, (B) the existence of any condition that could reasonably be expected to result in violations of or Liabilities under, any Environmental Law or (C) the commencement of, or any material change to, any action, investigation, suit, proceeding, audit, claim, demand, dispute alleging a violation of or Liability under any Environmental Law which in the case of clauses (A), (B) and (C) above, in the aggregate for all such clauses, would reasonably be expected to result in a Material Adverse Effect, (iii) the receipt by any Credit Party of notification that any Real Property of any Credit Party is subject to any Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities and (iv) any proposed acquisition or lease of Real Estate, if such acquisition or lease would have a reasonable likelihood of resulting in a Material Adverse Effect;
(f)any event that has had or is reasonably expected to have a Material Adverse Effect;

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(g)(i) on or prior to any filing by any ERISA Affiliate of any notice of any reportable event under Section 4043 of ERISA or intent to terminate any Title IV Plan, a copy of such notice, (ii) promptly, and in any event within ten (10) Business Days, after any officer of any ERISA Affiliate knows or has reason to know that a request for a minimum funding waiver under Section 412 of the Code has been filed with respect to any Title IV Plan or Multiemployer Plan, a notice describing such waiver request and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice filed with the PBGC or the IRS pertaining thereto, and (iii) promptly, and in any event within ten (10) Business Days after any officer of any ERISA Affiliate knows or has reason to know that an ERISA Event will or has occurred which would reasonably be expected to result in a Material Adverse Effect, a notice describing such ERISA Event, and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notices received from or filed with the PBGC, IRS, Multiemployer Plan or other Benefit Plan pertaining thereto; and
(h)(i) the creation, or filing with the IRS or any other Governmental Authority, of any Contractual Obligation or other document extending, or having the effect of extending, the period for assessment or collection of any income, franchise or other material taxes with respect to Holdings or any of its Subsidiaries, which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (ii) the creation of any Contractual Obligation of Holdings or any of its Subsidiaries, or the receipt of any request directed to Holdings or any of its Subsidiaries, to make any adjustment under Section 481(a) of the Code, by reason of a change in accounting method or otherwise, which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
Each notice pursuant to this Section shall be in electronic form accompanied by a statement by a Responsible Officer of the Borrower, setting forth details of the occurrence referred to therein, and stating what action the Borrower or other Person proposes to take with respect thereto and at what time.  Each notice under subsection 4.3(a) shall describe with particularity any and all clauses or provisions of this Agreement or other Loan Document that have been breached or violated.
4.4Preservation of Corporate Existence, Etc. Each Credit Party shall, and shall cause each of its Subsidiaries to:
(a)preserve and maintain in full force and effect its organizational existence and good standing under the laws of its jurisdiction of incorporation, organization or formation, as applicable, except, with respect to the Borrower’s Subsidiaries, in connection with transactions permitted by Section 5.3;
(b)preserve and maintain in full force and effect all rights, privileges, qualifications, permits, licenses and franchises necessary in the normal conduct of its business except in connection with transactions permitted by Section 5.3 and sales of assets permitted by Section 5.2 and except as would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect;

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(c)preserve or renew all of its registered trademarks, trade names and service marks, the non-preservation of which would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; and
(d)conduct its business and affairs without infringement of or interference with any Intellectual Property of any other Person in any material respect and shall comply in all material respects with the terms of its IP Licenses except as would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
4.5Maintenance of Property.  Each Credit Party shall maintain, and shall cause each of its Subsidiaries to maintain, and preserve all its Property which is used or useful in its business in good working order and condition, ordinary wear and tear excepted and shall make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
4.6Insurance.
(a)Each Credit Party shall, and shall cause each of its Subsidiaries to, (i) maintain or cause to be maintained in full force and effect all policies of insurance of any kind with respect to the property and businesses of the Credit Parties and such Subsidiaries (including policies of life, fire, theft, product liability, public liability, Flood Insurance, property damage, other casualty, employee fidelity, workers’ compensation, business interruption and employee health and welfare insurance) with financially sound and reputable insurance companies or associations (in each case that are not Affiliates of the Borrower) of a nature and providing such coverage as is sufficient and as is customarily carried by businesses of the size and character of the business of the Credit Parties and (ii) cause all such insurance relating to any Collateral of any Credit Party to name Agent as loss payee and all liability insurance (other than directors and officers liability insurance) to name Agent as an additional insured.  All policies of insurance on real and personal property of the Credit Parties will contain an endorsement, in form and substance acceptable to Agent, showing loss payable to Agent (Form CP 1218 or equivalent) and extra expense and business interruption endorsements.  The Credit Parties shall use commercially reasonable efforts to provide that each such endorsement, or an independent instrument furnished to Agent, will provide that the insurance companies will give Agent at least thirty (30) days’ prior written notice before any such policy or policies of insurance shall be altered or canceled and that no act or default of the Credit Parties or any other Person shall affect the right of Agent to recover under such policy or policies of insurance in case of loss or damage.  Each Credit Party shall direct all present and future insurers under its “All Risk” policies of property insurance to pay all proceeds payable thereunder directly to Agent.  If any insurance proceeds are paid by check, draft or other instrument payable to any Credit Party and Agent jointly, Agent may endorse such Credit Party’s name thereon and do such other things as Agent may deem advisable to reduce the same to cash (or, at any time when no Event of Default shall have occurred and be continuing, Agent shall endorse such check, draft or other instrument to the applicable Credit Party upon request thereof by such Credit Party).  The terms of this Section 4.6(a) shall not be deemed to limit the Borrower’s reinvestment rights pursuant to subsection 1.9(c) hereof, and, to the extent Agent receives proceeds paid in respect of claims under 

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any Credit Party’s “All Risk” policies of property insurance at a time when no Event of Default shall have occurred and be continuing, Agent shall promptly remit such proceeds to the applicable Borrower upon the request of such Borrower to permit reinvestment of such proceeds to the extent permitted pursuant to subsection 1.9(c) hereof.  Notwithstanding the requirement in subsection (i) above, Federal Flood Insurance shall not be required for (x) Real Estate not located in a Special Flood Hazard Area, or (y) Real Estate located in a Special Flood Hazard Area in a community that does not participate in the National Flood Insurance Program.
(b)Unless the Credit Parties provide Agent with evidence of the insurance coverage required by this Agreement (including, without limitation, Flood Insurance), Agent may purchase insurance (including, without limitation, Flood Insurance) at the Credit Parties’ expense to protect Agent’s and Lenders’ interests, including interests in the Credit Parties’ and their Subsidiaries’ properties.  This insurance may, but need not, protect the Credit Parties’ and their Subsidiaries’ interests.  The coverage that Agent purchases may not pay any claim that any Credit Party or any Subsidiary of any Credit Party makes or any claim that is made against such Credit Party or any Subsidiary in connection with said Property.  The Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that there has been obtained insurance as required by this Agreement.  If Agent purchases insurance, the Credit Parties will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance.  The costs of the insurance shall be added to the Obligations.  The costs of the insurance may be more than the cost of insurance the Borrower may be able to obtain on its own.
4.7Payment of Obligations.  Such Credit Party shall, and shall cause each of its Subsidiaries to, pay, discharge and perform as the same shall become due and payable or required to be performed:
(a)all federal, state and material local and foreign tax liabilities, assessments and governmental charges or levies upon it or its Property, which, if unpaid, would become a Lien upon its Property (other than Liens permitted under Section 5.1) unless (i) the same are being contested in good faith by appropriate proceedings diligently prosecuted, for which the enforcement of any Lien shall not have been commenced and for which adequate reserves in accordance with GAAP are being maintained by such Person or (ii) the failure to pay or discharge the same would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect;
(b)all lawful claims (other than taxes) which, if unpaid, would by law become a Lien (other than a Permitted Lien) upon its Property unless the same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the imposition or enforcement of any Lien and for which adequate reserves in accordance with GAAP are being maintained by such Person;
(c)the performance of all obligations under any Contractual Obligation to such Credit Party or any of its Subsidiaries is bound, or to which it or any of its Property is subject, except where the failure to perform would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; and

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(d)payments to the extent necessary to avoid the imposition of a Lien with respect to, or the involuntary termination of any underfunded Benefit Plan.
4.8Compliance with Laws.  Each Credit Party shall, and shall cause each of its Subsidiaries to, comply with all Franchise Laws and all other Requirements of Law of any Governmental Authority having jurisdiction over it or its business, except where the failure to comply would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
4.9Inspection of Property and Books and Records.  Each Credit Party shall maintain and shall cause each of its Subsidiaries to maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of such Person.  Each Credit Party shall, and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled property, during normal business hours and upon reasonable advance notice (unless an Event of Default shall have occurred and be continuing, in which event no notice shall be required and Agent shall have access at any and all times during the continuance thereof):  (a) provide access to such property to Agent and any of its Related Persons, as frequently as Agent determines to be appropriate; and (b) permit Agent and any of its Related Persons to conduct field examinations, audit, inspect, and make extracts and copies (or take originals if reasonably necessary) from all of such Credit Party’s books and records, and evaluate and make physical verifications and appraisals of the Inventory and other Collateral in any manner and through any medium that Agent considers advisable, in each instance, at the Credit Parties’ expense; provided the Credit Parties shall only be obligated to reimburse Agent for the reasonable expenses of one (1) such field examination, audit and inspection per calendar year or more frequently if an Event of Default has occurred and is continuing.  Any Lender may accompany Agent or its Related Persons in connection with any inspection at such Lender’s expense.
4.10Use of Proceeds.  The Borrower shall use the proceeds of the Loans solely as follows:  (a) first, to refinance on the Closing Date, Prior Indebtedness and then, (b) to pay costs and expenses in connection with this Agreement and the Transactions, and (c) for working capital, capital expenditures, Permitted Acquisitions, investments, dividends, Restricted Payments and other general corporate purposes of the Borrower and its Subsidiaries, in each case not in contravention of any Requirement of Law and not in violation of this Agreement.  The Borrower shall use proceeds of Incremental Term Loans solely as provided in subsection 1.1(e)(ii)(C).
4.11Cash Management Systems.  Each Credit Party shall enter into, and cause each depository, securities intermediary or commodities intermediary to enter into, Control Agreements with respect to each deposit, securities, commodity or similar account maintained by such Person (other than (i) any payroll accounts so long as such payroll account is a zero balance account, (ii) any withholding tax, trust or fiduciary accounts, (iii) any foreign accounts, (iv) any segregated deposit account which is established and maintained by any Credit Party solely to fund employee benefit plans as required by applicable Requirements of Law and (v) other accounts with an aggregate balance, at any time for all such accounts, not to exceed $1,000,000 plus an amount equal to (x) $5,000 multiplied by (y) as of any date of determination, the number of Papa Murphy’s 

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locations then owned and operated by the Credit Parties and their Subsidiaries in excess of the number of such locations owned and operated as of the Closing Date) within sixty (60) days (or such later date as shall have been agreed to in writing by Agent) of the Closing Date, in the case of such accounts as of the Closing Date, and within sixty (60) days (or such later date as shall have been agreed to in writing by Agent) of the opening of such accounts, in the case of any new accounts; provided, that Agent shall not be entitled to exercise sole control or send any “blockage” or equivalent notice under any such Control Agreement unless an Event of Default under Section 7.1(a), (c) (solely with respect to a breach of Article VI), (d) (solely with respect to a breach of Sections 4.1 or 4.2(b)), (f) or (g) shall have occurred and be continuing or the Loans shall have been accelerated and/or the Commitments shall have been terminated pursuant to Section 7.2.
4.12Landlord Agreements.  Each Credit Party shall use commercially reasonable efforts to obtain a landlord agreement from the lessor of each leased property with respect to each location constituting the chief executive office of a Credit Party, which agreement shall be reasonably satisfactory in form and substance to Agent, within 60 days (or such later date as shall have been agreed to in writing by Agent) of the Closing Date, in the case of locations as of the Closing Date, and within 60 days (or such later date as shall have been agreed to in writing by Agent) of the entering into such lease, in the case of any new locations.
4.13Further Assurances.
(a)Promptly upon request by Agent, the Credit Parties shall (and, subject to the limitations hereinafter set forth, shall cause each of their Subsidiaries to) take such additional actions and execute such documents as Agent may reasonably require from time to time in order (i) to carry out more effectively the purposes of this Agreement or any other Loan Document, (ii) to subject to the Liens created by any of the Collateral Documents any of the Properties, rights or interests covered by any of the Collateral Documents, (iii) to perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and the Liens intended to be created thereby, and (iv) to better assure, convey, grant, assign, transfer, preserve, protect and confirm to the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document.  Without limiting the generality of the foregoing and except as otherwise approved in writing by Required Lenders, the Credit Parties shall cause each of their Wholly-Owned Subsidiaries that are Domestic Subsidiaries (other than (x) Disregarded Domestic Persons and (y) Domestic Subsidiaries owned indirectly through a Foreign Subsidiary) to guaranty the Obligations and to cause each such Domestic Subsidiary to grant to Agent, for the benefit of the Secured Parties, a security interest in, subject to the limitations set forth herein and in the Loan Documents, all of such Subsidiary’s Property to secure such guaranty.  Furthermore and except as otherwise approved in writing by Required Lenders, each Credit Party shall, and shall cause each of its Wholly-Owned Subsidiaries that are Domestic Subsidiaries (other than (x) Disregarded Domestic Persons and  (y) Domestic Subsidiaries owned indirectly through a Foreign Subsidiary) to, pledge all of the Stock and Stock Equivalents of each of its Domestic Subsidiaries (other than (x) Disregarded Domestic Persons, (y) Domestic Subsidiaries owned indirectly through a Foreign Subsidiary and (z) Domestic Subsidiaries that are not Wholly-Owned but solely to the extent that (1) the consent of unaffiliated third parties would be necessary (after giving effect to the applicable anti-assignment provisions of the UCC or other applicable law) to pledge such Stock and Stock Equivalents and (2) after 

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commercially reasonable efforts, the Credit Parties are not able to obtain the consent of all such unaffiliated third parties) and sixty five percent (65%) of the outstanding voting Stock and Stock Equivalents and one hundred percent (100%) of the outstanding non-voting Stock and Stock Equivalents of each of its First Tier Foreign Subsidiaries, in each instance, to Agent, for the benefit of the Secured Parties, to secure the Obligations.  In connection with each pledge of Stock and Stock Equivalents, the Credit Parties shall deliver, or cause to be delivered, to Agent, irrevocable proxies and stock powers and/or assignments, as applicable, duly executed in blank.  
(b)In the event any Credit Party acquires any Real Estate with a fair market value in excess of $1,000,000, within sixty (60) days after such acquisition (or such later date as shall have been agreed to in writing by Agent), such Credit Party shall execute and/or deliver, or cause to be executed and/or delivered, to Agent, (w) an appraisal complying with FIRREA, (x) a fully executed Mortgage, in form and substance reasonably satisfactory to Agent together with an A.L.T.A. lender’s title insurance policy issued by a title insurer reasonably satisfactory to Agent, in form and substance and in an amount reasonably satisfactory to Agent insuring that the Mortgage is a valid and enforceable first priority Lien on the respective property, free and clear of all defects, encumbrances and Liens (other than Permitted Liens), (y) then current A.L.T.A. surveys, certified to Agent by a licensed surveyor sufficient to allow the issuer of the lender’s title insurance policy to issue such policy without a survey exception and (z) an environmental site assessment prepared by a qualified firm reasonably acceptable to Agent, in form and substance satisfactory to Agent.  In addition to the obligations set forth in subsection 4.6(a), within sixty (60) days (or such later date as shall have been agreed to in writing by Agent) after written notice from Agent to the Credit Parties that any Real Estate is located in a Special Flood Hazard Area, the Credit Parties shall satisfy the Federal Flood Insurance requirements of subsection 4.6(a).
(c)Without limiting the generality of the foregoing, to the extent reasonably necessary to maintain the continuing priority of the Lien of any existing Mortgages as security for the Obligations in connection with the incurrence of an Incremental Term Loan, as determined by Agent in its reasonable discretion, the applicable Credit Party to any Mortgages shall within thirty (30) days of such funding or incurrence (or such later date as agreed by Agent) (i) enter into and deliver to Agent, at the direction and in the reasonable discretion of Agent, a mortgage modification or new Mortgage in proper form for recording in the relevant jurisdiction and in a form reasonably satisfactory to Agent, (ii) cause to be delivered to Agent for the benefit of the Secured Parties an endorsement to the title insurance policy, date down(s) or other evidence reasonably satisfactory to Agent insuring that the priority of the Lien of the Mortgages as security for the Obligations has not changed and confirming and/or insuring that since the issuance of the title insurance policy there has been no change in the condition of title and there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the Mortgages (other than those expressly permitted by Section 5.1(c)) and (iii) deliver, at the request of Agent, to Agent and/or all other relevant third parties, all other items reasonably necessary to maintain the continuing priority of the Lien of the Mortgages as security for the Obligations.
4.14Environmental Matters.  Each Credit Party shall, and shall cause each of its Subsidiaries to, comply with, and maintain its Real Estate, whether owned, leased, subleased or otherwise operated or occupied, in compliance with, all applicable Environmental Laws (including 

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by implementing any Remedial Action necessary to achieve such compliance) or that is required by orders and directives of any Governmental Authority except where the failure to comply would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect.  Without limiting the foregoing, if an Event of Default is continuing or if Agent at any time has a reasonable basis to believe that there exist material violations of Environmental Laws by any Credit Party or any Subsidiary of any Credit Party, which would reasonably be expected to result in any Credit Party incurring material Environmental Liabilities or that there exist any material Environmental Liabilities of any Credit Party, then each Credit Party shall, promptly upon receipt of request from Agent, cause the performance of, and allow Agent and its Related Persons reasonable access to such Real Estate for the purpose of conducting, such environmental audits and assessments, including where reasonable based on perceived violations or conditions giving rise to such Environmental Liability subsurface sampling of soil and groundwater at such Real Estate, and cause the preparation of such reports, in each case as Agent may from time to time reasonably request.  Such audits, assessments and reports, to the extent not conducted by Agent or any of its Related Persons, shall be conducted and prepared by qualified environmental consulting firms reasonably acceptable to Agent and shall be in form and substance reasonably acceptable to Agent).
4.15Post-Closing Obligations.  Notwithstanding the conditions precedent set forth in Article II above, the Borrower has informed Agent and the Lenders that certain of such items required to be delivered to Agent or otherwise satisfied as conditions precedent to the effectiveness of this Agreement will not be delivered to Agent as of the date hereof.  Therefore, with respect to the items set forth on Schedule 4.15 (collectively, the “Outstanding Items”), and notwithstanding anything to the contrary contained herein or in any other Loan Document, Borrower shall deliver or otherwise satisfy each Outstanding Item to Agent in the form, manner and time set forth thereon for such Outstanding Item or as Agent may otherwise agree in its reasonable discretion.  

ARTICLE V

NEGATIVE COVENANTS

Each Credit Party covenants and agrees that, so long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation (other than contingent indemnification Obligations to the extent no claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied:
5.1Limitation on Liens.  No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, directly or indirectly, make, create, incur, assume or suffer to exist any Lien upon or with respect to any part of its Property, whether now owned or hereafter acquired, other than the following (“Permitted Liens”):
(a)any Lien existing on the Property of a Credit Party or a Subsidiary of a Credit Party on the Closing Date and set forth in Schedule 5.1 securing Indebtedness outstanding on such date and permitted by subsection 5.5(c), including replacement Liens on the Property currently subject to such Liens securing Indebtedness permitted by subsection 5.5(c);

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(b)any Lien created under any Loan Document;
(c)Liens for taxes, fees, assessments or other governmental charges (i) which are not past due or remain payable without penalty, or (ii) the non-payment of which is permitted by Section 4.7;
(d)carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other similar Liens arising in the Ordinary Course of Business which are not delinquent for more than ninety (90) days or remain payable without penalty or which are being contested in good faith and by appropriate proceedings diligently prosecuted, which proceedings have the effect of preventing the forfeiture or sale of the Property subject thereto and for which adequate reserves in accordance with GAAP are being maintained;
(e)Liens (other than any Lien imposed by ERISA) consisting of pledges or deposits required in the Ordinary Course of Business in connection with workers’ compensation, unemployment insurance and other social security legislation or to secure the performance of tenders, statutory obligations, surety, stay, customs and appeals bonds, bids, leases, governmental contract, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) or to secure liability to insurance carriers;
(f)Liens consisting of judgment or judicial attachment liens (other than for payment of taxes, assessments or other governmental charges), provided that the enforcement of such Liens is effectively stayed and all such Liens secure claims in the aggregate at any time outstanding for the Credit Parties and their Subsidiaries not exceeding $1,500,000;
(g)easements, rights of way, zoning and other restrictions, minor defects or other irregularities in title, and other similar encumbrances which do not in any case materially detract from the value of the Property subject thereto or interfere in any material respect with the ordinary conduct of the businesses of any Credit Party or any Subsidiary of any Credit Party;
(h)Liens on any Property acquired or held by any Credit Party or any Subsidiary of any Credit Party securing Indebtedness incurred or assumed for the purpose of financing (or refinancing) all or any part of the cost of acquiring such Property and permitted under subsection 5.5(d); provided that (i) any such Lien attaches to such Property concurrently with or within twenty (20) days after the acquisition thereof, (ii) such Lien attaches solely to the Property so acquired in such transaction and the proceeds thereof, and (iii) the principal amount of the debt secured thereby does not exceed one hundred percent (100%) of the cost of such Property;
(i)Liens securing Capital Lease Obligations permitted under subsection 5.5(d);
(j)any interest or title of a lessor or sublessor under any lease permitted by this Agreement;
(k)Liens arising from precautionary uniform commercial code financing statements filed under any lease permitted by this Agreement;

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(l)non-exclusive licenses and sublicenses granted by a Credit Party or any Subsidiary of a Credit Party and leases and subleases (by a Credit Party or any Subsidiary of a Credit Party as lessor or sublessor) to third parties in the Ordinary Course of Business not interfering in any material respect with the business of the Credit Parties or any of their Subsidiaries;
(m)Liens in favor of collecting banks arising under Section 4-210 of the Uniform Commercial Code or, with respect to collecting banks located in the State of New York, under Section 4-208 of the Uniform Commercial Code;
(n)Liens (including the right of set-off) in favor of a bank or other depository institution arising as a matter of law encumbering deposits;
(o)Liens arising out of consignment or similar arrangements for the sale of goods entered into by the Borrower or any Subsidiary of the Borrower in the Ordinary Course of Business;
(p)Liens securing Indebtedness incurred by Foreign Subsidiaries of the Borrower in an aggregate amount not to exceed $2,500,000 at any time outstanding; provided, that (i) such Liens do not extend to, or encumber property which constitutes Collateral and (ii) such Liens extend only to the property (or equity interests not pledged or required to be pledged to Agent in accordance with the Loan Documents) of the Foreign Subsidiary incurring such Indebtedness;
(q)Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with the importation of goods in the Ordinary Course of Business;
(r)Liens arising by operation of law or contract on insurance policies and proceeds thereof in favor of insurers (or other Persons financing the payment of insurance premiums) securing Indebtedness of the type described in and permitted under Section 5.5(o) hereof financing the premiums payable in respect of insurance policies issued by such insurers;
(s)Liens encumbering the assets of a Target to the extent securing Indebtedness permitted pursuant to subsection 5.5(l), solely to the extent such Liens encumber no assets other than the assets of the Target encumbered by such Liens immediately prior to the Acquisition of such Target; and
(t)other Liens securing obligations (other than Indebtedness for borrowed money, except to the extent any such Liens securing Indebtedness for borrowed money consist solely of cash collateral and/or Liens on the assets of Foreign Subsidiaries) otherwise permitted hereunder not exceeding $1,500,000 in the aggregate.
5.2Disposition of Assets.  No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, directly or indirectly, sell, assign, lease, convey, transfer or otherwise dispose of (whether in one or a series of transactions) any Property (including the Stock of any Subsidiary of any Credit Party, whether in a public or private offering or otherwise, and accounts and notes receivable, with or without recourse), except:

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(a)dispositions of Inventory, or worn out or surplus equipment, all in the Ordinary Course of Business;
(b)dispositions not otherwise permitted hereunder which are made for fair market value and the mandatory prepayment in the amount of the Net Proceeds of such disposition is made if and to the extent required by Section 1.9; provided, that (i) at the time of any disposition, no Event of Default shall exist or shall result from such disposition, (ii) not less than 80% of the aggregate sales price from such disposition shall be paid in cash and (iii) the aggregate fair market value of all assets so sold by the Credit Parties and their Subsidiaries, together, shall not exceed in any Fiscal Year $1,500,000;
(c)dispositions of cash and Cash Equivalents;
(d)transactions permitted under Sections 5.1, 5.3, 5.4 and 5.11;
(e)dispositions, discounts or forgiveness of past due Accounts in connection with the collection or compromise thereof in the Ordinary Course of Business;
(f)dispositions of certain stores set forth on Schedule 5.2, and additional stores that each individually have EBITDA for the four fiscal quarter period prior to the proposed disposition of less than $0 provided, that (i) at the time of any disposition, no Event of Default shall exist or shall result from such disposition and (ii) a mandatory prepayment is made with the Net Proceeds of such disposition if and to the extent required by Section 1.9);
(g)dispositions, abandonment or termination of Intellectual Property in the Ordinary Course of Business; and
(h)dispositions by (i) any Credit Party to any other Credit Party (other than Holdings) and (ii) any non-Credit Party to any Credit Party (at not more than the then current fair market value of the subject Property) or any other non-Credit Party.
5.3Consolidations and Mergers.  No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, merge, consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except Permitted Acquisitions and except pursuant to transactions expressly permitted by Sections 5.2 or 5.4, and except that, upon not less than five Business Days prior written notice to Agent (or such lesser period of notice as Agent, in its sole discretion, may from time to time agree in writing), (a) any Subsidiary of the Borrower may merge with, or dissolve or liquidate into, the Borrower or a Wholly-Owned Subsidiary of the Borrower which is a Domestic Subsidiary and a Credit Party, provided that the Borrower or such Wholly-Owned Subsidiary which is a Domestic Subsidiary and a Credit Party shall be the continuing or surviving entity and all actions reasonably required by Agent, including actions required to maintain perfected Liens on the Stock of the surviving entity and other Collateral in favor of Agent, shall have been completed, (b) any Foreign Subsidiary may merge with or dissolve or liquidate into another Foreign Subsidiary provided if a First Tier Foreign Subsidiary is a constituent entity in such merger, dissolution or liquidation, such First Tier Foreign Subsidiary shall be the continuing or surviving entity or all actions reasonably required by Agent, 

47

including actions required to maintain perfected Liens on the Stock of the surviving entity in favor of Agent, shall have been completed and (c) any Person that is a Papa Murphy’s Permitted Concept may be merged with and into any Credit Party so long as the Credit Party shall be the continuing or surviving entity and all actions reasonably required by Agent, including actions required to maintain perfected Liens on the Stock of the surviving entity and other Collateral in favor of Agent, shall have been completed.
5.4Loans and Investments.  No Credit Party shall and no Credit Party shall suffer or permit any of its Subsidiaries to (i) purchase or acquire any Stock or Stock Equivalents, or any obligations or other securities of, or any interest in, any Person, including the establishment or creation of a Subsidiary, or (ii) make any Acquisitions, or any other acquisition of all or substantially all of the assets of another Person, or of any business or division of any Person, including without limitation, by way of merger, consolidation or other combination or (iii) make or purchase any advance, loan, extension of credit or capital contribution to or any other investment in, any Person including the Borrower, any Affiliate of the Borrower or any Subsidiary of the Borrower (the items described in clauses (i), (ii) and (iii) are referred to as “Investments”), except for:
(a)Investments in cash and Cash Equivalents;
(b)Investments by (i) any Credit Party (other than Holdings) in any other Credit Party (other than Holdings), (ii) Holdings in any other Credit Party, (iii) the Borrower or any Domestic Subsidiary of the Borrower in Foreign Subsidiaries of the Borrower; provided, that the aggregate amount of such Investments under this clause (iii) shall not exceed the Available Amount at any time outstanding, (iv) a Foreign Subsidiary of the Borrower in another Foreign Subsidiary of the Borrower, and (v) any Credit Party in a Foreign Subsidiary the proceeds of which are concurrently used by such Foreign Subsidiary in connection with a Permitted Acquisition of the type and in the amount described in the proviso of clause (g) of the definition of “Permitted Acquisition”; provided, if the Investments described in foregoing clauses (i), (ii), (iii) and (v) are evidenced by notes, such notes shall be pledged to Agent, for the benefit of the Secured Parties;
(c)loans and advances to employees not to exceed $3,000,000 in the aggregate at any time outstanding, less the amount of any loans and advances to employees outstanding pursuant to Section 5.4(f);
(d)Investments received as the non-cash portion of consideration received in connection with transactions permitted pursuant to subsection 5.2(b);
(e)Investments acquired in connection with the settlement of delinquent Accounts in the Ordinary Course of Business or in connection with the bankruptcy or reorganization of suppliers or customers;
(f)Investments existing (or committed to be made pursuant to a binding commitment) on the Closing Date and set forth on Schedule 5.4;
(g)Investments comprised of Contingent Obligations permitted by Section 5.9;
(h)Permitted Acquisitions;

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(i)the maintenance of deposit accounts and securities accounts in the Ordinary Course of Business so long as the applicable provisions of Section 4.11, to the extent applicable, have been complied with respect to such deposit accounts and securities accounts;
(j)Investments constituting (i) accounts receivable arising, (ii) trade debt granted or (iii) deposits made in connection with the purchase price of goods or services, in each case, in the Ordinary Course of Business;
(k)Investments by way of contributions to capital or purchases of Stock by any Credit Party in any of its Subsidiaries that are Credit Parties;
(l)Investments in an amount at any time outstanding not greater than the Available Amount (x) in joint ventures, (y) consisting of loans or other financing to Franchisees, or (z) in any subsidiary franchise financing vehicle;
(m)Investments in Project Pie in an amount not to exceed $6,000,000 in the aggregate so long as no Default or Event of Default has occurred and is continuing or would result therefrom;
(n)Investments consisting of notes payable in connection with the disposition of stores specified in Section 5.2(f) in an amount not to exceed $2,000,000 in the aggregate; and
(o)other Investments not to exceed an amount in the aggregate at any time outstanding equal to $4,000,000 less the amount of any Indebtedness outstanding pursuant to Section 5.5(p).
5.5Limitation on Indebtedness.  No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, create, incur, assume, permit to exist, or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness, except:
(a)the Obligations;
(b)Indebtedness consisting of Contingent Obligations described in clause (i) of the definition thereof and permitted pursuant to Section 5.9;
(c)Indebtedness existing on the Closing Date and set forth in Schedule 5.5 including Permitted Refinancings thereof;
(d)Indebtedness not to exceed $3,000,000 in the aggregate at any time outstanding, consisting of Capital Lease Obligations or secured by Liens permitted by subsection 5.1(h) and Permitted Refinancings thereof;
(e)unsecured intercompany Indebtedness permitted pursuant to subsections 5.4(b) or 5.4(m);
(f)(i) Indebtedness in respect of the Miller Note until repaid in accordance with the subordination provisions applicable thereto and (ii) Indebtedness in respect of the Drake Enterprises Note until the date that is 30 days after the Closing Date;

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(g)Indebtedness incurred by Foreign Subsidiaries in an aggregate principal amount not to exceed $2,500,000 at any time outstanding;
(h)Indebtedness in respect of overdraft protections and otherwise in connection with deposit accounts to the extent incurred in the Ordinary Course of Business, and Indebtedness in respect to netting services to the extent incurred in the Ordinary Course of Business and amounts are available to be netted; provided, that such Indebtedness and obligations shall not remain outstanding for not more than ten (10) Business Days;
(i)to the extent constituting Indebtedness, indemnification, adjustment or purchase price or similar obligations of a Credit Party (or any Subsidiary thereof) arising from agreements providing for the sale or other disposition of any assets of a Credit Party (or any Subsidiary thereof) in an amount not to exceed $3,000,000 in the aggregate at any time outstanding;
(j)Indebtedness representing deferred compensation to employees of the Borrower or any of its Subsidiaries incurred in the Ordinary Course of Business in an aggregate amount not to exceed $750,000 at any time outstanding;
(k)to the extent constituting Indebtedness, obligations in respect of Rate Contracts permitted under Section 5.9 hereof;
(l)(i) Indebtedness of a Target existing at the time the Target becomes a Subsidiary of the Borrower (or is merged into or consolidated with a Credit Party other than Holdings) pursuant to a Permitted Acquisition or Indebtedness assumed by the Borrower or its Subsidiaries in respect of assets acquired by such Person pursuant to a Permitted Acquisition, but only to the extent that such Indebtedness (A) was not incurred in connection with, as a result of, or in contemplation of, such Permitted Acquisition, (B) is secured, if at all, solely by assets of the Target so acquired and not by any assets of any Credit Party and (C) is not guaranteed by any Credit Party, and (ii) to the extent constituting Indebtedness, indemnification, adjustment or purchase price or similar obligations of a Credit Party (or any Subsidiary thereof) in connection with Permitted Acquisitions or other Investments permitted hereunder; provided, that the aggregate outstanding amount of any Indebtedness incurred pursuant to this clause (l) may not exceed $5,000,000 less the combined amounts utilized under clauses (m) and (n) of this Section 5.5;
(m)unsecured Indebtedness owing to current and former employees, officers, or directors (or any spouses, ex-spouses, or estates of any of the foregoing) incurred in connection with the repurchase of Stock that has been issued to such Persons, provided, that the aggregate principal amount of all such Indebtedness does not exceed an aggregate principal amount at any time outstanding equal to $5,000,000 less the combined amounts utilized under clauses (l) and (n) of this Section 5.5;
(n)unsecured Indebtedness owing to sellers of assets or Stock to any of the Credit Parties and their Subsidiaries that is incurred in connection with the consummation of one or more Permitted Acquisitions or other Investments permitted hereunder, provided, that the aggregate principal amount of all such Indebtedness does not exceed an aggregate principal amount at any time outstanding equal to $5,000,000 in respect of all Permitted Acquisitions or other Investments 

50

permitted hereunder, less the combined amounts utilized under clauses (l) and (m) of this Section 5.5, provided further, that (1) no payments (whether mandatory or optional) of principal are paid or payable in cash prior to the later of the maturity date of the Term Loans or the Revolving Termination Date, (2) the maturity date of such Indebtedness shall be no earlier than six (6) months after the later of the maturity date of the Term Loans or the Revolving Termination Date and (3) such Indebtedness shall constitute Subordinated Indebtedness;
(o)Indebtedness incurred in order to finance the payment of insurance premiums in the Ordinary Course of Business; and
(p)other Indebtedness (provided, that any Indebtedness for borrowed money incurred in reliance on this clause (p) shall be unsecured, except to the extent any such Indebtedness for borrowed money is secured solely by cash collateral and/or Liens on the assets of Foreign Subsidiaries) not exceeding in the aggregate principal amount at any time outstanding $4,000,000 less the amount of any outstanding Investment made under Section 5.4(n).
5.6Transactions with Affiliates.  No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, enter into any transaction with any Affiliate of the Borrower or of any such Subsidiary, except:
(a)as expressly permitted by this Agreement;
(b)transactions of the type described on Schedule 5.6;
(c)transactions between or among (i) Credit Parties (other than Holdings), (ii) First Tier Foreign Subsidiaries, (iii) non-First Tier Foreign Subsidiaries or (iv) Immaterial Subsidiaries; provided, transactions pursuant to clauses (ii) through (iv) shall not permit the disposition or investment of any cash or other assets from a Credit Party to any such Subsidiary unless such disposition or investment is otherwise permitted by the terms of this Agreement; or
(d)in the Ordinary Course of Business and pursuant to the reasonable requirements of the business of such Credit Party or such Subsidiary upon fair and reasonable terms no less favorable to such Credit Party or such Subsidiary than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate of the Borrower or such Subsidiary; provided, further, that in no event shall a Credit Party or any Subsidiary of a Credit Party perform or provide any management, consulting, administrative or similar services to or for any Person other than another Credit Party, a Subsidiary of a Credit Party or a customer who is not an Affiliate in the Ordinary Course of Business, other than those relating to Project Pie in the Ordinary Course of Business.
5.7Management Fees and Compensation.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any Credit Party or any Affiliate of any Credit Party except:
(a)payment of (i) reasonable compensation to officers and employees of the Credit Parties and their Subsidiaries (or any direct or indirect parent thereof) for actual services 

51

rendered to the Credit Parties and their Subsidiaries (or, to the extent such compensation is paid with respect to actual services rendered by such Person to or with respect to the Credit Parties and their Subsidiaries, any direct or indirect parent thereof) in the Ordinary Course of Business, (ii) reasonable benefits (including retirement, health, stock option and other benefit plans) and indemnification arrangements to officers, directors, managers and employees of the Credit Parties and their Subsidiaries (or, to the extent such benefits or arrangements are paid in consideration for actual services rendered by such Person to or with respect to the Credit Parties and their Subsidiaries, any direct or indirect parent thereof) in the Ordinary Course of Business and (iii) bonuses, separation and severance amounts to officers and employees of the Credit Parties and their Subsidiaries (or, to the extent such amounts are paid with respect to actual services rendered by such Person to or with respect to the Credit Parties and their Subsidiaries, any direct or indirect parent thereof) in the Ordinary Course of Business;
(b)payment of reasonable directors’ or managers’ fees and reimbursement of actual out-of-pocket costs and expenses incurred in connection with attending board of director or manager meetings in the Ordinary Course of Business; and
(c)making of Restricted Payments to Holdings, Parent or any direct or indirect parent thereof to the extent expressly permitted under Section 5.11(f), (g), (h) and (i) of this Agreement.
5.8Use of Proceeds.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, use any portion of the Loan proceeds, directly or indirectly, to purchase or carry Margin Stock or repay or otherwise refinance Indebtedness of any Credit Party or others incurred to purchase or carry Margin Stock.
5.9Contingent Obligations.  No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Contingent Obligations in respect of Indebtedness except in respect of the Obligations and except:
(a)endorsements for collection or deposit in the Ordinary Course of Business; 
(b)Rate Contracts entered into in the Ordinary Course of Business for bona fide hedging purposes and not for speculation and Bank Product Obligations entered into in the Ordinary Course of Business;
(c)Contingent Obligations of the Credit Parties and their Subsidiaries existing (or committed to be made pursuant to a binding commitment) as of the Closing Date and listed in Schedule 5.9, including extension and renewals thereof which do not increase the amount of such Contingent Obligations or impose materially more restrictive or adverse terms on the Credit Parties or their Subsidiaries as compared to the terms of the Contingent Obligation being renewed or extended;
(d)Contingent Obligations arising under indemnity agreements to title insurers to cause such title insurers to issue to Agent title insurance policies;

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(e)Contingent Obligations arising with respect to customary indemnification obligations in favor of (i) sellers in connection with Acquisitions permitted hereunder and (ii) purchasers in connection with dispositions permitted under subsection 5.2(b);
(f)Contingent Obligations arising under letters of credit issued for the account of the Borrower or any of its Subsidiaries otherwise permitted hereunder;
(g)Contingent Obligations arising under guarantees made in the Ordinary Course of Business of obligations of any Credit Party (other than Holdings), which obligations are otherwise permitted hereunder; provided that if such obligation is subordinated to the Obligations, such guarantee shall be subordinated to the same extent;
(h)Contingent Obligations incurred in the Ordinary Course of Business with respect to surety and appeals bonds, leases, performance bonds and other similar obligations;
(i)Contingent Obligations arising under the Loan Documents;
(j)Contingent Obligations of (i) a Credit Party with respect to the obligations of another Credit Party (other than Holdings) otherwise permitted hereunder, (ii) a First Tier Foreign Subsidiary with respect to the obligations of another First Tier Foreign Subsidiary otherwise permitted hereunder, (iii) a non-First Tier Foreign Subsidiary with respect to the obligations of another non-First Tier Foreign Subsidiary or a First Tier Foreign Subsidiary otherwise permitted hereunder, (iv) an Immaterial Subsidiary with respect to the obligations of another Immaterial Subsidiary otherwise permitted hereunder, (v) a Foreign Subsidiary with respect to the obligations of a Credit Party and (vi) a Credit Party with respect to the obligations of a Foreign Subsidiary otherwise permitted hereunder; provided, that the aggregate amount of such Contingent Obligations under this clause (vi) shall not exceed the Available Amount at any time outstanding;
(k)Contingent Obligations arising under guarantees of the real estate leases relating to Project Pie in an amount not to exceed $3,500,000 in the aggregate at any time outstanding; and
(l)other Contingent Obligations not exceeding: $3,000,000 in the aggregate at any time outstanding.
5.10Compliance with ERISA.  No ERISA Affiliate shall cause or suffer to exist (a) any event that could result in the imposition of a Lien on any asset of a Credit Party or a Subsidiary of a Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event, that would, in the aggregate, have a Material Adverse Effect.
5.11Restricted Payments.  No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, (i) declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any Stock or Stock Equivalent, (ii) purchase, redeem or otherwise acquire for value any Stock or Stock Equivalent now or hereafter outstanding or (iii) make any payment or prepayment of principal of, premium, if any, interest, fees, redemption, exchange, purchase, retirement, defeasance, sinking fund or similar 

53

payment with respect to, Subordinated Indebtedness (the items described in clauses (i), (ii) and (iii) above are referred to as “Restricted Payments”); except that any Subsidiary of the Borrower may declare and pay dividends to the Borrower or ratably to its direct equity holders and except that:
(a)Holdings may declare and make dividend payments or other distributions payable solely in its Stock or Stock Equivalents; 
(b)the Borrower may declare and make dividend payments or other distributions to Holdings, Parent or any direct or indirect parent thereof which are used to redeem Stock and Stock Equivalents from officers, directors, managers and employees; provided, that all of the following conditions are satisfied:
(i)no Event of Default has occurred and is continuing or would arise as a result of such Restricted Payment;
(ii)the aggregate Restricted Payments under this clause (b) permitted during the term of this Agreement shall not exceed $5,000,000; provided, the foregoing limits shall not apply to the extent of any redemption or repurchase funded with the proceeds of any “key-man” life insurance policies of any Credit Party; and
(iii)after giving effect to such Restricted Payment, Availability plus (x) unrestricted cash and Cash Equivalents of Holdings and its Subsidiaries and (y) cash and Cash Equivalents of Holdings and its Subsidiaries held in deposit accounts or securities accounts subject to a Control Agreement in favor of Agent for the benefit of Agent and the Lenders is not less than $2,500,000;
(c)the Borrower may declare and make dividend payments or other distributions to Holdings, Parent or any direct or indirect parent thereof which are used to redeem Stock and Stock Equivalents from Persons other than officers, directors, managers and employees; provided, that all of the following conditions are satisfied:
(i)no Event of Default has occurred and is continuing or would arise as a result of such Restricted Payment;
(ii)the aggregate Restricted Payments under this clause (c) permitted during the term of this Agreement shall not exceed (x) $10,000,000 plus (y) the Available Amount; and
(iii)after giving effect to such Restricted Payment, Availability plus (x) unrestricted cash and Cash Equivalents of Holdings and its Subsidiaries and (y) cash and Cash Equivalents of Holdings and its Subsidiaries held in deposit accounts or securities accounts subject to a Control Agreement in favor of Agent for the benefit of Agent and the Lenders is not less than $1,000,000;

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(d)the Credit Parties and their Subsidiaries may make any payments of the type described in clause (iii) of the definition of “Restricted Payments” in respect of any Subordinated Indebtedness to the extent permitted by the subordination provisions applicable thereto;
(e)Borrower may make distributions (“Tax Distributions”) to Holdings (and Holdings may make distributions to any direct or indirect parent of Holdings that is the common parent of its consolidated, combined or unitary tax group that includes Holdings and Borrower) to permit Holdings (or such parent) to pay any taxes that are due and payable by Holdings (or such parent) that are attributable to the conduct, business or activities of Borrower or any of its Subsidiaries; provided, however, that such dividends are made no more than three (3) Business Days before such tax payments are made to the applicable Governmental Authority and neither Borrower nor Holdings shall be permitted to make Tax Distributions in excess of the amount that would be payable by Holdings if Holdings and its Subsidiaries were to file as a consolidated, combined or unitary group of which Holdings was the common parent;
(f)(i) to the extent actually used by Holdings, Parent or any direct or indirect parent thereof to pay such taxes, costs and expenses, payments by the Borrower to or on behalf of Holdings, Parent or any direct or indirect parent thereof in an amount sufficient to pay franchise taxes and other fees required to maintain the legal existence of Holdings, Parent or any direct or indirect parent thereof, (ii) payments by the Borrower to or on behalf of Holdings, Parent or any direct or indirect parent thereof in an amount sufficient to pay out-of-pocket legal, accounting and filing costs and other expenses in the nature of reasonably necessary overhead in the Ordinary Course of Business of Holdings, Parent or any direct or indirect parent thereof, in the case of this clause (ii) in an aggregate amount not to exceed $1,000,000 in any Fiscal Year, (iii) payments by the Borrower to or on behalf of Holdings, Parent or any direct or indirect party thereof to pay costs and expenses associated with the compliance by Parent or any direct or indirect parent of Parent with the requirements or regulations of a public company, including, without limitation, Sarbanes-Oxley, and (iv) payments by the Borrower to or on behalf of Holdings, Parent or any direct or indirect parent thereof in an amount sufficient to pay indemnification and reimbursement obligations to their directors, managers and officers to extent providing services to or on behalf of the Credit Parties and compensation to their directors and managers to extent providing services to or on behalf of the Credit Parties, in each case under this clause (iv), in the Ordinary Course of Business that are otherwise permitted to be paid hereunder; provided, however, that no such amounts otherwise permitted to be paid by the Borrower to or on behalf of Parent under this subsection 5.11(f) shall be permitted in the event that Parent shall have conducted any business activities or acquired any Property after the Closing Date, except for amounts attributable to or on behalf of Holdings, the Borrower and its Subsidiaries and activities incidental to its status as a holding company;
(g)the Borrower may repay (i) regularly scheduled interest under the Miller Note at the non-default cash pay rate of 5% per annum on the original principal amount of $3,000,000, (ii) regularly scheduled interest under the Drake Enterprises Note at the non-default cash pay rate of 7% per annum on the original principal amount of $2,900,000, (iii) all outstanding Indebtedness in respect of the Miller Note on the maturity date thereof and (iv) all outstanding Indebtedness in respect of the Drake Enterprises Note on the date that is 30 days after the Closing Date; provided, that with respect to the foregoing payments, (x) no Default or Event of Default has occurred and is 

55

continuing or would result from the making of such payment, (y) such payment is made in accordance with the subordination provisions applicable thereto and (z) both before and after giving effect to any payment pursuant to the foregoing clause (iii) or (iv), “Availability” plus (x) unrestricted cash and Cash Equivalents of Credit Parties and their Subsidiaries and (y) cash and Cash Equivalents of Credit Parties and their Subsidiaries held in deposit accounts or securities accounts subject to a Control Agreement is not less than $1,000,000;
(h)the Borrower may declare and make additional Restricted Payments; provided, that all of the following conditions are satisfied:
(i)no Event of Default has occurred and is continuing or would arise as a result of such Restricted Payment;
(ii)the aggregate Restricted Payments made under this clause (h) shall not exceed (x) $3,000,000 plus (y) the Available Amount; and
(iii)after giving effect to such Restricted Payment, Availability plus (x) unrestricted cash and Cash Equivalents of Holdings and its Subsidiaries and (y) cash and Cash Equivalents of Holdings and its Subsidiaries held in deposit accounts or securities accounts subject to a Control Agreement in favor of Agent for the benefit of Agent or the Lenders of the Credit Parties is not less than $2,500,000; and
(i)Holdings and the Borrower may make any Restricted Payments to the extent used to make any payment permitted by Sections 5.7(a) and (b).
5.12Change in Business.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, engage in (x) any line of businesses substantially different from those lines of business carried on by it on the Closing Date, or (y) the sale of Franchises (including development agreements) or the operation of restaurant locations for any restaurant concept other than the Papa Murphy’s Permitted Concept and, to the extent acquired pursuant to a Permitted Acquisition and the gross revenues therefrom do not exceed ten percent (10%) of the gross revenues of the system-wide sales of Holdings and its Subsidiaries at the time of the acquisition, an Additional Permitted Concept.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, if the Leverage Ratio is equal to or greater than 3.5 (at the time of such new store opening or acquisition and as evidenced by a certificate in form reasonably satisfactory to Agent), allow the aggregate number of Papa Murphy’s locations owned and operated by the Credit Parties and their Subsidiaries to exceed fifteen percent (15%) of the total Papa Murphy’s locations (in each case by location number; provided, however, that no Default or Event of Default shall be deemed to have occurred solely as a result of a change in the Leverage Ratio or franchise store closures which were not contemplated at the time of such store opening or acquisition).  Holdings shall not engage in any business activities or own any Property other than (i) ownership of the Stock and Stock Equivalents of the Borrower, (ii) activities and contractual rights incidental to maintenance of its corporate existence, (iii) performance of its obligations under the Loan Documents to which it is a party, and (iv) other actions expressly permitted by the Loan Documents.

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5.13Change in Structure.  Except as expressly permitted under Section 5.3, no Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, amend any of its Organization Documents in any respect materially adverse to Agent or Lenders.
5.14Changes in Accounting, Name and Jurisdiction of Organization.  No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to, (i) make any significant change in accounting treatment or reporting practices, except as required by GAAP, (ii) change the Fiscal Year or method for determining Fiscal Periods or Fiscal Quarters of any Credit Party or of any consolidated Subsidiary of any Credit Party, (iii) change its name as it appears in official filings in its jurisdiction of organization or (iv) change its jurisdiction of organization, in the case of (x) clause (i), without the prior written consent of Agent, and (y) clauses (iii) and (iv), without at least five days prior written notice to Agent (or such lesser period of notice as Agent, in its sole discretion, from time to time may agree in writing) and satisfaction of all conditions set forth herein and in the Collateral Documents to maintain perfection of the security interests granted therein.
5.15Amendments to Subordinated Indebtedness.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries directly or indirectly to, change or amend the terms of any Subordinated Indebtedness if the effect of such change or amendment is to:  (A) increase the interest rate on such Indebtedness; (B) shorten the dates upon which payments of principal or interest are due on such Indebtedness; (C) add or change in a manner adverse to the Credit Parties any event of default or add or make more restrictive any covenant with respect to such Indebtedness; (D) change in a manner adverse to the Credit Parties the prepayment provisions of such Indebtedness; (E) change the subordination provisions thereof (or the subordination terms of any guaranty thereof; or (F) change or amend any other term if such change or amendment would materially increase the obligations of the Credit Parties or confer additional material rights on the holder of such Indebtedness in a manner adverse to the Credit Parties, Agent or Lenders.
5.16No Negative Pledges.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual restriction or encumbrance of any kind on the ability of any Credit Party or Subsidiary to pay dividends or make any other distribution on any of such Credit Party’s or Subsidiary’s Stock or Stock Equivalents or to pay fees, including management fees, or make other payments and distributions to the Borrower, any Subsidiary of the Borrower or, other than the Loan Documents, to Holdings.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, directly or indirectly, enter into, assume or become subject to any Contractual Obligation prohibiting or otherwise restricting the existence of any Lien upon any of its assets in favor of Agent, whether now owned or hereafter acquired except in connection with any document or instrument governing Liens permitted pursuant to subsections 5.1(h) and 5.1(i) provided that any such restriction contained therein relates only to the asset or assets subject to such permitted Liens.
5.17OFAC; Patriot Act.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to fail to comply with the laws, regulations and executive orders referred to in Section 3.27 and Section 3.28.

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5.18Sale-Leasebacks.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, engage in a sale leaseback, synthetic lease or similar transaction involving any of its assets.

ARTICLE VI

FINANCIAL COVENANTS
Each Credit Party covenants and agrees that, so long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation (other than contingent indemnification Obligations to the extent no claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied:
6.1[Reserved]. 
6.2Leverage Ratio.  The Credit Parties shall not permit the Leverage Ratio for the period of twelve (12) consecutive Fiscal Periods ending as of any date set forth below to be greater than the maximum ratio set forth in the table below opposite such date:
	
			
	 
	Date
	Maximum Leverage Ratio

	 
	September 29, 2014
	5.75

	 
	December 29, 2014
	5.75

	 
	March 30, 2015
	5.75

	 
	June 29, 2015
	5.75

	 
	September 28, 2015
	5.50

	 
	December 28, 2015
	5.25

	 
	March 28, 2016
	5.25

	 
	June 27, 2016
	5.25

	 
	September 26, 2016
	5.00

	 
	January 2, 2017
	5.00

	 
	April 3, 2017
	4.50

	 
	July 3, 2017
	4.50

	 
	October 2, 2017
	4.25

	 
	January 1, 2018 and the last day of each Fiscal Quarter thereafter
	4.00

“Leverage Ratio” shall be calculated in the manner set forth in Exhibit 4.2(b).
6.3Interest Coverage Ratio.  The Credit Parties shall not permit the Interest Coverage Ratio for the period of twelve (12) consecutive Fiscal Periods ending on any date set forth below to be less than the minimum ratio set forth in the table below opposite such date:

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	Date
	Minimum Interest Coverage Ratio

	 
	September 29, 2014
	2.50

	 
	December 29, 2014 and the last day of each Fiscal Quarter thereafter
	3.50

“Interest Coverage Ratio” shall be calculated in the manner set forth in Exhibit 4.2(b).

ARTICLE VII

EVENTS OF DEFAULT

7.1Event of Default.  Any of the following shall constitute an “Event of Default”:
(a)Non-Payment.  Any Credit Party fails (i) to pay when and as required to be paid herein, any amount of principal of any Loan, including after maturity of the Loans, or to pay any L/C Reimbursement Obligation or (ii) to pay within five (5) Business Days after the same shall become due, interest on any Loan, any fee or any other amount payable hereunder or pursuant to any other Loan Document; or
(b)Representation or Warranty.  Any representation, warranty or certification by or on behalf of any Credit Party or any of its Subsidiaries made or deemed made herein, in any other Loan Document, or which is contained in any certificate, document or financial or other statement by any such Person, or their respective Responsible Officers, furnished at any time under this Agreement, or in or under any other Loan Document, shall prove to have been incorrect in any material respect (without duplication of other materiality qualifiers contained therein) on or as of the date made or deemed made; or
(c)Specific Defaults.  Any Credit Party fails to perform or observe any term, covenant or agreement contained in any of:
(i)subsections 4.3(a) or Sections 4.10 or 4.15 or Articles V or VI hereof;
(ii)Section 4.6 (with regard to a failure by the Credit Parties to maintain the insurance coverage described therein), Section 4.9 (with regard to a failure by the Credit Parties to provide the access, field examination, audit or inspection rights described therein) and, solely with respect to this clause (ii), such failure shall not have been cured within ten (10) days; or
(iii)subsections 4.1(a), 4.1(b), 4.2(a) or 4.2(b) and, solely with respect to this clause (iii), such failure shall not have been cured within twenty (20) days; or
(d)Other Defaults.  Any Credit Party fails to perform or observe any other term, covenant or agreement contained in this Agreement or any other Loan Document, and such default shall continue unremedied for a period of thirty (30) days from the date upon which written notice thereof is given to the Borrower by Agent or the Required Lenders; or

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(e)Cross-Default.  Any Credit Party or any Subsidiary of any Credit Party (i) fails to make any payment in respect of any Indebtedness (other than the Obligations) or Contingent Obligation in respect of Indebtedness (other than (x) Contingent Obligations in respect of the Obligations, (y) Contingent Obligations owing by one Credit Party with respect to the obligations of another Credit Party permitted hereunder or (z) earnouts permitted hereunder) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than $2,500,000 when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) and such failure continues after the applicable grace or notice period, if any, specified in the document relating thereto on the date of such failure; or (ii) fails to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under any agreement or instrument relating to any such Indebtedness (other than the Obligations) or any such Contingent Obligation (other than (x) Contingent Obligations in respect of the Obligations, (y) Contingent Obligations owing by one Credit Party with respect to the obligations of another Credit Party permitted hereunder or (z) earnouts permitted hereunder), if the effect of such failure, event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause such Indebtedness to be declared to be due and payable prior to its stated maturity (without regard to any subordination terms with respect thereto), or such Contingent Obligation to become payable or cash collateral in respect thereof to be demanded; or
(f)Voluntary Proceedings.  Any Credit Party or any Subsidiary of any Credit Party (other than an Immaterial Subsidiary):  (i) generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) commences any Insolvency Proceeding with respect to itself; or (iii) takes any action to effectuate or authorize any of the foregoing; or
(g)Involuntary Proceedings.  (i) Any involuntary Insolvency Proceeding is commenced or filed against any Credit Party or any Subsidiary of any Credit Party (other than an Immaterial Subsidiary), or any writ, judgment, warrant of attachment, execution or similar process, is issued or levied against a substantial part of any such Person’s Properties, and any such proceeding or petition shall not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released, vacated or fully bonded within sixty (60) days after commencement, filing or levy; (ii) any Credit Party or any Subsidiary of any Credit Party (other than an Immaterial Subsidiary) admits the material allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-U.S. law) is ordered in any Insolvency Proceeding; or (iii) any Credit Party or any Subsidiary of any Credit Party (other than an Immaterial Subsidiary) acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other similar Person for itself or a substantial portion of its Property or business; or
(h)Monetary Judgments.  One or more judgments, non-interlocutory orders, decrees or arbitration awards shall be entered against any one or more of the Credit Parties or any of their respective Subsidiaries (other than an Immaterial Subsidiary with respect to which no other Credit Party or Subsidiary is or may be liable) involving in the aggregate a liability of $3,000,000 

60

or more (excluding amounts covered by insurance to the extent the relevant independent third-party insurer has not denied coverage therefor), and the same shall remain unsatisfied, unvacated and unstayed pending appeal for a period of thirty (30) consecutive days after the entry thereof; or
(i)Non-Monetary Judgments.  One or more non-monetary judgments, orders or decrees shall be rendered against any one or more of the Credit Parties or any of their respective Subsidiaries which has or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, and there shall be any period of thirty (30) consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or
(j)Collateral.  Any material provision of any Loan Document shall for any reason cease to be valid and binding on or enforceable against any Credit Party or any Subsidiary of any Credit Party party thereto or any Credit Party or any Subsidiary of any Credit Party shall so state in writing or bring an action to limit its obligations or liabilities thereunder; or any Collateral Document shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest in the Collateral purported to be covered thereby or such security interest shall for any reason (other than the failure of Agent to take an action within its control) cease to be a perfected and first priority security interest subject only to Permitted Liens; or
(k)Ownership.  (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act of 1934), excluding the Permitted Holders, shall become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of more than the greater of (x) thirty five percent (35%) of the then outstanding voting stock of Holdings, and (y) the percentage of the then outstanding voting stock of Holdings collectively owned, directly or indirectly, beneficially by the Permitted Holders, or (ii) during any period of twelve (12) consecutive months, the board of directors or other governing body of Holdings shall not consist of a majority of the Continuing Directors; or (iii) Holdings ceases to own one hundred percent (100%) of the issued and outstanding Stock and Stock Equivalents of the Borrower free and clear of all Liens, rights, options, warrants or other similar agreements or understandings, other than Liens in favor of Agent, for the benefit of the Secured Parties; or
(l)Invalidity of Subordination Provisions.  The subordination provisions of any agreement or instrument governing any Subordinated Indebtedness shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any Person shall contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations, for any reason shall not have the priority contemplated by this Agreement or such subordination provisions.
7.2Remedies.  Upon the occurrence and during the continuance of any Event of Default:
(a)Agent may, and shall at the written request of the Required Lenders, declare all or any portion of any one or more of the Commitments of each Lender to make Loans or of the L/C Issuer to issue Letters of Credit to be suspended or terminated, whereupon such Commitments shall forthwith be suspended or terminated;

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(b)Agent shall at the written request of the Required Lenders declare all or any portion of the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, in which case, the Revolving Loan Commitment of each Lender shall immediately terminate without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Credit Party; and/or
(c)Agent shall at the written request of the Required Lenders exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable law; 
provided, however, that upon the occurrence of any event specified in subsections 7.1(f) or 7.1(g) above (in the case of clause (i) of subsection 7.1(g) upon the expiration of the sixty (60) day period mentioned therein), the obligation of each Lender to make Loans and the obligation of the L/C Issuers to issue Letters of Credit shall automatically terminate and the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable without further act of Agent, any Lender or the L/C Issuer.
7.3Rights Not Exclusive.  The rights provided for in this Agreement and the other Loan Documents are cumulative and are not exclusive of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document or agreement now existing or hereafter arising.
7.4Cash Collateral for Letters of Credit.  If an Event of Default has occurred and is continuing, this Agreement (or the Revolving Loan Commitment) shall be terminated for any reason or if otherwise required by the terms hereof, Agent may, and upon request of Required Revolving Lenders, shall, demand (which demand shall be deemed to have been delivered automatically upon any acceleration of the Loans and other obligations hereunder pursuant to Section 7.2), and the Borrower shall thereupon deliver to Agent, to be held for the benefit of the L/C Issuer, Agent and the Lenders entitled thereto, an amount of cash equal to one hundred five percent (105%) of the amount of Letter of Credit Obligations as additional collateral security for Obligations in respect of any outstanding Letter of Credit.  Agent may at any time apply any or all of such cash and cash collateral to the payment of any or all of the Credit Parties’ Obligations in respect of any Letters of Credit.  Pending such application, Agent may (but shall not be obligated to) invest the same in an interest bearing account in Agent’s name, for the benefit of the L/C Issuer, Agent and the Lenders entitled thereto, under which deposits are available for immediate withdrawal, at such bank or financial institution as the L/C Issuer and Agent may, in their discretion, select.

ARTICLE VIII

AGENT

8.1Appointment and Duties.

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(a)Appointment of Agent.  Each Lender and each L/C Issuer hereby appoints GE Capital (together with any successor Agent pursuant to Section 8.9) as Agent hereunder and authorizes Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Credit Party, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to Agent under such Loan Documents and (iii) exercise such powers as are reasonably incidental thereto.
(b)Duties as Collateral and Disbursing Agent.  Without limiting the generality of clause (a) above, Agent shall have the sole and exclusive right and authority (to the exclusion of the Lenders and L/C Issuers), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Lenders and the L/C Issuers with respect to all payments and collections arising in connection with the Loan Documents (including in any proceeding described in subsection 7.1(f) or (g) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any Loan Document to any Secured Party is hereby authorized to make such payment to Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation in any proceeding described in subsection 7.1(f) or (g) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Person), (iii) act as collateral agent for each Secured Party for purposes of the perfection of all Liens created by such agreements and all other purposes stated therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents, (vi) except as may be otherwise specified in any Loan Document, exercise all remedies given to Agent and the other Secured Parties with respect to the Credit Parties and/or the Collateral, whether under the Loan Documents, applicable Requirements of Law or otherwise and (vii) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided, however, that Agent hereby appoints, authorizes and directs each Lender and L/C Issuer to act as collateral sub-agent for Agent, the Lenders and the L/C Issuers for purposes of the perfection of all Liens with respect to the Collateral, including any deposit account maintained by a Credit Party with, and cash and Cash Equivalents held by, such Lender or L/C Issuer, and may further authorize and direct the Lenders and the L/C Issuers to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to Agent, and each Lender and L/C Issuer hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed.
(c)Limited Duties.  Under the Loan Documents, Agent (i) is acting solely on behalf of the Secured Parties (except to the limited extent provided in subsection 1.4(b) with respect to the Register), with duties that are entirely administrative in nature, notwithstanding the use of the defined term “Agent”, the terms “agent”, “Agent” and “collateral agent” and similar terms in any Loan Document to refer to Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender, L/C Issuer or any other Person and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document, and each Secured Party, by accepting the benefits of the Loan Documents, hereby waives 

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and agrees not to assert any claim against Agent based on the roles, duties and legal relationships expressly disclaimed in clauses (i) through (iii) above.
8.2Binding Effect.  Each Secured Party, by accepting the benefits of the Loan Documents, agrees that (i) any action taken by Agent, the Required Lenders or the Required Revolving Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the instructions of Required Lenders or the Required Revolving Lenders (or, where so required, such greater proportion) in accordance with provisions of the Loan Documents and (iii) the exercise by Agent or the Required Lenders or the Required Revolving Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein for such parties, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Secured Parties.
8.3Use of Discretion.
(a)No Action without Instructions.  Agent shall not be required to exercise any discretion or take, or omit to take, any action, including with respect to enforcement or collection, except any action it is required to take or omit to take (i) under any Loan Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders).
(b)Right Not to Follow Certain Instructions.  Notwithstanding clause (a) above, Agent shall not be required to take, or omit to take, any action (i) unless, upon demand, Agent receives an indemnification satisfactory to it from the Lenders (or, to the extent applicable and acceptable to Agent, any other Person) against all Liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against Agent or any Related Person thereof or (ii) that is, in the opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement of Law.
(c)Exclusive Right to Enforce Rights and Remedies.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, Agent in accordance with the Loan Documents for the benefit of all the Lenders and the L/C Issuer; provided that the foregoing shall not prohibit (i) Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Agent) hereunder and under the other Loan Documents, (ii) each of the L/C Issuer and the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (iii) any Lender from exercising setoff rights in accordance with Section 9.11, (iv) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party under any bankruptcy or other debtor relief law, (v) any party to a Secured Rate Contract from exercising any of its rights thereunder which are independent of its rights under the Loan Documents or (vi) any party to a Bank Product Agreement from exercising any of its rights thereunder which are independent of its 

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rights under the Loan Documents; and provided further that if at any time there is no Person acting as Agent hereunder and under the other Loan Documents, then (A) the Required Lenders shall have the rights otherwise ascribed to Agent pursuant to Section 7.2 and (B) in addition to the matters set forth in clauses (ii), (iii) and (iv) of the preceding proviso and subject to Section 9.11, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.
8.4Delegation of Rights and Duties.  Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person (including any Secured Party).  Any such Person shall benefit from this Article VIII to the extent provided by Agent.
8.5Reliance and Liability.
(a)Agent may, without incurring any liability hereunder, (i) treat the payee of any Note as its holder until such Note has been assigned in accordance with Section 9.9, (ii) rely on the Register to the extent set forth in Section 1.4, (iii) consult with any of its Related Persons and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, any Credit Party) and (iv) rely and act upon any document and information (including those transmitted by Electronic Transmission) and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties.
(b)None of Agent and its Related Persons shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Loan Document, and each Secured Party waives and shall not assert any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein.  Without limiting the foregoing, Agent:
(i)shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of the Required Lenders or the Required Revolving Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of Agent, when acting on behalf of Agent);
(ii)shall not be responsible to any Lender, L/C Issuer or other Person for the due execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document;
(iii)makes no warranty or representation, and shall not be responsible, to any Lender, L/C Issuer or other Person for any statement, document, information, representation or warranty made or furnished by or on behalf of any Credit Party or any 

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Related Person of any Credit Party in connection with any Loan Document or any transaction contemplated therein or any other document or information with respect to any Credit Party, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Agent in connection with the Loan Documents; and
(iv)shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Credit Party or as to the existence or continuation or possible occurrence or continuation of any Default or Event of Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Borrower, any Lender or L/C Issuer describing such Default or Event of Default clearly labeled “notice of default” (in which case Agent shall promptly give notice of such receipt to all Lenders); 
and, for each of the items set forth in clauses (i) through (iv) above, each Lender and each L/C Issuer hereby waives and agrees not to assert any right, claim or cause of action it might have against Agent based thereon.
8.6Agent Individually.  Agent and its Affiliates may make loans and other extensions of credit to, acquire Stock and Stock Equivalents of, engage in any kind of business with, any Credit Party or Affiliate thereof as though it were not acting as Agent and may receive separate fees and other payments therefor.  To the extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms “Lender”, “Revolving Lender”, “Required Lenders”, “Required Revolving Lenders” and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity as Lender, Revolving Lender or as one of the Required Lenders or Required Revolving Lenders, respectively.
8.7Lender Credit Decision.
(a)Each Lender and each L/C Issuer acknowledges that it shall, independently and without reliance upon Agent, any Lender or L/C Issuer or any of their Related Persons or upon any document (including any offering and disclosure materials in connection with the syndication of the Loans) solely or in part because such document was transmitted by Agent or any of its Related Persons, conduct its own independent investigation of the financial condition and affairs of each Credit Party and make and continue to make its own credit decisions in connection with entering into, and taking or not taking any action under, any Loan Document or with respect to any transaction contemplated in any Loan Document, in each case based on such documents and information as it shall deem appropriate.  Except for documents expressly required by any Loan Document to be transmitted by Agent to the Lenders or L/C Issuers, Agent shall not have any duty or responsibility to provide any Lender or L/C Issuer with any credit or other information concerning the business, prospects, operations, Property, financial and other condition or creditworthiness of any Credit Party 

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or any Affiliate of any Credit Party that may come in to the possession of Agent or any of its Related Persons.
(b)If any Lender or L/C Issuer has elected to abstain from receiving MNPI concerning the Credit Parties or their Affiliates, such Lender or L/C Issuer acknowledges that, notwithstanding such election, Agent and/or the Credit Parties will, from time to time, make available syndicate-information (which may contain MNPI) as required by the terms of, or in the course of administering the Loans to the credit contact(s) identified for receipt of such information on the Lender’s administrative questionnaire who are able to receive and use all syndicate-level information (which may contain MNPI) in accordance with such Lender’s compliance policies and contractual obligations and applicable law, including federal and state securities laws; provided, that if such contact is not so identified in such questionnaire, the relevant Lender or L/C Issuer hereby agrees to promptly (and in any event within one (1) Business Day) provide such a contact to Agent and the Credit Parties upon request therefor by Agent or the Credit Parties.  Notwithstanding such Lender’s or L/C Issuer’s election to abstain from receiving MNPI, such Lender or L/C Issuer acknowledges that if such Lender or L/C Issuer chooses to communicate with Agent, it assumes the risk of receiving MNPI concerning the Credit Parties or their Affiliates.
8.8Expenses; Indemnities; Withholding.
(a)(a)    Each Lender agrees to reimburse Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party) promptly upon demand, severally and ratably, of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and Other Taxes paid in the name of, or on behalf of, any Credit Party) that may be incurred by Agent or any of its Related Persons in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Loan Document.
(b)Each Lender further agrees to indemnify Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party), severally and ratably, from and against Liabilities (including taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as a result of any Loan Document, or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by Agent or any of its Related Persons under or with respect to any of the foregoing; provided, however, that no Lender shall be liable to Agent or any of its Related Persons to the extent such liability has resulted primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person, as determined by a court of competent jurisdiction in a final non-appealable judgment or order.
8.9Resignation of Agent or L/C Issuer.
(a)Agent may resign at any time by delivering notice of such resignation to the Lenders and the Borrower, effective on the date set forth in such notice or, if no such date is set 

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forth therein, upon the date such notice shall be effective, in accordance with the terms of this Section 8.9.  If Agent delivers any such notice, the Required Lenders shall have the right to appoint a successor Agent.  If, after thirty (30) days after the date of the retiring Agent’s notice of resignation, no successor Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent from among the Lenders.  Each appointment under this clause (a) shall be subject to the prior consent of the Borrower, which may not be unreasonably withheld or delayed but shall not be required during the continuance of an Event of Default.
(b)Effective immediately upon its resignation, (i) the retiring Agent shall be discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of the retiring Agent until a successor Agent shall have accepted a valid appointment hereunder, (iii) the retiring Agent and its Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring Agent was, or because such retiring Agent had been, validly acting as Agent under the Loan Documents and (iv) subject to its rights under Section 8.3, the retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Agent under the Loan Documents.  Effective immediately upon its acceptance of a valid appointment as Agent, a successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent under the Loan Documents.
(c)Any L/C Issuer may resign at any time by delivering notice of such resignation to Agent, effective on the date set forth in such notice or, if no such date is set forth therein, on the date such notice shall be effective.  Upon such resignation, the L/C Issuer shall remain an L/C Issuer and shall retain its rights and obligations in its capacity as such (other than any obligation to Issue Letters of Credit but including the right to receive fees or to have Lenders participate in any L/C Reimbursement Obligation thereof) with respect to Letters of Credit issued by such L/C Issuer prior to the date of such resignation and shall otherwise be discharged from all other duties and obligations under the Loan Documents.
8.10Release of Collateral or Guarantors.  Each Lender and L/C Issuer hereby consents to the release and hereby directs Agent to release (or, in the case of clause (b)(ii) below, release or subordinate) the following:
(a)any Subsidiary of Borrower from its guaranty of any Obligation if all of the Stock and Stock Equivalents of such Subsidiary owned by any Credit Party are sold or transferred in a transaction permitted under the Loan Documents (including pursuant to a waiver or consent), to the extent that, after giving effect to such transaction, such Subsidiary would not be required to guaranty any Obligations pursuant to Section 4.13; and
(b)any Lien held by Agent for the benefit of the Secured Parties against (i) any Collateral that is sold, transferred, conveyed or otherwise disposed of by a Credit Party in a transaction permitted by the Loan Documents (including pursuant to a valid waiver or consent), to the extent all Liens required to be granted in such Collateral pursuant to Section 4.13 after giving effect to such transaction have been granted, (ii) any property subject to a Lien permitted hereunder in reliance upon subsection 5.1(h) or (i) and (iii) all of the Collateral and all Credit Parties, upon 

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(A) termination of the Revolving Loan Commitments, (B) payment and satisfaction in full of all Loans, all L/C Reimbursement Obligations and all other Obligations under the Loan Documents, all Bank Product Obligations and all Obligations arising under Secured Rate Contracts, that Agent has theretofore been notified in writing by the holder of such Obligation are then due and payable, (C) deposit of cash collateral with respect to all contingent Obligations (or, as an alternative to cash collateral, in the case of any Letter of Credit Obligation, receipt by Agent of a back-up letter of credit) in amounts and on terms and conditions and with parties satisfactory to Agent and each Indemnitee that is, or may be, owed such Obligations (excluding contingent Obligations (other than L/C Reimbursement Obligations) as to which no claim has been asserted) and (D) to the extent requested by Agent, receipt by Agent and the Secured Parties of liability releases from the Credit Parties each in form and substance reasonably acceptable to Agent.
Each Lender and L/C Issuer hereby directs Agent, and Agent hereby agrees, upon receipt of reasonable advance notice from the Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guarantees and Liens when and as directed in this Section 8.10.
8.11Additional Secured Parties.  The benefit of the provisions of the Loan Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender or L/C Issuer party hereto as long as, by accepting such benefits, such Secured Party agrees, as among Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by Agent, shall confirm such agreement in a writing in form and substance reasonably acceptable to Agent) this Article VIII, Section 9.3, Section 9.9, Section 9.10, Section 9.11, Section 9.17, Section 9.24 and Section 10.1 (and, solely with respect to L/C Issuers, subsection 1.1(c)) and the decisions and actions of Agent and the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders or other parties hereto as required herein) to the same extent a Lender is bound; provided, however, that, notwithstanding the foregoing, (a) such Secured Party shall be bound by Section 8.8 only to the extent of Liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party and for such purposes the obligations of such Secured Party hereunder shall not exceed its pro rata share or similar concept in respect of all Obligations secured by such Collateral, (b) each of Agent, the Lenders and the L/C Issuers party hereto shall be entitled to act at its sole discretion, without regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Secured Party or any such Obligation and (c) except as otherwise set forth herein, such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Loan Document.
8.12Documentation Agent and Syndication Agent.  Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Documentation Agent and Syndication Agent shall not have any duties or responsibilities, nor shall the Documentation Agent and Syndication Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, 

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obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Documentation Agent and Syndication Agent.  At any time that any Lender serving (or whose Affiliate is serving) as Documentation Agent and/or Syndication Agent shall have transferred to any other Person (other than any Affiliates) all of its interests in the Loans and the Revolving Loan Commitment, such Lender (or an Affiliate of such Lender acting as Documentation Agent or Syndication Agent) shall be deemed to have concurrently resigned as such Documentation Agent and/or Syndication Agent.
ARTICLE IX

MISCELLANEOUS

9.1Amendments and Waivers.
(a)No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent with respect to any departure by any Credit Party therefrom, shall be effective unless the same shall be in writing and signed by Agent, the Required Lenders (or by Agent with the consent of the Required Lenders), and the Borrower and then such waiver shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall, unless in writing and signed by all the Lenders directly affected thereby (or by Agent with the consent of all the Lenders directly affected thereby), in addition to Agent, the Required Lenders (or by Agent with the consent of the Required Lenders) and the Borrower, do any of the following:
(i)increase or extend the Commitment of any Lender (or reinstate any Commitment terminated pursuant to subsection 7.2(a));
(ii)postpone or delay any date fixed for, or reduce or waive, any scheduled installment of principal or any payment of interest, fees or other amounts (other than principal) due to the Lenders (or any of them) or L/C Issuer hereunder or under any other Loan Document (for the avoidance of doubt, mandatory prepayments pursuant to Section 1.9 (other than scheduled installments under subsection 1.9(a)) may be postponed, delayed, reduced, waived or modified with the consent of Required Lenders);
(iii)reduce the principal of, or the rate of interest specified herein (it being agreed that waiver of the default interest margin shall only require the consent of Required Lenders) or the amount of interest payable in cash specified herein on any Loan, or of any fees or other amounts payable hereunder or under any other Loan Document, including L/C Reimbursement Obligations;
(iv)amend or modify subsections 1.8(d) or 1.11(c);
(v)change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans which shall be required for the Lenders or any of them to take any action hereunder;

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(vi)amend this Section 9.1 (other than subsection 9.1(c)) or, subject to the terms of this Agreement, the definition of Required Lenders or any provision providing for consent or other action by all Lenders; or
(vii)discharge any Credit Party from its respective payment Obligations under the Loan Documents, or release all or substantially all of the Collateral, except as otherwise may be provided in this Agreement or the other Loan Documents; 
it being agreed that all Lenders shall be deemed to be directly affected by an amendment or waiver of the type described in the preceding clauses (v), (vi) and (vii).
(b)No amendment, waiver or consent shall, unless in writing and signed by Agent, the Swingline Lender or the L/C Issuer, as the case may be, in addition to the Required Lenders or all Lenders directly affected thereby, as the case may be (or by Agent with the consent of the Required Lenders or all the Lenders directly affected thereby, as the case may be), affect the rights or duties of Agent, the Swingline Lender or the L/C Issuer, as applicable, under this Agreement or any other Loan Document.  No amendment, modification or waiver of this Agreement or any Loan Document altering the ratable treatment of Obligations arising under Secured Rate Contracts resulting in such Obligations being junior in right of payment to principal on the Loans or resulting in Obligations owing to any Secured Swap Provider becoming unsecured (other than releases of Liens permitted in accordance with the terms hereof), in each case in a manner adverse to any Secured Swap Provider, shall be effective without the written consent of such Secured Swap Provider or, in the case of a Secured Rate Contract provided or arranged by GE Capital or an Affiliate of GE Capital, GE Capital.  No amendment, modification or waiver of this Agreement or any Loan Document altering the ratable treatment of Bank Product Obligations resulting in Bank Product Obligations being junior in right of payment to principal on the Loans or resulting in Bank Product Obligations owing to any Bank Product Provider becoming unsecured (other than releases of Liens permitted in accordance with the terms hereof), in each case in a manner adverse to any Bank Product Provider, shall be effective without the written consent of such Bank Product Provider.
(c)No amendment or waiver shall, unless signed by Agent and Required Revolving Lenders (or by Agent with the consent of Required Revolving Lenders) in addition to the Required Lenders (or by Agent with the consent of the Required Lenders):  (i) amend or waive compliance with the conditions precedent to the obligations of Lenders to make any Revolving Loan (or of any L/C Issuer to Issue any Letter of Credit) in Section 2.2; or (ii) waive any Default or Event of Default for the purpose of satisfying the conditions precedent to the obligations of Lenders to make any Revolving Loan (or of any L/C Issuer to Issue any Letter of Credit) in Section 2.2.  No amendment shall:  (x) amend or waive this subsection 9.1(c) or the definitions of the terms used in this subsection 9.1(c) insofar as the definitions affect the substance of this subsection 9.1(c); (y) change the definition of the term Required Revolving Lenders; or (z) change the percentage of Lenders which shall be required for Revolving Lenders to take any action hereunder, in each case, unless such amendment or waiver shall have been signed by all Revolving Lenders (or by Agent with the consent of all Revolving Lenders).
(d)This Agreement may be amended with the written consent of Agent, the Borrower and the Required Lenders to (i) add one or more additional credit facilities to this 

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Agreement and to permit the extensions of credit from time to time outstanding thereunder and the outstanding principal and accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and Revolving Loans and the accrued interest and fees in respect thereof and (ii) include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.
(e)Notwithstanding anything to the contrary contained in this Section 9.1, (i) the Borrower may amend Schedule 3.19 upon notice to Agent, (ii) Agent may amend Schedules 1.1(a) and 1.1(b) to reflect Incremental Term Loans and Sales entered into pursuant to Section 9.9, and (iii) Agent and the Borrower may amend or modify this Agreement and any other Loan Document to (1) cure any ambiguity, omission, defect or inconsistency therein, (2) grant a new Lien for the benefit not of the Secured Parties, extend an existing Lien over additional property for the benefit of the Secured Parties or join additional Persons as Credit Parties and (3) add one or more Incremental Term Loans to this Agreement pursuant to Section 1.1(e) and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Loans and the accrued interest and fees in respect thereof and to include appropriately the Lenders holding such credit facilities in any determination of the Required Revolving Lenders and Required Lenders.
9.2Notices.
(a)Addresses.  All notices and other communications required or expressly authorized to be made by this Agreement shall be given in writing, unless otherwise expressly specified herein, and (i) addressed to the address set forth on the applicable signature page hereto, (ii) posted to Syndtrack® (to the extent such system is available and set up by or at the direction of Agent prior to posting) in an appropriate location by uploading such notice, demand, request, direction or other communication to www.syndtrack.com, faxing it to 866-545-6600 with an appropriate bar-code fax coversheet or using such other means of posting to Syndtrack® as may be available and reasonably acceptable to Agent prior to such posting, (iii) posted to any other E-System approved by or set up by or at the direction of Agent or (iv) addressed to such other address as shall be notified in writing (A) in the case of the Borrower, Agent and the Swingline Lender, to the other parties hereto and (B) in the case of all other parties, to the Borrower and Agent.  Transmissions made by electronic mail or E-Fax to Agent shall be effective only (x) for notices where such transmission is specifically authorized by this Agreement, (y) if such transmission is delivered in compliance with procedures of Agent applicable at the time and previously communicated to the Borrower, and (z) if receipt of such transmission is acknowledged by Agent.
(b)Effectiveness.  (i) All communications described in clause (a) above and all other notices, demands, requests and other communications made in connection with this Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight courier service, one (1) Business Day after delivery to such courier service, (iii) if delivered by mail, three (3) Business Days after deposit in the mail registered or certified, return receipt requested, (iv) if delivered by facsimile (other than to post to an E-System pursuant to clause (a)(ii) or (a)(iii) above), upon sender’s receipt of confirmation of proper 

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transmission, and (v) if delivered by posting to any E-System, on the later of the Business Day of such posting and the Business Day access to such posting is given to the recipient thereof in accordance with the standard procedures applicable to such E-System; provided, however, that no communications to Agent pursuant to Article I shall be effective until received by Agent.
(ii)The posting, completion and/or submission by any Credit Party of any communication pursuant to an E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement required by the Loan Documents to be provided, given or made by a Credit Party in connection with any such communication is true, correct and complete except as expressly noted in such communication or E-System.
(c)Each Lender shall notify Agent in writing of any changes in the address to which notices to such Lender should be directed, of addresses of its Lending Office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as Agent shall reasonably request.
9.3Electronic Transmissions.
(a)Authorization.  Subject to the provisions of subsection 9.2(a), each of Agent, Lenders, each Credit Party and each of their Related Persons, is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein.  Each Credit Party and each Secured Party hereto acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by hereby authorizing the transmission of Electronic Transmissions.
(b)Signatures.  Subject to the provisions of subsection 9.2(a), (i)(A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each E-Signature on any such posting shall be deemed sufficient to satisfy any requirement for a “signature” and (C) each such posting shall be deemed sufficient to satisfy any requirement for a “writing”, in each case including pursuant to any Loan Document, any applicable provision of any UCC, the federal Uniform Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and any substantive or procedural Requirement of Law governing such subject matter, (ii) each such posting that is not readily capable of bearing either a signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which Agent, each other Secured Party and each Credit Party may rely and assume the authenticity thereof, (iii) each such posting containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and (iv) each party hereto or beneficiary hereto agrees not to contest the validity or enforceability of any posting on any E-System or E-Signature on any such posting under the provisions of any applicable Requirement of Law requiring certain documents to be in writing or signed; provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any posting to any E-System or E-Signature has been altered after transmission.

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(c)Separate Agreements.  All uses of an E-System shall be governed by and subject to, in addition to Section 9.2 and this Section 9.3, the separate terms, conditions and privacy policy posted or referenced in such E-System (or such terms, conditions and privacy policy as may be updated from time to time, including on such E-System) and related Contractual Obligations executed by Agent and Credit Parties in connection with the use of such E-System.
(d)LIMITATION OF LIABILITY.  ALL E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND “AS AVAILABLE”.  NONE OF AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS WARRANTS THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN.  NO WARRANTY OF ANY KIND IS MADE BY AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS IN CONNECTION WITH ANY E‐SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS.  Each of the Borrower, each other Credit Party executing this Agreement and each Secured Party agrees that Agent has no responsibility for maintaining or providing any equipment, software, services or any testing required in connection with any Electronic Transmission or otherwise required for any E-System.
9.4No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  No course of dealing between any Credit Party, any Affiliate of any Credit Party, Agent or any Lender shall be effective to amend, modify or discharge any provision of this Agreement or any of the other Loan Documents.
9.5Costs and Expenses.  Any action taken by any Credit Party under or with respect to any Loan Document, even if required under any Loan Document or at the request of Agent or the Required Lenders, shall be at the expense of such Credit Party, and neither Agent nor any other Secured Party shall be required under any Loan Document to reimburse any Credit Party or any Subsidiary of any Credit Party therefor except as expressly provided therein.  In addition, the Borrower agrees to pay or reimburse upon demand (a) Agent for all reasonable and documented out-of-pocket costs and expenses incurred by it or any of its Related Persons, in connection with the investigation, development, preparation, negotiation, execution, interpretation or administration of, any modification of any term of or termination of, any Loan Document, any commitment or proposal letter therefor, any other document prepared in connection therewith or the consummation and administration of any transaction contemplated therein, in each case including Attorney Costs of Agent, the cost of environmental audits, Collateral audits and appraisals, background checks and similar expenses, to the extent permitted hereunder, (b) Agent for all reasonable and documented costs and expenses incurred by it or any of its Related Persons in connection with internal audit reviews, field examinations and Collateral examinations, to the extent permitted hereunder (which shall be reimbursed, in addition to the out-of-pocket costs and expenses of such examiners, at the 

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per diem rate per individual charged by Agent for its examiners) and (c) each of Agent, its Related Persons, the Lenders and L/C Issuer for all costs and expenses incurred in connection with (i) any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work-out”, (ii) the enforcement or preservation of any right or remedy under any Loan Document, any Obligation, with respect to the Collateral or any other related right or remedy or (iii) the commencement, defense, conduct of, intervention in, or the taking of any other action with respect to, any proceeding (including any bankruptcy or Insolvency Proceeding) related to any Credit Party, any Subsidiary of any Credit Party, Loan Document, Obligation or Related Transaction (or the response to and preparation for any subpoena or request for document production relating thereto), including Attorney Costs of one (1) law firm plus one (1) local counsel in each applicable jurisdiction on behalf of Agent, its Related Persons, the Lenders and L/C Issuer, taken as a whole in connection with any of the matters except to the extent of an actual or perceived conflict of interest, in which case, one counsel plus one local counsel in each applicable jurisdiction shall be permitted for each class of similarly situated individuals.
9.6Indemnity.
(a)Each Credit Party agrees to indemnify, hold harmless and defend Agent, each Lender, each L/C Issuer and each of their respective Related Persons (each such Person being an “Indemnitee”) from and against all Liabilities (including brokerage commissions, fees and other compensation, but excluding taxes) that may be imposed on, incurred by or asserted against any such Indemnitee in any matter relating to or arising out of, in connection with or as a result of (i) any Loan Document, any Obligation (or the repayment thereof), any Letter of Credit, the use or intended use of the proceeds of any Loan or the use of any Letter of Credit or any securities filing of, or with respect to, any Credit Party, (ii) any commitment letter, proposal letter or term sheet with any Person or any Contractual Obligation, arrangement or understanding with any broker, finder or consultant, in each case entered into by or on behalf of any Credit Party or any Affiliate of any of them in connection with any of the foregoing and any Contractual Obligation entered into in connection with any E-Systems or other Electronic Transmissions, (iii) any actual or prospective investigation, litigation or other proceeding, whether or not brought by any such Indemnitee or any of its Related Persons, any holders of securities or creditors (and including attorneys’ fees in any case), whether or not any such Indemnitee, Related Person, holder or creditor is a party thereto, and whether or not based on any securities or commercial law or regulation or any other Requirement of Law or theory thereof, including common law, equity, contract, tort or otherwise or (iv) any other act, event or transaction related, contemplated in or attendant to any of the foregoing (collectively, the “Indemnified Matters”); provided, however, that no Credit Party shall have any liability under this Section 9.6 to any Indemnitee with respect to any Indemnified Matter, and no Indemnitee shall have any liability with respect to any Indemnified Matter other than (to the extent otherwise liable), to the extent such liability has resulted primarily from the gross negligence or willful misconduct of such Indemnitee, as determined by a court of competent jurisdiction in a final non-appealable judgment or order.  Furthermore, each of the Borrower and each other Credit Party executing this Agreement waives and agrees not to assert against any Indemnitee, and shall cause each other Credit Party to waive and not assert against any Indemnitee, any right of contribution with respect to any Liabilities that may be imposed on, incurred by or asserted against any Related Person.  For the 

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avoidance of doubt, nothing in this subsection 9.6(a) is intended to be duplicative, or to limit the application, of Section 10.1.
(b)Without limiting the foregoing, “Indemnified Matters” includes all Environmental Liabilities imposed on, incurred by or asserted against any Indemnitee, including those arising from, or otherwise involving, any property of any Credit Party or any Related Person of any Credit Party or any actual, alleged or prospective damage to property or natural resources or harm or injury alleged to have resulted from any Release of Hazardous Materials on, upon or into such property or natural resource or any property on or contiguous to any Real Estate of any Credit Party or any Related Person of any Credit Party, whether or not, with respect to any such Environmental Liabilities, any Indemnitee is a mortgagee pursuant to any leasehold mortgage, a mortgagee in possession, the successor-in-interest to any Credit Party or any Related Person of any Credit Party or the owner, lessee or operator of any property of any Related Person through any foreclosure action, in each case except to the extent such Environmental Liabilities (i) are incurred solely following foreclosure by Agent or following Agent or any Lender having become the successor-in-interest to any Credit Party or any Related Person of any Credit Party and (ii) are attributable solely to acts of such Indemnitee.
9.7Marshaling; Payments Set Aside.  No Secured Party shall be under any obligation to marshal any property in favor of any Credit Party or any other Person or against or in payment of any Obligation.  To the extent that any Secured Party receives a payment from Borrower, from any other Credit Party, from the proceeds of the Collateral, from the exercise of its rights of setoff, any enforcement action or otherwise, and such payment is subsequently, in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not occurred.
9.8Successors and Assigns.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that any assignment by any Lender shall be subject to the provisions of Section 9.9, and provided further that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Agent and each Lender.
9.9Assignments and Participations; Binding Effect.
(a)Binding Effect.  This Agreement shall become effective when it shall have been executed by Holdings, the Borrower, the other Credit Parties signatory hereto and Agent and when Agent shall have been notified by each Lender that such Lender has executed it.  Thereafter, it shall be binding upon and inure to the benefit of, but only to the benefit of, Holdings, the Borrower, the other Credit Parties hereto (in each case except for Article VIII, other than Section 8.9), Agent, each Lender and each L/C Issuer receiving the benefits of the Loan Documents and, to the extent provided in Section 8.11, each other Secured Party and, in each case, their respective successors and permitted assigns.  Except as expressly provided in any Loan Document (including in Section 8.9), none of Holdings, the Borrower, any other Credit Party, any L/C Issuer or Agent shall have the right to assign any rights or obligations hereunder or any interest herein.

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(b)Right to Assign.  Each Lender may sell, transfer, negotiate or assign (a “Sale”) all or a portion of its rights and obligations hereunder (including all or a portion of its Commitments and its rights and obligations with respect to Loans and Letters of Credit) to (i) any existing Lender (other than a Non-Funding Lender or Impacted Lender), (ii) any Affiliate or Approved Fund of any existing Lender (other than a Non-Funding Lender or Impacted Lender), or (iii) subject to compliance in all respects with subsection 9.9(g), an Affiliated Lenders, or (iv) any other Person acceptable (which acceptance shall not be unreasonably withheld or delayed) to Agent and, as long as no Event of Default is continuing, the Borrower (provided, that the Borrower’s consent shall in all cases be required (and may be withheld in the Borrower’s discretion notwithstanding the foregoing) with respect to a Sale to any Disqualified Lender), and, in the case of any Sale of a Revolving Loan, Letter of Credit or Revolving Loan Commitment, Agent and each L/C Issuer that is a Lender (which acceptances of L/C Issuer and the Borrower shall be deemed to have been given unless an objection is delivered to Agent within five (5) Business Days after notice of a proposed Sale is delivered to the Borrower); provided, however, that (w) such Sales do not have to be ratable between the Revolving Loan and the Term Loans or between each Term Loan but must be ratable among the obligations owing to and owed by such Lender with respect to the Revolving Loans or a Term Loan, (x) for each Loan, the aggregate outstanding principal amount (determined as of the effective date of the applicable Assignment) of the Loans, Commitments and Letter of Credit Obligations subject to any such Sale shall be in a minimum amount of $1,000,000, unless such Sale is made to an existing Lender or an Affiliate or Approved Fund of any existing Lender, is of the assignor’s (together with its Affiliates and Approved Funds) entire interest in such facility or is made with the prior consent of the Borrower (to the extent Borrower’s consent is otherwise required) and Agent, (y) interest accrued prior to and through the date of any such Sale may not be assigned, and (z) such Sales by Lenders who are Non-Funding Lenders due to clause (a) of the definition of Non-Funding Lender shall be subject to Agent’s prior written consent in all instances, unless in connection with such sale, such Non-Funding Lender cures, or causes the cure of, its Non-Funding Lender status as contemplated in subsection 1.12(e)(v).  Notwithstanding the foregoing, no Sale may be made to a Credit Party, an Affiliate of a Credit Party other than an Affiliated Lender in accordance with subsection 9.9(g), a holder of Subordinated Indebtedness or an Affiliate of such a holder (other than an Affiliate Lender in accordance with subsection 9.9(g)).  Agent’s refusal to accept a Sale to a Person that would be a Non-Funding Lender or an Impacted Lender, or the imposition of conditions or limitations (including limitations on voting) upon Sales to such Persons, shall not be deemed to be unreasonable.
(c)Procedure.  The parties to each Sale made in reliance on clause (b) above (other than those described in clause (e) or (f) below) shall execute and deliver to Agent an Assignment via an electronic settlement system designated by Agent (or, if previously agreed with Agent, via a manual execution and delivery of the Assignment) evidencing such Sale, together with any existing Note subject to such Sale (or any affidavit of loss therefor acceptable to Agent), any tax forms required to be delivered pursuant to Section 10.1 and payment of an assignment fee in the amount of $3,500, unless waived or reduced by Agent; provided that (i) if a Sale by a Lender is made to an Affiliate or an Approved Fund of such assigning Lender, then no assignment fee shall be due in connection with such Sale, and (ii) if a Sale by a Lender is made to an assignee that is not an Affiliate or Approved Fund of such assignor Lender, and concurrently to one or more Affiliates or Approved Funds of such assignee, then only one assignment fee of $3,500 (unless waived or 

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reduced by Agent) shall be due in connection with such Sale.  Upon receipt of all the foregoing, and conditioned upon such receipt and, if such Assignment is made in accordance with clause (iii) of subsection 9.9(b), upon Agent (and the Borrower, if applicable) consenting to such Assignment, from and after the effective date specified in such Assignment, Agent shall record or cause to be recorded in the Register the information contained in such Assignment.
(d)Effectiveness.  Subject to the recording of an Assignment by Agent in the Register pursuant to subsection 1.4(b), (i) the assignee thereunder shall become a party hereto and, to the extent that rights and obligations under the Loan Documents have been assigned to such assignee pursuant to such Assignment, shall have the rights and obligations of a Lender, (ii) any applicable Note shall be transferred to such assignee through such entry and (iii) the assignor thereunder shall, to the extent that rights and obligations under this Agreement have been assigned by it pursuant to such Assignment, relinquish its rights (except for those surviving the termination of the Commitments and the payment in full of the Obligations) and be released from its obligations under the Loan Documents, other than those relating to events or circumstances occurring prior to such assignment (and, in the case of an Assignment covering all or the remaining portion of an assigning Lender’s rights and obligations under the Loan Documents, such Lender shall cease to be a party hereto).
(e)Grant of Security Interests.  In addition to the other rights provided in this Section 9.9, each Lender may grant a security interest in, or otherwise assign as collateral, any of its rights under this Agreement, whether now owned or hereafter acquired (including rights to payments of principal or interest on the Loans), to (A) any federal reserve bank (pursuant to Regulation A of the Federal Reserve Board), without notice to Agent or (B) any holder of, or trustee for the benefit of the holders of, such Lender’s Indebtedness or equity securities, by notice to Agent (which underlying indebtedness to Borrower or their direct and indirect interests may be privately rated by one or more of the nationally recognized rating agencies); provided, however, that no such holder or trustee, whether because of such grant or assignment or any foreclosure thereon (unless such foreclosure is made through an assignment in accordance with clause (b) above), shall be entitled to any rights of such Lender hereunder and no such Lender shall be relieved of any of its obligations hereunder.
(f)Participants and SPVs.  In addition to the other rights provided in this Section 9.9 and subject to subsection 9.9(g), each Lender may, (x) with notice to Agent, grant to an SPV the option to make all or any part of any Loan that such Lender would otherwise be required to make hereunder (and the exercise of such option by such SPV and the making of Loans pursuant thereto shall satisfy the obligation of such Lender to make such Loans hereunder) and such SPV may assign to such Lender the right to receive payment with respect to any Obligation and (y) without notice to (other than with respect to any such participation to an Affiliated Lender Participant, which participation shall be permitted only to the extent that a written notice with respect thereto shall have been provided to Agent at least three (3) Business Days prior to such participation) or consent from Agent or the Borrower, sell participations to one or more Persons in or to all or a portion of its rights and obligations under the Loan Documents (including all its rights and obligations with respect to the Term Loans, Revolving Loans and Letters of Credit); provided, however, that, whether as a result of any term of any Loan Document or of such grant or participation, (i) no such SPV or participant shall have a commitment, or be deemed to have made an offer to 

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commit, to make Loans hereunder, and, except as provided in the applicable option agreement, none shall be liable for any obligation of such Lender hereunder, (ii) such Lender’s rights and obligations, and the rights and obligations of the Credit Parties and the Secured Parties towards such Lender, under any Loan Document shall remain unchanged and each other party hereto shall continue to deal solely with such Lender, which shall remain the holder of the Obligations in the Register, except that (A) each such participant and SPV shall be entitled to the benefit of Article X, but only to the extent the Borrower is notified of the participation sold to such participant or SPV and such participant or SPV delivers the tax forms such Lender is required to collect pursuant to subsection 10.1(f) and then only to the extent of any amount to which such Lender would be entitled in the absence of any such grant or participation and (B) each such SPV may receive other payments that would otherwise be made to such Lender with respect to Loans funded by such SPV to the extent provided in the applicable option agreement and set forth in a notice provided to Agent by such SPV and such Lender, provided, however, that in no case (including pursuant to clause (A) or (B) above) shall an SPV or participant have the right to enforce any of the terms of any Loan Document, and (iii) the consent of such SPV or participant shall not be required (either directly, as a restraint on such Lender’s ability to consent hereunder or otherwise) for any amendments, waivers or consents with respect to any Loan Document or to exercise or refrain from exercising any powers or rights such Lender may have under or in respect of the Loan Documents (including the right to enforce or direct enforcement of the Obligations), except for those described in clauses (ii) and (iii) of subsection 9.1(a) with respect to amounts, or dates fixed for payment of amounts, to which such participant or SPV would otherwise be entitled and, in the case of participants, except for those described in clause (vii) of subsection 9.1(a); provided that each Affiliated Lender Participant shall be deemed to grant or withhold consent under its participation with respect to any amendments, waivers or consents with respect to any Loan Document or to exercise or refrain from exercising any powers or rights under or in respect of the Loan Documents in the same manner in which an Affiliated Lender is deemed to vote in accordance with subsection 9.9(g)(iii) (and each participation agreement with respect to a participation to an Affiliated Lender Participant must provide for such deemed consent or withholding of consent).  Each Lender that grants an option to a SPV or sells a participation, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a register on which it enters the name and address of each SPV and participant and the principal amounts (and stated interest) of each SPV and participant’s interest in the Loans or other obligations under the Loan Documents (the “SPV/Participant Register”).    The entries in the SPV/Participant Register shall be conclusive absent manifest error, and the parties hereto shall treat each Person whose name is recorded in the SPV/Participant Register as the owner of such portion of the Loan or participation for all purposes of this Agreement notwithstanding any notice to the contrary.  No party hereto shall institute (and the Borrower and Holdings shall cause each other Credit Party not to institute) against any SPV grantee of an option pursuant to this clause (f) any bankruptcy, reorganization, insolvency, liquidation or similar proceeding, prior to the date that is one (1) year and one day after the payment in full of all outstanding commercial paper of such SPV; provided, however, that each Lender having designated an SPV as such agrees to indemnify each Indemnitee against any Liability that may be incurred by, or asserted against, such Indemnitee as a result of failing to institute such proceeding (including a failure to be reimbursed by such SPV for any such Liability).  The agreement in the preceding sentence shall survive the termination of the Commitments and the payment in full of the Obligations.

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(g)Affiliated Lenders.
(i)In addition to the other rights provided in this Section 9.9, each Lender may assign all or a portion of any one or more of its Term Loans (or grant a participation in the Term Loan) to any Person who, after giving effect to such assignment or participation, would be an Affiliated Lender or an Affiliated Lender Participant, as applicable (without the consent of any Person but subject to acknowledgment by Agent (which acknowledgment shall be provided promptly after request therefor)); provided that:
(A)except as previously disclosed in writing to Agent, such Affiliated Lender represents and warrants as of the date of any assignment to such Affiliated Lender pursuant to this Section 9.9, that such Affiliated Lender has no MNPI that both (1) has not been disclosed to the assigning Lender (other than because such assigning Lender does not wish to receive MNPI with respect to any Credit Party or any of their respective securities) prior to such date and (2) could reasonably be expected to have a material effect upon a Lender’s decision to assign Term Loans to such Affiliated Lender;
(B)the assigning Lender and the Affiliated Lender purchasing such Lender’s Term Loans shall execute and deliver to Agent an assignment agreement substantially in the form of Exhibit 9.9(g)(i)(B) hereto (an “Affiliated Lender Assignment and Assumption”), which among other things shall provide for a power of attorney in favor of Agent to vote the claims in respect of Term Loans held by such Affiliated Lender in an Insolvency Proceeding as provided in clause (iv) of this subsection 9.9(g);
(C)for the avoidance of doubt Lenders shall not be permitted to assign any Revolving Loan Commitments or Revolving Loans (or grant any participation therein) to an Affiliated Lender or Affiliated Lender Participant, as applicable and any purported assignment of or participation in any Revolving Loan Commitments or Revolving Loans to an Affiliated Lender or Affiliated Lender Participant shall be null and void; and
(D)at the time of such assignment (or any participation under subsection 9.9(f)) and after giving affect to such assignment (or participation), (1) the aggregate principal amount of all Term Loans held by all Affiliated Lenders (or in which Affiliated Lender Participants have a participation) shall not exceed twenty percent (20%) of all Term Loans outstanding under this Agreement, and (2) there shall be no more than two (2) Affiliated Lenders and Affiliated Lender Participants in the aggregate.
(ii)Notwithstanding anything to the contrary in this Agreement, no Affiliated Lender shall have any right to (A) attend (including by telephone) any meeting or discussions (or portion thereof) among Agent or any Lender to which representatives of the Credit Parties are not invited or (B) receive any information or material prepared by Agent or any Lender or any communication by or among Agent and/or one or more Lenders 

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(and their respective auditors, advisors and attorneys), except to the extent such information or materials have been made available to any Credit Party or any representative of any Credit Party.
(iii)Notwithstanding anything in Section 9.1 or the definition of “Required Lenders” to the contrary, for purposes of determining whether the Required Lenders, all affected Lenders or all Lenders have (A) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Credit Party therefrom, (B) otherwise acted on any matter related to any Loan Document or (C) directed or required Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, Affiliated Lenders shall not be permitted to vote on such matters submitted to Lenders for consideration and their Term Loan shall be disregarded in determining the aggregate unpaid principal balance of the Term Loan then outstanding held by other Lenders; provided that, without the consent of an Affiliated Lender, no such amendment, modification, waiver consent or other action shall (1) increase any Commitment of such Affiliated Lender, (2) extend the due date for any scheduled installment of principal of any Term Loan held by such Affiliated Lender, (3) extend the due date for interest under the Loan Documents owed to such Affiliated Lender, (4) reduce any amount owing to such Affiliated Lender under any Loan Document, or (5) result in a disproportionate and adverse effect on an Affiliated Lender, in relation to all non-Affiliated Lenders’ Term Loans.
(iv)Each Affiliated Lender, solely in its capacity as a holder of any Term Loans, hereby agrees, and each Affiliated Lender Assignment and Assumption shall provide a confirmation that, if any Credit Party shall be subject to any Insolvency Proceeding, with respect to any matter requiring the vote of holders of any Term Loans during the pendency of any such Insolvency Proceeding (including voting on any plan of reorganization pursuant to 11 U.S.C. §1126), Term Loans held by such Affiliated Lender (and any claim with respect thereto) shall be deemed assigned for all purposes to Agent, which shall cast such vote in the same proportion, for or against, as votes were case on each matter by Lenders that are not Affiliated Lenders, except with respect to matters that result in a disproportionate and adverse effect on an Affiliated Lender, in relation to all non-Affiliated Lenders’ Term Loans (in which case the express consent of the Affiliated Lender shall be required).
9.10Non-Public Information; Confidentiality.
(a)Non-Public Information.  Each of Agent, each Lender and each L/C Issuer acknowledges and agrees that it may receive material non-public information (“MNPI”) hereunder concerning the Credit Parties and their Affiliates and agrees to use such information in compliance with all relevant policies, procedures and applicable Requirements of Laws (including United States federal and state securities laws and regulations).
(b)Confidential Information.  Each Lender, each L/C Issuer and Agent agrees to use all reasonable efforts to maintain, in accordance with its customary practices, the confidentiality of information obtained by it pursuant to any Loan Document, except that such information may be disclosed (i) with the Borrower’s consent, (ii) to Related Persons of such Lender, 

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L/C Issuer or Agent, as the case may be, or to any Person that any L/C Issuer causes to issue Letters of Credit hereunder, that are advised of the confidential nature of such information and are instructed to keep such information confidential in accordance with the terms hereof, (iii) to the extent such information presently is or hereafter becomes (A) publicly available other than as a result of a breach of this Section 9.10 or (B) available to such Lender, L/C Issuer or Agent or any of their Related Persons, as the case may be, from a source (other than any Credit Party) not known by them to be subject to disclosure restrictions, (iv) to the extent disclosure is required by applicable Requirements of Law or other legal process or requested or demanded by any Governmental Authority, (v) to the extent necessary or customary for inclusion in league table measurements, (vi) (A) to the National Association of Insurance Commissioners or any similar organization, any examiner or any nationally recognized rating agency or (B) otherwise to the extent consisting of general portfolio information that does not identify Credit Parties, (vii) to current or prospective assignees, SPVs (including the investors and prospective investors therein) or participants, Persons that hold a security interest in any Lender’s rights under this Agreement in accordance with Section 9.9(e) (and those Persons for whose benefit such holder of a security interest is acting), direct or contractual counterparties to any Secured Rate Contracts and to their respective Related Persons, in each case to the extent such assignees, investors, participants, secured parties (and such benefited Persons), counterparties or Related Persons agree to be bound by provisions substantially similar to the provisions of this Section 9.10 (and such Person may disclose information to their respective Related Persons in accordance with clause (ii) above) and, (viii) to any other party hereto, and (ix) in connection with the exercise or enforcement of any right or remedy under any Loan Document, in connection with any litigation or other proceeding to which such Lender, L/C Issuer or Agent or any of their Related Persons is a party or bound, or to the extent necessary to respond to public statements or disclosures by Credit Parties or their Related Persons referring to a Lender, L/C Issuer or an Agent or any of their Related Persons.  In the event of any conflict between the terms of this Section 9.10 and those of any other Contractual Obligation entered into with any Credit Party (whether or not a Loan Document), the terms of this Section 9.10 shall govern.
(c)Tombstones.  Each Credit Party consents to the publication by Agent or any Lender of any press releases, tombstones, advertising or other promotional materials (including, without limitation, via any Electronic Transmission) relating to the financing transactions contemplated by this Agreement using such Credit Party’s name, product photographs, logo or trademark.  Agent or such Lender shall provide a draft of any such press release, advertising or other promotional material to the Borrower for review and comment prior to the publication thereof.
(d)Press Release and Related Matters.  No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, issue any press release or other public disclosure in connection with the transactions contemplated hereby (other than any document filed with any Governmental Authority relating to a public offering of securities of any Credit Party) using the name, logo or otherwise referring to Agent or of any of its Affiliates, the Loan Documents or any transaction contemplated therein to which Agent is party without the prior consent of Agent except to the extent required to do so under applicable Requirements of Law and then, only after consulting with Agent.
(e)Distribution of Materials to Lenders and L/C Issuers.  The Credit Parties acknowledge and agree that the Loan Documents and all reports, notices, communications and other 

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information or materials provided or delivered by, or on behalf of, the Credit Parties hereunder (collectively, the “Borrower Materials”) may be disseminated by, or on behalf of, Agent, and made available, to the Lenders and the L/C Issuers by posting such Borrower Materials on an E-System.  The Credit Parties authorize Agent to download copies of their logos from its website and post copies thereof on an E-System.
(f)Material Non-Public Information.  The Credit Parties hereby agree that if either they, any parent company or any Subsidiary of the Credit Parties has publicly traded equity or debt securities in the United States, they shall (and shall cause such parent company or Subsidiary, as the case may be, to) (i) identify in writing, and (ii) to the extent reasonably practicable, clearly and conspicuously mark such Borrower Materials that contain only information that is publicly available or that is not material for purposes of United States federal and state securities laws as “PUBLIC”.  The Credit Parties agree that by identifying such Borrower Materials as “PUBLIC” or publicly filing such Borrower Materials with the Securities and Exchange Commission, then Agent, the Lenders and the L/C Issuers shall be entitled to treat such Borrower Materials as not containing any MNPI for purposes of United States federal and state securities laws.  The Credit Parties further represent, warrant, acknowledge and agree that the following documents and materials shall be deemed to be PUBLIC, whether or not so marked, and do not contain any MNPI:  (A) the Loan Documents, including the schedules and exhibits attached thereto, and (B) administrative materials of a customary nature prepared by the Credit Parties or Agent (including, Notices of Borrowing, Notices of Conversion/Continuation, L/C Requests, Swingline Requests and any similar requests or notices posted on or through an E-System).  Before distribution of any Borrower Materials, the Credit Parties agree to execute and deliver to Agent a letter authorizing distribution of the evaluation materials to prospective Lenders and their employees willing to receive MNPI, and a separate letter authorizing distribution of evaluation materials that do not contain MNPI and represent that no MNPI is contained therein.
9.11Set-off; Sharing of Payments.
(a)Right of Setoff.  Each of Agent, each Lender, each L/C Issuer and each Affiliate (including each branch office thereof) of any of them is hereby authorized, without notice or demand (each of which is hereby waived by each Credit Party), at any time and from time to time during the continuance of any Event of Default and to the fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (whether general or special, time or demand, provisional or final) at any time held and other Indebtedness, claims or other obligations at any time owing by Agent, such Lender, such L/C Issuer or any of their respective Affiliates to or for the credit or the account of the Borrower or any other Credit Party against any Obligation of any Credit Party now or hereafter existing, whether or not any demand was made under any Loan Document with respect to such Obligation and even though such Obligation may be unmatured.  No Lender or L/C Issuer shall exercise any such right of set off without the prior written consent of Agent.  Each of Agent, each Lender and each L/C Issuer agrees promptly to notify the Borrower and Agent after any such setoff and application made by such Lender or its Affiliates; provided, however, that the failure to give such notice shall not affect the validity of such setoff and application.  The rights under this Section 9.11 are in addition to any other rights and remedies (including other rights of setoff) that Agent, the Lenders, the L/C Issuer, their Affiliates and the other Secured Parties, may have.

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(b)Sharing of Payments, Etc. If any Lender, directly or through an Affiliate or branch office thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as defined under the applicable UCC) of Collateral) other than pursuant to Section 9.9 or Article X or a Discounted Prepayment and such payment exceeds the amount such Lender would have been entitled to receive if all payments had gone to, and been distributed by, Agent in accordance with the provisions of the Loan Documents, such Lender shall purchase for cash from other Lenders such participations in their Obligations as necessary for such Lender to share such excess payment with such Lenders to ensure such payment is applied as though it had been received by Agent and applied in accordance with this Agreement (or, if such application would then be at the discretion of the Borrower, applied to repay the Obligations in accordance herewith); provided, however, that (i) if such payment is rescinded or otherwise recovered from such Lender or L/C Issuer in whole or in part, such purchase shall be rescinded and the purchase price therefor shall be returned to such Lender or L/C Issuer without interest and (ii) such Lender shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the applicable Credit Party in the amount of such participation.  If a Non-Funding Lender receives any such payment as described in the previous sentence, such Lender shall turn over such payments to Agent in an amount that would satisfy the cash collateral requirements set forth in subsection 1.12(e).
9.12Counterparts; Facsimile Signature.  This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.  Delivery of an executed signature page of this Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof.
9.13Severability.  The illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required hereunder.
9.14Captions.  The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.
9.15Independence of Provisions.  The parties hereto acknowledge that this Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters, and that such limitations, tests and measurements are cumulative and must each be performed, except as expressly stated to the contrary in this Agreement.
9.16Interpretation.  This Agreement is the result of negotiations among and has been reviewed by counsel to Credit Parties, Agent, each Lender and other parties hereto, and is the product of all parties hereto.  Accordingly, this Agreement and the other Loan Documents shall not 

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be construed against the Lenders or Agent merely because of Agent’s or Lenders’ involvement in the preparation of such documents and agreements.  Without limiting the generality of the foregoing, each of the parties hereto has had the advice of counsel with respect to Sections 9.18 and 9.19.
9.17No Third Parties Benefited.  This Agreement is made and entered into for the sole protection and legal benefit of the Borrower, the Lenders, the L/C Issuers party hereto, Agent and, subject to the provisions of Section 8.11, each other Secured Party, and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents.  Neither Agent nor any Lender shall have any obligation to any Person not a party to this Agreement or the other Loan Documents.
9.18Governing Law and Jurisdiction.
(a)Governing Law.  The laws of the State of New York shall govern all matters arising out of, in connection with or relating to this Agreement, including, without limitation, its validity, interpretation, construction, performance and enforcement (including, without limitation, any claims in contract or tort law arising out of the subject matter hereof and any determinations with respect to post-judgment interest).
(b)Submission to Jurisdiction.  Any legal action or proceeding with respect to any Loan Document shall be brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America sitting in the Southern District of New York and, by execution and delivery of this Agreement, each party executing this Agreement hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts; provided that nothing in this Agreement shall limit the right of Agent to commence any proceeding in the federal or state courts of any other jurisdiction to the extent Agent determines that such action is necessary or appropriate to exercise its rights or remedies under the Loan Documents.  The parties hereto (and, to the extent set forth in any other Loan Document, each other Credit Party) hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions.
(c)Service of Process.  Each party hereto hereby irrevocably waives personal service of any and all legal process, summons, notices and other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection with any Loan Document by any means permitted by applicable Requirements of Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of such Person specified herein (and shall be effective when such mailing shall be effective, as provided therein).  Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing contained in this Section 9.18 shall affect the right of any party hereto to serve process in any other manner permitted by applicable Requirements of Law.

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9.19Waiver of Jury Trial.  THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY.  THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.
9.20Entire Agreement; Release; Survival.
(a)THE LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT OF THE PARTIES AND SUPERSEDE ALL PRIOR AGREEMENTS AND UNDERSTANDINGS RELATING TO THE SUBJECT MATTER THEREOF AND ANY PRIOR LETTER OF INTEREST, COMMITMENT LETTER, CONFIDENTIALITY AND SIMILAR AGREEMENTS INVOLVING ANY CREDIT PARTY AND ANY LENDER OR ANY L/C ISSUER OR ANY OF THEIR RESPECTIVE AFFILIATES RELATING TO A FINANCING OF SUBSTANTIALLY SIMILAR FORM, PURPOSE OR EFFECT OTHER THAN THE FEE LETTER.  IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THIS AGREEMENT AND ANY OTHER LOAN DOCUMENT, THE TERMS OF THIS AGREEMENT SHALL GOVERN (UNLESS OTHERWISE EXPRESSLY STATED IN SUCH OTHER LOAN DOCUMENTS OR SUCH TERMS OF SUCH OTHER LOAN DOCUMENTS ARE NECESSARY TO COMPLY WITH APPLICABLE REQUIREMENTS OF LAW, IN WHICH CASE SUCH TERMS SHALL GOVERN TO THE EXTENT NECESSARY TO COMPLY THEREWITH).
(b)Execution of this Agreement by the Credit Parties constitutes a full, complete and irrevocable release of any and all claims which each Credit Party may have at law or in equity in respect of all prior discussions and understandings, oral or written, relating to the subject matter of this Agreement and the other Loan Documents.  In no event shall any Indemnitee be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings).  Each of the Borrower and each other Credit Party signatory hereto hereby waives, releases and agrees (and shall cause each other Credit Party to waive, release and agree) not to sue upon any such claim for any special, indirect, consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor.
(c)(i) Any indemnification or other protection provided to any Indemnitee pursuant to Article VIII (Agent), Section 9.5 (Costs and Expenses), Section 9.6 (Indemnity), this Section 9.20, and Article X (Taxes, Yield Protection and Illegality), and (ii) the provisions of Section 8.1 of the Guaranty and Security Agreement, in each case, shall (x) survive the termination of the Commitments and the payment in full of all other Obligations and (y) with respect to clause (i) above, inure to the benefit of any Person that at any time held a right thereunder (as an Indemnitee or otherwise) and, thereafter, its successors and permitted assigns.
9.21Patriot Act.  Each Lender that is subject to the Patriot Act hereby notifies the Credit Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and 

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address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act.
9.22Replacement of Lender.  Within forty five (45) days after: (i) receipt by the Borrower of written notice and demand from any Lender (an “Affected Lender”) for payment of additional costs as provided in Sections 10.1, 10.3 and/or 10.6; or (ii) any failure by any Lender (other than Agent or an Affiliate of Agent) to consent to a requested amendment, waiver or modification to any Loan Document in which Required Lenders have already consented to such amendment, waiver or modification but the consent of each Lender (or each Lender directly affected thereby, as applicable) is required with respect thereto, the Borrower may, at its option, notify Agent and such Affected Lender (or such non-consenting Lender) of the Borrower’s intention to obtain, at the Borrower’s expense, a replacement Lender (“Replacement Lender”) for such Affected Lender (or such non-consenting Lender), which Replacement Lender shall be reasonably satisfactory to Agent.  In the event the Borrower obtains a Replacement Lender within forty five (45) days following notice of its intention to do so, the Affected Lender (or defaulting or non-consenting Lender, as the case may be) shall sell and assign its Loans and Commitments to such Replacement Lender, at par, provided that the Borrower has reimbursed such Affected Lender for its increased costs for which it is entitled to reimbursement under this Agreement through the date of such sale and assignment.  In the event that a replaced Lender does not execute an Assignment pursuant to Section 9.9 within five (5) Business Days after receipt by such replaced Lender of notice of replacement pursuant to this Section 9.22 and presentation to such replaced Lender of an Assignment evidencing an assignment pursuant to this Section 9.22, the Borrower shall be entitled (but not obligated) to execute such an Assignment on behalf of such replaced Lender, and any such Assignment so executed by the Borrower, the Replacement Lender and Agent, shall be effective for purposes of this Section 9.22 and Section 9.9.  Notwithstanding the foregoing, with respect to a Lender that is a Non-Funding Lender or an Impacted Lender, Agent may, but shall not be obligated to, obtain a Replacement Lender and execute an Assignment on behalf of such Non-Funding Lender or Impacted Lender at any time with three (3) Business’ Days prior notice to such Lender (unless notice is not practicable under the circumstances) and cause such Lender’s Loans and Commitments to be sold and assigned, in whole or in part, at par.  Upon any such assignment and payment and compliance with the other provisions of Section 9.9, such replaced Lender shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such replaced Lender to indemnification hereunder shall survive.
9.23Joint and Several.  The obligations of the Credit Parties hereunder and under the other Loan Documents are joint and several.  Without limiting the generality of the foregoing, reference is hereby made to Article II of the Guaranty and Security Agreement, to which the obligations of the Borrower and the other Credit Parties are subject.
9.24Creditor-Debtor Relationship.  The relationship between Agent, each Lender and the L/C Issuer, on the one hand, and the Credit Parties, on the other hand, is solely that of creditor and debtor.  No Secured Party has any fiduciary relationship or duty to any Credit Party arising out of or in connection with, and there is no agency, tenancy or joint venture relationship between the Secured Parties and the Credit Parties by virtue of, any Loan Document or any transaction contemplated therein.

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9.25Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Credit Party to honor all of its obligations under the Guaranty and Security Agreement in respect of Swap Obligations under any Secured Rate Contract (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 9.25 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 9.25, or otherwise under the Guaranty and Security Agreement, voidable under applicable Requirements of Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 9.25 shall remain in full force and effect until the guarantees in respect of Swap Obligations under each Secured Rate Contract have been discharged, or otherwise released or terminated in accordance with the terms of this Agreement. Each Qualified ECP Guarantor intends that this Section 9.25 constitute, and this Section 9.25 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
ARTICLE X

TAXES, YIELD PROTECTION AND ILLEGALITY

10.1Taxes.
(a)Except as otherwise provided in this Section 10.1, each payment by any Credit Party under any Loan Document shall be made free and clear of all present or future taxes, levies, imposts, deductions, charges or withholdings and all liabilities with respect thereto (and without deduction for any of them), but excluding Excluded Taxes (collectively, the “Taxes”).
(b)If any Taxes shall be required by law to be deducted from or in respect of any amount payable under any Loan Document to any Secured Party (i) such amount shall be increased as necessary to ensure that, after all required deductions for Taxes are made (including deductions applicable to any increases to any amount under this Section 10.1), such Secured Party receives the amount it would have received had no such deductions been made, (ii) the relevant Credit Party shall make such deductions, (iii) the relevant Credit Party shall timely pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable Requirements of Law and (iv) within thirty (30) days after such payment is made, the relevant Credit Party shall deliver to Agent an original or certified copy of a receipt evidencing such payment or other evidence of payment reasonably satisfactory to Agent.
(c)In addition, the Borrower agrees to pay, and authorizes Agent to pay in its name, any stamp, documentary, excise or property tax, charges or similar levies imposed by any applicable Requirement of Law or Governmental Authority and all Liabilities with respect thereto (including by reason of any delay in payment thereof), in each case arising from the execution, delivery or registration of, or otherwise with respect to, any Loan Document or any transaction contemplated therein, except for any such taxes imposed solely as a result of an assignment by a Lender under Section 9.9 (other than under Section 9.22) (collectively, “Other Taxes”).  Within 

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thirty (30) days after the date of any payment of Taxes or Other Taxes by any Credit Party, the Borrower shall furnish to Agent, at its address referred to in Section 9.2, the original or a certified copy of a receipt evidencing payment thereof or other evidence of payment reasonably satisfactory to Agent.
(d)The Borrower shall reimburse and indemnify, within thirty (30) days after receipt of demand therefor (with copy to Agent), each Secured Party for all Taxes and Other Taxes (including any Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this Section 10.1) paid by such Secured Party and any Liabilities arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted.  A certificate of the Secured Party (or of Agent on behalf of such Secured Party) claiming any compensation under this clause (d), setting forth the amounts to be paid thereunder and delivered to the Borrower with copy to Agent, shall be conclusive, binding and final for all purposes, absent manifest error.
(e)Any Secured Party claiming any additional amounts payable pursuant to this Section 10.1 shall use its reasonable efforts (consistent with its internal policies and Requirements of Law) to change the jurisdiction of its Lending Office if such a change would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the sole determination of such Lender, be otherwise disadvantageous to such Lender.
(f)(i)    Each Non-U.S. Lender Party that, at any of the following times, is entitled to an exemption from United States withholding tax or is subject to such withholding tax at a reduced rate under an applicable tax treaty, shall (w) on or prior to the date such Non-U.S. Lender Party becomes a “Non-U.S. Lender Party” hereunder, (x) on or prior to the date on which any such form or certification expires or becomes obsolete, (y) after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it pursuant to this clause (i) and (z) from time to time if requested by the Borrower or Agent (or, in the case of a participant or SPV, the relevant Lender), provide Agent and the Borrower (or, in the case of a participant or SPV, the relevant Lender) with two completed originals of each of the following, as applicable:  (A) Forms W-8ECI (claiming exemption from U.S. withholding tax because the income is effectively connected with a U.S. trade or business), W-8BEN or W-8BEN-E (claiming exemption from, or a reduction of, U.S. withholding tax under an income tax treaty) and/or W-8IMY or any successor forms, (B) in the case of a Non-U.S. Lender Party claiming exemption under Sections 871(h) or 881(c) of the Code, Form W-8BEN or W-8BEN-E (claiming exemption from U.S. withholding tax under the portfolio interest exemption) or any successor form and a certificate in form and substance acceptable to Agent that such Non-U.S. Lender Party is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code or (C) any other applicable document prescribed by the IRS or reasonably requested by Agent or the Borrower certifying as to the entitlement of such Non-U.S. Lender Party to such exemption from United States withholding tax or reduced rate with respect to all payments to be made to such Non-U.S. Lender Party under the Loan Documents.  Unless the Borrower and Agent have received forms or other documents satisfactory to them indicating that payments under any Loan Document to or for a Non-U.S. Lender Party are not subject to United States withholding tax or are subject to such tax at a rate reduced by an applicable tax treaty, the 

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Credit Parties and Agent shall withhold amounts required to be withheld by applicable Requirements of Law from such payments at the applicable statutory rate.
(i)Each U.S. Lender Party and Agent shall (A) in the case of a U.S. Lender Party, on or prior to the date such U.S. Lender Party becomes a “U.S. Lender Party” hereunder and, in the case of the Agent, on or prior to the date of the first payment by a Credit Party hereunder, (B) on or prior to the date on which any such form or certification expires or becomes obsolete, (C) after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it pursuant to this clause (f) and (D) from time to time if requested by the Borrower or Agent (or, in the case of a participant or SPV, the relevant Lender), provide Agent and the Borrower (or, in the case of a participant or SPV, the relevant Lender) with two completed originals of Form W-9 or any successor form (certifying that such U.S. Lender Party is not subject to U.S. backup withholding tax).
(ii)Each Lender having sold a participation in any of its Obligations or identified an SPV as such to Agent shall collect from such participant or SPV the documents described in this clause (f) and provide them to Agent.
(iii)If a payment made to a Non-U.S. Lender Party would be subject to United States federal withholding tax imposed by FATCA if such Non-U.S. Lender Party fails to comply with the applicable reporting requirements of FATCA, such Non-U.S. Lender Party shall deliver to Agent and Borrower any documentation under any Requirement of Law or reasonably requested by Agent or Borrower sufficient for Agent or Borrower to comply with their obligations under FATCA and to determine that such Non-U.S. Lender has complied with such applicable reporting requirements or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(g)Each Secured Party shall promptly notify the Borrower (or in the case of a participant or SPV, the Lender granting the participation only), in writing, of any change in circumstances that, to the knowledge of such Lender (or participant), would modify or render invalid any exemption or reduction claimed under clause (f) above.
(h)To the extent required by any applicable law, the Borrower or Agent may withhold from any payment to any Secured Party under a Loan Document an amount equal to any applicable withholding tax.  If the Internal Revenue Service or any other Governmental Authority asserts a claim that the Borrower or Agent did not properly withhold tax from amounts paid to or for the account of any Secured Party (because the appropriate certification form was not delivered by such Secured Party, was not properly executed by such Secured Party, or because such Secured Party failed to notify the Borrower or Agent or any other Person of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Secured Party shall promptly indemnify the Borrower or Agent fully for all amounts paid, directly or indirectly, by the Borrower or Agent as tax or otherwise, including penalties and interest, and together with all reasonable out-of-pocket expenses incurred by the Borrower or Agent.  The Borrower or Agent may offset against any payment to any Secured Party under a Loan Document, any applicable withholding tax that was required to be withheld from any prior payment to such 

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Secured Party but which was not so withheld, as well as any other amounts for which the Borrower or Agent is entitled to indemnification from such Secured Party under this Section 10.1(h).
(i)If the Borrower determines in good faith that substantial authority exists for contesting a Tax as to which a Secured Party has been paid any additional amounts by the Borrower pursuant to clause (b) above or has received an indemnification payment pursuant to clause (d) above, and if the Secured Party agrees with such determination, the Secured Party shall reasonably cooperate at the Borrower’s expense in challenging such Tax.  In the event that any Secured Party receives a refund (whether in cash or by offset against taxes otherwise due) in respect of Taxes from a Governmental Authority as to which such Secured Party has been paid any additional amounts by the Borrower pursuant to clause (b) above or has received an indemnification payment pursuant to clause (d) above, then the Secured Party shall pay over such refund (including any interest paid by the relevant Governmental Authority with respect to such refund) within ten (10) Business Days from the date of the receipt to the Borrower, net of all out of pocket expenses, or any Taxes imposed on, such Secured Party, provided, however, that the Borrower, upon the request of a Secured Party, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to such Secured Party in the event such Secured Party is required to repay such refund to such Governmental Authority.  This clause (i) shall not be construed to require any Secured Party to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.
10.2Illegality.  If after the date a Lender becomes a party to this Agreement, or with regard to SPVs or participants, the date the SPV or participant acquired an option or participation, any Lender shall determine that the introduction of any Requirement of Law, or any change in any Requirement of Law or in the interpretation or administration thereof, has made it unlawful, or that any central bank or other Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to make LIBOR Rate Loans, then, on notice thereof by such Lender to the Borrower through Agent, the obligation of that Lender to make LIBOR Rate Loans shall be suspended until such Lender shall have notified Agent and the Borrower that the circumstances giving rise to such determination no longer exists.
(a)Subject to clause (c) below, if any Lender shall determine that it is unlawful to maintain any LIBOR Rate Loan, the Borrower shall prepay in full all LIBOR Rate Loans of such Lender then outstanding, together with interest accrued thereon, either on the last day of the Interest Period thereof if such Lender may lawfully continue to maintain such LIBOR Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Rate Loans, together with any amounts required to be paid in connection therewith pursuant to Section 10.4.
(b)If the obligation of any Lender to make or maintain LIBOR Rate Loans has been terminated, the Borrower may elect, by giving notice to such Lender through Agent that all Loans which would otherwise be made by any such Lender as LIBOR Rate Loans shall be instead Base Rate Loans.
(c)Before giving any notice to Agent pursuant to this Section 10.2, the affected Lender shall designate a different Lending Office with respect to its LIBOR Rate Loans if such 

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designation will avoid the need for giving such notice or making such demand and will not, in the judgment of the Lender, be illegal or otherwise disadvantageous to the Lender.
10.3Increased Costs and Reduction of Return.
(a)If any Lender or L/C Issuer shall determine that, due to either (i) the introduction of, or any change in, or in the interpretation of, any Requirement of Law or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), in the case of either clause (i) or (ii) subsequent to the date such Lender or L/C Issuer becomes a party to this Agreement, or with regard to SPVs or participants, the date the SPV or participant acquired an option or participation, there shall be any increase in the cost to such Lender or L/C Issuer of agreeing to make or making, funding or maintaining any LIBOR Rate Loans or of issuing or maintaining any Letter of Credit, then the Borrower shall be liable for, and shall from time to time, within thirty (30) days of demand therefor by such Lender or L/C Issuer (with a copy of such demand to Agent), pay to Agent for the account of such Lender or L/C Issuer, additional amounts as are sufficient to compensate such Lender or L/C Issuer for such increased costs; provided, that the Borrower shall not be required to compensate any Lender or L/C Issuer pursuant to this subsection 10.3(a) for any increased costs incurred more than one hundred and eighty (180) days prior to the date that such Lender or L/C Issuer notifies the Borrower, in writing of the increased costs and of such Lender’s or L/C Issuer’s intention to claim compensation thereof; provided, further, that if the circumstance giving rise to such increased costs is retroactive, then the 180‐day period referred to above shall be extended to include the period of retroactive effect thereof.
(b)If any Lender or L/C Issuer shall have determined that for each such case below, for events occurring after such Lender or L/C Issuer becomes a party to this Agreement, or with regards to SPVs or participants, the date the SPV or participant acquired an option or participation:
(i)the introduction of any Capital Adequacy Regulation;
(ii)any change in any Capital Adequacy Regulation;
(iii)any change in the interpretation or administration of any Capital Adequacy Regulation by any central bank or other Governmental Authority charged with the interpretation or administration thereof; or
(iv)compliance by such Lender or L/C Issuer (or its Lending Office) or any entity controlling the Lender or L/C Issuer, with any Capital Adequacy Regulation;
affects the amount of capital required or expected to be maintained by such Lender or L/C Issuer or any entity controlling such Lender or L/C Issuer and (taking into consideration such Lender’s or such entities’ policies with respect to capital adequacy and such Lender’s or L/C Issuer’s desired return on capital) determines that the amount of such capital is increased as a consequence of its Commitment(s), loans, credits or obligations under this Agreement, then, within thirty (30) days of demand of such Lender or L/C Issuer (with a copy to Agent), the Borrower shall pay to such Lender 

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or L/C Issuer, from time to time as specified by such Lender or L/C Issuer, additional amounts sufficient to compensate such Lender or L/C Issuer (or the entity controlling the Lender or L/C Issuer) for such increase; provided, that the Borrower shall not be required to compensate any Lender or L/C Issuer pursuant to this subsection 10.3(b) for any amounts incurred more than one hundred eighty (180) days prior to the date that such Lender or L/C Issuer notifies the Borrower, in writing of the amounts and of such Lender’s or L/C Issuer’s intention to claim compensation thereof; provided, further, that if the event giving rise to such increase is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
(c)Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States of America or foreign regulatory authorities, in each case in respect of this clause (ii) pursuant to Basel III, shall be deemed to be a change in a Requirement of Law under subsection (a) above and/or a change in a Capital Adequacy Regulation under subsection (b) above, as applicable, regardless of the date enacted, adopted or issued.
(d)For the avoidance of doubt, this Section 10.3 shall not apply to taxes, which shall be governed solely by Section 10.1.
10.4Funding Losses.  The Borrower agrees to reimburse each Lender and to hold each Lender harmless from any loss or expense which such Lender may sustain or incur as a consequence of:
(a)the failure of the Borrower to make any payment or mandatory prepayment of principal of any LIBOR Rate Loan (including payments made after any acceleration thereof);
(b)the failure of the Borrower to borrow, continue or convert a Loan after the Borrower has given (or is deemed to have given) a Notice of Borrowing or a Notice of Conversion/Continuation;
(c)the failure of the Borrower to make any prepayment after the Borrower has given a notice in accordance with Section 1.8;
(d)the prepayment (including pursuant to Section 1.8) of a LIBOR Rate Loan on a day which is not the last day of the Interest Period with respect thereto; or
(e)the conversion pursuant to Section 1.7 of any LIBOR Rate Loan to a Base Rate Loan on a day that is not the last day of the applicable Interest Period;
including any such loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain its LIBOR Rate Loans hereunder or from fees payable to terminate the deposits from which such funds were obtained; provided that, with respect to the expenses described in clauses (d) and (e) above, such Lender shall have notified Agent of any such expense within two 

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(2) Business Days of the date on which such expense was incurred.  Solely for purposes of calculating amounts payable by the Borrower to the Lenders under this Section 10.4 and under subsection 10.3(a):  each LIBOR Rate Loan made by a Lender (and each related reserve, special deposit or similar requirement) shall be conclusively deemed to have been funded at the LIBOR used in determining the interest rate for such LIBOR Rate Loan by a matching deposit or other borrowing in the interbank Eurodollar market for a comparable amount and for a comparable period, whether or not such LIBOR Rate Loan is in fact so funded.
10.5Inability to Determine Rates.  If Agent shall have determined in good faith that for any reason adequate and reasonable means do not exist for ascertaining the LIBOR for any requested Interest Period with respect to a proposed LIBOR Rate Loan or that the LIBOR applicable pursuant to subsection 1.3(a) for any requested Interest Period with respect to a proposed LIBOR Rate Loan does not adequately and fairly reflect the cost to the Lenders of funding or maintaining such Loan, Agent will forthwith give notice of such determination to the Borrower and each Lender.  Thereafter, the obligation of the Lenders to make or maintain LIBOR Rate Loans hereunder shall be suspended until Agent revokes such notice in writing.  Upon receipt of such notice, the Borrower may revoke any Notice of Borrowing or Notice of Conversion/Continuation then submitted by it.  If the Borrower does not revoke such notice, the Lenders shall make, convert or continue the Loans, as proposed by the Borrower, in the amount specified in the applicable notice submitted by the Borrower, but such Loans shall be made, converted or continued as Base Rate Loans.
10.6Reserves on LIBOR Rate Loans.  The Borrower shall pay to each Lender, as long as such Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional costs on the unpaid principal amount of each LIBOR Rate Loan equal to actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), payable on each date on which interest is payable on such Loan provided the Borrower shall have received at least fifteen (15) days’ prior written notice (with a copy to Agent) of such additional interest from the Lender.  If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest shall be payable fifteen (15) days from receipt of such notice.
10.7Certificates of Lenders.  Any Lender claiming reimbursement or compensation pursuant to this Article X shall deliver to the Borrower (with a copy to Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be conclusive and binding on the Borrower in the absence of manifest error.

ARTICLE XI

DEFINITIONS

11.1Defined Terms.  The following terms are defined in the Sections or subsections referenced opposite such terms:

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	“Acceptable Discount Price”
	1.8(d)(ii)

	“Affected Lender”
	9.22

	“Affiliated Lender Assignment and Assumption”
	9.9(g)(i)(B)

	“Aggregate Excess Funding Amount”
	1.12(e)(iv)

	“Applicable Discount Price
	1.8(d)(ii)

	“Borrower”
	Preamble

	“Borrower Materials”
	9.10(e)

	“Compliance Certificate”
	4.2(b)

	“Discount Price Range”
	1.8(d)(ii)

	“Discounted Prepayment Amount”
	1.8(d)(ii)

	“Discounted Prepayment”
	1.8(d)(i)

	“Discounted Prepayment Notice”
	1.8(d)(ii)

	“EBITDA”
	Exhibit 4.2(b)

	“Event of Default”
	7.1

	“Excess Cash Flow”
	Exhibit 4.2(b)

	“Fee Letter”
	1.9(a)

	“Holdings”
	Recitals

	“Incremental Effective Date”
	1.1(e)(i)

	“Incremental Term Loan”
	1.1(e)(i)

	“Incremental Term Loan Commitment”
	1.1(e)(i)

	“Indemnified Matters”
	9.6

	“Indemnitee”
	9.6

	“Interest Coverage Ratio”
	Exhibit 4.2(b)

	“Investments”
	5.4

	“L/C Reimbursement Agreement”
	1.1(c)

	“L/C Reimbursement Date”
	1.1(c)

	“L/C Request”
	1.1(c)

	“L/C Sublimit”
	1.1(c)

	“Lender”
	Preamble

	“Letter of Credit Fee”
	1.9(c)

	“Leverage Ratio”
	Exhibit 4.2(b)

	Maximum Lawful Rate”
	1.3(d)

	“Maximum Revolving Loan Balance”
	1.1(b)

	“MNPI”
	9.10(a)

	“Notice of Conversion/Continuation”
	1.7(a)

	“OFAC”
	3.27

	“Other Taxes”
	10.1(c)

	“Permitted Liens”
	5.1

	“Qualifying Term Loans”
	1.8(d)(iii)

	“Register”
	1.4(b)

	“Restricted Payments”
	5.11

	“Replacement Lender”
	9.22

	“Revolving Loan Commitment”
	1.1(b)

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	“Revolving Loan”
	1.1(b)

	“Sale”
	9.9(b)

	“SDN List”
	3.27

	“SPV/Participant Register”
	9.9(f)

	“Swing Loan”
	1.1(d)

	“Tax Distribution”
	5.11(e)

	“Taxes”
	10.1(a)

	“Term Loan” and “Term Loans”
	1.1(a)

	“Term Loan Commitment”
	1.1(a)

	“Unused Commitment Fee”
	1.10(b)

In addition to the terms defined elsewhere in this Agreement, the following terms have the following meanings:
“Account” means, as at any date of determination, all “accounts” (as such term is defined in the UCC) of the Borrower and its Subsidiaries, including, without limitation, the unpaid portion of the obligation of a customer of the Borrower or any of its Subsidiaries in respect of Inventory purchased by and shipped to such customer and/or the rendition of services by the Borrower or such Subsidiary, as stated on the respective invoice of the Borrower or such Subsidiary, net of any credits, rebates or offsets owed to such customer.
“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of fifty percent (50%) of the Stock and Stock Equivalents of any Person or otherwise causing any Person to become a Subsidiary of the Borrower, or (c) a merger or consolidation or any other combination with another Person.
“Additional Permitted Concept” means businesses in the pizza restaurant line of business.
“Affiliate” means, as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person.  A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the other Person, whether through the ownership of voting securities, by contract or otherwise.  Without limitation, any director, executive officer or beneficial owner of ten percent (10%) or more of the voting Stock (either directly or through ownership of Stock Equivalents) of a Person shall for the purposes of this Agreement, be deemed an Affiliate of such other Person.  Notwithstanding the foregoing, neither Agent nor any Lender shall be deemed an “Affiliate” of any Credit Party or of any Subsidiary of any Credit Party solely by reason of the provisions of the Loan Documents.
“Affiliated Lender” means, at any time, the Sponsor or an Affiliate (other than Parent, Holdings, the Borrower or any of their respective Subsidiaries) of the Sponsor including Sponsor-affiliated debt funds.

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“Affiliated Lender Participant” means, at any time, a Person who holds or who, upon the effectiveness of a grant of a participation in a Term Loan would hold, a participation in a Term Loan, and who would be, if such Person were a Lender, an Affiliated Lender, provided that for the purposes of subsection 9.9(g)(i)(D), a Person that holds a participation in a Term Loan solely granted by an Affiliated Lender shall not be an Affiliated Lender Participant.
“Agent” means General Electric Capital Corporation, in its capacity as administrative agent for the Lenders hereunder, and any successor administrative agent.
“Aggregate Revolving Loan Commitment” means the combined Revolving Loan Commitments of the Lenders, which shall initially be in the amount of $20,000,000, as such amount may be reduced from time to time pursuant to this Agreement.
“Aggregate Term Loan Commitment” means the combined Term Loan Commitments of the Lenders, which shall initially be in the amount of $112,000,000, as such amount may be reduced from time to time pursuant to this Agreement or increased as a result of Incremental Term Loan Commitments.
“Applicable Margin” means:
(a)for the period commencing on the Closing Date through ninety (90) days thereafter and in no event later than the fifth Business Day following the date financial statements for the last Fiscal Period of the Fiscal Quarter ending December 30, 2014 are delivered, (i) if a Base Rate Loan, 2.25% per annum and (ii) if a LIBOR Rate Loan, 3.25% per annum
(b)thereafter, the Applicable Margin shall equal the applicable LIBOR margin or Base Rate margin in effect from time to time determined as set forth below based upon the applicable Leverage Ratio then in effect pursuant to the appropriate column under the table below:

	
			
	Revolving Loans, Swing Loans and Term Loan

	Leverage Ratio
	LIBOR Margin
	Base Rate Margin

	Greater than 3.00x
	3.25%
	2.25%

	Equal to or Less than 3.00x but greater than 2.00x
	3.00%
	2.00%

	Equal to or Less than 2.00x
	2.50%
	1.50%

Subject to the foregoing, the Applicable Margin shall be adjusted from time to time upon delivery to Agent of the Fiscal Period financial statements for the last Fiscal Period of each Fiscal Quarter required to be delivered pursuant to Section 4.1(b) hereof accompanied by a Compliance Certificate as of the end of the Fiscal Period for which such financial statements are delivered.  If such calculation indicates that the Applicable Margin shall increase or decrease, then not later than the fifth Business Day following the date of delivery of such financial statements and written calculation, the Applicable Margin shall be adjusted in accordance therewith; provided, however, that if the Borrower shall fail to deliver any such financial statements for any such Fiscal Period by the date 

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required pursuant to Section 4.1(b), then, effective as of the first day of the calendar month following the end of the Fiscal Period during which such financial statements were to have been delivered, and continuing until the fifth Business Day following the date (if ever) after such financial statements and such Compliance Certificate are delivered, the Applicable Margin shall be conclusively presumed to equal the highest Applicable Margin specified in the pricing table set forth above.  Notwithstanding anything herein to the contrary, Swing Loans may not be LIBOR Rate Loans.  
In the event that any financial statement or Compliance Certificate delivered pursuant to Sections 4.1 or 4.2 is inaccurate, and such inaccuracy, if corrected, would have led to the imposition of a higher Applicable Margin for any period than the Applicable Margin applied for that period, then (i) the Borrower shall immediately deliver to Agent a corrected financial statement and a corrected Compliance Certificate for that period, (ii) the Applicable Margin shall be determined based on the corrected Compliance Certificate for that period, and (iii) the Borrower shall immediately pay to Agent (for the account of the Lenders that hold the Commitments and Loans at the time such payment is received, regardless of whether those Lenders held the Commitments and Loans during the relevant period) the accrued additional amount owing as a result of such increased Applicable Margin for that period. This paragraph shall survive the termination of this Agreement until the payment in full in cash of the aggregate outstanding principal balance of the Loans.
“Approved Fund” means, with respect to any Lender, any Person (other than a natural Person) that (a) (i) is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the Ordinary Course of Business or (ii) temporarily warehouses loans for any Lender or any Person described in clause (i) above and (b) is advised or managed by (i) such Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than an individual) or any Affiliate of any Person (other than an individual) that administers or manages such Lender.
“Assignment” means an assignment agreement entered into by a Lender, as assignor, and any Person, as assignee, pursuant to the terms and provisions of Section 9.9 (with the consent of any party whose consent is required by Section 9.9), accepted by Agent, substantially in the form of Exhibit 11.1(a) or any other form approved by Agent.
“Attorney Costs” means and includes all reasonable and documented out-of-pocket fees and disbursements of any law firm or other external counsel.
“Availability” means, as of any date of determination, the amount by which (a) the Maximum Revolving Loan Balance exceeds (b) the aggregate outstanding principal balance of Revolving Loans.
“Available Amount” means, on any date of determination (such date, the “Available Amount Reference Date”) (a) the sum of (i) $4,000,000, plus (ii) the amount of Excess Cash Flow for the prior Fiscal Years commencing with the Fiscal Year ending December 28, 2015, which is not required to be paid to Agent and the Lenders under subsection 1.9(e);  plus (iii) the Net Issuance Proceeds received from the sale of the Stock or Stock Equivalents of or capital contribution to Parent or Holdings that are contributed to the Borrower plus (iv) the net cash proceeds received from the sale of Investments originally funded with the Available Amount, plus (v) without duplication of the 

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foregoing clause (iv), returns, profits, distributions and similar amounts received on Investments originally funded with the Available Amount in an amount with respect to any such Investment not to exceed the original amount of such Investment; minus (b) the sum of (i) any Investments made in reliance on the Available Amount pursuant to subsection 5.4(b) or 5.4(l) hereof, (ii) all outstanding Contingent Obligations of the type described in subsection 5.9(j)(vi) hereof and (iii) any Restricted Payments made in reliance on the Available Amount pursuant to subsection 5.11(c) or 5.11(h) hereof, in each case of the foregoing subclauses (i) through (iii) of this clause (b), during the period commencing on the Closing Date and ending on the Available Amount Reference Date.
“Available Amount Reference Date” has the meaning specified in the definition of “Available Amount.” 
“Bank Product” means any one or more of the following financial products or accommodations extended to any Credit Party or its Subsidiaries by a Bank Product Provider:  (a) credit cards (including commercial credit cards (including so-called “procurement cards” or “Pcards”)), (b) credit card processing services, (c) debit cards, (d) stored value cards, or (e) Cash Management Services.
“Bank Product Agreements” means those agreements entered into from time to time by any Credit Party with any Bank Product Provider in connection with the obtaining of any of the Bank Products.
“Bank Product Obligations” means (a) all obligations, liabilities, reimbursement obligations, fees, or expenses owing by any Credit Party or its Subsidiaries to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement 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 (b) all amounts that Agent or any Lender is obligated to pay to any Bank Product Provider as a result of Agent or any Lender purchasing participations from, or executing guarantees or indemnities or reimbursement obligations to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider to any Credit Party or its Subsidiaries; provided, however, that Bank Product Obligations shall in no event exceed the greater of $2,000,000 and 5% of EBITDA as of the most recently ended 12 Fiscal Periods for which financial statements have been delivered (it being agreed that (i) to the extent any obligations, liabilities, reimbursement obligations, fee, expenses or other amounts described in the foregoing clauses (a) and (b) would be a Bank Product Obligation were it not for such cap, Agent may decide in its reasonable discretion which of such amounts shall constitute Bank Product Obligations and (ii) upon the request of Agent, each Bank Product Provider shall promptly provide Agent with a statement of the amount of Bank Product Obligations owing to such Bank Product Provider).
“Bank Product Provider” means any Lender (or any Affiliate of such Lender which has appointed Agent as its agent pursuant to documentation reasonable acceptable to Agent) providing Bank Products to any Credit Party.
“Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.).

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“Base Rate” means, for any day, a rate per annum equal to the greatest of (i) the per annum rate publicly quoted from time to time by The Wall Street Journal as the “Prime Rate” in the United States (or, if The Wall Street Journal ceases quoting a prime rate of the type described, either (a) the per annum rate quoted as the base rate on such corporate loans in a different national publication as reasonably selected by Agent or (b) the highest per annum rate of interest published by the Federal Reserve Board in Federal Reserve statistical release H.15 (519) entitled “Selected Interest Rates” as the Bank prime loan rate or its equivalent), (ii) the Federal Funds Rate plus fifty (50) basis points per annum and (iii) the sum of (a) the LIBOR Rate calculated for each such day based on a LIBOR Period of one (1) month determined two (2) Business Days prior to the first day of the then current month plus (b) the excess of the Applicable Margin for LIBOR Rate Loans over the Applicable Margin for Base Rate Loans, in each instance, as of such day.  Each change in any interest rate provided for in this Agreement based upon the Base Rate shall take effect at the time of such change in the Base Rate.
“Base Rate Loan” means a Loan that bears interest based on the Base Rate.  
“Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA (whether governed by the laws of the United States or otherwise) to which any Credit Party incurs or otherwise has any obligation or liability, contingent or otherwise.
“Borrowing” means a borrowing hereunder consisting of Loans made to or for the benefit of the Borrower on the same day by the Lenders pursuant to Article I.
“Business Day” means any day other than a Saturday, Sunday or other day on which federal reserve banks are authorized or required by law to close and, if the applicable Business Day relates to any LIBOR Rate Loan, a day on which dealings are carried on in the London interbank market.
“Capital Adequacy Regulation” means any guideline, request or directive of any central bank or other Governmental Authority, or any other law, rule or regulation, whether or not having the force of law, in each case, regarding capital adequacy of any Lender or of any corporation controlling a Lender.
“Capital Lease” means any leasing or similar arrangement which, in accordance with GAAP, is classified as a capital lease.
“Capital Lease Obligations” means all monetary obligations of any Credit Party or any Subsidiary of any Credit Party under any Capital Leases.
“Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly, unconditionally and fully guaranteed or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full faith and credit of the United States federal government, (b) any readily‐marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case having a rating of at least “A-1” from Standard & Poor’s or at least “P-1” from Moody’s, (c) any commercial paper rated at least “A-1” by Standard & Poor’s 

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or “P-1” by Moody’s and issued by any Person organized under the laws of any state of the United States, (d) any Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’ acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either Standard & Poor’s or Moody’s the highest rating obtainable for money market funds in the United States; provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or (d) above shall not exceed 365 days.
“Cash Management Services” means any cash management or related services including treasury, depository, return items, overdraft, controlled disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system) and other customary cash management arrangements.
“Class” (a) when used with respect to Lenders, refers to whether such Lenders have a Loan or Commitment with respect to a particular class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Loan Commitments, Term Loan Commitments or Incremental Term Loan Commitments, and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Loans or Term Loans, in each case, under this Agreement as originally in effect or amended pursuant to Section 1.1(e), 9.1 (including 9.1(e)), of which such Loans, Borrowing or Commitments shall be a part.  Revolving Loan Commitments, Term Loan Commitments and Incremental Term Loan Commitments (and in each case, the Loans made pursuant to such Commitments) that have different terms and conditions shall be construed to be in different Classes.  Commitments (and in each case, the Loans made pursuant to such Commitments) that have identical terms and conditions shall be construed to be in the same Class.
“Closing Checklist” means that certain closing checklist as attached hereto as Exhibit 2.1.
“Closing Date” means August 28, 2014.
“Code” means the Internal Revenue Code of 1986.
“Collateral” means all Property and interests in Property and proceeds thereof, whether now owned or hereafter acquired by any Credit Party, any of their respective Subsidiaries and any other Person, in each case, who has granted a Lien to Agent, in or upon which a Lien is granted, or purported to be granted now or hereafter exists in favor of any Lender or Agent for the benefit of Agent, the Lenders and other Secured Parties, whether under this Agreement or under any other documents executed by any such Persons and delivered to Agent.

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“Collateral Documents” means, collectively, the Guaranty and Security Agreement, the Mortgages, each Control Agreement and all other security agreements, pledge agreements, patent and trademark security agreements, lease assignments, guarantees and other similar agreements, and all amendments, restatements, modifications or supplements thereof or thereto, by or between any one or more of any Credit Party, any of their respective Subsidiaries or any other Person pledging or granting a lien on Collateral or guarantying the payment and performance of the Obligations, and any Lender or Agent for the benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing statements (or comparable documents now or hereafter filed in accordance with the UCC or comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may be amended, restated and/or modified from time to time.
“Commitment” means, for each Lender, the sum of its Revolving Loan Commitment and Term Loan Commitment.
“Commitment Percentage” means, as to any Lender, the percentage equivalent of such Lender’s Revolving Loan Commitment, or Term Loan Commitment divided by the Aggregate Revolving Loan Commitment or Aggregate Term Loan Commitment, as applicable; provided that after the Term Loan has been funded, Commitment Percentages shall be determined for the Term Loan by reference to the outstanding principal balance thereof as of any date of determination rather than the Commitments therefor; provided, further, that following acceleration of the Loans, such term means, as to any Lender, the percentage equivalent of the principal amount of the Loans held by such Lender, divided by the aggregate principal amount of the Loans held by all Lenders.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).
“Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person:  (i) with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; (ii) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (iii) under any Rate Contracts; (iv) to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement; or (v) for the obligations of another Person through any agreement to purchase, repurchase or otherwise acquire such obligation or any Property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another Person.  The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed or supported.
“Continuing Directors” means the directors or members or equivalent body of Holdings or the Borrower, as the case may be, on the Closing Date, and each other director or member of 

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equivalent body, if, in each case, such other director’s or member’s equivalent body’s nomination for election to the board of directors or other governing body of Holdings or the Borrower, as the case may be is recommended by a majority of the then Continuing Directors or such other director or member of equivalent body receives the vote of the Permitted Holders in his or her election by the stockholders or partners of Holdings or the Borrower, as the case may be.
“Contractual Obligations” means, as to any Person, any provision of any security issued by such Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement to which such Person is a party or by which it or any of its Property is bound.
“Control Agreement” means a tri-party deposit account, securities account or commodities account control agreement by and among the applicable Credit Party, Agent and the depository, securities intermediary or commodities intermediary, and each in form and substance reasonably satisfactory to Agent and in any event providing to Agent “control” of such deposit account, securities or commodities account within the meaning of Articles 8 and 9 of the UCC.
“Controlled Investment Affiliates” means, with respect to Lee Equity Partners, LLC, any fund or investment vehicle that (i) is organized by Lee Equity Partners, LLC or an Affiliate of Lee Equity Partners, LLC for the purpose of making investments in one or more companies and is controlled by Lee Equity Partners, LLC or an Affiliate of Lee Equity Partners, LLC or (ii) has the same principal fund advisor as Lee Equity Partners, LLC or such Affiliate of Lee Equity Partners, LLC. For purposes of this definition “control” means the power to direct or cause the direction of management and policies of a Person, whether by contract or otherwise.
“Conversion Date” means any date on which the Borrower converts a Base Rate Loan to a LIBOR Rate Loan or a LIBOR Rate Loan to a Base Rate Loan.
“Copyrights” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to copyrights and all mask work, database and design rights, whether or not registered or published, all registrations and recordations thereof and all applications in connection therewith.
“Credit Parties” means Holdings, the Borrower and each other Person (i) which executes a guaranty of the Obligations, (ii) which grants a Lien on all or substantially all of its assets to secure payment of the Obligations and (iii) all of the Stock of which is pledged to Agent for the benefit of the Secured Parties.
“Default” means any event or circumstance which, with the giving of notice, the lapse of time, or both, would (if not cured or otherwise remedied during such time) constitute an Event of Default.
“Disclosure Document” means all of the uniform franchise offering circulars and franchise disclosure documents used by (and, to the extent required, filed by) any Credit Party to comply with any Requirement of Law.

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“Disqualified Lender” means each Person identified in the “DQ’ed Lender List” prepared by the Sponsor and delivered to Agent via email on August 19, 2014.
“Disposition” means (a) the sale, lease, conveyance or other disposition of Property, other than sales or other dispositions expressly permitted under subsections 5.2(a), 5.2(c), 5.2(d), 5.2(e), 5.2(f), 5.2(g) and 5.2(h) and (b) the sale or transfer by the Borrower or any Subsidiary of the Borrower of any Stock or Stock Equivalent issued by any Subsidiary of the Borrower and held by such transferor Person.
“Disregarded Domestic Person” means any direct or indirect Domestic Subsidiary of which substantially all of its assets consist of the equity of one or more direct or indirect Foreign Subsidiaries.
“Dollars”, “dollars” and “$” each mean lawful money of the United States of America.
“Domestic Subsidiary” means any Subsidiary incorporated, organized or otherwise formed under the laws of the United States, any state thereof or the District of Columbia.
“Drake Enterprises Note” means that certain Promissory Note issued by PM Company Stores to Drake Enterprises Incorporated, a Minnesota corporation, in the original principal amount of $2,900,000, dated as of August 18, 2014.
“Electronic Transmission” means each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or equivalent service.
“Environmental Laws” means all present and future Requirements of Law and Permits imposing liability or standards of conduct for or relating to the regulation and protection of the environment and natural resources, and occupational safety as it relates to exposure to hazardous or toxic materials, substances or products, including public notification requirements and environmental transfer of ownership, notification or approval statutes.
“Environmental Liabilities” means all Liabilities (including costs of Remedial Actions, natural resource damages and costs and expenses of investigation and feasibility studies, including the cost of environmental consultants and Attorney Costs) that may be imposed on, incurred by or asserted against any Credit Party or any Subsidiary of any Credit Party as a result of, or related to, any claim, suit, action, investigation, proceeding or demand by any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law or otherwise, arising under any Environmental Law or in connection with any environmental condition or with any Release and resulting from the ownership, lease, sublease or other operation or occupation of property by any Credit Party or any Subsidiary of any Credit Party, whether on, prior or after the date hereof.
“ERISA” means the Employee Retirement Income Security Act of 1974.

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“ERISA Affiliate” means, collectively, any Credit Party and any Person under common control or treated as a single employer with, any Credit Party, within the meaning of Section 414(b), (c), (m) or (o) of the Code.
“ERISA Event” means any of the following:  (a) a reportable event described in Section 4043(b) of ERISA (or, unless the 30-day notice requirement has been duly waived under the applicable regulations, Section 4043(c) of ERISA) with respect to a Title IV Plan; (b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any ERISA Affiliate from any Multiemployer Plan; (d) with respect to any Multiemployer Plan, the filing of a notice of reorganization, insolvency or termination (or treatment of a plan amendment as termination) under Section 4041A of ERISA; (e) the filing of a notice of intent to terminate a Title IV Plan (or treatment of a plan amendment as termination) under Section 4041 of ERISA; (f) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (g) the failure to make any required contribution to any Title IV Plan or Multiemployer Plan when due; (h) the imposition of a lien under Section 412 or 430(k) of the Code or Section 303 or 4068 of ERISA on any property (or rights to property, whether real or personal) of any ERISA Affiliate; (i) the failure of a Benefit Plan or any trust thereunder intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Requirements of Law to qualify thereunder except as would not be reasonably expected to result in liability in excess of $1,000,000 in the aggregate to the Credit Parties; (j) a determination that a Title IV plan is in “at risk” status within the meaning of Code Section 430(i); (k) a determination that a Multiemployer Plan is in “endangered status” or “critical status” within the meaning of Section 432(b) of the Code; and (l) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the imposition of any liability in excess of $1,000,000 upon any ERISA Affiliate under Title IV of ERISA other than for PBGC premiums due but not delinquent.
“Event of Loss” means, with respect to any Property, any of the following:  (a) any loss, destruction or damage of such Property; (b) any pending or threatened institution of any proceedings for the condemnation or seizure of such Property or for the exercise of any right of eminent domain; or (c) any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Excluded Rate Contract Obligation” means, with respect to any Guarantor, any guarantee of any Swap Obligations under a Secured Rate Contract if, and only to the extent that and for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation under a Secured Rate Contract (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time the guarantee of such Guarantor 

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or the grant of such security interest becomes effective with respect to such Swap Obligation under a Secured Rate Contract.  If a Swap Obligation under a Secured Rate Contract arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation under a Secured Rate Contract that is attributable to swaps for which such guarantee or security interest is or becomes illegal.
“Excluded Taxes” means with respect to any Secured Party (a) taxes measured by net income, net receipts imposed in lieu of net income taxes, or overall net profits (including branch profit taxes) imposed in lieu of net income taxes and franchise taxes imposed in lieu of net income taxes (however denominated), in each case imposed by any Governmental Authority (i) in a jurisdiction in which such Secured Party is organized, (ii) in a jurisdiction in which such Secured Party’s principal office is located, (iii) in a jurisdiction in which such Secured Party’s lending office (or branch) in respect of which payments under this Agreement are made is located, or (iv) on any Secured Party as a result of a present or former connection between such Secured Party and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than such connection arising solely from any Secured Party having executed, delivered or performed its obligations or received a payment under, or enforced, any Loan Document); (b) withholding taxes to the extent that the obligation to withhold amounts existed on the date that such Person became a “Secured Party” under this Agreement (or, in the case of an SPV or participant, on the date such SPV or participant was granted an option or purchased a participation of a Loan) in the capacity under which such Person makes a claim under Section 10.1(b) or designates a new Lending Office, except in each case to the extent such Person is a direct or indirect assignee (other than pursuant to Section 9.22) of any other Secured Party that was entitled, at the time the assignment to such Person became effective, to receive additional amounts under Section 10.1(b); (c) taxes that are directly attributable to the failure (other than as a result of a change in any Requirement of Law after the date a Lender becomes a party to this Agreement, or with regards to SPVs or participants, the date the SPV or participant acquired an option or participation) by any Secured Party to deliver the documentation required to be delivered pursuant to Section 10.1(f); (d) in the case of a Non-U.S. Lender Party, any United States federal withholding taxes imposed on amounts payable to such Non-U.S. Lender Party as a result of such Non-U.S. Lender Party’s failure to comply with FATCA to establish a complete exemption from withholding thereunder; and (e) any backup withholding tax that is required under Code 3406 to be withheld from amounts payable to a Secured Party.
“E-Fax” means any system used to receive or transmit faxes electronically.
“E-Signature” means the process of attaching to or logically associating with an Electronic Transmission an electronic symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic Transmission.
“E-System” means any electronic system approved by Agent, including Syndtrak®, ClearPar®, Intralinks, DebtX, and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by Agent, any of its Related Persons or any other Person, providing for access to data protected by passcodes or other security system.

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“FATCA” means sections 1471, 1472, 1473 and 1474 of the Code, the United States Treasury Regulations promulgated thereunder and published guidance with respect thereto, in each case as of the date of this Agreement, and shall also include any amended or successor versions of such legislation (and any future regulations and interpretations) that are substantively comparable and that contain requirements to avoid withholding which are not materially more onerous than the current legislation.
“Federal Flood Insurance” means Federally backed Flood Insurance available under the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program.
“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to Agent on such day on such transactions as determined by Agent in a commercially reasonable manner.
“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.
“FEMA” means the Federal Emergency Management Agency, a component of the U.S. Department of Homeland Security that administers the National Flood Insurance Program.
“Final Availability Date” means the earlier of the Revolving Termination Date and one (1) Business Day prior to the date specified in clause (a) of the definition of Revolving Termination Date.
“FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.
“First Tier Foreign Subsidiary” means a Foreign Subsidiary owned directly by a Credit Party.
“Fiscal Period” means any of the four- or five-week fiscal accounting periods as determined based on the Borrower’s fiscal calendar, as described in more detail on Schedule 11.1.
“Fiscal Quarter” means any of the quarterly accounting periods of the Credit Parties, each consisting of three consecutive Fiscal Periods ending nearest each March 31, June 30, September 30 and December 31, as described in more detail on Schedule 11.1.
“Fiscal Year” means any of the annual accounting periods of the Credit Parties ending nearest December 31 of each year, as described in more detail on Schedule 11.1.
“Flood Insurance” means, for any Real Estate located in a Special Flood Hazard Area, Federal Flood Insurance or private insurance that meets the requirements set forth by FEMA in its Mandatory Purchase of Flood Insurance Guidelines.  Flood Insurance shall be in an amount equal 

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to the full, unpaid balance of the Loans and any prior liens on the Real Estate up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Agent, with deductibles not to exceed $50,000.
“Foreign Subsidiary” means, with respect to any Person, a Subsidiary of such Person, which Subsidiary is not a Domestic Subsidiary.
“Franchise” means a franchise of the PAPA MURPHY’S® system for the development and operation of restaurants specializing in the sale of “take and bake” pizza and complementary side dishes and beverages, among other food products, under the PAPA MURPHY’S® brand and utilizing Intellectual Property owned by the Credit Parties.
“Franchise Agreement” means an agreement pursuant to which a Franchisee is awarded a Franchise.
“Franchisee” means any Person who has purchased a Franchise or who otherwise owns a Franchise
“Franchise Law” means Requirements of Law of the United States Federal Trade Commission or any other Governmental Authority relating to the relationship between franchisor and franchisees or to the offer, sale, termination, non-renewal or transfer of Franchises
“Funded Indebtedness” means, as of any date of measurement, all Indebtedness of Holdings and its Subsidiaries as of the date of measurement of the type described in clauses (a), (b) (with respect to deferred purchase price of property only and expressly excluding any Indebtedness in respect of (i) the Miller Note, (ii) the Drake Enterprises Note and (iii) Subordinated Indebtedness which is (x) structurally subordinated to the Obligations, (y) matures no earlier than 6 months after the latest maturity date of the Obligations and (z) requires no cash payments of principal or interest while any of the Obligations are outstanding), (c) (with regard to reimbursement obligations in excess of $1,000,000 for standby letters of credit and all performance letters of credit only) and (f) of the definition of Indebtedness. 
“GAAP” means generally accepted accounting principles in the United States set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession), including, without limitation, the FASB Accounting Standards CodificationTM, which are applicable to the circumstances as of the date of determination, subject to Section 11.3 hereof.
“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing.

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“Guaranty and Security Agreement” means that certain Guaranty and Security Agreement, dated as of even date herewith, in form and substance reasonably acceptable to Agent and the Borrower, made by the Credit Parties in favor of Agent, for the benefit of the Secured Parties, as the same may be amended, restated and/or modified from time to time.
“Hazardous Material” means any substance, material or waste that is regulated as “hazardous,” “toxic,” “pollutant” or “contaminent” or otherwise gives rise to liability under any Environmental Law, including but not limited to any “Hazardous Waste” as defined by the Resource Conservation and Recovery Act (RCRA) (42 U.S.C. § 6901 et seq. (1976)), any “Hazardous Substance” as defined under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) (42 U.S.C. §9601 et seq. (1980)), petroleum or any fraction thereof, asbestos, asbestos containing material, polychlorinated biphenyls, mold in quantities and conditions that present an unreasonable risk to human health or the environment, and radioactive substances or any other substance that is toxic, ignitable, reactive, corrosive, caustic, or dangerous.
“Immaterial Subsidiary” mean, with respect to any Person, any Subsidiary that does not (a) own assets with a fair market value in excess of the Immaterial Subsidiary Individual Asset Value Limit or (b) comprise greater than three percent (3%) of the aggregate EBITDA of Holdings and its Subsidiaries as of the most recent date for which financial statements were delivered to Agent pursuant to Section 4.1 hereof; provided, that (i) the aggregate fair market value of the assets of all such Immaterial Subsidiaries shall not exceed the Immaterial Subsidiary Aggregate Asset Value Limit and (ii) the aggregate EBITDA of all such Immaterial Subsidiaries as of such date shall not comprise greater than five percent (5%) of the aggregate EBITDA of Holdings and its Subsidiaries as of such date.
“Immaterial Subsidiary Aggregate Asset Value Limit” means $2,000,000.
“Immaterial Subsidiary Individual Asset Value Limit” means $500,000.
“Impacted Lender” means any Lender that fails to provide Agent, within three (3) Business Days following Agent’s written request, satisfactory assurance that such Lender will not become a Non-Funding Lender, or any Lender that has a Person that directly or indirectly controls such Lender and such Person (a) becomes subject to a voluntary or involuntary case under the Bankruptcy Code or any similar bankruptcy laws, or (b) has appointed a custodian, conservator, receiver or similar official for such Person or any substantial part of such Person’s assets.
“Indebtedness” of any Person means, without duplication:  (a) all indebtedness for borrowed money; (b) all obligations issued, undertaken or assumed as the deferred purchase price of Property or services, including earnouts (other than trade payables entered into in the Ordinary Course of Business); (c) the face amount of all letters of credit issued for the account of such Person and without duplication, all drafts drawn thereunder and all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments issued by such Person; (d) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of Property, assets or businesses; (e) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to Property acquired by the Person (even though 

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the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such Property); (f) all Capital Lease Obligations; (g) the principal balance outstanding under any synthetic lease, off‐balance sheet loan or similar off balance sheet financing product; (h) all obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct or indirect parent entity thereof) prior to the date that is one hundred and eighty (180) days after the final scheduled installment payment date for the Term Loans, valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation preference and the involuntary liquidation preference of such Stock plus accrued and unpaid dividends; (i) all indebtedness referred to in clauses (a) through (h) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in Property (including accounts and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness (but, in the event that such Person’s liability is limited to such Property, limited to the lesser of the fair market value of such Property (as set forth in a certificate of a Responsible Officer delivered to Agent) and the principal balance of such Indebtedness); and (j) all Contingent Obligations described in clause (i) of the definition thereof in respect of indebtedness or obligations of others of the kinds referred to in clauses (a) through (i) above.
“Insolvency Proceeding” means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case in (a) and (b) above, undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code.
“Intellectual Property” means all rights, title and interests in or relating to intellectual property and industrial property arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses.
“Interest Payment Date” means, (a) with respect to any LIBOR Rate Loan (other than a LIBOR Rate Loan having an Interest Period six (6) months or more) the last day of each Interest Period applicable to such Loan, (b) with respect to any LIBOR Rate Loan having an Interest Period of six (6) or more), the last day of each three (3) month interval and, without duplication, the last day of such Interest Period, and (c) with respect to Base Rate Loans (including Swing Loans) the last day of each Fiscal Quarter.
“Interest Period” means, with respect to any LIBOR Rate Loan, the period commencing on the Business Day such Loan is disbursed or continued or on the Conversion Date on which a Base Rate Loan is converted to the LIBOR Rate Loan and ending on the date one, two, three, six or, if agreed to by all applicable Lenders, twelve months thereafter, as selected by the Borrower in its Notice of Borrowing or Notice of Conversion/Continuation; provided, that:
(a)if any Interest Period pertaining to a LIBOR Rate Loan would otherwise end on a day which is not a Business Day, that Interest Period shall be extended to the next succeeding 

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Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding Business Day;
(b)any Interest Period pertaining to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;
(c)no Interest Period for the Term Loan shall extend beyond the last scheduled payment date therefor and no Interest Period for any Revolving Loan shall extend beyond the Revolving Termination Date; and
(d)no Interest Period applicable to the Term Loan or portion thereof shall extend beyond any date upon which is due any scheduled principal payment in respect of the Term Loan unless the aggregate principal amount of Term Loan represented by Base Rate Loans or by LIBOR Rate Loans having Interest Periods that will expire on or before such date is equal to or in excess of the amount of such principal payment.
“Internet Domain Name” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to internet domain names.
“Inventory” means all of the “inventory” (as such term is defined in the UCC) of the Borrower and its Subsidiaries, including, but not limited to, all merchandise, raw materials, parts, supplies, work-in-process and finished goods intended for sale, together with all the containers, packing, packaging, shipping and similar materials related thereto, and including such inventory as is temporarily out of the Borrower’s or such Subsidiary’s custody or possession, including inventory on the premises of others and items in transit.
“IP Ancillary Rights” means, with respect to any other Intellectual Property, as applicable, all foreign counterparts to, and all divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual Property and all income, royalties, proceeds and Liabilities at any time due or payable or asserted under or with respect to any of the foregoing or otherwise with respect to such Intellectual Property, including all rights to sue or recover at law or in equity for any past, present or future infringement, misappropriation, dilution, violation or other impairment thereof, and, in each case, all rights to obtain any other IP Ancillary Right.
“IP License” means all Contractual Obligations (and all related IP Ancillary Rights), whether written or oral, granting any right, title and interest in or relating to any Intellectual Property.
“IRS” means the Internal Revenue Service of the United States and any successor thereto.
“Issue” means, with respect to any Letter of Credit, to issue, extend the expiration date of, renew (including by failure to object to any automatic renewal on the last day such objection is permitted), increase the face amount of, or reduce or eliminate any scheduled decrease in the face 

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amount of, such Letter of Credit, or to cause any Person to do any of the foregoing.  The terms “Issued” and “Issuance” have correlative meanings.
“L/C Issuer” means any Lender or an Affiliate thereof or a bank or other legally authorized Person with such Person’s consent, in each case designated by Agent and reasonably acceptable to Borrower, in such Person’s capacity as an issuer of Letters of Credit hereunder.  As of the Closing Date, GE Capital is an L/C Issuer.
“L/C Reimbursement Obligation” means, for any Letter of Credit, the obligation of the Borrower to the L/C Issuer thereof, as and when matured, to pay all amounts drawn under such Letter of Credit.
“Lending Office” means, with respect to any Lender, the office or offices of such Lender specified as its “Lending Office” beneath its name on the applicable signature page hereto, or such other office or offices of such Lender as it may from time to time notify the Borrower and Agent.
“Letter of Credit” means documentary or standby letters of credit issued for the account of the Borrower by L/C Issuers, and bankers’ acceptances issued by the Borrower, for which Agent and Lenders have incurred Letter of Credit Obligations.
“Letter of Credit Obligations” means all outstanding obligations incurred by Agent and Lenders at the request of the Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the Issuance of Letters of Credit by L/C Issuers or the purchase of a participation as set forth in subsection 1.1(c) with respect to any Letter of Credit.  The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent and Lenders thereupon or pursuant thereto.
“Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise.
“LIBOR” means, for each Interest Period, the offered rate per annum for deposits of Dollars for the applicable Interest Period that appears on Reuters Screen LIBOR01 Page as of 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such Interest Period.  If no such offered rate exists, such rate will be the rate of interest per annum, as determined by Agent at which deposits of Dollars in immediately available funds are offered at 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such Interest Period by major financial institutions reasonably satisfactory to Agent in the London interbank market for such Interest Period for the applicable principal amount on such date of determination.
“LIBOR Rate Loan” means a Revolving Loan (or any one or more portions thereof) or Term Loan (or any one or more portions thereof) that bears interest based on LIBOR.

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“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge or deposit arrangement, encumbrance, lien (statutory or otherwise) or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including those created by, arising under or evidenced by any conditional sale or other title retention agreement, the interest of a lessor under a Capital Lease, any financing lease having substantially the same economic effect as any of the foregoing, or the filing of any financing statement naming the owner of the asset to which such lien relates as debtor, under the UCC or any comparable law) and any contingent or other agreement to provide any of the foregoing, but not including the interest of a lessor under a lease which is not a Capital Lease.
“Loan” means an extension of credit by a Lender to the Borrower pursuant to Article I hereof, and may be a Base Rate Loan or a LIBOR Rate Loan.
“Loan Documents” means this Agreement, the Notes, the Collateral Documents, the Fee Letter, the Master Agreement for Standby Letters of Credit, the Master Agreement for Documentary Letters of Credit, and all documents required to be delivered to Agent and/or any Lender in connection with any of the foregoing.
“Margin Stock” means “margin stock” as such term is defined in Regulation T, U or X of the Federal Reserve Board.
“Material Adverse Effect” means:  (a) a material adverse change in, or a material adverse effect upon, the operations, business, Properties or condition (financial or otherwise) of the Credit Parties and their Subsidiaries taken as a whole; (b) a material impairment of the ability of the Borrower or the Credit Parties taken as a whole to perform in any material respect its or their obligations under any Loan Document; or (c) a material adverse effect upon (i) the legality, validity, binding effect or enforceability of any Loan Document, or (ii) the perfection or priority of any Lien granted to the Lenders or to Agent for the benefit of the Secured Parties under any of the Collateral Documents.
“Miller Note” means that certain Promissory Note issued by PM Company Stores to TBD, Inc., an Idaho corporation, in the original principal amount of $3,000,000, dated as of December 16, 2013 and amended by that certain Amendment No. 1 to Promissory Note dated as of August 25, 2014.
“Moody’s” means Moody’s Investors Service, Inc.
“Mortgage” means any deed of trust, leasehold deed of trust, mortgage, leasehold mortgage, deed to secure debt, leasehold deed to secure debt or other document creating a Lien on Real Estate or any interest in Real Estate.
“Multiemployer Plan” means any multiemployer plan, as defined in Section 4001(a)(3) of ERISA, as to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise.
“National Flood Insurance Program” means the program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, 

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as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities and provides protection to property owners through a Federal insurance program.
“Net Issuance Proceeds” means, in respect of any issuance of debt, Stock or Stock Equivalents, cash proceeds (including cash proceeds as and when received in respect of non-cash proceeds received or receivable in connection with such issuance), net of underwriting discounts and reasonable out-of-pocket costs and expenses paid or incurred in connection therewith in favor of any Person not an Affiliate of the Borrower.
“Net Proceeds” means proceeds in cash, checks or other cash equivalent financial instruments (including Cash Equivalents) as and when received by the Person making a Disposition and insurance proceeds and condemnation and similar awards received on account of an Event of Loss, net of:  (a) in the event of a Disposition (i) the direct costs relating to such Disposition excluding amounts payable to the Borrower or any Affiliate of the Borrower, (ii) sale, use, transfer or other transaction taxes paid or payable as a result thereof, and income taxes (and, without duplication, Tax Distributions) reasonably estimated to be payable as a result thereof; (iii) amounts required to be applied to repay principal, interest and prepayment premiums and penalties on Indebtedness secured by a Lien on the asset which is the subject of such Disposition and (iv) amounts reasonably and in good faith provided as a reserve, in accordance with GAAP, in respect of any retained liabilities or purchase price adjustments, or under any indemnification obligations, associated with such Disposition and (b) in the event of an Event of Loss, (i) all money actually applied to repair or reconstruct the damaged Property or Property affected by the condemnation or taking, (ii) all of the costs and expenses reasonably incurred in connection with the collection of such proceeds, award or other payments, and (iii) any amounts retained by or paid to parties having superior rights to such proceeds, awards or other payments.
“Non-Funding Lender” means any Revolving Lender that has (a) failed to fund any payments required to be made by it under the Loan Documents within two (2) Business Days after any such payment is due (excluding expense and similar reimbursements that are subject to good faith disputes), or (b) given written notice (and Agent has not received a revocation in writing), to the Borrower, Agent, any Lender, or the L/C Issuer or has otherwise publicly announced (and Agent has not received notice of a public retraction) that such Lender believes it will fail to fund payments or purchases of participations required to be funded by it under the Loan Documents or one or more other syndicated credit facilities.
“Non-U.S. Lender Party” means each of Agent, each Lender, each L/C Issuer, each SPV and each participant, in each case that is not a United States person as defined in Section 7701(a)(30) of the Code.
“Note” means any Revolving Note, Swingline Note or Term Notes and “Notes” means all such Notes.
“Notice of Borrowing” means a notice given by the Borrower to Agent pursuant to Section 1.6, in substantially the form of Exhibit 11.1(b) hereto.

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“Obligations” means all Loans, and other Indebtedness, advances, debts, liabilities, obligations (including but not limited to Bank Product Obligations), covenants and duties owing by any Credit Party to any Lender, Agent, any L/C Issuer, any Secured Swap Provider, and Bank Product Provider or any other Person required to be indemnified, that arises under any Loan Document or any Secured Rate Contract, or any Bank Product Agreements, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification or in any other manner, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired; provided, that Obligations of any Guarantor shall not include any Excluded Rate Contract Obligations solely of such Guarantor.
“Ordinary Course of Business” means, in respect of any transaction involving any Person, the ordinary course of such Person’s business, as conducted by any such Person in accordance with past practice.
“Organization Documents” means, (a) for any corporation, the certificate or articles of incorporation, the bylaws, any certificate of determination or instrument relating to the rights of preferred shareholders of such corporation, and any shareholder rights agreement, (b) for any partnership, the partnership agreement and, if applicable, certificate of limited partnership, (c) for any limited liability company, the operating agreement and articles or certificate of formation or (d) any other document setting forth the manner of election or duties of the officers, directors, managers or other similar persons, or the designation, amount or relative rights, limitations and preference of the Stock of a Person.
“Outstanding Items” has the meaning ascribed to such term in Section 4.15.
“Papa Murphy’s Permitted Concept” means the operation of Papa Murphy’s Restaurants, as such restaurant concept is maintained as of the Closing Date.
“Parent” means Papa Murphy’s Holdings, Inc., a Delaware corporation.
“Patents” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to letters patent and applications therefor.
“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L. 107-56, as amended.
“PBGC” means the United States Pension Benefit Guaranty Corporation or any successor thereto.
“Permits” means, with respect to any Person, any permit, approval, authorization, license, registration, certificate, concession, grant, franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

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“Permitted Acquisition” means any Acquisition by (i) a Credit Party (other than Holdings) or any Subsidiary of a Credit Party of substantially all of the assets, or a division or line of business, of a Target, or (ii) a Credit Party (other than Holdings) or any Subsidiary of a Credit Party of at least fifty percent (50%) of the Stock and Stock Equivalents of a Target, in each case, to the extent that each of the following conditions shall have been satisfied:
(a)to the extent the Acquisition will be financed in whole or in part with the proceeds of any Loan, the conditions set forth in Section 2.2 shall have been satisfied;
(b)the Borrower shall have delivered to Agent (1) if the purchase price for the applicable Acquisition is equal to or greater than $2,000,000, at least ten (10) Business Days prior to the consummation thereof (or such shorter period as Agent may agree to), (A) a description of the proposed Acquisition and a due diligence package and (B) copies of such other agreements, instruments and other documents as Agent reasonably shall request, and (2) a certificate of a Responsible Officer of the Borrower demonstrating compliance with the covenants set forth in Sections 6.2 and 6.3 for the most recently completed trailing period of twelve (12) consecutive Fiscal Periods after giving pro forma effect to the consummation of such Acquisition;
(c)the Borrower and the other Credit Parties (including any new Subsidiary) shall execute and deliver the agreements, instruments and other documents required by Section 4.13 subject, with respect to perfection of Liens in the case of an Acquisition being financed solely with proceeds of an Incremental Term Loan, to customary “Funds Certain Provisions”;
(d)such Acquisition shall not be hostile and shall have been approved by the board of directors (or other similar body) and/or the stockholders or other equityholders of the Target;
(e)no Default or Event of Default shall then exist or would exist after giving effect thereto except to the extent such Acquisition is being financed solely with proceeds of any Incremental Term Loan with respect to which the Persons providing such Incremental Term Loan have agreed to not impose as a condition to funding that no Default or Event of Default exists;
(f)after giving effect to such Acquisition, the sum of Availability plus (x) unrestricted cash and Cash Equivalents of Holdings and its Subsidiaries and (y) cash and Cash Equivalents of Holdings and its Subsidiaries held in deposit accounts and securities account subject to a Control Agreement in favor of Agent for the benefit of Agent and Lenders is at least $1,000,000;
(g)the Target (1) operates (or is intended and expected to operate within thirty (30) days after the Acquisition thereof) (x) a Papa Murphy’s location or (y) an Additional Permitted Concept, or (2) constitutes a commissary, service provider or other, similar line of business reasonably related to the operation and management of a Papa Murphy’s location or the Papa Murphy’s system, and, in any event, is organized in the United States and its assets are located in the United States, provided, however, Acquisitions where the Target is located outside the United States with an aggregate purchase price not in excess of $3,000,000 (or such greater amount to the extent funded with equity proceeds contributed by Sponsor to finance such acquisitions) shall not be prohibited hereby;

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(h)the Target has EBITDA that, when combined with the EBITDA of all substantially concurrent Targets of Permitted Acquisitions as of such date, for the most recent four Fiscal Quarters prior to the acquisition date for which financial statements are available, is greater than $(250,000).
“Permitted Holder” means Sponsor, its co-investors (including any limited partner investing through a side by side or similar arrangement), members of management or board members of Parent and its Subsidiaries (or Parent’s direct or indirect parent) and any principals of Sponsor and any funds or investment vehicles controlled by or under common control with it.
“Permitted Refinancing” means Indebtedness constituting a refinancing or extension of Indebtedness permitted under subsection 5.5(c) or 5.5(d) that (a) has an aggregate outstanding principal amount not greater than the aggregate principal amount of the Indebtedness being refinanced or extended, (b) has a weighted average maturity (measured as of the date of such refinancing or extension) and maturity no shorter than that of the Indebtedness being refinanced or extended, (c) is not entered into as part of a sale leaseback transaction, (d) is not secured by a Lien on any assets other than the collateral securing the Indebtedness being refinanced or extended, (e) the obligors of which are the same as the obligors of the Indebtedness being refinanced or extended and (f) is otherwise on terms no less favorable to the Credit Parties and their Subsidiaries, taken as a whole, than those of the Indebtedness being refinanced or extended.
“Person” means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or Governmental Authority.
“Project Pie” means a collective reference to Project Pie Holdings LLC, a Delaware limited liability company and Project Pie, LLC, a Delaware limited liability company.
“Pledged Collateral” has the meaning specified in the Guaranty and Security Agreement and shall include any other Collateral required to be delivered to Agent pursuant to the terms of any Collateral Document.
“PM Company Stores” means Papa Murphy’s Company Stores, Inc., a Washington corporation.
“Principal” means Thomas H. Lee, an individual.
“Prior Indebtedness” means the Indebtedness and obligations outstanding under that certain Credit Agreement, dated as of October 25, 2013, by and among the Borrower, the other persons party thereto designated as “Credit Parties”, the financial institutions from time to time party thereto and Golub Capital LLC as agent for such lenders (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof).
“Prior Lender” means, collectively the lenders and other creditors with respect to the Prior Indebtedness.
“Property” means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible.

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“Qualified ECP Guarantor” means, in respect of any Swap Obligation under a Secured Rate Contract, each Credit Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation under a Secured Rate Contract or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Qualified Preferred Equity” means preferred equity securities that do not provide for required cash distributions or dividends or mandatory redemptions (other than (x) in exchange for common equity securities or other such preferred equity securities that would otherwise be permitted hereunder and the other Loan Documents or (y) as a result of a change of control event or asset sale or other disposition or casualty event, so long as any rights of the holders thereof to require the redemption thereof upon the occurrence of such a change of control event or asset sale or other disposition or casualty event are subject to the prior payment in full of the Credit Facilities) prior to the 91st day following the later to occur of the Revolving Termination Date and the stated maturity date of the Term Loan.
“Rate Contracts” means swap agreements (as such term is defined in Section 101 of the Bankruptcy Code) and any other agreements or arrangements designed to provide protection against fluctuations in interest or currency exchange rates.
“Real Estate” means any real property owned, leased, subleased or otherwise operated or occupied by any Credit Party or any Subsidiary of any Credit Party.
“Related Persons” means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor (including those retained in connection with the satisfaction or attempted satisfaction of any condition set forth in Article II) and other consultants and agents of or to such Person or any of its Affiliates.
“Release” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material into or through the environment.
“Remedial Action” means all actions required to (a) clean up, remove, treat or in any other way address any Hazardous Material in the indoor or outdoor environment, (b) prevent or minimize any Release so that a Hazardous Material does not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment or (c) perform pre remedial studies and investigations and post-remedial monitoring and care with respect to any Hazardous Material.
“Required Lenders” means at any time, subject to subsections 1.12(e) and 9.9(g), (a) Lenders then holding more than fifty percent (50%) of the sum of the Aggregate Revolving Loan Commitment then in effect plus the aggregate unpaid principal balance of the Term Loan then outstanding, or (b) if the Aggregate Revolving Loan Commitments have terminated, Lenders then holding more than fifty percent (50%) of the sum of the aggregate unpaid principal amount of Loans 

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(other than Swing Loans) then outstanding, outstanding Letter of Credit Obligations, amounts of participations in Swing Loans and the principal amount of unparticipated portions of Swing Loans; provided, that, if at any time there is more than one (1) Lender, “Required Lenders” shall include at least two (2) Lenders.  For purposes of this definition, all Lenders that are Affiliates, and each Lender and its Approved Funds, shall in each case be deemed to constitute a single Lender
“Required Revolving Lenders” means at any time, subject to subsection 1.12(e), (a) Lenders then holding more than fifty percent (50%) of the sum of the Aggregate Revolving Loan Commitments then in effect, or (b) if the Aggregate Revolving Loan Commitments have terminated, Lenders then holding more than fifty percent (50%) of the sum of the aggregate outstanding amount of Revolving Loans, outstanding Letter of Credit Obligations, amounts of participations in Swing Loans and the principal amount of unparticipated portions of Swing Loans; provided, that, if at any time there is more than one (1) Revolving Lender, “Required Revolving Lenders” shall include at least two (2) Revolving Lenders.  For purposes of this definition, all Lenders that are Affiliates, and each Lender and its Approved Funds, shall in each case be deemed to constitute a single Lender.
“Requirement of Law” means, as to any Person, any law (statutory or common), including, without limitation, Franchise Laws, ordinance, treaty, rule, regulation, order, policy, other legal requirement or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject.
“Responsible Officer” means the chief executive officer, the president, chief financial officer, treasurer, controller or general counsel of the Borrower or, in the event the Borrower shall have no chief executive officer, president, chief financial officer, treasurer, controller or general counsel, then any other officer having substantially the same authority and responsibility of a chief executive officer, president or chief financial officer, as applicable; or, with respect to compliance with financial covenants or delivery of financial information, the chief financial officer of the Borrower, or in the event the Borrower shall have no chief financial officer, treasurer, controller or general counsel, then any other officer having substantially the same authority and responsibility.
“Revolving Lender” means each Lender with a Revolving Loan Commitment (or if the Revolving Loan Commitments have terminated, who hold Revolving Loans or participations in Letter of Credit Obligations).
“Revolving Note” means a promissory note of the Borrower payable to a Lender in substantially the form of Exhibit 11.1(c) hereto, evidencing Indebtedness of the Borrower under the Revolving Loan Commitment of such Lender.
“Revolving Termination Date” means the earlier to occur of:  (a) August 28, 2019; and (b) the date on which the Aggregate Revolving Loan Commitment shall terminate in accordance with the provisions of this Agreement.
“Secured Party” means Agent, each Lender, each L/C Issuer, each other Indemnitee and each other holder of any Obligation of a Credit Party including each Secured Swap Provider and each Bank Product Provider.

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“Secured Rate Contract” means any Rate Contract between a Borrower and the counterparty thereto, which (i) has been provided or arranged by a Secured Swap Provider of the type described in clauses (i) or (ii) of the definition thereof or (ii) Agent has acknowledged in writing constitutes a “Secured Rate Contract” hereunder.
“Secured Swap Provider” means (i) GE Capital or an Affiliate of GE Capital if, at the time such Rate Contract was entered into, GE Capital or an Affiliate of GE Capital was a Lender or Agent hereunder or (ii) to the extent prior written notice thereof is given to Agent, any other Lender or an Affiliate of any other Lender.
“Software” means (a) all computer programs, including source code and object code versions, (b) all data, databases and compilations of data, whether machine readable or otherwise, and (c) all documentation, training materials and configurations related to any of the foregoing.
“Solvent” means, with respect to any Person as of any date of determination, that, as of such date, (a) the value of the assets of such Person (both at fair value and present fair saleable value) is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such Person, (b) such Person is able to pay all liabilities of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital.  In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
“Special Flood Hazard Area” means an area that FEMA’s current flood maps indicate has at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year.
“Sponsor” means Lee Equity Partners, LLC and its Controlled Investment Affiliates.
“SPV” means any special purpose funding vehicle identified as such in a writing by any Lender to Agent.
“Standard & Poor’s” means Standard & Poor’s Rating Services
“Stock” means all shares of capital stock (whether denominated as common stock or preferred stock, equity interests, beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting.
“Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable.
“Subordinated Indebtedness” means any Indebtedness of any Credit Party or any Subsidiary of any Credit Party which is subordinated as to right and time of payment and as to other rights and 

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remedies thereunder and having such other terms as are, in each case, reasonably satisfactory to Agent.
“Subsidiary” of a Person means any corporation, association, limited liability company, partnership, joint venture or other business entity of which more than fifty percent (50%) of the voting Stock, is owned or controlled directly or indirectly by the Person, or one or more of the Subsidiaries of the Person, or a combination thereof.
“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.
“Swingline Commitment” means $1,000,000.
“Swingline Lender” means, each in its capacity as Swingline Lender hereunder, GE Capital or, upon the resignation of GE Capital as Agent hereunder, any Lender (or Affiliate or Approved Fund of any Lender) that agrees, with the approval of Agent (or, if there is no such successor Agent, the Required Lenders) and the Borrower, to act as the Swingline Lender hereunder.
“Swingline Note” means a promissory note of the Borrower payable to the Swingline Lender, in substantially the form of Exhibit 11.1(d) hereto, evidencing the Indebtedness of the Borrower to the Swingline Lender resulting from the Swing Loans made to the Borrower by the Swingline Lender.
“Target” means any other Person or business unit or asset group of any other Person acquired or proposed to be acquired in an Acquisition.
“Term Note” means a promissory note of the Borrower payable to a Lender, in substantially the form of Exhibit 11.1(e) hereto, evidencing the Indebtedness of the Borrower to such Lender resulting from the Term Loan made to the Borrower by such Lender or its predecessor(s).
“Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise.
“Trade Secrets” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trade secrets.
“Trademark” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers and, in each case, all goodwill associated therewith, all registrations and recordations thereof and all applications in connection therewith.
“Transactions” has the meaning given to such term in the recitals hereto.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

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“United States” and “U.S.” each means the United States of America. either the common or public name thereof or a specific cite reference and are to be construed as
“U.S. Lender Party” means each of Agent, each Lender, each L/C Issuer, each SPV and each participant, in each case that is a United States person as defined in Section 7701(a)(30) of the Code.
“Wholly-Owned Subsidiary” means any Subsidiary in which (other than directors’ qualifying shares required by law) one hundred percent (100%) of the Stock and Stock Equivalents, at the time as of which any determination is being made, is owned, beneficially and of record, by any Credit Party, or by one or more of the other Wholly-Owned Subsidiaries, or both.
11.2Other Interpretive Provisions.
(a)Defined Terms.  Unless otherwise specified herein or therein, all terms defined in this Agreement or in any other Loan Document shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto.  The meanings of defined terms shall be equally applicable to the singular and plural forms of the defined terms.  Terms (including uncapitalized terms) not otherwise defined herein and that are defined in the UCC shall have the meanings therein described.
(b)The Agreement.  The words “hereof”, “herein”, “hereunder” and words of similar import when used in this Agreement or any other Loan Document shall refer to this Agreement or such other Loan Document as a whole and not to any particular provision of this Agreement or such other Loan Document; and subsection, section, schedule and exhibit references are to this Agreement or such other Loan Documents unless otherwise specified.
(c)Certain Common Terms.  The term “documents” includes any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced.  The term “including” is not limiting and means “including without limitation.”
(d)Performance; Time.  Whenever any performance obligation hereunder or under any other Loan Document (other than a payment obligation) shall be stated to be due or required to be satisfied on a day other than a Business Day, such performance shall be made or satisfied on the next succeeding Business Day.  In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including.”
(e)Contracts.  Unless otherwise expressly provided herein or in any other Loan Document, references to agreements and other contractual instruments, including this Agreement and the other Loan Documents, shall be deemed to include all subsequent amendments, thereto, restatements and substitutions thereof and other modifications and supplements thereto which are in effect from time to time, but only to the extent such amendments and other modifications are not prohibited by the terms of any Loan Document.
(f)Laws.  References to any statute or regulation may be made by using either the common or public name thereof or a specific cite reference and are to be construed as including 

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all statutory and regulatory provisions related thereto or consolidating, amending, replacing, supplementing or interpreting the statute or regulation.
11.3Accounting Terms and Principles.  All accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in accordance with GAAP.  No change in the accounting principles used in the preparation of any financial statement hereafter adopted by Holdings shall be given effect for purposes of measuring compliance with any provision of Article V or VI unless the Borrower, Agent and the Required Lenders agree to modify such provisions to reflect such changes in GAAP and, unless such provisions are modified, all financial statements, Compliance Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth therein before and after giving effect to such change in GAAP.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to in Article V and Article VI shall be made, without giving effect to any election under Statement of Financial Accounting Standards 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Credit Party or any Subsidiary of any Credit Party at “fair value.” A breach of a financial covenant contained in Article VI shall be deemed to have occurred as of any date of determination by Agent or as of the last day of any specified measurement period, regardless of when the financial statements reflecting such breach are delivered to Agent.
11.4Payments.  Agent may set up standards and procedures to determine or redetermine the equivalent in Dollars of any amount expressed in any currency other than Dollars and otherwise may, but shall not be obligated to, rely on any determination made by any Credit Party or any L/C Issuer.  Any such determination or redetermination by Agent shall be conclusive and binding for all purposes, absent manifest error.  No determination or redetermination by any Secured Party or any Credit Party and no other currency conversion shall change or release any obligation of any Credit Party or of any Secured Party (other than Agent and its Related Persons) under any Loan Document, each of which agrees to pay separately for any shortfall remaining after any conversion and payment of the amount as converted.  Agent may round up or down, and may set up appropriate mechanisms to round up or down, any amount hereunder to nearest higher or lower amounts and may determine reasonable de minimis payment thresholds.

123

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

	 
	PMI HOLDINGS, INC., a Delaware corporation

	 
	By:  

	 
	Name:  Ken Calwell

	 
	Title:  Chief Executive Officer

	 
	Address for notices for Borrower and all other Credit Parties:

	 
	PMI Holdings, Inc.

	 
	8000 N.E. Parkway Drive, Suite 350

	 
	Vancouver, WA 98662

	 
	Attention: VP of Accounting / Controller

	 
	Facsimile: (360) 260-0500

	 
	Email: david.reid@papamurphys.com 

	 
	with a copy to (which shall not constitute notice):

	 
	Lee Equity Partners, LLC

	 
	650 Madison Avenue

	 
	New York, NY 10022

	 
	Attn:  Yoo Jin Kim

	 
	Facsimile:  (646) 781-3700

	 
	Email:  ykim@thlcapital.com

	 
	with a copy to (which shall not constitute notice:

	 
	Weil, Gotshal & Manges LLP

	 
	767 Fifth Avenue

	 
	New York, NY 10153

	 
	Attn:  Andrew Yoon

	 
	Facsimile:  (212) 310-8007

	 
	Email:  andrew.yoon@weil.com

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

	 
	PAPA MURPHY’S INTERMEDIATE, INC., a Delaware corporation
PAPA MURPHY’S COMPANY STORES, INC., a Washington corporation
MURPHY’S MARKETING services, INC., a Florida corporation
PAPA MURPHY’S INTERNATIONAL LLC, a Delaware limited liability company
PAPA MURPHY’S worldwide LLC, a Delaware limited liability company

	 
	 

	 
	By:  

	 
	Name:  Ken Calwell

	 
	Title:  Chief Executive Officer

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the day and year first above written.
	
		
	 
	GENERAL ELECTRIC CAPITAL CORPORATION, as Agent, L/C Issuer and a Lender (including as Swingline Lender)

	 
	By:

	 
	Name:  Daniel A. Nunes

	 
	Title:  Duly Authorized Signatory

	 
	 

	 
	Address for Notices:

	 
	8377 East Hartford Drive, Suite 200

	 
	Scottsdale, Arizona 85255

	 
	Attn: Sponsor Finance Portfolio Management - Papa Murphy’s

	 
	 

	 
	In each case, with copies (which shall not constitute notice) to:

	 
	8377 East Hartford Drive, Suite 200

	 
	Scottsdale, Arizona 85255

	 
	Attn: Senior Counsel - Sponsor Finance

	 
	 

	 
	And

	 
	 

	 
	Katten Muchin Rosenman LLP

	 
	525 West Monroe Street

	 
	Chicago, Illinois 60661

	 
	Attention: Derek Ladgenski, Esquire

	 
	 

	 
	 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the day and year first above written.
	
	
	GE CAPITAL BANK, as a Lender

By:___________________________________
Name: Daniel A. Nunes
Title: Duly Authorized Signatory

Address for Notices: 

Address for notices:
GE Capital Bank c/o
General Electric Capital Corporation
8377 East Hartford Drive, Suite 200
Scottsdale, AZ 85255
Attn: Papa Murphy’s Account Manager
Facsimile:  (312) 441-7211

With a copy to:

GE Capital Bank
6510 Millrock Drive, Suite 200
Salt Lake City, Utah  84121
Attn:  Chief Financial Officer

Lending office:

GE Capital Bank
c/o  General Electric Capital Corporation
201 Merritt Seven
Norwalk, CT  06851
Attn:  Papa Murphy’s Account Manager
Facsimile:

With a copy to:

GE Capital Bank
6510 Millrock Drive, Suite 200
Salt Lake City, Utah  84121
Attn:  Chief Financial Officer

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

	
		
	 
	Citizens bank, n.a., as a Lender

	 
	By:

	 
	Name:  

	 
	Title:  

	 
	 

	 
	Address for Notices:

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	 

	 
	In each case, with copies (which shall not constitute notice) to:

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	 

	 
	And

	 
	 

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	__________________

	 
	 

	 
	 

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

	
		
	 
	WELLS FARGO BANK, N.A., as a Lender

	 
	By:

	 
	Name:  

	 
	Title:  

	 
	 

	 
	Address for Notices:

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	 

	 
	In each case, with copies (which shall not constitute notice) to:

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	 

	 
	And

	 
	 

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	__________________

	 
	 

	 
	 

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

	
		
	 
	REGIONS BANK, as a Lender

	 
	By:

	 
	Name:  

	 
	Title:  

	 
	 

	 
	Address for Notices:

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	 

	 
	In each case, with copies (which shall not constitute notice) to:

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	 

	 
	And

	 
	 

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	__________________

	 
	 

	 
	 

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

	
		
	 
	AMERICANWEST BANK, as a Lender

	 
	By:

	 
	Name:  

	 
	Title:  

	 
	 

	 
	Address for Notices:

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	 

	 
	In each case, with copies (which shall not constitute notice) to:

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	 

	 
	And

	 
	 

	 
	__________________

	 
	__________________

	 
	Attn: __________________

	 
	__________________

	 
	 

	 
	 

Schedule 1.1(a)
Term Loan Commitments
	
		
	Lender
	Term Loan Commitment

	 
	 

	General Electric Capital Corporation
	$31,090,909.10

	GE Capital Bank
	$25,000,000.00

	Citizens Bank, N.A.
	$16,342,657.34

	Wells Fargo Bank, N.A.
	$19,783,216.78

	Regions Bank
	$12,902,097.90

	AmericanWest Bank
	$6,881,118.88

	 
	 

	Total:
	$112,000,000

Schedule 1.1(b)
Revolving Loan Commitments
	
		
	Lender
	Revolving Loan Commitment

	 
	 

	General Electric Capital Corporation
	$10,909,090.90

	Citizens Bank, N.A.
	$2,657,342.66

	Wells Fargo Bank, N.A.
	$3,216,783.22

	Regions Bank
	$2,097,902.10

	AmericanWest Bank
	$1,118,881.12

	 
	 

	Total:
	$20,000,000

SCHEDULE 3.5 
 
LITIGATION 
 
DTD Pizza, LLC, et al. v. Papa Murphy’s International LLC, et al. (Superior Court of the State of Washington, In and For Clark County, Case No. 14-2-00904-0) 
On April 4, 2014, a group of franchise owners filed a lawsuit against Papa Murphy’s International LLC, Lee Equity Partners, LLC, and certain of our officers, directors, employees and former employees in the Superior Court in Clark County, Washington alleging that we misrepresented our sales volumes and made other false representations to them and charged excessive advertising fees, among other things, and have brought claims for violation of the Washington Franchise Investment Protection Act, fraud, negligent misrepresentation and breach of contract.  Papa Murphy’s denies plaintiff’s allegations and plans to vigorously defend against these claims. 
Mitch and Kristen Brink, Brink Holdings, Inc., et al. v. Papa Murphy’s International LLC, et al. (Superior Court of the State of Washington, In and For Clark County, Case No. 14-2-01743-3) 
 
On June 18, 2014, a group of franchise owners filed a lawsuit against Papa Murphy’s International LLC, Lee Equity Partners, LLC, and certain of our officers, directors, employees and former employees in the Supreme Court in Clark County, Washington.  The complaint includes many of the same allegations as those in the DTD Pizza, LLC case described above.  Papa Murphy’s denies plaintiff’s allegations and plans to vigorously defend against these claims. 

SCHEDULE 3.7 
 
ERISA
 
None.

SCHEDULE 3.8 
 
MARGIN STOCK
 
None.

SCHEDULE 3.9 
 
REAL ESTATE

Owned Real Property:  None 

 
Leased Real Property: 
 
	
		
	LESSEE 
	LOCATION 

	Papa Murphy’s International LLC 
	Corporate Office 
8000 N.E. Parkway Drive, Suite 350 
Vancouver, WA 98662 

	Papa Murphy’s International LLC 
	Store CO059 - Operated as a Company Store 
Wal-Mart Store #5334 
3301 North Tower Road 
Aurora, CO 80011  

	Papa Murphy’s International LLC 
	Store WI055 - Operated as a Company Store 
Wal-Mart Store #1982 
955 Mutual Way 
Appleton, WI 54913  

	Papa Murphy’s International LLC 
	Store WI063 - Sublet to Franchisee 
Wal-Mart Store #2421 
2212 Glacier Drive 
St. Croix Falls, WI 54024  

	Papa Murphy’s International LLC 
	Store WI067 - Sublet to Franchisee 
Wal-Mart Store #1571 
250 East Wolf Run 
Mukwonago, WI 5314 

	Papa Murphy’s International LLC 
	Store WI070 - Sublet to Franchisee 
Wal-Mart Store #5432 
250 West Richmond Way 
Richmond, WI 54017 

	Papa Murphy’s International LLC 
	Records Storage 
Access Storage 
7207 N. Leadbetter Road 
Portland, OR 97203 

	Papa Murphy’s International LLC 
	Commercial Storage  Crown Moving Co., Inc. 
705 SE Victory Avenue, Suite 100 
Vancouver, WA  

	Papa Murphy’s International LLC 
	Commercial and Records Storage  
Bluebird Transfer 
2500 East 5th Street 
Vancouver, WA 98661 

	Papa Murphy’s Company Stores, Inc. 
	Corporate Office 
8000 N.E. Parkway Drive, Suite 350 
Vancouver, WA 98662 

	
		
	LESSEE 
	LOCATION 

	Papa Murphy’s Company Stores, Inc. 
	Store CO002 
2800 West 10th Street 
Greeley, CO 80634 

	Papa Murphy’s Company Stores, Inc. 
	Store CO006 
1708 Dublin Boulevard 
Colorado Springs, CO 80918  

	Papa Murphy’s Company Stores, Inc. 
	Store CO008 
12158 East Mississippi Avenue 
Aurora, CO 80012 

	Papa Murphy’s Company Stores, Inc. 
	Store CO010 
15440 East Hampden Avenue 
Aurora, CO 80013 

	Papa Murphy’s Company Stores, Inc. 
	Store CO013 
18741 Ponderosa Drive, Suite E 
Parker, CO 80134 

	Papa Murphy’s Company Stores, Inc. 
	Store CO017 
6350 Sheridan Boulevard, Unit 105A 
Arvada, CO 80003 

	Papa Murphy’s Company Stores, Inc. 
	Store CO019 
840 South Prairie Avenue, Suite 2 
Pueblo, CO 81005 

	Papa Murphy’s Company Stores, Inc. 
	Store CO022 
2888 North Powers Boulevard 
Colorado Springs, CO 80922 

	Papa Murphy’s Company Stores, Inc. 
	Store CO024 
680 E. 120th Avenue, Suite A 
Northglenn, CO 80233 

	Papa Murphy’s Company Stores, Inc. 
	Store CO029 
12650 W. 64th Avenue, Suite D 
Arvada, CO 80004 

	Papa Murphy’s Company Stores, Inc. 
	Store CO030 
3782 E. 104th Avenue 
Thornton, CO 80233 

	Papa Murphy’s Company Stores, Inc. 
	Store CO032 
18525 East Smoky Hill Road, Suite J 
Centennial, CO 80015 

	Papa Murphy’s Company Stores, Inc. 
	Store CO033 
50 W. Littleton Boulevard, Suite 303 
Littleton, CO 80120 

	Papa Murphy’s Company Stores, Inc. 
	Store CO045 
2460 South Academy Boulevard 
Colorado Springs, CO 80916 

	Papa Murphy’s Company Stores, Inc. 
	Store CO046 
754 South Perry Street, Unit F 
Castle Rock, CO 80104 

	Papa Murphy’s Company Stores, Inc. 
	Store CO047 
1203 North Circle Drive 
Colorado Springs, CO 80909 

	
		
	LESSEE 
	LOCATION 

	Papa Murphy’s Company Stores, Inc. 
	Store CO055 
7669 McLaughlin Road 
Falcon, CO 80831 

	Papa Murphy’s Company Stores, Inc. 
	Store CO058 
1617 West US Highway 50 
Pueblo, CO 81008 

	Papa Murphy’s Company Stores, Inc. 
	Store CO059 Relocation 
18613 Green Valley Ranch Boulevard, Suite 104 Denver, CO 80249 

	Papa Murphy’s Company Stores, Inc. 
	Store CO064 
1725 Sheridan Boulevard, Unit C 
Edgewater, CO 80214 

	Papa Murphy’s Company Stores, Inc. 
	Store CO070 
11614 W. Belleview Avenue, Suite N 
Littleton, CO 80127 

	Papa Murphy’s Company Stores, Inc. 
	Store CO073 
300 East Highway 24, Unit B 
Woodland Park, CO 80863 

	Papa Murphy’s Company Stores, Inc. 
	Store CO083 
9231 E. Lincoln Avenue 
Lonetree, CO 80124 

	Papa Murphy’s Company Stores, Inc. 
	Store CO098 
1031 S. Taft Hill Road 
Fort Collins, CO 80521 

	Papa Murphy’s Company Stores, Inc. 
	Store ID005 
920 Caldwell Boulevard 
Nampa, ID 83651 

	Papa Murphy’s Company Stores, Inc. 
	Store ID008 
6940 West State Street 
Boise, ID 83714 

	Papa Murphy’s Company Stores, Inc. 
	Store ID010 
10545 Overland Road 
Boise, ID 83709 

	Papa Murphy’s Company Stores, Inc. 
	Store ID011 
2707 10th Avenue South 
Caldwell, ID 83605 

	Papa Murphy’s Company Stores, Inc. 
	Store ID016 
2412 South Apple Street 
Boise, ID 83706 

	Papa Murphy’s Company Stores, Inc. 
	Store ID022 
2418 12th Avenue Road 
Nampa, ID 83686 

	Papa Murphy’s Company Stores, Inc. 
	Store ID023 
7320 West Fairview Avenue 
Boise, ID 83704 

	Papa Murphy’s Company Stores, Inc. 
	Store ID027 
1545 Linder Road 
Kuna, ID 83634 

	
		
	LESSEE 
	LOCATION 

	Papa Murphy’s Company Stores, Inc. 
	Store KS010 - Assigned to Franchisee 
2110 North Maize Road, Suite 100 
Wichita, KS 67212 

	Papa Murphy’s Company Stores, Inc. 
	Store KS013 - Assigned to Franchisee 
9747 East 21st Street North 
Wichita, KS 67206 

	Papa Murphy’s Company Stores, Inc. 
	Store KS014 - Assigned to Franchisee 
1636 North Rock Road, Suite 400  
Derby, KS 67037 

	Papa Murphy’s Company Stores, Inc. 
	Store KS028 - Assigned to Franchisee 
13303 West Maple Street, Suite 127 
Wichita, KS 67235 

	Papa Murphy’s Company Stores, Inc. 
	Store KS029 - Assigned to Franchisee 
229 N. Andover Road, Suite 700 
Andover, KS 67002 

	Papa Murphy’s Company Stores, Inc. 
	Store KS034 - Assigned to Franchisee 
2712 S. Seneca Street 
Wichita, KS 67217 

	Papa Murphy’s Company Stores, Inc. 
	Store KS036 - Assigned to Franchisee 
4813 E. Central Avenue 
Wichita, KS 67208 

	Papa Murphy’s Company Stores, Inc.  
	Store KS039 - Assigned to Franchisee 
2348 W. Central Avenue 
El Dorado, KS 67042 

	Papa Murphy’s Company Stores, Inc. 
	Store MI009 
5311 Eastern Avenue SW 
Kentwood, MI 49508 

	Papa Murphy’s Company Stores, Inc. 
	Store MI014 
809 S. Beacon Boulevard 
Grand Haven, MI 49417 

	Papa Murphy’s Company Stores, Inc. 
	Store MI018 - Assigned to Franchisee 
5751 Byron Center Avenue SW 
Wyoming, MI 49519 

	Papa Murphy’s Company Stores, Inc. 
	Store MI026 
5210 Northland Drive NE 
Grand Rapids, MI 49525 

	Papa Murphy’s Company Stores, Inc. 
	Store MI030 
3355 Henry Street, Suite H 
Muskegon, MI 49441 

	Papa Murphy’s Company Stores, Inc. 
	Store MI031 
1239 Leonard Street NE 
Grand Rapids, MI 49505 

	Papa Murphy’s Company Stores, Inc. 
	Store MI042 
650 Baldwin Street 
Jenison, MI 49428 

	Papa Murphy’s Company Stores, Inc. 
	Store MN012 
10604 France Avenue South, Suite B 
Bloomington, MN 55431 

	
		
	LESSEE 
	LOCATION 

	Papa Murphy’s Company Stores, Inc. 
	Store MN016 
19112 Freeport Street NW 
Elk River, MN 55330  

	Papa Murphy’s Company Stores, Inc. 
	Store MN021 
8471 East Point Douglas Road South 
Cottage Grove, MN 55016 

	Papa Murphy’s Company Stores, Inc. 
	Store MN023 
15052 Gleason Path 
Apple Valley, MN 55124 

	Papa Murphy’s Company Stores, Inc. 
	Store MN025 
12421 Ulysses Street NE 
Blaine, MN 55434 

	Papa Murphy’s Company Stores, Inc. 
	Store MN028 
205 57th Avenue NE 
Fridley, MN 55432 

	Papa Murphy’s Company Stores, Inc. 
	Store MN030 
8507 Lyndale Avenue South 
Bloomington, MN 55420 

	Papa Murphy’s Company Stores, Inc. 
	Store MN037 
7455 Currell Boulevard 
Woodbury, MN 55125 

	Papa Murphy’s Company Stores, Inc. 
	Store MN038 
15043 Crestone Avenue 
Rosemount, MN 55068 

	Papa Murphy’s Company Stores, Inc. 
	Store MN039 
16605 County Road 24 
Plymouth, MN 55447 

	Papa Murphy’s Company Stores, Inc. 
	Store MN040 
3548 Main Street NW 
Coon Rapids, MN 55448 

	Papa Murphy’s Company Stores, Inc. 
	Store MN047 
172 Tyler Road South 
Red Wing, MN 55066 

	Papa Murphy’s Company Stores, Inc. 
	Store MN050 
2009 West Broadway Avenue 
Forest Lake, MN 55025 

	Papa Murphy’s Company Stores, Inc. 
	Store MN055 
5600 La Centre Avenue 
Albertville, MN 55301 

	Papa Murphy’s Company Stores, Inc. 
	Store MN056 
1771 Market Boulevard 
Hastings, MN 55033 

	Papa Murphy’s Company Stores, Inc. 
	Store MN060 
1754 Market Drive, Suite 300 
Stillwater, MN 55082 

	Papa Murphy’s Company Stores, Inc. 
	Store MN062 
1225 Highway 25 North 
Buffalo, MN 55313 

	
		
	LESSEE 
	LOCATION 

	Papa Murphy’s Company Stores, Inc. 
	Store MN073 
15190 Bluebird Street NW 
Andover, MN 55304 

	Papa Murphy’s Company Stores, Inc. 
	Store MN075 
5466 St. Croix Trail 
North Branch, MN 55056 

	Papa Murphy’s Company Stores, Inc. 
	Store MN077 
14050 Saint Francis Boulevard 
Ramsey, MN 55303 

	Papa Murphy’s Company Stores, Inc. 
	Store MN088 
20190 Heritage Drive 
Lakeville, MN 55044 

	Papa Murphy’s Company Stores, Inc. 
	Store MN089  
7017 10th Street North 
Oakdale, MN 55128 

	Papa Murphy’s Company Stores, Inc. 
	Store MN103 (approximate opening date 12/1/2014) 
437 Commerce Drive, Suite 600 
Woodbury, MN 55125 

	Papa Murphy’s Company Stores, Inc. 
	Store NM003 
2800 Coors Boulevard NW 
Albuquerque, NM 87120 

	Papa Murphy’s Company Stores, Inc. 
	Store NM014 
200 Tramway Blvd SE 
Albuquerque, NM 87123 (Smith’s Store #427) 

	Papa Murphy’s Company Stores, Inc. 
	Store NM019 
8400 Menaul Boulevard NE, Suite G 
Albuquerque, NM 87112 

	Papa Murphy’s Company Stores, Inc. 
	Store NM029  
2839 Carlisle Boulevard NE, Suite 110 
Albuquerque, NM 87110 

	Papa Murphy’s Company Stores, Inc. 
	Store NM031 
1121 Unser Blvd SE 
Rio Rancho, NM 87124 

	Papa Murphy’s Company Stores, Inc. 
	Store OR004 
5541 SW Beaverton-Hillsdale Highway 
Portland, OR 97221 

	Papa Murphy’s Company Stores, Inc. 
	Store OR042 
1503 North Pacific Highway 
Woodburn, OR 97071 

	Papa Murphy’s Company Stores, Inc. 
	Store OR055 
4350 SW Multnomah Boulevard 
Portland, OR 97219 

	Papa Murphy’s Company Stores, Inc. 
	Store WA082 
3404 Kitsap Way 
Bremerton, WA 98312 

	Papa Murphy’s Company Stores, Inc. 
	Store WA087 
1468 Olney Street SE, Suite 105 
Port Orchard, WA 98366 

	
		
	LESSEE 
	LOCATION 

	Papa Murphy’s Company Stores, Inc. 
	Store WA100 
4213 Wheaton Way 
Bremerton, WA 98310 

	Papa Murphy’s Company Stores, Inc. 
	Store WA132 
6715 NE 63rd Street, Suite 105 
Vancouver, WA 98661 

	Papa Murphy’s Company Stores, Inc. 
	Store WA147 
2220 Bucklin Hill Road, Suite 102 
Silverdale, WA 98383 

	Papa Murphy’s Company Stores, Inc. 
	Store WI024 
109 Carmichael Road 
Hudson, WI 54016 

	Papa Murphy’s Company Stores, Inc. 
	Store WI071 
2304 South Main Street, Suite 7 
Rice Lake, WI 54868 

	Papa Murphy’s Company Stores, Inc. 
	Equipment in Storage 
State Line Storage 
200 State Line Road 
Temperance, MI 48182 

	Papa Murphy’s Company Stores, Inc. 
	Equipment in Storage 
Mini U Storage 
5980 Sheridan Boulevard 
Arvada, CO 80003 

	Papa Murphy’s Company Stores, Inc. 
	Equipment in Storage 
Van Mall Storage 
4214 NE 72nd Avenue 
Vancouver, WA 98661 

SCHEDULE 3.15 
 
LABOR RELATIONS
 
None.

SCHEDULE 3.17 
 
BROKERS' AND TRANSACTION FEES
 
None.

SCHEDULE 3.19 
 
VENTURES, SUBSIDIARIES AND AFFILIATES; OUTSTANDING STOCK 
 
Joint Ventures/Partnerships: 
 
None. 
 
Capitalization Table: 
 
	
				
	ENTITY 
	OWNED BY 
	PERCENTAGE OF OWNERSHIP 
	NUMBER OF SHARES 

	Papa Murphy’s Intermediate, Inc. 
	Papa Murphy’s Holdings, Inc. 
	100% 
	1,000 

	PMI Holdings, Inc. 
	Papa Murphy’s Intermediate, Inc. 
	100% 
	1,000 

	Papa Murphy’s Company Stores, Inc. 
	PMI Holdings, Inc. 
	100% 
	500 

	Project Pie Holdings LLC 
	PMI Holdings, Inc. 
	88.89% 
	50 

	John D. Barr 
	11.11% 
	400 

	Papa Murphy’s International LLC 
	Papa Murphy’s Company Stores, Inc. 
	100% 
	N/A 

	Papa Murphy’s Worldwide LLC 
	Papa Murphy’s International LLC 
	100% 
	N/A 

	Murphy’s Marketing Services, Inc. 
	Papa Murphy’s Company Stores, Inc. 
	100% 
	1,000 

	PMI Canada, ULC 
	Papa Murphy’s Worldwide LLC 
	100% 
	1,000 

 
 
Preemptive and Other Outstanding Rights: 
 
None. 

SCHEDULE 3.20 
 
JURISDICTION OF ORGANIZATION; CHIEF EXECUTIVE OFFICE 
 
 
	
						
	CREDIT PARTY 
	JURISDICTION 
	ORGANIZATIONAL ID NUMBER 
	EIN 
	CHIEF EXECUTIVE OFFICE 
	FORMER 
NAMES/LOCATIONS 
WITHIN THE LAST 5 YEARS 

	Papa Murphy’s 
Intermediate, Inc. 
	Delaware 
	4814363 
	27-2454379 
	8000 N.E. Parkway Drive, 
Suite 350 
Vancouver, WA 98662 
	 

	PMI Holdings, 
Inc. 
	Delaware 
	3814836 
	20-1282108 
	8000 N.E. Parkway Drive, Suite 350 
Vancouver, WA 98662 
	Papa Murphy’s Merger Co. 

	Papa Murphy’s 
International 
LLC 
	Delaware 
	3814784 
	20-1282063 
	8000 N.E. Parkway Drive, Suite 350 
Vancouver, WA 98662 
	Papa Murphy’s 
International, Inc. 

	Papa Murphy’s 
Company Stores, 
Inc. 
	Washington 
	602001747 
	94-3354204 
	8000 N.E. Parkway Drive, 
Suite 350 
Vancouver, WA 98662 
	 

	Papa Murphy’s Worldwide LLC 
	Delaware 
	4148329 
	37-1523273 
	8000 N.E. Parkway Drive, 
Suite 350 
Vancouver, WA 98662 
	Papa Murphy’s Canada, Inc. 
Papa Murphy’s Canada LLC 

	Murphy’s 
Marketing 
Services, Inc. 
	Florida 
	P10000071270 
	27-3357558 
	8000 N.E. Parkway Drive, 
Suite 350 
Vancouver, WA 98662 
	 

SCHEDULE 3.26 
 
FRANCHISE MATTERS
 
None.

Schedule 4.15 
Post-Closing Obligations 
1. On or prior to October 13, 2014, Borrower shall deliver or cause to be delivered to Agent, the endorsements to the insurance policies required by Section 4.6 of the Credit Agreement. 

SCHEDULE 5.1 
 
LIENS
 
None.

SCHEDULE 5.2 
 
PERMITTED STORE DISPOSITIONS
 

	
		
	Papa Murphy’s Company Stores, Inc. 
	Store MI009 
5311 Eastern Avenue SW 
Kentwood, MI 49508 

	Papa Murphy’s Company Stores, Inc. 
	Store MI014 
809 S. Beacon Boulevard 
Grand Haven, MI 49417 

	Papa Murphy’s Company Stores, Inc. 
	Store MI026 
5210 Northland Drive NE 
Grand Rapids, MI 49525 

	Papa Murphy’s Company Stores, Inc. 
	Store MI030 
3355 Henry Street, Suite H 
Muskegon, MI 49441 

	Papa Murphy’s Company Stores, Inc. 
	Store MI031 
1239 Leonard Street NE 
Grand Rapids, MI 49505 

	Papa Murphy’s Company Stores, Inc. 
	Store MI042 
650 Baldwin Street 
Jenison, MI 49428 

	Papa Murphy’s Company Stores, Inc. 
	Store NM003 
2800 Coors Boulevard NW 
Albuquerque, NM 87120 

	Papa Murphy’s Company Stores, Inc. 
	Store NM014 
200 Tramway Blvd SE 
Albuquerque, NM 87123 (Smith’s Store #427) 

	Papa Murphy’s Company Stores, Inc. 
	Store NM019 
8400 Menaul Boulevard NE, Suite G 
Albuquerque, NM 87112 

	Papa Murphy’s Company Stores, Inc. 
	Store NM029  
2839 Carlisle Boulevard NE, Suite 110 
Albuquerque, NM 87110 

	Papa Murphy’s Company Stores, Inc. 
	Store NM031 
1121 Unser Blvd SE 
Rio Rancho, NM 87124 

SCHEDULE 5.4 
 
INVESTMENTS
 

		
	1.
	Promissory Note dated August 18, 2009 issued by Pizza Masters of Illinois, Inc. to Papa Murphy’s Company Stores, Inc. in the amount of $492,000, as amended by First Amendment to Promissory Note dated September 31, 2013. 

 
		
	2.
	Promissory Note dated December 15, 2009 issued by Ananda Holdings Ltd. to PMI Canada, ULC in the amount of $1,000,000 (CAD), as amended and assigned to Papa Murphy’s Worldwide LLC by Amendment and Assignment to Promissory Note dated March 13, 2012. 

 
		
	3.
	Promissory Note dated December 31, 2012 issued by Craig Weiss to Papa Murphy’s International LLC in the amount of $85,788, and replaced by the Promissory Note dated March 31, 2013 issued by Craig Weiss to Papa Murphy’s International LLC in the amount of $85,838.77. 

 
		
	4.
	Promissory Note dated April 1, 2013 issued by Richard Key to Papa Murphy’s International LLC in the amount of $54,220. 

 
		
	5.
	PMI Holdings, Inc.’s membership interest in Project Pie Holdings LLC, together with all rights and obligations in connection therewith. 

 

SCHEDULE 5.4 
 
INDEBTEDNESS

1. Under Addendum Number 4 dated December 27, 2013, to the Radiant Software License, Support and Purchase Agreement dated August 12, 2009, between Papa Murphy’s International LLC and Radiant Systems, Inc., Papa Murphy’s agreed to purchase 597 Radiant site-based licenses for an aggregate total of $2,257,615 and 1,347 hosted licenses for an aggregate total of $2,289,900, to be paid in quarterly payments of $909,503. 

SCHEDULE 5.6 
 
TRANSACTIONS WITH AFFILIATES

		
	1.
	Trademark License Agreement dated June 1, 2006 between Papa Murphy’s International, Inc. and PMI Canada, ULC. 

		
	2.
	License Agreement dated January 4, 2011 between PMI Holdings, Inc. and Papa Murphy’s Company Stores, Inc. 

		
	3.
	License Agreement dated January 4, 2011 between PMI Holdings, Inc. and Papa Murphy’s International LLC. 

		
	4.
	License Agreement dated January 4, 2011 between PMI Holdings, Inc. and Papa Murphy’s Worldwide LLC. 

		
	5.
	Intercompany Loan Agreement dated December 15, 2011, as amended by First Amendment to Intercompany Loan Agreement dated October 1, 2013, among PMI Holdings, Inc., as lender, and Papa Murphy’s International LLC, Papa Murphy’s Company Stores, Inc., and Papa Murphy’s Worldwide LLC, as borrowers. 

		
	6.
	Amended and Restated Revolving Promissory Note Papa Murphy’s International LLC, Papa Murphy’s Company Stores, Inc., and Papa Murphy’s Worldwide LLC from dated October 1, 2013. 

 

SCHEDULE 5.9 
 
CONTINGENT OBLIGATIONS

		
	1.
	Under a Franchisor Agreement effective January 5, 2014, between Valassis Direct Mail, Inc. and Murphy’s Marketing Services, Inc., Murphy’s Marketing Services, Inc. agreed to an annual revenue commitment of $5,800,000.  In the event the annual revenue is not met, Murphy’s Marketing Services, Inc. will owe Valassis Direct Mail, Inc. an amount which would in no event exceed 50% of the anticipated annual revenue minus the amount of payments already made in such fiscal year. 

 
		
	2.
	Pursuant to certain licensing agreements with NCR Corporation, certain Credit Parties have agreed to install a certain amount of “point of sale” operating systems in company stores.  Pursuant to the terms of these agreements, if company stores do not adopt these systems, such Credit Parties may still be responsible for maintenance payments relating thereto. 

 

SCHEDULE 11.1 
 
FISCAL PERIODS

Fiscal Period end dates are denoted below.  Fiscal Quarter (other than the last Fiscal Quarter of each Fiscal Year) end dates are highlighted and the end dates of each Fiscal Year (including the last Fiscal Quarter of each Fiscal Year) are denoted in bold italics.  
 
	
						
	02/03/14 
	02/02/15
	02/01/16
	02/06/17
	02/05/18
	02/04/19 

	03/03/14 
	03/02/15
	02/29/16
	03/06/17
	03/05/18
	03/04/19 

	03/31/14 
	03/30/15
	03/28/16
	04/03/17
	04/02/18
	04/01/19 

	05/05/14 
	05/04/15
	05/02/16
	05/08/17
	05/07/18
	05/06/19 

	06/02/14 
	06/01/15
	05/30/16
	06/05/17
	06/04/18
	06/03/19 

	06/30/14 
	06/29/15
	06/27/16
	07/03/17
	07/02/18
	07/01/19 

	08/04/14 
	08/03/15
	08/01/16
	08/07/17
	08/06/18
	08/05/19 

	09/01/14 
	08/31/15
	08/29/16
	09/04/17
	09/03/18
	09/02/19 

	09/29/14 
	09/28/15
	09/26/16
	10/02/17
	10/01/18
	09/30/19 

	11/03/14 
	11/02/15
	10/31/16
	11/06/17
	11/05/18
	11/04/19 

	12/01/14 
	11/30/15
	11/28/16
	12/04/17
	12/03/18
	12/02/19 

	12/29/14 
	12/28/15
	01/02/17
	01/01/18
	12/31/18
	12/30/19 

EXHIBIT 1.1(c)
TO
CREDIT AGREEMENT

FORM OF LETTER OF CREDIT REQUEST
[NAME OF L/C ISSUER], as L/C Issuer
under the Credit Agreement referred to below
Attention: ________________
_________ __, 201_
Re:    PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”)
Reference is made to the Credit Agreement, dated as of August 28, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity, together with successors and permitted assigns in such capacity, “Agent”) and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto.  Capitalized terms used herein without definition are used as defined in the Credit Agreement.
The Borrower hereby gives you notice, irrevocably, pursuant to Section 1.1(c) of the Credit Agreement, of its request for your Issuance of a Letter of Credit, in the form attached hereto, for the benefit of [Name of Beneficiary], in the amount of $________, to be issued on ________, ____ (the “Issue Date”) with an expiration date of _________, ____.
The undersigned hereby certifies that, except as set forth on Schedule A attached hereto, the following statements are true on the date hereof and will be true on the Issue Date, both before and after giving effect to the Issuance of the Letter of Credit requested above and any Loan to be made or any other Letter of Credit to be Issued on or before the Issue Date:
(i)    the representations and warranties set forth in Article III of the Credit Agreement and elsewhere in the Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein), except to the extent such representations and warranties expressly relate to an earlier date (in which event such representations and warranties were true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date); and
(ii)    no Default or Event of Default has occurred and is continuing.
[Balance of page intentionally left blank; signature page follows.]

	
			
	PMI HOLDINGS, INC., a Delaware corporation, as Borrower

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

EXHIBIT 1.1(d)
TO
CREDIT AGREEMENT

Form of SwingLine Request
GENERAL ELECTRIC CAPITAL CORPORATION,
as Agent under the Credit Agreement referred to below
8377 East Hartford Drive, Suite 200
Scottsdale, Arizona 85255
Attention:  Sponsor Finance Portfolio Management - Papa Murphy’s
_________ __,  201__
Re:    PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”)
Reference is made to the Credit Agreement, dated as of August 28, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity, together with successors and permitted assigns in such capacity, “Agent”) and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto.  Capitalized terms used herein without definition are used as defined in the Credit Agreement.
The Borrower hereby gives you irrevocable notice pursuant to Section 1.1(d) of the Credit Agreement that it requests Swing Loans under the Credit Agreement (the “Proposed Advance”) and, in connection therewith, sets forth the following information:
A.    The date of the Proposed Advance is __________, ____ (the “Funding Date”).
B.    The aggregate principal amount of the Proposed Advance is $_________.
The undersigned hereby certifies that, except as set forth on Schedule A attached hereto, the following statements are true on the date hereof both before and after giving effect to the Proposed Advance and any other Loan to be made or Letter of Credit to be issued on or before the Funding Date:
(i)    the representations and warranties set forth in Article III of the Credit Agreement and elsewhere in the Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein), except to the extent such representations and warranties expressly relate to an earlier date (in which event such representations and warranties were true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date); and
(ii)    no Default or Event of Default is continuing.
[Balance of page intentionally left blank; signature page follows.]

	
			
	Sincerely,

	PMI HOLDINGS, INC., a Delaware corporation, as Borrower

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

EXHIBIT 1.7
TO
CREDIT AGREEMENT
FORM OF NOTICE OF CONVERSION OR CONTINUATION
GENERAL ELECTRIC CAPITAL CORPORATION,
as Agent under the Credit Agreement referred to below
8377 East Hartford Drive, Suite 200
Scottsdale, Arizona 85255
Attention:  Sponsor Finance Portfolio Management - Papa Murphy’s

Re:    PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”)
Reference is made to the Credit Agreement, dated as of August 28, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity, together with successors and permitted assigns in such capacity, “Agent”) and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto.  Capitalized terms used herein without definition are used as defined in the Credit Agreement.
The Borrower hereby gives you irrevocable notice, pursuant to Section 1.7 of the Credit Agreement of its request for the following:
(i)    a continuation, on    , ____, as LIBOR Rate Loans having an 
Interest Period of ___ months of [Term Loans] [Revolving Loans] in an aggregate outstanding principal amount of $    having an Interest Period ending on the 
proposed date for such continuation;
(ii)    a conversion, on    , ____, to LIBOR Rate Loans having an 
Interest Period of ___ months of [Term Loans] [Revolving Loans] in an aggregate outstanding principal amount of $    ; and
(iii)    a conversion, on    , ____, to Base Rate Loans of [Term Loans]\ [Revolving Loans] in an aggregate outstanding principal amount of $    .
In connection herewith, the undersigned hereby certifies that, except as set forth on Schedule A attached hereto, no Event of Default has occurred and is continuing on the date hereof, both before and after giving effect to any Loan to be made or Letter of Credit to be Issued on or before any date for any proposed conversion or continuation set forth above.
[Balance of page intentionally left blank; signature page follows.]

	
		
	 
	PMI HOLDINGS, INC., a Delaware corporation, as Borrower

	 
	By:

	 
	Name:

	 
	Title:

EXHIBIT 2.1
TO 
CREDIT AGREEMENT
CLOSING AGENDA AND DOCUMENT CHECKLIST

See attached.

Exhibit 2.1 
                            
                            
                            
 
$132,000,000 CREDIT FACILITY  
 
Closing Date: August 28, 2014 
 
CLOSING AGENDA AND DOCUMENT CHECKLIST  
 
PMI HOLDINGS, INC., as the Borrower, 
THE OTHER PERSONS PARTY HERETO THAT ARE  
DESIGNATED AS CREDIT PARTIES, 
GENERAL ELECTRIC CAPITAL CORPORATION,  
for itself, as a Lender and Swingline Lender, and as Agent for all Lenders, 
THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO 
as Lenders, 
and 
GE CAPITAL MARKETS, INC., 
as Sole Lead Arranger 
                            
                            
 
Capitalized Terms used herein and otherwise not defined  have the meanings ascribed to them in the Credit Agreement 

1

TABLE OF PARTIES: 
	
		
	Agent 
	GECC, in its capacity as Agent 

	Borrower 
	PMI Holdings, Inc., a Delaware corporation 

	Credit Parties 
	Borrower and Guarantors 

	Domestic Subsidiaries 
	PM Company Stores; Murphy’s Marketing;  PM International; PM Worldwide 

	GECC 
	General Electric Capital Corporation, a Delaware corporation 

	Guarantors 
	Holdings and each Domestic Subsidiary 

	Holdings 
	Papa Murphy’s Intermediate, Inc., a Delaware corporation 

	KMR 
	Katten Muchin Rosenman LLP, counsel for Agent 

	Lenders 
	GECC and the other Lenders party to the Credit Agreement

	Murphy’s Marketing 
	MURPHY’S MARKETING SERVICES, INC., a Florida corporation 

	PM Company Stores 
	Papa Murphy’s Company Stores, Inc., a Washington corporation 

	PM International 
	Papa Murphy’s International LLC, a Delaware limited liability company 

	PM Worldwide 
	Papa Murphy’s Worldwide LLC, a Delaware limited liability company 

	Proskauer 
	Proskauer Rose LLP, counsel for Golub Capital LLC 

	Sponsor 
	Lee Equity Partners, LLC 

	Weil 
	Weil Gotshal & Manges LLP, counsel for Credit Parties and Sponsor 

 

		
	I.
	PRINCIPAL LOAN DOCUMENTS 

	
			
	Item No. 
	 
	Document 

	1.
	Credit Agreement 
	 

	 
	Schedules to Credit Agreement 
	 

	 
	1.1 (a) - Term Loan Commitments 
	 

	 
	1.1 (b) - Revolving Loan Commitments 
	 

	 
	3.5 - Litigation 
	 

	 
	3.7 - ERISA 
	 

	 
	3.8 - Margin Stock 
	 

2

	
			
	Item No. 
	Document 

	 
	3.9 - Real Estate 

	 
	3.15 - Labor Relations 

	 
	3.17 - Brokers’ and Transaction Fees 

	 
	3.19 - Ventures; Subsidiaries and Affiliates; Outstanding Stock 

	 
	3.20 - Jurisdiction of Organization; Chief Executive Office 

	 
	3.21 - Deposit Accounts and Other Accounts 

	 
	3.26 - Franchise Matters 

	 
	4.15 - Post-Closing Obligations 

	 
	5.1 - Liens 

	 
	5.2 - Permitted Store Dispositions 

	 
	5.4 - Investments 

	 
	5.5 - Indebtedness 

	 
	5.6 - Transactions with Affiliates 

	 
	5.9 - Contingent Obligations 

	 
	11.1 - Fiscal Periods 

	 
	Exhibits to Credit Agreement 

	 
	1.1(c) - Form of L/C Request 

	 
	1.1(d) - Form of Swing Loan Request 

	 
	1.6 - Form of Notice of Conversion/ Continuation 

	 
	2.1 - Closing Checklist 

	 
	4.2(b) - Form of Compliance Certificate 

	 
	9.9(g)(i)(B) - Form of Affiliated Lender Assignment and Assumption 

	 
	11.1(a) - Form of Assignment 

	 
	11.1(b) - Form of Notice of Borrowing 

	 
	11.1 (c) - Form of Revolving Note 

	 
	11.1 (d) - Form of Swingline Note 

	 
	11.1 (e) - Form of Term Note 

	2.
	Revolving Notes in the aggregate principal amount of up to $20,000,000, payable to the following financial institutions: 
AmericanWest Bank $1,118,881.12 
Citizens Bank, N.A.  $2,657,342.66 

3

	
			
	Item No. 
	Document 

	 
	Wells Fargo Bank, N.A. $3,216,783.22 
 Regions Bank $2,097,902.10 

	3.
	Term Notes in the aggregate prin institutions: 
AmericanWest Bank 
	cipal amount of up to $112,000,000, payable to the following financial 
$6,881,118.88 

	 
	Citizens Bank, N.A.  
	$16,342,657.34 

	 
	Wells Fargo Bank, N.A. 
	$19,783,216.78 

	 
	Regions Bank 
	$12,902,097.90 

		
	II.
	SECURITY DOCUMENTS 

	
		
	Item No. 
	Document 

	4.
	Guaranty and Security Agreement 

	 
	Annex 1 - Form of Pledge Amendment 

	 
	Annex 2 - Form of Joinder Agreement 

	 
	Annex 3 - Form of IP Security Agreement 

	 
	Schedule 1 - Commercial Tort Claims 

	 
	Schedule 2 - Filings 

	 
	Schedule 3 - Jurisdiction of Organization; Chief Executive Office 

	 
	Schedule 4 - Location of Inventory and Equipment 

	 
	Schedule 5 - Pledged Collateral 

	 
	Schedule 6 - Intellectual Property 

	 
	(a) Stock Certificate No. 1, representing all of the issued and outstanding capital stock of Borrower 

	 
	 (i) Stock Power 

	 
	(b) Stock Certificate No. 3, representing all of the issued and outstanding capital stock of PM Company Stores 

	 
	 (i) Stock Power 

	 
	(c) Stock Certificate No. 1, representing all of the issued and outstanding capital stock of Murphy’s Marketing 

	 
	 (i) Stock Power 

	 
	(d) Stock Certificate No. 2, representing 661/3% of the issued and outstanding capital stock of PMI Canada, ULC 

	 
	 (i) Stock Power  

4

	
		
	Item No. 
	Document 

	 
	(e) Promissory Note dated August 18, 2009 issued by Pizza Masters of Illinois, Inc. to Papa Murphy’s Company 
Stores, Inc. in the amount of $492,000, as amended by First Amendment to Promissory Note dated September 13, 2013 

	 
	 (i) Allonge 

	 
	(f) Promissory Note dated December 15, 2009 issued by Ananda Holdings Ltd. to PMI Canada, ULC in the amount of $1,000,000 (CAD), as amended and assigned to Papa Murphy’s Worldwide LLC by Amendment and Assignment to Promissory Note dated March 13, 2012 

	 
	 (i) Allonge 

	 
	(g) $30,000,000 Amended and Restated Revolving Promissory Note dated as of October 1, 2013, by and among Papa Murphy’s Company Stores, Inc., Papa Murphy’s International LLC and Papa Murphy’s Canada LLC as Borrower and PMI Holdings, Inc. as Lender 

	 
	 (i) Allonge 

	5.
	Trademark Security Agreement executed by PM International 

	 
	Schedule 

	6.
	Deposit Account Control Agreement with Wells Fargo

	7.
	Landlord Waiver and Consent to Collateral Access Agreement executed by the landlord party to the lease for 8000 NE Parkway Drive, Vancouver, Washington 

		
	III.
	COLLATERAL DUE DILIGENCE 

	
				
	Item No. 
	Document 

	8.
	Perfection Certificate 

	 
	Schedules to Perfection Certificate 

	9.
	Pre-Closing Lien Search Reports detailing the searches in those jurisdictions listed on Exhibit A attached hereto and a summary thereof 

	10.
	UCC-1 Financing Statements listed on Exhibit B attached hereto 

	11.
	Post-Closing Lien Search Reports 

 

5

	
		
	12.
	Intellectual Property Searches 

	13.
	W-9’s for each Credit Party and for each party to directly receive funds from Agent on the Closing Date - needed 
1 week before closing 

	14.
	Borrower’s Administrative Details Form 

	15.
	CIP form for the Borrower 

 
		
	IV.
	ANCILLARY DOCUMENTS 

	
		
	Item No. 
	Document 

	16.
	Initial Notice of Borrowing 

	 
	Schedule I - Funds Flow Memorandum 

	17.
	Officer’s Closing Certificate (includes Solvency Cert), and exhibits thereto: 
(i) Miller Note, including amendment thereto 
(ii) Drake Enterprises Note 

	18.
	Master Standby Letter of Credit Agreement 

	19.
	Master Documentary Letter of Credit Agreement 

	20.
	Fee Letter 

	21.
	Financial Statements, including pro forma balance sheet and projections 

	22.
	Insurance Certificates & Endorsements naming Agent as additional insured/loss payee and conforming to requirements under Credit Agreement and provided by Agent to Credit Parties 

		
	V.
	ORGANIZATIONAL DOCUMENTS 

	
		
	Item No. 
	Document 

	23.
	Secretary’s Certificate of Holdings 

	 
	Exhibit A - Certificate of Incorporation certified by the Secretary of State of Delaware 

	 
	Exhibit B - Good Standing Certificate certified by the Secretary of State of Delaware 

	 
	Exhibit C - Bylaws 

	 
	Exhibit D - Resolutions (re:  Loan Documents)  

	 
	Exhibit E - Incumbency 

6

	
		
	Item No. 
	Document 

	24.
	Secretary’s Certificate of Borrower 

	 
	Exhibit A - Certificate of Incorporation certified by the Secretary of State of Delaware 

	 
	Exhibit B - Good Standing Certificate certified by the Secretary of State of Delaware 

	 
	Exhibit C - Bylaws 

	 
	Exhibit D - Resolutions (re:  Loan Documents)  

	 
	Exhibit E - Incumbency 

	25.
	Secretary’s Certificate of PM Company Stores 

	 
	Exhibit A - Articles of Incorporation certified by the Secretary of State of Washington  

	 
	Exhibit B - Good Standing Certificate certified by the Secretary of State of Washington 

	 
	Exhibit C - Bylaws 

	 
	Exhibit D - Resolutions (re:  Loan Documents) 

	 
	Exhibit E - Incumbency 

	26.
	Secretary’s Certificate of Murphy’s Marketing 

	 
	Exhibit A -Articles of Incorporation certified by the Secretary of State of Florida  

	 
	Exhibit B - Good Standing Certificate certified by the Florida Secretary of State 

	 
	Exhibit C - Bylaws 

	 
	Exhibit D - Resolutions (re:  Loan Documents) 

	 
	Exhibit E - Incumbency 

	27.
	Secretary’s Certificate of PM International 

	 
	Exhibit A - Certificate of Formation certified by the Secretary of State of Delaware  

	 
	Exhibit B - Good Standing Certificates certified by the Delaware Secretary of State 

	 
	Exhibit C - LLCA 

	 
	Exhibit D - Resolutions (re:  Loan Documents) 

	 
	Exhibit E - Incumbency 

	28.
	Secretary’s Certificate of PM Worldwide 

	 
	Exhibit A - Certificate of Formation certified by the Secretary of State of Delaware  

	 
	Exhibit B - Good Standing Certificates certified by the Delaware Secretary of State 

	 
	Exhibit C - LLCA 

	 
	Exhibit D - Resolutions adopted by the Board of Managers (re:  Loan Documents) 

	 
	Exhibit E - Incumbency 

	29.
	Certificate of Formation and LLCA for Project Pie Holdings, LLC and Amendment Permitting Pledge 

 

7

		
	VI.
	DEBT REPAYMENT DOCUMENTS 

	
		
	Item No. 
	Document 

	30.
	Payoff Letter and Lien Release executed and delivered by: Golub Capital LLC 

	31.
	Termination of Wells Fargo Deposit Account Control Agreement 

	32.
	UCC Terminations listed on Exhibit C hereto 

	33.
	Intellectual Property Releases listed on Exhibit C hereto  

 
		
	VII.
	LEGAL OPINIONS 

	
		
	Item No. 
	Document 

	34.
	Opinion of Credit Parties’ Counsel re:  Loan Documents 

	35.
	Opinion of Credit Parties’ local Washington counsel re:  Loan Documents w/r/t PM Company Stores 

 

8

EXHIBIT A 

Search Jurisdictions 
	
			
	Entity 
	 
	Jurisdiction 

	1. Papa Murphy’s Intermediate, Inc. 
	 
	Delaware SOS;  

	 
	 
	WA SOS;  

	 
	 
	Clark County, Washington 

	2. PMI Holdings, Inc. 
	 
	Delaware SOS;  

	 
	 
	WA SOS;  

	 
	 
	Clark County, Washington 

	3. Papa Murphy’s Company Stores, Inc. 
	 
	Washington SOS;  

	 
	 
	WA SOS;  

	 
	 
	Clark County, Washington 

	4. MURPHY’S MARKETING, INC. 
	 
	Florida SOS;  

	 
	 
	WA SOS;  

	 
	 
	Clark County, Washington 

	5. Papa Murphy’s International LLC 
	 
	Delaware SOS;  

	 
	 
	WA SOS;  

	 
	 
	Clark County, Washington 

	6. Papa Murphy’s Worldwide LLC 
	 
	Delaware SOS;  

	 
	 
	WA SOS;  

	 
	 
	Clark County, Washington 

	7. Project Pie Holdings LLC 
	 
	Delaware SOS 

 

9

EXHIBIT B

UCC-1 Financing Statements 
	
						
	Debtor Name 
	Secured Party Name 
	Jurisdiction 
	Type of Filing 
	Filing Date & Filing No.1  
	Post-filing 
Search 2

	1. Papa Murphy’s Intermediate, Inc. 
	General Electric Capital Corporation, as Agent 
	Delaware SOS 
	All Assets 
	 
	 

	2. PMI Holdings, Inc. 
	General Electric Capital Corporation, as Agent 
	Delaware SOS 
	All Assets 
	 
	 

	3. Papa Murphy’s Company Stores, Inc. 
	General Electric Capital Corporation, as Agent 
	Washington SOS 
	All Assets 
	 
	 

	4. MURPHY’S MARKETING SERVICES, INC. 
	General Electric Capital Corporation, as Agent 
	Florida SOS 
	All Assets 
	 
	 

	5. Papa Murphy’s International LLC 
	General Electric Capital Corporation, as Agent 
	Delaware SOS 
	All Assets 
	 
	 

	6. Papa Murphy’s Worldwide LLC 
	General Electric Capital Corporation, as Agent 
	Delaware SOS 
	All Assets 
	 
	 

                    

1 To be completed post-closing by Agent’s counsel.
2 To be completed post-closing by Agent’s counsel.

10

EXHIBIT C

Terminations and Releases 
	
					
	Debtor Name 
	Secured Party Name 
	Filing Jurisdiction 
	Orig. Filing Date & Filing 
	Termination 
Filing Date & Filing No. 3

	1. Papa Murphy’s Intermediate, Inc. 
	Golub Capital LLC, as Agent 
	Delaware SOS 
	20134202678 10/25/13 
	 

	2. PMI Holdings, Inc. 
	Golub Capital LLC, as Agent 
	Delaware SOS 
	20134202694 10/25/13 
	 

	3. Papa Murphy’s Company Stores, Inc. 
	Golub Capital LLC, as Agent 
	Washington 
Dept. of 
Licensing 
	201330182408 
10/28/13 
	 

	4. Papa Murphy’s International LLC 
	Golub Capital LLC, as Agent 
	Delaware SOS 
	20134202652 10/25/13 
	 

	5. Papa Murphy’s Worldwide LLC 
	Golub Capital LLC, as Agent 
	Delaware SOS 
	20134202686 10/25/13 
	 

	6. Murphy’s Marketing Services, Inc. 
	Golub Capital LLC, as Agent 
	Florida SOS 
	201300119185 10/28/13 
	 

 
Release of that certain Trademark Security Agreement executed as of October 25, 2013 by PM International in favor of Golub Capital LLC, as Agent and recorded with the United States Patent and Trademark Office on January 15, 2014, at Reel 5193, Frame 0727. 

                
3 To be completed post-closing by Agent’s counsel.

11

EXHIBIT 4.2(b) 
TO 
CREDIT AGREEMENT

FORM OF COMPLIANCE CERTIFICATE
PMI HOLDINGS, INC.
Date:  _____________, 201__
This Compliance Certificate (this “Certificate”) is given by PMI Holdings, Inc., a Delaware corporation (“Borrower”), pursuant to subsection 4.2(b) of that certain Credit Agreement dated as of August 28, 2014 among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent (in such capacity, “Agent”), as an L/C Issuer, and as a Lender (including as Swingline Lender), and the additional Lenders party thereto (as such agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement.
The officer executing this Certificate is a Responsible Officer of the Borrower and as such is duly authorized to execute and deliver this Certificate on behalf of the Borrower.  By executing this Certificate, such officer hereby certifies to Agent, the Lenders and the L/C Issuers, on behalf of the Borrower, that:
(a)the financial statements delivered with this Certificate in accordance with subsection 4.1(a) and/or 4.1(b) of the Credit Agreement fairly present, in all material respects, in accordance with GAAP the financial position and the results of operations of Parent and its Subsidiaries as of the dates of and for the periods covered by such financial statements (subject, in the case of interim financial statements, to normal year-end adjustments and the absence of footnote disclosure);
(b)[Borrower Note (include this paragraph only with respect to Certificates delivered for the last Fiscal Period of the first, second and third Fiscal Quarter and the end of each Fiscal Year):] Annex A hereto includes a correct calculation of EBITDA, and Net Interest Expense for the relevant Fiscal [Period/Year] ended __________ __, 20__ and Annex B includes a correct calculation of each of the financial covenants contained in Sections 6.2 and 6.3 of the Credit Agreement for the relevant periods ended__________ __, 20__] [Borrower Note (include following re:  Excess Cash Flow only for Certificate delivered for end of applicable Fiscal Years):  and Annex C includes a correct calculation of Excess Cash Flow (including a correct calculation of any required prepayment) and the financial covenant contained in Section 6.1 of the Credit Agreement for the Fiscal Year ended [December/January] __, 201_];
(c)[Borrower Note:  Include this paragraph only with respect to Certificates delivered for the last Fiscal Period of each Fiscal Quarter] as of__________ __, 20__, no Credit Party or any Subsidiary of any Credit Party owns any Margin Stock [, except as specified on Annex D attached hereto].

(d)to the best of such officer’s knowledge, no Default or Event of Default exists [except as specified on Annex E attached hereto];
(e)based on the Leverage Ratio, the Applicable Margin for (i) Revolving Loans and portions of the Term Loan which are Base Rate Loans is _______________, and (ii) Revolving Loans and portions of the Term Loan which are LIBOR Rate Loans is _______________; and
(f)since the Closing Date and except as disclosed in prior Certificates delivered to Agent, no Credit Party has:
(i)changed its legal name or jurisdiction of incorporation, organization or formation or formed or acquired any Subsidiary except as follows:      ;
(ii)acquired all or substantially all of the assets of, or merged or consolidated with or into, any Person, except as follows:  _________________________; or
(iii)changed the location of its chief executive office or acquired fee simple title to any real property with a fair market value in excess of $1,000,000, except as follows:  _______________________________________________________________.
IN WITNESS WHEREOF, Borrower has caused this Certificate to be executed by one of its Responsible Officers as of the first date written above.
	
		
	 
	PMI HOLDINGS, INC., a Delaware corporation

	 
	 

	 
	 

	 
	 

	 
	Name:

	 
	Title:

Note:  Unless otherwise specified, all financial covenants are calculated for Holdings and its Subsidiaries on a consolidated basis in accordance with GAAP and all calculations are without duplication.

ANNEX A
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	I.Definition/Calculation of EBITDA and Adjusted EBITDA
	 

	 
	 

	EBITDA is defined as follows:
	 

	 
	 

	A. Net income (or loss) for the applicable period of measurement of Holdings, Borrower and their Subsidiaries on a consolidated basis determined in accordance with GAAP
	 

	 
	 

	Less (or plus), to the extent such items would otherwise be included in the calculation of net income (or loss):
	 

	 
	 

	(1) the income (or loss) of any Person which is not a Subsidiary of the Borrower, except to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of its Subsidiaries in cash by such Person during such period and the payment of dividends or similar distributions by that Person is not at the time of such payment or distribution prohibited by operation of the terms of its charter or of any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Person
	 

	 
	 

	(2) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries
	 

	 
	 

	(3) gains (or losses) from the sale, exchange, transfer or other disposition of property or assets (other than accounts and inventory) not in the ordinary course of business of the Borrower and its Subsidiaries
	 

	 
	 

	(4) any other extraordinary gains (or losses) of the Borrower or its Subsidiaries, and related tax effects in accordance with GAAP
	 

	 
	 

	B. Total exclusions from (additions to) net income (sum of (1)-(4) above)
	 

	 
	 

	Plus, without duplication, to the extent deducted in (or excluded from) the calculation of net income (or loss) for such period:
	 

	 
	 

	(1) Depreciation, depletion and amortization
	 

	 
	 

	(2) Interest expense (less interest income), fees, commissions, discounts and premiums incurred in connection with Indebtedness (including, for purposes of clarification, Unused Commitment Fees)
	 

A- 1

ANNEX A
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	(3) All taxes on or measured by income, profits or capital, including federal, foreign and state taxes, to the extent deducted in calculating net income (or loss) or other franchise, excise, revenue or similar taxes for such period and, without duplication, permitted Tax Distributions and including, in any event, tax effects in accordance with GAAP resulting from gains (or losses) from the sale, exchange, transfer or other disposition of property or assets (other than accounts and inventory) not in the ordinary course of business of the Borrower and its Subsidiaries
	 

	 
	 

	(4) Restricted Payments made and permitted by Section 5.11(b), (f) or (g) of the Credit Agreement and payments made and permitted by Section 5.7(c) of the Credit Agreement
	 

	 
	 

	(5) Fees paid to independent directors not to exceed an amount that is reasonable and customary for independent directors for a company of the type and size of the Borrower and reimbursements of reasonable out-of-pocket expenses of directors (including in connection with attending board of director meetings) permitted to be paid in accordance with the Credit Agreement
	 

	 
	 

	(6) All non-cash losses or expenses (or minus non-cash income or gain) (including but not limited to non-cash stock option- and equity-based compensation expenses) for such period, but excluding any non-cash loss or expense that is an accrual of a reserve for a cash expenditure or payment to be made, or anticipated to be made, in a future period (other than any accruals or reserves associated with rent)
	 

	 
	 

	(7) Non-recurring or unusual cash fees, costs, charges, losses and expenses of Holdings and its Subsidiaries during such period, in an aggregate amount not to exceed twelve and one-half percent (12.5%) of trailing twelve Fiscal Period EBITDA (with such percentage calculated after giving effect to any add-back pursuant to this clause (7))
	 

	 
	 

A- 2

ANNEX A
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	(8) Fees, costs and expenses that are expensed before or within twelve (12) Fiscal Periods of the applicable transaction, incurred in connection with the negotiation and documentation of permitted dispositions, Permitted Acquisitions, permitted equity issuances, permitted Investments (or proposed Investments that would have been a Permitted Acquisition or permitted Investment) and permitted incurrences, amendments, modifications or refinancings of Indebtedness (or proposed incurrences, amendments, modifications or refinancings of Indebtedness that would have been a permitted incurrence, amendment, modification or refinancing of Indebtedness), in each case, whether or not consummated
	 

	(9) Pre-opening costs with respect to a new store and, to the extent specific to such store, grand opening marketing costs related thereto, in an aggregate amount not to exceed $75,000 per store for all periods
	 

	 
	 

	(10) [reserved]
	 

	 
	 

	(11) Fees and expenses incurred in connection with the issuance of the Loans and the Related Transactions
	 

	 
	 

	(12) Non-cash expenses resulting from purchase accounting adjustments made in accordance with GAAP with respect to Permitted Acquisitions
	 

	 
	 

	(13) The difference (or surplus, if any) of cash rent expense for such period to the extent it is less than (or greater than, as the case may be) such rent expense under GAAP as derived by straight-line rent adjustment
	 

	 
	 

	(14) Fees and expenses to Sponsor and its Affiliates on the Closing Date in connection with the Credit Agreement and the Related Transactions as set forth on the funds flow memorandum delivered by the Borrower to Agent prior to the Closing Date
	 

	 
	 

	C. Total add backs to net income (sum of (1)-(14) above):
	 

	 
	 

	D. EBITDA (result of A minus (or plus) B plus (or minus) C above)1
	 

	 
	 

	E. Adjusted EBITDA (EBITDA on a Pro Forma Basis)
	 

“Pro Forma Basis” means, for purposes of calculating compliance with any financial covenant or financial ratio that all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable measurement period with

                     
1 Notwithstanding the foregoing, EBITDA for any period set forth below shall be deemed to equal the amount set forth below for such period

A- 3

ANNEX A
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
			
	Period:
	Pre-Closing EBITDA

	 
	 

	Fiscal Quarter ending September 30, 2013
	$5,688,687

	Fiscal Quarter ending December 30, 2013
	$7,633,657

	Fiscal Quarter ending March 31, 2014
	$7,652,135

	Fiscal Quarter ending June 30, 2014
	$ 5,910,451

	Fiscal Periods ending August 4, 2014 and September 1, 2014
	EBITDA calculated in a manner consistent with the calculation of EBITDA for preceding periods

respect to such covenant or condition:  income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (A) in the case of a sale, transfer or other disposition of all or substantially all capital stock in any Subsidiary or any division or product line of Borrower or any Subsidiary, shall be excluded, and (B) in the case of a Permitted Acquisition or Investment described in the definition of the term “Specified Transaction,” shall be included; provided, that, EBITDA may be further adjusted without duplication of any adjustments to EBITDA set forth in the definition of EBITDA by, without duplication, (x) any credit received for acquisition-related costs and savings to the extent permitted pursuant to Article 11 of Regulation S-X under the Securities Act, (y) actions taken by Holdings or any of its Subsidiaries prior to or during such period (or reasonably expected to be taken within 12 months of such Specified Transaction) for the purposes of realizing reasonably identifiable and factually supportable cost savings (including the “run-rate” cost savings and synergies resulting from such Specified Transaction that have been or are expected to be realized (“run-rate” means the full recurring benefit for a period that is associated with any action taken or expected to be taken, net of the amount of actual benefits realized during such period from such actions)), in each case under this clause (y) calculated in good faith by the Borrower and, with respect to any Material Specified Transaction, reasonably acceptable to Agent, and/or (z) other extraordinary expenses, increased costs, identifiable and verifiable expense reductions, excess management compensation and other adjustments, if any, incurred by Holdings or any of its Subsidiaries prior to or during such period, in each case under this clause (z) calculated by the Borrower and reasonably acceptable to Agent.
As used above, the term (x) “Specified Transaction” means, with respect to any period, any Permitted Acquisition or any permitted Investment or disposition of assets consummated by Holdings or any of its Subsidiaries during such period (or the effects of which have occurred or are implemented during such period), and (y) “Material Specified Transaction” means any Specified Transaction or a series of related Specified Transactions which involves more than 20 store locations or units.

A- 4

ANNEX A
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	II.Definition/Calculation of Net Interest Expense
	 

	 
	 

	Net Interest Expense (used for calculating Interest Coverage Ratio) is defined as:2
	 

	 
	 

	A. Gross interest expense for such period paid or required to be paid in cash (excluding all paid in kind interest, capitalized interest and deferred and unpaid financing fees, original interest discount amortization, fees and other charges in connection with letters of credit and similar instruments, agent administrative fees and net amounts paid or payable and/or received or receivable under permitted Rate Contracts in respect of interest rates and other permitted interest rate management products) for Holdings and its Subsidiaries on a consolidated basis
	 

	 
	 

	B. Less:  Interest income for such period 
	 

	 
	 

	Net Interest Expense (result of A minus B above)
	 

                 
2 Notwithstanding the foregoing, Net Interest Expense for any period set forth below shall be deemed to be equal to the amount set forth below for such period:
	
		
	Period:
	Pre-Closing Net Interest Expense

	 
	 

	Fiscal Quarter ending September 30, 2013
	$980,000

	Fiscal Quarter ending December 30, 2013
	$980,000

	Fiscal Quarter ending March 31, 2014
	$980,000

	Fiscal Quarter ending June 30, 2014
	$980,000

	Fiscal Periods ending August 4, 2014 and September 1, 2014
	Net Interest Expense calculated in a manner consistent with the calculation of Net Interest Expense for preceding periods

A- 5

ANNEX B
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	Section 6.2:  Leverage Ratio
	 

	 
	 

	Leverage Ratio is defined as follows:
	 

	 
	 

	A. Aggregate balance of outstanding Revolving Loans as of the date of measurement
	 

	 
	 

	Plus:
	 

	 
	 

	(1) L/C Reimbursement Obligations in excess of $1,000,000 with respect to standby letters of credit (and, without duplication, related bankers’ acceptances) and all L/C Reimbursement Obligations with respect to performance letters of credit (and, without duplication, related bankers’ acceptances), in each case as of date of measurement, whether or not then due and payable
	 

	 
	 

	(2) Outstanding principal balance of the Term Loans as of date of measurement
	 

	 
	 

	(3) Principal portion of Capital Lease Obligations and Indebtedness secured by purchase money Liens as of date of measurement
	 

	 
	 

	(4) Outstanding balance of principal in respect of Subordinated Indebtedness as of the date of measurement
	 

	 
	 

	(5) Without duplication, the outstanding balance of principal of all other Indebtedness of the types described in clauses (a) and (b) (with respect to deferred purchase price of property only and expressly excluding any Indebtedness in respect of (i) the Miller Note, (ii) the Drake Enterprises Note and (iii) Subordinated Indebtedness which is (x) structurally subordinated to the Obligations, (y) matures no earlier than 6 months after the latest maturity date of the Obligations and (z) requires no cash payments of principal or interest while any of the Obligations are outstanding) of the definition thereof
	 

	 
	 

	B. Funded Indebtedness (sum of A plus sum of (1)-(5) above)
	 

	 
	 

	C. The lesser of: (i) the aggregate amount of cash and Cash Equivalents of Holdings and its Subsidiaries held in a deposit account subject to a Control Agreement in favor of Agent for the benefit of the Agent and the Lenders in excess of $1,000,000 and (ii) $7,500,000
	 

	 
	 

	D. Net Funded Indebtedness (result of B minus C above)
	 

	 
	 

	E. Adjusted EBITDA for the twelve (12) consecutive Fiscal Periods ending on the date of measurement (per I of Annex A)
	 

	 
	 

B- 1

ANNEX B
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	Leverage Ratio (result of D divided by E above)
	 

	 
	 

	Permitted maximum Leverage Ratio
	 

	 
	 

	In Compliance
	Yes/No

B- 2

ANNEX C
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	Section 6.3:  Interest Coverage Ratio
	 

	 
	 

	Leverage Ratio is defined as follows:
	 

	 
	 

	A. EBITDA for the twelve (12) consecutive Fiscal Periods ending on the date of measurement (per I of Annex A)
	 

	 
	 

	B. Net Interest Expense (per II of Annex A) 
	 

	 
	 

	Interest Coverage (result of A divided by B above) 
	 

	 
	 

	Required minimum Interest Coverage Ratio
	 

	 
	 

	In Compliance
	Yes/No

	 
	 

[Borrower Note:  Include Annex C calculations only for Certificate delivered for end of applicable Fiscal Years.]

C- 1

ANNEX C
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	II.    Definition/Calculation of Cash Flow
	 

	 
	 

	Cash Flow (used for calculating Excess Cash Flow) is defined as:
	 

	 
	 

	A. EBITDA (per Annex A)
	 

	 
	 

	Less unfinanced capital expenditures:
	 

	 
	 

	(1) Gross capital expenditures:  the aggregate of all expenditures and other obligations for the period of measurement which should be capitalized under GAAP
	 

	 
	 

	Less, in each case, to the extent included in (1) above:
	 

	 
	 

	(a) Net Proceeds from Dispositions which have been reinvested during such period pursuant to the terms of the Credit Agreement
	 

	 
	 

	(b) Expenditures financed with cash proceeds from Stock issuances
	 

	 
	 

	(c) All insurance proceeds and condemnation awards received on account of any Event of Loss to the extent any such amounts are actually applied during such period to replace, repair or reconstruct the damaged Property or Property affected by the condemnation or taking in connection with such Event of Loss
	 

	 
	 

	(2) Total deductions from gross capital expenditures (sum of (a)-(d) above)
	 

	 
	 

	(3) Net capital expenditures (result of (1) minus (2) above)
	 

	 
	 

	(4) Less:  Portion of capital expenditures financed under Capital Leases or other long-term Indebtedness (Indebtedness, for this purpose, does not include drawings under the Revolving Loan Commitment or other revolving Indebtedness)
	 

	 
	 

	B. Unfinanced capital expenditures (result of (3) minus (4) above)
	 

	 
	 

	Cash Flow (result of A minus B above)
	 

	 
	 

	 
	 

	III.Definition/Calculation of Cash Flow
	 

	 
	 

	Excess Cash Flow is defined as follows:
	 

	 
	 

	A. Cash Flow (per II above) (to the extent positive)
	 

	 
	 

C- 2

ANNEX C
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	Less, without duplication, and (other than with respect to items (6) and, with respect to clause (10) of EBITDA only, (11) below) to the extent actually paid in cash, in each case to the extent not financed with proceeds of Stock issuances or Indebtedness (other than Revolving Loans):
	 

	 
	 

	(1) Scheduled principal payments with respect to Indebtedness and, in an aggregate amount not to exceed $5,000,000 for such Fiscal Year, voluntary prepayments of Indebtedness consisting of Capital Lease Obligations, Purchase Money Indebtedness and unsecured Indebtedness owing to sellers of assets or Stock to any of the Credit Parties and their Subsidiaries that is incurred in connection with the consummation of one or more Permitted Acquisitions or other Investments permitted hereunder
	 

	 
	 

	(2) Interest expense (less interest income), fees, commissions, discounts and premiums incurred in connection with Indebtedness (including, for purposes of clarification, Unused Commitment Fees)
	 

	 
	 

	(3) All taxes on or measured by income, profits or capital, including federal, foreign and state taxes, to the extent deducted in calculating net income (or loss) or other franchise, excise, revenue or similar taxes for such period and, without duplication, permitted Tax Distributions and including, in any event, tax effects in accordance with GAAP resulting from gains (or losses) from the sale, exchange, transfer or other disposition of property or assets (other than accounts and inventory) not in the ordinary course of business of the Borrower and its Subsidiaries
	 

	 
	 

	(4) Payments paid in cash permitted by Section 5.7(c)
	 

	 
	 

	(5) Restricted Payments of the type described in Sections 5.11(b), (f) and (g) of the Credit Agreement
	 

	 
	 

	(6) Increase in working capital (if any) (see Working Capital Calculation below) (regardless of whether actually paid in cash)
	 

	 
	 

	(7) The purchase price paid in cash for all Permitted Acquisitions and other permitted Investments as referenced by Section 5.4(m) of the Credit Agreement (other than any Investments in any Person which was already a Subsidiary or Investments in cash and Cash Equivalents) (other than any Investments in any Person which was already a Subsidiary or Investments in cash and Cash Equivalents)
	 

                 
3 For purposes hereof, “Purchase Money Indebtedness” means Indebtedness which is secured solely by Liens of the
type described in Section 5.1(h) of the Credit Agreement.

C- 3

ANNEX C
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	(8) Earn-out payments paid in cash in connection with Permitted Acquisitions in compliance with the terms of the Credit Agreement
	 

	 
	 

	(9) Fees and expenses paid in cash to Sponsor and its Affiliates on the Closing Date in connection with the Credit Agreement and the Related Transactions as set forth on the funds flow memorandum delivered by the Borrower to Agent prior to the Closing Date
	 

	 
	 

	(10) Investments made pursuant to and in accordance with Section 5.4(n)
	 

	 
	 

	(11) Amounts added to the calculation of EBITDA pursuant to clauses (5), (7), (8), (9), (10), (11) and (13) thereof
	 

	 
	 

	B. Total deductions from Cash Flow (sum of (1)-(8) above)
	 

	 
	 

	C. Decrease in Working Capital (if any) (see Working Capital Calculation below)
	 

	 
	 

	D. Excess Cash Flow (result of A minus B plus C above)
	 

	 
	 

	E. Required prepayment percentage (see Section 1.8(e) for percentage)____%
	 

	 
	 

	F. Required gross prepayment amount (result of D multiplied by E above) Minus:
	 

	 
	 

	G. Voluntary prepayments of the Term Loan during such period (which shall, with respect to Discounted Prepayments, equal the Applicable Discount Price therefor) to the extent such prepayments are applied in the same manner as mandatory prepayments under Section 1.8(e) of the Credit Agreement are required to be applied in accordance with Section 1.8(f) thereof (or in the inverse order of maturity) against all remaining scheduled installments of the Term Loan and are not funded with the proceeds of other Indebtedness
	 

	 
	 

	H. Voluntary prepayments of Revolving Loans during such period accompanied by a permanent reduction of the Revolving Loan Commitment, to the extent not funded with the proceeds of other Indebtedness
	 

	 
	 

	I. Required prepayment amount (result of F minus G minus H above)
	 

C- 4

ANNEX C
TO COMPLIANCE CERTIFICATE
Selected Financial Definitions and Calculations

	
		
	IV.Working Capital Calculation
	 

	 
	 

	Decrease (increase) in working capital, for the purposes of the calculation of Excess Cash Flow, means the following:
	 

	
			
	 
	Beg. of Period
	End of Period

	Current assets (other than any “point of sale” operating systems, including but not limited to those licensed from the NCR Corporation):
	$
	$

	 
	 
	 

	Less (to the extent included in current Assets):
	 
	 

	 
	 
	 

	Cash
	$
	$

	 
	 
	 

	Cash Equivalents
	$
	$

	 
	 
	 

	Deferred tax assets
	$
	$

	 
	 
	 

	Adjusted current assets
	$
	$

	 
	 
	 

	Current liabilities:
	$
	$

	 
	 
	 

	Less (to the extent included in current liabilities):
	 
	 

	 
	 
	 

	Revolving Loans
	$
	$

	 
	 
	 

	Current portion of Indebtedness (to the extent not included above)
	$
	$

	 
	 
	 

	Deferred tax liabilities
	$
	$

	 
	 
	 

	Adjusted current liabilities
	$
	$

	 
	 
	 

	Working capital (adjusted current assets minus adjusted current liabilities)
	$
	$

	 
	 
	 

	Decrease (Increase) in working capital (beginning of period minus end of period working capital)
	 
	$

To the extent Holdings or any of its Subsidiaries consummates a Permitted Acquisition during such period, beginning of period Working Capital shall be recalculated on a pro forma basis to include Working Capital acquired in such Permitted Acquisition.

                 
4 GE still needs further details re: same.

C- 5

EXHIBIT 9.9(g)(i)(B)
TO
CREDIT AGREEMENT
FORM OF AFFILIATED LENDER ASSIGNMENT AND ASSUMPTION
This ASSIGNMENT (this “Assignment”), dated as of the Effective Date, is entered into between _____________ (“Assignor”) and _____________ (“Assignee”).
The parties hereto hereby agree as follows:
	
		
	Borrower:
	PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”)

	 
	 

	Agent:
	General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity and together with its successors and permitted assigns, “Agent”)

	 
	 

	Credit Agreement:
	Credit Agreement, dated as of August 28, 2014, among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation as Agent and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein without definition are used as defined in the Credit Agreement)

	 
	 

	[Trade Date:
	                ,          ] 5

	 
	 

	Effective Date:
	                ,          ] 6

                 
5 Insert for informational purposes only if needed to determine other arrangements between Assignor and Assignee.
6 To be filled out by Agent upon entry in Register.

1

	
				
	Loan/ 
Commitment 
Assigned7
	Aggregate amount 
of Commitments 
or principal 
amount of Loans 
for all Lenders8
	Aggregate amount 
of Commitments or 
principal amount of 
Loans Assigned9
	Percentage Assigned10

	 
	    $                            
	    $                            
	__.____%

	 
	    $                            
	    $                            
	__.____%

	 
	    $                            
	    $                            
	__.____%

[THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK]

                    
7 Fill in the appropriate defined term for the type of Loans and/or Commitment under the Credit Agreement that are being assigned under this Assignment. No Revolving Loans, Swing Loans or Revolving Loan Commitments may be assigned to Affiliated Lenders.
8 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. The aggregate amounts are inserted for informational purposes only to help in calculating the percentages assigned which, themselves, are for informational purposes only.
9 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. The aggregate amounts are inserted for informational purposes only to help in calculating the percentages assigned which, themselves, are for informational purposes only.
10 Set forth, to at least 9 decimals, the Assigned Interest as a percentage of the aggregate Commitment or Loans in the Facility. This percentage is set forth for informational purposes only and is not intended to be binding. The assignments are based on the amounts assigned not on the percentages listed in this column.

2

Section 1.    Assignment.  Assignor hereby sells and assigns to Assignee, and Assignee hereby purchases and assumes from Assignor, Assignor’s rights and obligations in its capacity as Lender under the Credit Agreement (including Liabilities owing to or by Assignor thereunder) and the other Loan Documents, in each case to the extent related to the amounts identified above (the “Assigned Interest”).
Section 2.    Representations, Warranties and Covenants of Assignors.  Assignor:
(a)represents and warrants to Assignee and Agent that (i) it has full power and authority, and has taken all actions necessary for it, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and (ii) it is the legal and beneficial owner of its Assigned Interest and that such Assigned Interest is free and clear of any Lien and other adverse claims and (iii) by executing signing and delivering this Assignment via ClearPar® or any other electronic settlement system designated by Agent, the Person signing, executing and delivering this Assignment on behalf of Assignor is an authorized signer for Assignor and is authorized to execute, sign and deliver this Assignment;
(b)makes no other representation or warranty and assumes no responsibility, including with respect to the aggregate amount of the Loans and Commitments, the percentage of the Loans and Commitments represented by the amounts assigned, any statements, representations and warranties made in or in connection with any Loan Document or any other document or information furnished pursuant thereto, the execution, legality, validity, enforceability or genuineness of any Loan Document or any document or information provided in connection therewith and the existence, nature or value of any Collateral;
(c)assumes no responsibility (and makes no representation or warranty) with respect to the financial condition of any Credit Party or the performance or nonperformance by any Credit Party of any obligation under any Loan Document or any document provided in connection therewith; and
(d)attaches any Notes held by it evidencing any part of the Assigned Interest of such Assignor (or, if applicable, an affidavit of loss or similar affidavit therefor) and requests that Agent exchange such Notes for new Notes in accordance with Section 1.2 of the Credit Agreement.
Section 3.    Representations, Warranties and Covenants of Assignees.  Assignee:
(a)represents and warrants to Assignor and Agent that (i) it has full power and authority, and has taken all actions necessary for Assignee, to execute and deliver this Assignment and to consummate the transactions contemplated hereby, (ii) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest assigned to it hereunder and either Assignee or the Person exercising discretion in making the decision for such assignment is experienced in acquiring assets of such type, (iii) by 

3

executing, signing and delivering this Assignment via ClearPar® or any other electronic settlement system designated by Agent, the Person signing, executing and delivering this Assignment on behalf of Assignee is an authorized signer for Assignee and is authorized to execute, sign and deliver this Assignment and (iv) (A) it is an Affiliated Lender and (B) as of the date hereof, Assignee does not have any material non-public information (“MNPI”) that both (1) has not been disclosed to Assignor (other than because such Assignor does not wish to receive MNPI with respect to any Credit Party or any of their respective securities) prior to such date and (2) could reasonably be expected to have a material effect upon a Lender’s decision to assign Term Loans to such Affiliated Lender;
(b)irrevocably appoints and authorizes Agent to take such action as (i) administrative agent on its behalf and to exercise such powers under the Loan Documents as are delegated to Agent by the terms thereof, together with such powers as are reasonably incidental thereto and (ii) its attorney in fact, to vote during the pendency of an Insolvency Proceeding involving any Credit Party as a debtor (including voting on any plan of reorganization pursuant to 11 U.S.C. §1126), Term Loans held by Assignee (and any claim with respect thereto) in accordance with Section 9.9(g)(iv) of the Credit Agreement;
(c)shall perform in accordance with their terms all obligations that, by the terms of the Loan Documents, including, without limitation, Section 9.9(g) of the Credit Agreement, are required to be performed by it as a Lender;
(d)confirms it has received such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and shall continue to make its own credit decisions in taking or not taking any action under any Loan Document independently and without reliance upon Agent, any L/C Issuer, any Lender, any other Indemnitee or any other holder of any Obligation of a Credit Party and based on such documents and information as it shall deem appropriate at the time;
(e)acknowledges and agrees that, as a Lender, it may receive material non‐public information and confidential information concerning the Credit Parties and their Affiliates and their Stock and agrees to use such information in accordance with Section 9.10 of the Credit Agreement;
(f)specifies as its applicable Lending Offices (and addresses for notices) the offices at the addresses set forth beneath its name on the signature pages hereof;
(g)shall pay to Agent an assignment fee in the amount of $3,500 to the extent such fee is required to be paid under Section 9.9 of the Credit Agreement; and
(h)to the extent required pursuant to Section 10.1(f) of the Credit Agreement, attaches two (2) completed originals of Forms W‐8ECI, W‐8BEN, W-8BEN-E, W‐8IMY or W‐9 and, if applicable, a portfolio interest exemption certificate.
Section 4.    Determination of Effective Date; Register.  Following the due execution and delivery of this Assignment by Assignor and Assignee, this Assignment (including its attachments) 

4

will be delivered to Agent for its acceptance and recording in the Register.  The effective date of this Assignment (the “Effective Date”) shall be the later of (i) the acceptance of this Assignment by Agent and (ii) the recording of this Assignment in the Register.  Agent shall insert the Effective Date when known in the space provided therefor at the beginning of this Assignment.
Section 5.    Effect.  As of the Effective Date, (a) Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and the Credit Agreement, have the rights and obligations of a Lender under the Credit Agreement and (b) Assignor shall, to the extent provided in this Assignment, relinquish its rights (except those surviving the termination of the Commitments and payment in full of the Obligations) and be released from its obligations under the Loan Documents other than those obligations relating to events and circumstances occurring prior to the Effective Date.
Section 6.    Distribution of Payments.  On and after the Effective Date, Agent shall make all payments under the Loan Documents in respect of the Assigned Interest (a) in the case of amounts accrued to but excluding the Effective Date, to Assignor and (b) otherwise, to Assignee.
Section 7.    Miscellaneous.  (a) The parties hereto, to the extent permitted by law, waive all right to trial by jury in any action, suit, or proceeding arising out of, in connection with or relating to, this Assignment and any other transaction contemplated hereby.  This waiver applies to any action, suit or proceeding whether sounding in tort, contract or otherwise.
(b)On and after the Effective Date, this Assignment shall be binding upon, and inure to the benefit of, Assignor, Assignee, Agent and their Related Persons and their successors and assigns.
(c)This Assignment shall be governed by, and be construed and interpreted in accordance with, the law of the State of New York.
(d)This Assignment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
(e)Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.  Delivery of an executed signature page of this Assignment by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart of this Assignment.
[Balance of page intentionally left blank; signature page follows.]

5

IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
	
		
	 
	[NAME OF ASSIGNOR]

	 
	as Assignor

	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	[NAME OF ASSIGNEE]

	 
	as Assignee

	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	 

	 
	Lending Office for LIBOR Rate Loans:

	 
	 

	 
	[Insert Address (including contact name, fax number and e-mail address)]

	 
	 

	 
	 

	 
	Lending Office (and address for notices)
for any other purpose:

	 
	 

	 
	[Insert Address (including contact name, fax number and e-mail address)]

6

	
		
	ACCEPTED
	 

	this __ day of:
	 

	 
	 

	GENERAL ELECTRIC CAPITAL CORPORATION, as Agent
	 

	 
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

7

EXHIBIT 11.1(a)
TO
CREDIT AGREEMENT
FORM OF ASSIGNMENT
This ASSIGNMENT (this “Assignment”), dated as of the Effective Date, is entered into between ______________ (the “Assignor”) and ______________ (the “Assignee”).
The parties hereto hereby agree as follows:
	
		
	Borrower:
	PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”)

	 
	 

	Agent:
	General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity and together with its successors and permitted assigns, “Agent”)

	 
	 

	Credit Agreement:
	Credit Agreement, dated as of June 11, 2012, among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity, together with successors and permitted assigns in such capacity, “Agent”) and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein without definition are used as defined in the Credit Agreement)

	 
	 

	[Trade Date:
	                ,          ] 11

	 
	 

	Effective Date:
	                ,          ] 12

                 
11 Insert for informational purposes only if needed to determine other arrangements between Assignor and Assignee.
12 To be filled out by Agent upon entry in Register.

	
				
	Loan/ 
Commitment 
Assigned13
	Aggregate amount 
of Commitments 
or principal 
amount of Loans 
for all Lenders14
	Aggregate amount 
of Commitments or 
principal amount of 
Loans Assigned15
	Percentage Assigned

	 
	    $                            
	    $                            
	__.____%

	 
	    $                            
	    $                            
	__.____%

	 
	    $                            
	    $                            
	__.____%

[THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK]

                 
13 Fill in the appropriate defined term for the type of Loan and/or Commitment under the Credit Agreement that are
being assigned under this Assignment. (e.g., “Revolving Loan Commitment”, “Term Loan Commitment”, etc.)
14 In the case of the Revolving Loan Commitment, including Revolving Loans and interests, participations and
obligations to participate in Letter of Credit Obligations.
15 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. The aggregate amounts are inserted for informational purposes only to help in
calculating the percentages assigned which, themselves, are for informational purposes only.

Section 1.    Assignment.  Assignor hereby sells and assigns to Assignee, and Assignee hereby purchases and assumes from Assignor, Assignor’s rights and obligations in its capacity as Lender under the Credit Agreement (including Liabilities owing to or by Assignor thereunder) and the other Loan Documents, in each case to the extent related to the amounts identified above (the “Assigned Interest”).
Section 2.    Representations, Warranties and Covenants of Assignors.  Assignor represents and warrants to Assignee and Agent that (i) it has full power and authority, and has taken all actions necessary for it, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and (ii) it is the legal and beneficial owner of its Assigned Interest and that such Assigned Interest is free and clear of any Lien and other adverse claims and (iii) by executing signing and delivering this Assignment via ClearPar® or any other electronic settlement system designated by Agent, the Person signing, executing and delivering this Assignment on behalf of Assignor is an authorized signer for Assignor and is authorized to execute, sign and deliver this Assignment, (b) makes no other representation or warranty and assumes no responsibility, including with respect to the aggregate amount of the Loans and Commitments, the percentage of the Loans and Commitments represented by the amounts assigned, any statements, representations and warranties made in or in connection with any Loan Document or any other document or information furnished pursuant thereto, the execution, legality, validity, enforceability or genuineness of any Loan Document or any document or information provided in connection therewith and the existence, nature or value of any Collateral, (c) assumes no responsibility (and makes no representation or warranty) with respect to the financial condition of any Credit Party or the performance or nonperformance by any Credit Party of any obligation under any Loan Document or any document provided in connection therewith and (d) attaches any Notes held by it evidencing any part of the Assigned Interest of such Assignor (or, if applicable, an affidavit of loss or similar affidavit therefor) and requests that Agent exchange such Notes for new Notes in accordance with Section 1.2 of the Credit Agreement.
Section 3.    Representations, Warranties and Covenants of Assignees.  Assignee represents and warrants to Assignor and Agent that (i) it has full power and authority, and has taken all actions necessary for Assignee, to execute and deliver this Assignment and to consummate the transactions contemplated hereby, (ii) it is [not an Affiliate or an Approved Fund of any Lender] [an [Affiliate][Approved Fund of any Lender] of     , ________________, Lender], (iii) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest assigned to it hereunder and either Assignee or the Person exercising discretion in making the decision for such assignment is experienced in acquiring assets of such type, (iv) by executing, signing and delivering this Assignment via ClearPar® or any other electronic settlement system designated by Agent, the Person signing, executing and delivering this Assignment on behalf of Assignee is an authorized signer for Assignee and is authorized to execute, sign and deliver this Assignment (b) appoints and authorizes Agent to take such action as administrative agent on its behalf and to exercise such powers under the Loan Documents as are delegated to Agent by the terms thereof, together with such powers as are reasonably incidental thereto, (c) shall perform in accordance with their terms all obligations that, by the terms of the Loan Documents, are required to be performed by it as a Lender, (d) confirms it has received such documents and information as 

it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and shall continue to make its own credit decisions in taking or not taking any action under any Loan Document independently and without reliance upon Agent, any L/C Issuer, any Lender or any other Indemnitee and based on such documents and information as it shall deem appropriate at the time, (e) acknowledges and agrees that, as a Lender, it may receive material non-public information and confidential information concerning the Credit Parties and their Affiliates and their Stock and agrees to use such information in accordance with Section 9.10 of the Credit Agreement, (f) specifies as its applicable Lending Offices (and addresses for notices) the offices at the addresses set forth beneath its name on the signature pages hereof, (g) shall pay to Agent an assignment fee in the amount of $3,500 to the extent such fee is required to be paid under Section 9.9 of the Credit Agreement and (h) to the extent required pursuant to Section 10.2(f) of the Credit Agreement, attaches two completed originals of Forms W‐8ECI, W‐8BEN, W‐8IMY or W‐9 and, if applicable, a portfolio interest exemption certificate.
Section 4.    Determination of Effective Date; Register.  Following the due execution and delivery of this Assignment by Assignor, Assignee and, to the extent required by Section 9.9 of the Credit Agreement, the Borrower and/or each L/C Issuer that is a Lender, this Assignment (including its attachments) will be delivered to Agent for its acceptance and recording in the Register.  The effective date of this Assignment (the “Effective Date”) shall be the later of (i) the acceptance of this Assignment by Agent and (ii) the recording of this Assignment in the Register.  Agent shall insert the Effective Date when known in the space provided therefor at the beginning of this Assignment.
Section 5.    Effect.  As of the Effective Date, (a) Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment, have the rights and obligations of a Lender under the Credit Agreement and (b) Assignor shall, to the extent provided in this Assignment, relinquish its rights (except those surviving the termination of the Commitments and payment in full of the Obligations) and be released from its obligations under the Loan Documents other than those obligations relating to events and circumstances occurring prior to the Effective Date.
Section 6.    Distribution of Payments.  On and after the Effective Date, Agent shall make all payments under the Loan Documents in respect of the Assigned Interest (a) in the case of amounts accrued to but excluding the Effective Date, to Assignor and (b) otherwise, to Assignee.
Section 7.    Miscellaneous.  (a) The parties hereto, to the extent permitted by law, waive all right to trial by jury in any action, suit, or proceeding arising out of, in connection with or relating to, this Assignment and any other transaction contemplated hereby.  This waiver applies to any action, suit or proceeding whether sounding in tort, contract or otherwise.
(b)On and after the Effective Date, this Assignment shall be binding upon, and inure to the benefit of, Assignor, Assignee, Agent and their Related Persons and their successors and assigns.
(c)This Assignment shall be governed by, and be construed and interpreted in accordance with, the law of the State of New York.

(d)This Assignment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
(e)Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.  Delivery of an executed signature page of this Assignment by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart of this Assignment.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
	
		
	 
	[NAME OF ASSIGNOR]

	 
	as Assignor

	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	[NAME OF ASSIGNEE]

	 
	as Assignee

	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	 

	 
	Lending Office for LIBOR Rate Loans:

	 
	 

	 
	[Insert Address (including contact name, fax number and e-mail address)]

	 
	 

	 
	 

	 
	Lending Office (and address for notices) for any other purpose:

	 
	 

	 
	[Insert Address (including contact name, fax number and e-mail address)]

	
		
	ACCEPTED
	 

	this __ day of:
	 

	 
	 

	GENERAL ELECTRIC CAPITAL CORPORATION, as Agent
	 

	 
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	 
	 

	[NAME OF BORROWER] 16
	 

	 
	 

	[By:
	 

	Name:
	 

	Title:]
	 

	 
	 

	 
	 

	[NAME OF L/C ISSUER]
	 

	 
	 

	[By:
	 

	Name:
	 

	Title:]
	 

                
16 Include only if required pursuant to Section 9.9 of the Credit Agreement.

EXHIBIT 11.1(b)
TO
CREDIT AGREEMENT
FORM OF NOTICE OF BORROWING
GENERAL ELECTRIC CAPITAL CORPORATION,
as Agent under the Credit Agreement referred to below
8377 East Hartford Drive, Suite 200
Scottsdale, Arizona 85255
Attention:  Sponsor Finance Portfolio Management - Papa Murphy’s
_____________ ___, 201__
Re:    PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”)
Reference is made to the Credit Agreement, dated as of August 28, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity, together with successors and permitted assigns in such capacity, “Agent”) and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto.  Capitalized terms used herein without definition are used as defined in the Credit Agreement.
The Borrower hereby gives you irrevocable notice, pursuant to Section 1.5 of the Credit Agreement of its request of a Borrowing (the “Proposed Borrowing”) under the Credit Agreement and, in that connection, sets forth the following information:
A.    The date of the Proposed Borrowing is ________, _______ 17 (the “Funding Date”).
B.    The aggregate principal amount of requested Revolving Loans is $______, of which $______ consists of Base Rate Loans and $______ consists of LIBOR Rate Loans having an initial Interest Period of ______ months.
C.    The aggregate principal amount of the Term Loans is $______, of which $______ consists of Base Rate Loans and $______ consists of LIBOR Rate Loans having an initial Interest Period of ______ months.
The undersigned hereby certifies that, except as set forth on Schedule A attached hereto, the following statements are true on the date hereof and will be true on the Funding Date, both before and after giving effect to the Proposed Borrowing and any other Loan to be made or Letter of Credit to be Issued on or before the Funding Date:
                 
17 For the Term Loans, must be the Closing Date.

(i)    the representations and warranties set forth in Article III of the Credit Agreement and elsewhere in the Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein), except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such date;
(ii)    no Default or Event of Default has occurred and is continuing; and
(iii)    after giving effect to the Proposed Borrowing, the aggregate outstanding amount of the Revolving Loans would exceed the Maximum Revolving Loan Balance.
[Balance of page intentionally left blank; signature page follows.]

	
		
	 
	PMI HOLDINGS, INC., a Delaware corporation, as Borrower

	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

EXHIBIT 11.1(c)
TO
CREDIT AGREEMENT
FORM OF REVOLVING NOTE
	
			
	Lender:  [NAME OF LENDER]
	 
	New York, New York

	Principal Amount:  $________
	 
	__________, 201__

FOR VALUE RECEIVED, the undersigned, PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”), hereby promises to pay to the Lender set forth above (the “Lender”) the Principal Amount set forth above, or, if less, the aggregate unpaid principal amount of all Revolving Loans (as defined in the Credit Agreement referred to below) of the Lender to the Borrower, payable at such times and in such amounts as are specified in the Credit Agreement.
The Borrower promises to pay interest on the unpaid principal amount of the Revolving Loans from the date made until such principal amount is paid in full, payable at such times and at such interest rates as are specified in the Credit Agreement.  Demand, diligence, presentment, protest and notice of non-payment and protest are hereby waived by the Borrower.
Both principal and interest are payable in Dollars to General Electric Capital Corporation, as Agent, at the address set forth in the Credit Agreement, in immediately available funds.
This Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of August 28, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity, together with successors and permitted assigns in such capacity, “Agent”) and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto.  Capitalized terms used herein without definition are used as defined in the Credit Agreement.
The Credit Agreement, among other things, (a) provides for the making of Revolving Loans by the Lender to the Borrower in an aggregate amount not to exceed at any time outstanding the Principal Amount set forth above, the indebtedness of the Borrower resulting from such Revolving Loans being evidenced by this Note and (b) contains provisions for acceleration of the maturity of the unpaid principal amount of this Note upon the happening of certain stated events and also for prepayments on account of the principal hereof prior to the maturity hereof upon the terms and conditions specified therein.
This Note is a Loan Document, is entitled to the benefits of the Loan Documents and is subject to certain provisions of the Credit Agreement, including Sections 9.18(b) (Submission to Jurisdiction), 9.19 (Waiver of Jury Trial) and 11.2 (Other Interpretive Provisions) thereof.
This Note is a registered obligation, transferable only upon notation in the Register, and no assignment hereof shall be effective until recorded therein.

This Note shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.
[Balance of page intentionally left blank; signature page follows.]

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its duly authorized officer as of the day and year and at the place set forth above.
	
		
	 
	PMI HOLDINGS, INC., a Delaware corporation, as Borrower

	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

EXHIBIT 11.1(d)
TO
CREDIT AGREEMENT
FORM OF SWINGLINE NOTE
	
			
	Lender:  [NAME OF LENDER]
	 
	New York, New York

	Principal Amount:  $________
	 
	__________, 201__

FOR VALUE RECEIVED, the undersigned, PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”), hereby promises to pay to the Swingline Lender set forth above (the “Lender”) the Principal Amount set forth above, or, if less, the aggregate unpaid principal amount of the Term Loans (as defined in the Credit Agreement referred to below) of the Lender to the Borrower, payable at such times and in such amounts as are specified in the Credit Agreement.
The Borrower promises to pay interest on the unpaid principal amount of the Swing Loans from the date made until such principal amount is paid in full, payable at such times and at such interest rates as are specified in the Credit Agreement.  Demand, diligence, presentment, protest and notice of non-payment and protest are hereby waived by the Borrower.
Both principal and interest are payable in Dollars to General Electric Capital Corporation, as Agent, at the address set forth in the Credit Agreement, in immediately available funds.
This Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of August 28, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity, together with successors and permitted assigns in such capacity, “Agent”) and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto.  Capitalized terms used herein without definition are used as defined in the Credit Agreement.
The Credit Agreement, among other things, (a) provides for the making of the Swing Loans by the Swingline Lender to the Borrower in an aggregate amount not to exceed at any time outstanding the Principal Amount set forth above, the indebtedness of the Borrower resulting from such Swing Loans being evidenced by this Note and (b) contains provisions for acceleration of the maturity of the unpaid principal amount of this Note upon the happening of certain stated events and also for prepayments on account of the principal hereof prior to the maturity hereof upon the terms and conditions specified therein.
This Note is a Loan Document, is entitled to the benefits of the Loan Documents and is subject to certain provisions of the Credit Agreement, including Sections 9.18(b) (Submission to Jurisdiction), 9.19 (Waiver of Jury Trial) and 11.2 (Other Interpretive Provisions) thereof.
This Note is a registered obligation, transferable only upon notation in the Register, and no assignment hereof shall be effective until recorded therein.

This Note shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.
[Balance of page intentionally left blank; signature page follows.]

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its duly authorized officer as of the day and year and at the place set forth above.
	
		
	 
	PMI HOLDINGS, INC., a Delaware corporation, as Borrower

	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

EXHIBIT 11.1(e)
TO
CREDIT AGREEMENT
FORM OF TERM NOTE
	
			
	Lender:  [NAME OF LENDER]
	 
	New York, New York

	Principal Amount:  $________
	 
	__________, 201__

FOR VALUE RECEIVED, the undersigned, PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”), hereby promises to pay to the Lender set forth above (the “Lender”) the Principal Amount set forth above, or, if less, the aggregate unpaid principal amount of the Term Loans (as defined in the Credit Agreement referred to below) of the Lender to the Borrower, payable at such times and in such amounts as are specified in the Credit Agreement.
The Borrower promises to pay interest on the unpaid principal amount of the Term Loan from the date made until such principal amount is paid in full, payable at such times and at such interest rates as are specified in the Credit Agreement.  Demand, diligence, presentment, protest and notice of non-payment and protest are hereby waived by the Borrower.
Both principal and interest are payable in Dollars to General Electric Capital Corporation, as Agent, at the address set forth in the Credit Agreement, in immediately available funds.
This Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of August 28, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, the other Credit Parties party thereto, General Electric Capital Corporation, as administrative agent for the Lenders and L/C Issuers (in such capacity, together with successors and permitted assigns in such capacity, “Agent”) and as a Lender (including as Swingline Lender), the other Lenders and the L/C Issuers party thereto.  Capitalized terms used herein without definition are used as defined in the Credit Agreement.
The Credit Agreement, among other things, (a) provides for the making of the Term Loan by the Lender to the Borrower in an aggregate amount not to exceed at any time outstanding the Principal Amount set forth above, the indebtedness of the Borrower resulting from such Term Loan being evidenced by this Note and (b) contains provisions for acceleration of the maturity of the unpaid principal amount of this Note upon the happening of certain stated events and also for prepayments on account of the principal hereof prior to the maturity hereof upon the terms and conditions specified therein.
This Note is a Loan Document, is entitled to the benefits of the Loan Documents and is subject to certain provisions of the Credit Agreement, including Sections 9.18(b) (Submission to Jurisdiction), 9.19 (Waiver of Jury Trial) and 11.2 (Other Interpretive Provisions) thereof.
This Note is a registered obligation, transferable only upon notation in the Register, and no assignment hereof shall be effective until recorded therein.

This Note shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.
[Balance of page intentionally left blank; signature page follows.]

	
		
	 
	PMI HOLDINGS, INC., a Delaware corporation, as Borrower

	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

Exhibit
10.1

 

	***CONFIDENTIAL TREATMENT REQUESTED***
	 
	Note: Confidential treatment requested with respect to certain portions hereof

 denoted with “***”

 

REVENUE SHARING AND NOTE PURCHASE AGREEMENT

 

(INVENTERGY)

 

Dated
as of OCTOBER 1, 2014

 

    	 

    	 

    

 

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

TABLE OF
CONTENTS

 

	ARTICLE I DEFINITIONS	1
	1.1.	Certain Defined Terms	1
	1.2.	Other Interpretative Provisions	2
	 	 	 
	ARTICLE II CLOSING AND TERMS OF THE REVENUE STREAM AND NOTES	2
	2.1.	The Revenue Stream	2
	2.2.	The Notes	3
	2.4.	Purchase Price Allocation	5
	2.5.	Taxes	5
	2.6.	Manner and Time of Payment	5
	2.7.	Patent License	6
	 	 	 
	ARTICLE III CONDITIONS PRECEDENT	7
	3.1.	Conditions to Closing	7
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY	9
	4.1.	Organization and Business	9
	4.2.	Qualification	9
	4.3.	Operations in Conformity with Law, etc.	9
	4.4.	Authorization and Non-Contravention	9
	4.5.	Intellectual Property	10
	4.6.	Material Agreements	11
	4.7.	Margin Regulations	11
	4.8.	Investment Company Act	11
	4.9.	USA PATRIOT Act, FCPA and OFAC	11
	4.10.	No Default	12
	4.11.	Binding Effect	12
	4.12.	Disclosure	12
	 	 	 
	ARTICLE V	12
	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS AND COLLATERAL AGENT	12
	5.1.	Authority	12
	5.2.	Binding Effect	12
	5.3.	Investment Intent	13
	5.4.	Experience of the Purchaser	13
	5.5.	Access to Information	13
	5.6	Reliance on Exemptions	13
	 	 	 
	ARTICLE VI COVENANTS	13
	6.1.	Taxes and Other Charges	14

 

    	-i-

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

	6.2.	Conduct of Monetization Activities	14
	6.3.	Maintenance of Existence	14
	6.4.	Compliance with Legal Requirements	14
	6.5.	Notices; Reports	15
	6.6.	Information and Access Rights	16
	6.7.	Indebtedness	16
	6.8.	Liens	17
	6.9.	Management of Patents and Patent Licenses	17
	6.10.	Cash Collateral Account	18
	6.11.	Further Assurances	19
	6.12.	Confidentiality	19
	 	 	 
	ARTICLE VII EVENTS OF DEFAULT	22
	7.1.	Events of Default	22
	7.2.	Remedies Following an Event of Default	24
	7.3.	Annulment of Defaults	25
	7.4.	Waivers	25
	 	 	 
	ARTICLE VIII COLLATERAL AGENT	26
	8.1.	Appointment of Collateral Agent	26
	8.2.	Collateral	26
	8.3.	Collateral Agent’s Resignation	26
	8.4.	Concerning the Collateral Agent	27
	 	 	 
	ARTICLE IX GENERAL PROVISIONS	28
	9.1.	Expenses	28
	9.2.	Indemnity	29
	9.3.	Notices	30
	9.4.	Amendments, Consents, Waivers, etc.	30
	9.5.	No Strict Construction	31
	9.6.	Certain Acknowledgments	31
	9.7.	Venue; Service of Process; Certain Waivers	31
	9.8.	WAIVER OF JURY TRIAL	32
	9.9.	Interpretation; Governing Law; etc.	32
	9.10.	Successors and Assigns	32
	9.11.	Tax Treatment	34

 

APPENDICES, SCHEDULES AND EXHIBITS

 

	Appendix I	Definitions
	Schedule 2.1	Revenue Participants
	Schedule 2.2	Note Purchasers
	Schedule 2.6	Wire Transfer Instructions

 

    	-ii-

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

	Schedule 4.1	Company Organization
	Schedule 4.5(g)	Patent Litigation; Reissues and Oppositions
	Schedule 4.6	Material Agreements
	Schedule 6.7	Existing Indebtedness
	Schedule 6.12.4	***
	Schedule 9.3	Notices
	Schedule I(a)	Patents
	 	 
	Exhibit A	Form of Note
	Exhibit B	Control Agreement
	Exhibit C	Form of Certificate (Payments to Cash Collateral Account)
	Exhibit D-1	☐Note Assignment and Acceptance Agreement
	Exhibit D-2	Revenue Stream Assignment and Acceptance Agreement
	Exhibit E	Patent License Agreement
	Exhibit F	Patent Security Agreement
	Exhibit G	Security Agreement
	Exhibit H	Subscription Agreement
	Exhibit I	Newco LLC Agreement

 

    	-iii-

    	 

    

 

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

REVENUE
SHARING AND NOTE PURCHASE AGREEMENT

 

This REVENUE SHARING AND NOTE PURCHASE AGREEMENT
(this “Agreement”) is dated as of October 1, 2014 by and among Inventergy Global, Inc., a Delaware corporation
(“Parent”) and Inventergy, Inc. (“Owner”, and, collectively, the “Company”),
and DBD Credit Funding, LLC as collateral agent (the “Collateral Agent”), each Person listed on Schedule
2.1 hereto (the “Revenue Participants”) and each Person listed on Schedule 2.2 hereto (the “Note
Purchasers” and, together with the Revenue Participants, the “Purchasers”).

 

RECITALS

 

WHEREAS, the Revenue Participants wish to
acquire, and the Company has agreed to grant, an interest in certain of the Company’s future revenues from its patent portfolio
subject to payment of the purchase price and other conditions specified herein, which future revenues are inherently risky and
uncertain as to both amount and timing; and

 

WHEREAS, the Note Purchasers have agreed
to purchase from the Company, and the Company has agreed to issue and sell to the Purchasers, up to $11,000,000 in aggregate original
principal amount of the Company’s senior secured notes (the “Notes”) in the form of Exhibit A hereto,
subject to the terms of this Agreement,

 

WHEREAS, the Purchaser and the Company may
agree in future to the issuance and sale of up to $5,000,000 in aggregate original principal amount of Notes and additional interests
in the Company’s future revenues from its patent portfolio;

 

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

 

ARTICLE I

DEFINITIONS

 

1.1.         Certain
Defined Terms. Capitalized terms used in this Agreement and not otherwise defined shall have the meanings set forth in Appendix
I.

 

    	1

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

1.2.         Other
Interpretative Provisions. Unless otherwise specified, all references to “$”, “cash”, “dollars”
or similar references shall mean U.S. dollars, paid in cash or other immediately available funds. The definitions set forth in
this Agreement are equally applicable to both the singular and plural forms of the terms defined. The words “hereof”,
“herein”, and “hereunder” and words of like import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All references to time of day herein
are references to New York, New York time (daylight or standard, as applicable) unless otherwise specifically provided. Where the
character or amount of any asset or liability or item of income or expense is required to be determined or any consolidation or
other accounting computation is required to be made for the purposes of this Agreement, it shall be done in accordance with GAAP
except where such principles are inconsistent with the specific provisions of this Agreement. References in this Agreement to an
Appendix, Exhibit, Schedule, Article, Section, clause or subclause refer (A) to the appropriate Appendix, Exhibit or Schedule to,
or Article, Section, clause or subclause in this Agreement or (B) to the extent such references are not present in this Agreement,
to the Document in which such reference appears. The term “including” is by way of example and not limitation. The
word “or” is not exclusive. In the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including”; the words “to” and “until” each mean
“to but excluding”; and the word “through” means “to and including.” The term “documents”
includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings,
however evidenced, whether in physical or electronic form. All references to any Person shall be constructed to include such Person’s
successors and assigns (subject to any restriction on assignment set forth herein). Unless otherwise expressly provided herein,
references to any law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or
interpreting such law.

 

ARTICLE II

CLOSING AND TERMS
OF THE REVENUE STREAM AND NOTES

 

2.1.         The
Revenue Stream.

 

2.1.1.         Purchase
of the Revenue Stream. On the Closing Date, subject to the satisfaction of the conditions set forth in Section 3.1,
and against the payment of an aggregate purchase price of *** allocated as set forth on Schedule 2.1, the Company hereby
grants, and the Revenue Participants hereby acquire the Revenue Stream. The rights of the Revenue Participants to the Revenue Stream
shall be secured pursuant to the Collateral Documents, junior in priority to the rights of the Note Purchasers.

 

2.1.2.         Payments
to Revenue Participants. Following payment in full of the Note Obligations, the Company shall pay to the Revenue Participants
their proportionate share, in accordance with Schedule 2.1, of the Revenue Stream; provided, that the Company shall
instruct any payors to deposit Monetization Revenues, per Section 6.11, directly into the Cash Collateral Account. Any applicable
payments by the Company to Revenue Participants shall be made monthly on the last Business Day of each month with respect to any
Monetization Revenues received through the last Business Day of the prior month. Except to the extent that the Collateral Agent
is enjoined or stayed from distributing any such Monetization Revenues by action brought by the Company, such direct deposit in
the Cash Collateral Account by payors shall constitute timely payment by the Company. For the avoidance of doubt, prior to the
payment in full of the Note Obligations, all Monetization Net Revenues shall be applied by the Company or the Collateral Agent,
as the case may be, in accordance with Section 2.2.4, including the payment of principal, interest and any applicable premiums
or fees on the Note Obligations (inclusive of payments owed pursuant to Sections 9.1(ii)-(iv) or 9.2, and shall not
be shared with any Revenue Participants as a payment in respect of the Revenue Stream.

 

    	2

    	 

    

 

 

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

“***”

 

2.2.         The
Notes.

 

2.2.1.         Purchase
and Sale of the Notes. On the Closing Date, subject to satisfaction of the conditions set forth in Section 3.1, the
Company agrees to issue and sell, and each Note Purchaser agrees to purchase, for the purchase price set forth on Schedule 2.2
and in accordance with the percentages set forth on Schedule 2.2, Notes in an aggregate original principal amount of $11,000,000.

 

2.2.2.         Interest
on the Notes. The unpaid principal amount of the Notes (including any PIK Interest) shall bear cash interest at a rate equal
to LIBOR plus 7% per annum plus 3% per annum of PIK interest (defined below); provided that upon and during the continuance
of an Event of Default under Section 7.1.1, the cash interest rate shall increase by an additional 2% per annum. Interest
on the Notes shall be paid on the last Business Day of each calendar month (the “Interest Payment Date”), starting
with the calendar month ending October 31, 2014. Such interest shall be paid in cash except that 3.00% per annum of the interest
due on each Interest Payment Date shall be paid-in-kind, by increasing the principal amount of the Notes by the amount of such
interest, effective as of the applicable Interest Payment Date (“PIK Interest”). PIK Interest shall be treated
as principal of the Note for all purposes of interest accrual or calculation of any premium.

 

2.2.3.         Fees;
Prepayment Premium.

 

2.2.3.1.      At
the Closing Date, the Company shall pay to the Purchasers a structuring fee equal to $385,000 (consisting of 3.5% of the original
principal amount of the Notes), which amount shall be netted out of the funding at the Closing Date.

 

2.2.3.2.      Upon
the earlier of the date on which the Note Obligations are paid in full, or become due (whether at the Maturity Date or upon acceleration),
the Company shall pay to the Note Purchasers a termination fee equal to $770,000 (consisting of 7.0% of the original principal
amount of the Notes).

 

2.2.4.         Payment
of the Notes.

 

2.2.4.1.      Payment
at Maturity. The principal of the Notes and all unpaid interest thereon or other amounts owing hereunder shall be paid in full
in cash on September 30, 2017 (the “Maturity Date”). If the Maturity Date is not a Business Day, such payment
shall be due on the next following Business Day.

 

    	3

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

2.2.4.2.      Optional
Prepayments. In addition to being required to make Mandatory Prepayments as required under Section 2.2.4.4, the Company
may prepay the Notes from time to time in whole or in part, without penalty or premium, except that any optional
prepayments of the Notes prior to the first anniversary of the Closing Date shall be accompanied by a prepayment premium equal
to 5.00% of the principal amount prepaid. Any such prepayment shall include accrued and unpaid interest on the amount prepaid.

 

2.2.4.3.      Amortization.
Commencing on the last Business Day of October, 2015, the Company shall make monthly amortization payments on the Notes in an amount,
as of the date of such payment, equal to (x) the then outstanding principal amount divided by (y) the number of months left until
the Maturity Date. The amount of the monthly amortization payment shall be calculated by the Company, and provided to the Collateral
Agent for review, initially prior to the first such payment and recalculated following any optional or mandatory prepayment.

 

2.2.4.4.      Mandatory
Prepayments. Upon receipt of any Monetization Revenues, the Company or the Collateral Agent, as the case may be, shall apply
85% of such Monetization Net Revenues to the payment of accrued and unpaid interest on, and then to repay outstanding principal
of, and any fees with respect to, the Notes until all Note Obligations have been paid in full. Payments by the Company on the Notes
shall be made monthly on the last Business Day of each month with respect to Monetization Revenues received through the last Business
Day of the prior month. For the avoidance of doubt, mandatory prepayments are not subject to any prepayment premium.

 

2.2.4.5.      Application
of Payments. Payments on the Notes shall be applied in the following order, first to any then outstanding expenses or other
amounts owing pursuant to Article 9; second, to accrued and unpaid interest (excluding PIK Interest); third to principal; fourth
to any prepayment premium on the principal so repaid; and finally, after all principal of the Notes and any prepayment premium,
has been paid in full, to the termination fee. Optional and mandatory repayments shall reduce required amortization payments pro
rata.

 

2.3.         Monetization
Revenues. All Monetization Revenues received by the Company or deposited in the Cash Collateral Account shall be applied so
that 86% of Monetization Net Revenues are applied to the Note Obligations until paid in full; provided, that 100% of the Monetization
Net Revenues received since the last Business Day of the preceding month shall be applied to pay any past due Note Obligations,
including in the event of acceleration of the Notes. Following payment in full of the Note Obligations, the Applicable Percentage
of the Monetization Net Revenues received following the payment in full of the Note Obligations shall be paid to the Revenue Participants
for application to the Revenue Stream, in accordance with Section 2.1.2 and Schedule 2.1, until fully satisfied;
provided that in the event of an acceleration of the Revenue Stream, 100% of the Monetization Net Revenues received since the last
Business Day of the preceding month shall be applied to pay the remaining balance of the Revenue Stream. The Company, after payment
in full of the Note Obligations, may prepay any or all of the remaining balance of the Revenue Stream (as defined with respect
to the applicable time of such payment in the definition of Revenue Stream). In the event of an ***, 100% of Net Revenues shall
be applied to the payment of the Note Obligations and, following the payment in full of the Note Obligations, to the Revenue Stream,
pending ***, which, if and to the extent that ***, then the Net Revenues applied after such determination to payment of the Note
Obligations or the Revenue Stream shall revert to the Applicable Percentages per the terms of this Agreement as if *** had not
occurred, and any amounts then due back to the Company will be treated as prepayments of the Note Obligations, or if the Note Obligations
have been paid in full, of the Revenue Stream.

 

    	4

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

2.4.         Purchase
Price Allocation. The Company and the Purchasers agree that, for purposes of Sections 305 and 1271 through 1275 of the Code
or any other jurisdiction, the aggregate purchase price of the Notes shall be *** and the aggregate purchase price of the Revenue
Stream shall be ***, and that such purchase prices shall be used by the Company and each Purchaser for all financial reporting
and income tax reporting purposes.

 

2.5.         Taxes.
Any and all payments by the Company with respect to any Notes or the Revenue Stream shall be made free and clear of and without
deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings in any such case imposed
by the United States or any political subdivision thereof, excluding taxes imposed or based on the recipient Purchaser’s
overall net income, and franchise or capital taxes imposed on it in lieu of net income taxes (all such non-excluded taxes, levies,
imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder being hereinafter referred to as “Taxes”).
If the Company shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Notes
to any Purchaser, (i) the sum payable shall be increased as may be reasonably necessary so that after making all required deductions
for taxes (including deductions for taxes applicable to additional sums payable under this Section 2.5) such Purchaser
receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Company shall make such deductions
and (iii) the Company shall remit the full amount deducted to the relevant taxation authority or other authority in accordance
with applicable law. Within 30 days after the date of any payment of such Taxes (or, if later, promptly upon a receipt becoming
available), the Company shall furnish to the Purchasers the original or certified copy of a receipt evidencing payment thereof.
If the Company or any Purchaser shall subsequently receive a refund or tax credit for any such Taxes withheld as to which the Purchaser
has been made whole pursuant to the preceding procedure, any such refund or credit shall be for the sole account of the Company.

 

2.6.         Manner
and Time of Payment. All payments to the Note Purchasers or the Revenue Participants (or the Cash Collateral Account, as the
case may be) shall be made by wire transfer or other same day funds, without set off, not later than 2:00 p.m. on the day such
payment is due, in accordance with the payment instructions set forth on Schedule 2.6.

 

    	5

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

2.7.         Patent
License. Effective as of the earlier of (x) the date that is 365 days after the Closing Date or (y) the occurrence of an Event
of Default, the Company shall grant to the Collateral Agent, for the benefit of the Secured Parties, a non-exclusive, royalty free,
license (including the right to grant sublicenses) with respect to the Patents, which shall be evidenced by, and reflected in,
the Patent License Agreement, which shall be delivered at Closing. The Patent License Agreement shall terminate upon payment in
full of the Note Obligations and the Revenue Stream and as otherwise specified in the Patent License Agreement, but any sublicenses
granted prior to any termination of this Agreement (except to Collateral Agent or its affiliates) shall survive according to the
respective terms and conditions of such sublicenses. The Collateral Agent and the Secured Parties agree that the Collateral Agent
shall only use such license following the occurrence and during the continuance of an Event of Default.

 

2.8.         Additional
Fundings

 

2.8.1.         It
is contemplated that the Company may subsequently request that the Purchasers acquire up to $5,000,000 in additional Notes, and
further acquire additional interests in the Company’s Monetization Revenues. If the Company shall make such request, and
if the Purchasers agree, in their sole discretion, to provide such additional funding to the Company, this Agreement shall be amended
in a manner satisfactory to the Company and the Purchasers to reflect the economic and other terms and conditions of such additional
funding, which terms and conditions shall be satisfactory to the Company and the Purchasers. In particular, it is contemplated
that to the extent that such incremental funding occurs, the additional Notes and participation in the Monetization Revenues will
have substantially the same economic terms as those issued as of the Closing Date (e.g., will contemplate the same rate, percentage
fees, etc. and will provide for a proportional additional share of Monetization Net Revenues.)

 

2.8.2.         In
addition, if and to the extent that the Company breaches its obligations under Section 6.14 to timely pay amounts due under
its Patent Purchase Agreements, the Purchasers shall have the option (but no obligation) to advance directly to the applicable
seller under such Patent Purchase Agreement any such past due amounts. If and to the extent that the Purchasers elect to make such
advances, this Agreement shall be amended in a manner satisfactory to the Purchasers (and the Company shall be deemed to have irrevocably
consented to such amendment) so as to reflect the economics of such additional funding, which shall be on economic terms that are
substantially the same as the Notes and Revenue Stream issued at Closing (but with a maturity date and return threshold deadlines
that are consistent with the Notes and Revenue Stream issued at Closing).

 

    	6

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

ARTICLE III

CONDITIONS PRECEDENT

 

3.1.         Conditions
to Closing. The obligation of each Revenue Participant to purchase its respective pro rata share of the Revenue Stream and
the obligation of each Note Purchaser to purchase its respective pro rata share of the Notes on the Closing Date is subject to
the satisfaction of the conditions set forth in this Section 3.1:

 

3.1.1.         Deliveries.
The Company (and each of its Subsidiaries, as applicable) shall have delivered to each Purchaser and the Collateral Agent fully
executed (where applicable) copies of the following:

 

3.1.1.1.      this
Agreement;

 

3.1.1.2.      the
Notes;

 

3.1.1.3.      the
Security Agreement;

 

3.1.1.4.      the
Patent License Agreement;

 

3.1.1.5.      the
Patent Security Agreement;

 

3.1.1.6.      the
Certificate of Designation;

 

3.1.1.7.      the
Proxy;

 

3.1.1.8.      the
Voting Agreement; and

 

3.1.1.9.      Series
F Stock Certificate in Inventergy, Inc.

 

3.1.1.10.    (i) a
copy of the certificate or articles of incorporation, certificate of formation, limited liability company agreement or other constitutive
document, including all amendments thereto, of the Company, certified as of a recent date by the Secretary of State of the state
of its organization and a certificate as to the good standing of the Company as of a recent date, from such Secretary of State
(or, in each case, a comparable governmental official, if available); (ii) a certificate of the Secretary or Assistant Secretary
of the Company, dated the Closing Date and certifying (A) that attached thereto is a true and complete copy of the by-laws
and any limited liability company agreement of the Company as in effect on the Closing Date and at all times since a date prior
to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of
resolutions duly adopted by the board of directors or managers of the Company authorizing the execution, delivery and performance
of the Documents, and that such resolutions and consents have not been modified, rescinded or amended and are in full force and
effect, (C) that the certificate or articles of incorporation of the Company or the applicable subsidiary have not been amended
since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above,
and (D) as to the incumbency and specimen signature of each officer executing this Agreement or any other Document on behalf
of the Company; and (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or
Assistant Secretary executing the certificate pursuant to clause (ii) above;

 

    	7

    	 

    

 

 

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

3.1.1.11.    an
opinion of counsel for the Company addressed to the Collateral Agent and each other party hereto in customary form and otherwise
in form and substance reasonably satisfactory to the Collateral Agent;

 

3.1.1.12.    an
officer’s certificate from an Authorized Officer of the Company certifying that the condition set forth in Section 3.1.2
has been satisfied;

 

3.1.1.13.    all
documentation and other information about the Company requested by the Revenue Participants or the Note Purchasers or the Collateral
Agent under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT
Act; and

 

3.1.1.14.    evidence
satisfactory to the Purchasers that the Existing Notes has been fully repaid (or will be paid, by direct wire, with the proceeds
of the Notes and Revenue Share) and all Liens securing such Indebtedness released (or agreed to be released by the Collateral Agent
pursuant to a payoff letter acceptable in form and substance to the Purchasers.)

 

3.1.2.         Representations
and Warranties; No Default. The representations and warranties contained in this Agreement and the other Documents shall be
true and correct in all material respects, and there shall exist no Default or Event of Default, including after giving effect
to the transactions contemplated herein.

 

3.1.3.         Consummation
of Purchase of Common Stock. The Subscription Agreement shall have been executed and delivered and shares of Parent Common
Stock sold to the Purchasers as contemplated thereby.

 

3.1.4.         Fees
and Expenses. The structuring fee and the expenses of the Purchasers and the Collateral Agent invoiced as of the Closing Date
shall have been paid in full, in cash; which sums shall be acknowledged to have been received by the Company but applied by the
Purchasers at Closing.

 

3.1.5.         Due
Diligence. The Purchasers shall have completed their due diligence, and shall be satisfied with the results thereof, in their
sole judgment.

 

3.1.6.         Senior
Lien. The Purchasers shall be satisfied that, after giving effect
to the Collateral Documents and to the making of any filings contemplated thereby, including, without limitation, UCC filings and
filings in the United States Patent and Trademark Office, the Collateral Agent will have a first priority perfected lien in the
Patents registered in the United States and on all other material assets of the Company and its Subsidiaries.

 

    	8

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

3.1.7.         W-9.
The Purchasers shall have delivered completed Forms W-9 (or applicable equivalent) to the Company.

 

ARTICLE IV

REPRESENTATIONS AND
WARRANTIES OF THE COMPANY

 

In order to induce the Revenue Participants
to purchase the Revenue Stream and the Note Purchasers to purchase the Notes, the Company hereby represents and warrants to the
Purchasers as of the Closing Date that:

 

4.1.         Organization
and Business. The Company is (a) a duly organized and validly existing corporation or limited liability company, (b) in good
standing under the laws of the jurisdiction of its incorporation or organization, and (c) has the power and authority, corporate
or otherwise, necessary (i) to enter into and perform this Agreement and the Documents to which it is a party, and (ii) to carry
on the business now conducted or proposed to be conducted by it. Schedule 4.1 sets forth all of the Company’s Subsidiaries
and each other entity in which the Company holds an interest, directly or indirectly, and sets forth the ownership of all equity
securities of each such Subsidiary or other entity (including joint venture, membership or partnership interests, and including
convertible securities, options or warrants).

 

4.2.         Qualification.
The Company and each of its Subsidiaries is duly and legally qualified to do business as a foreign corporation or limited liability
company and is in good standing in each state or jurisdiction in which such qualification is required and is duly authorized, qualified
and licensed under all laws, regulations, ordinances or orders of public authorities, or otherwise, to carry on its business in
the places and in the manner in which it is conducted.

 

4.3.         Operations
in Conformity with Law, etc. The operations of the Company and each of its Subsidiaries as now conducted or proposed to be
conducted are not in violation in any material respect of, nor is the Company or any of its Subsidiaries in default in any material
respect under, any Legal Requirement.

 

4.4.         Authorization
and Non-Contravention. The Company and each of its Subsidiaries has taken all corporate, limited liability or other action
required to execute, deliver and perform this Agreement and each other Document. All necessary consents, approvals and authorizations
of any governmental or administrative agency or any other Person of any of the transactions contemplated hereby shall have been
obtained and shall be in full force and effect. This Agreement and each other Document does not (i) contravene the terms of any
of the Company’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation
of any Lien under, or require any payment to be made under (x) any Contractual Obligation of the Company or its applicable Subsidiaries
or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Company
or any such Subsidiary is subject or (iii) violate any Legal Requirement.

 

    	9

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

4.5.         Intellectual
Property. As of the Closing Date,

 

(a)          Owner
is the entire, valid, sole and exclusive beneficial owner of all right, title and interest to all of the Patents, including the
right to sue for past, present and future infringement of the Patents, with good and marketable title.

 

(b)          The
Patents are free and clear of any and all Liens other than any Existing Encumbrances that would not otherwise constitute a breach
of Sections 4.5(c), (d) or (k).

 

(c)          ***.

 

(d)          ***.

 

(e)          Owner
is listed as record owner of all of the Patents in the United States Patent and Trademark Office ***. 

 

(f)           All
of the granted Patents indicated are subsisting and have not been adjudged invalid or unenforceable, in whole or in part, and none
of the Patents are at this time the subject to any challenge to their validity or enforceability. To the knowledge of the Company,
the granted Patents are valid and enforceable.

 

(g)          Except
as set forth on Schedule 4.5(g), the Company has no notice of any lawsuits, actions or opposition, cancellation, revocation,
re-examination or reissue proceedings commenced or threatened with reference to any of the Patents.

 

(h)          There
are no overdue amounts owed to Nokia Corporation under Section 4.1 of the Nokia PPA.

 

(i)           There
are no “Guaranteed Payments” outstanding whose payment is required to avoid triggering any re-purchase right of Panasonic
Corporation under the Panasonic PPA.

 

(j)           Except
as set forth in Section 4.2 of the Panasonic PPA, there are no existing contracts, agreements, options, commitments, or rights
with, to, or in any person to acquire any of the Patents.

 

(k)          The
Patents acquired by Owner from Huawei Technologies Co., Ltd. under the Patent Rights Assignment Agreement, dated as of May 15,
2003 (“Huawei PRAA”), are subject only to the existing license agreements granted to the parties set forth on
Exhibit C to the PRAA, and the terms of Sections 3.3, 3.4, 3.5, 3.6, 3.7, and 3.8 of the Huawei PRAA. Otherwise, such Patents are
not subject to any license, sublicense, covenant not to sue, other immunity from suit under the Patents, or any other right of
any kind that would materially restrict or impair the ability of Owner to pursue Monetization Activities. Other than as provided
for by Sections 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, and 5.5 of the Huawei PRAA, no prior owner of such Patents or other third party has
the right to grant any license, sublicense, covenant not to sue, other immunity from suit under the Patents, or any other right
of any kind that would materially restrict or impair the ability of Owner to pursue Monetization Activities.

 

    	10

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

4.6.         Material
Agreements. Schedule 4.6 sets forth each agreement relating to the purchase or other acquisition of any Patent, including
seller notes issued in connection with such acquisition, and any other material agreement relating to any Patent (other than the
Existing Encumbrances). Each such agreement is in full force and effect for the benefit of the Company and to the knowledge of
the Company there are no material defaults under any such agreement except as listed in Schedule 4.6.

 

4.7.         Margin
Regulations. The Company is not engaged, nor will it engage, principally or as one of its important activities, in the business
of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and the Notes
will not be used for any purpose that violates Regulation U of the Board of Governors of the United States Federal Reserve System.

 

4.8.         Investment
Company Act. The Company is not, and is not required to be, registered as an “investment company” under the Investment
Company Act of 1940.

 

4.9.         USA
PATRIOT Act, FCPA and OFAC.

 

4.9.1.         To
the extent applicable, the Company is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended,
and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended)
and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act.

 

4.9.2.         No
part of the proceeds of the Notes or the purchase price for the Revenue Stream will be used, directly or indirectly, for any payments
to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation
of the United States Foreign Corrupt Practices Act of 1977, as amended.

 

4.9.3.         None
of the Company nor, to the knowledge of the Company, any director, officer, agent, employee or controlled Affiliate of the Company,
is currently the subject of any U.S. sanctions program administered by the Office of Foreign Assets Control of the United States
Department of the Treasury (“OFAC”); and the Company will not directly or indirectly use the proceeds of the
Notes or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person currently
the subject of any U.S. sanctions program administered by OFAC, except to the extent licensed or otherwise approved by OFAC.

 

    	11

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

“***”

 

4.10.       No
Default. No Default or Event of Default exists or would result from the incurring of any Obligations by the Company or the
grant or perfection of Liens on the Collateral. The Company is not in default under or with respect to any Contractual Obligation
in any respect which, individually or together with all such defaults, would reasonably be expected to have a Material Adverse
Effect.

 

4.11.       Binding
Effect. This Agreement and each other Document constitute the legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating
to enforceability.

 

4.12.       Disclosure.
No report, financial statement, certificate or other written information furnished by or on behalf of the Company (other than
projected financial information, pro forma financial information and information of a general economic or industry nature)
to any Purchaser or the Collateral Agent in connection with the transactions contemplated hereby and the negotiation of this Agreement
or delivered hereunder or any other Document (as modified or supplemented by other information so furnished) when taken as a whole
contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (when
taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to projected
financial information and pro forma financial information, the Company represents that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time of preparation; it being understood that such projections
may vary from actual results and that such variances may be material.

 

ARTICLE V

REPRESENTATIONS AND
WARRANTIES OF THE PURCHASERS AND COLLATERAL AGENT

 

Each Purchaser, for itself and for no other
Purchaser, and the Collateral Agent hereby represents and warrants to the Company as of the Closing Date:

 

5.1.         Authority.
The Purchaser and the Collateral Agent, as the case may be, has the power and authority, corporate or otherwise, necessary to enter
into and perform this Agreement and the Documents to which it is a party.

 

5.2.         Binding
Effect. This Agreement and each other Document constitute the legal, valid and binding obligations of the Purchaser and the
Collateral Agent, enforceable against the Purchaser or the Collateral Agent as the case may be in accordance with their respective
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement
of creditors’ rights generally or by equitable principles relating to enforceability.

 

    	12

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

5.3.         Investment
Intent. The Purchaser understands that the Note, to the extent constituting a security, is a “restricted security”
and has not been registered under the Securities Act or any applicable state securities law and is acquiring the Note as principal
for its own account and not with a view to or for distributing or reselling the Note or any part thereof in violation of the Securities
Act or any applicable state securities laws. The Purchaser does not presently have any agreement, plan or understanding, directly
or indirectly, with any Person to distribute or effect any distribution of the Note (or any securities which are derivatives thereof)
to or through any person or entity, in each case, other than transfers or distributions to an Affiliate of such Purchaser.

 

5.4.         Experience
of the Purchaser. The Purchaser has such knowledge, sophistication and experience in business and financial matters so as to
be capable of evaluating the merits and risks of the prospective investment in the Note, and has so evaluated the merits and risks
of such investment. The Purchaser is able to bear the economic risk of an investment in the Note and, at the present time, is able
to afford a complete loss of such investment. The Purchaser understands that its investment in the Note involves a significant
degree of risk.

 

5.5.         Access
to Information. The Purchaser acknowledges that it has been afforded (i) the opportunity to ask such questions as it has
deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering
of the Note and the merits and risks of investing in the Note; (ii) access to information about the Company and its subsidiaries
and their respective financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses
or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to
the investment. The Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed
decision with respect to its acquisition of the Note.

 

5.6.         Reliance
on Exemptions. The Purchaser understands that the Notes are being offered and sold to it in reliance on specific exemptions
from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon the truth
and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgements and understandings
of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser
to acquire its Note.

 

ARTICLE VI

COVENANTS

 

Until all of the Company’s
obligations with respect to the Notes and the Revenue Stream, have been paid in full in cash, the Company shall comply with the
covenants set forth in this Article VI.

 

    	13

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

6.1.         Taxes
and Other Charges. The Company shall duly pay and discharge, or cause to be paid and discharged, before the same becomes in
arrears, all taxes, assessments and other governmental charges imposed upon the Company and its properties, sales or activities,
or upon the income or profits therefrom; provided, however, that any such tax, assessment, charge or claim need not
be paid if the validity or amount thereof shall at* the time be contested in good faith by appropriate proceedings and if the Company
shall, in accordance with GAAP, have set aside on its books adequate reserves with respect thereto; provided, further,
that the Company shall pay or bond, or cause to be paid or bonded, all such taxes, assessments, charges or other governmental claims
immediately upon the commencement of proceedings to foreclose any Lien which may have attached as security therefor (except to
the extent such proceedings have been dismissed or stayed).

 

6.2.         Conduct
of Monetization Activities; Reporting and Consultation.

 

6.2.1.         The
Company shall undertake its best efforts to diligently pursue the monetization of the Patents, and shall provide reasonable regular
updates to the Purchasers and their advisors, and shall consult with Purchasers and their advisors on request, as to its Monetization
Activities, including providing the Purchasers with a summary of any material litigation relating to the Patents or the Monetization
Activities, copies of material correspondence, pleadings, judgments, orders, licenses, settlement agreements or other documents
reasonably requested by the Majority Purchasers, and, no later than the 15th day of every month, a report calculating
in detail its Monetization Revenues for the prior month, in each case in form and substance reasonably satisfactory to the Majority
Purchasers. Subject to the preservation of any privilege and confidentiality requirements, the Company shall authorize and direct
any legal counsel or consultant engaged by it to discuss the status of the Company’s Monetization Activities with the Purchasers
and the Collateral Agent, provided that the Company has the reasonable opportunity to have at least one Company representative
present, in person or by telephone, for any such discussions.

 

6.2.2.         Notwithstanding
Section 6.2.1, Section 6.5 or Section 6.6, but subject to compliance with Section 6.9.3, the Company
shall not be required to breach any contractual obligation of confidentiality or to jeopardize any legal privilege.

 

6.3.         Maintenance
of Existence. The Company shall do all things necessary to preserve, renew and keep in full force and effect and in good standing
its legal existence and authority necessary to continue its business.

 

6.4.         Compliance
with Legal Requirements. The Company shall comply in all material respects with all valid then existing Legal Requirements
applicable to it, except where compliance therewith shall at the time be contested in good faith by appropriate proceedings.

 

    	14

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

6.5.         Notices;
Reports.

 

6.5.1.         Certain
Notices; Reports. The Company shall furnish to each of the Note Purchasers and Revenue Participants:

 

6.5.1.1.      Promptly,
notice of any dispute, litigation, investigation, suspension or any administrative or arbitration proceeding by or against the
Company for an amount in excess of $500,000 or affecting the Company’s ownership rights with respect to the Patents;

 

6.5.1.2.      promptly
upon acquiring knowledge thereof, the existence of any Default or Event of Default, specifying the nature thereof and what action
the Company has taken, is taking or proposes to take with respect thereto; and

 

6.5.1.3.      promptly,
and in any event within 10 Business Days, such additional business, financial, corporate affairs and other information as the Majority
Purchasers may reasonably request.

 

Each notice
pursuant to this Section shall be accompanied by a statement by an Authorized Officer of the Company, on behalf of the Company,
setting forth details of the occurrence referred to therein (including, if applicable, describing with particularity any and all
clauses of this Agreement or the Other Documents that may have been breached), and, subject to any requirement of privilege, stating
what action the Company or other Person proposes to take with respect thereto and at what time.

 

6.5.2.         In
the event that the Company receives notice, or becomes aware, of *** would constitute a *** contained in ***, in addition to the remedies set forth in any Document, the Company shall give immediate notice
thereof to the Purchasers and the Collateral Agent, with reasonable detail concerning the basis for ***, of the Company’s
intended approach to addressing such ***. The Company shall provide periodic updates of its progress in resolving *** to the Purchasers.
Upon the final resolution or withdrawal of any such ***, the Company shall provide notice of such resolution or withdrawal, with
supporting documentation, to the Purchasers. ***.

 

    	15

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

6.6.         Information
and Access Rights.

 

6.6.1.         Upon
reasonable request of the Majority Purchasers (and requests made not more often than quarterly shall be deemed reasonable), the
Company shall permit any Purchaser and any Purchaser’s duly authorized representatives and agents to visit and inspect any
of its property, corporate books, and financial records related to the Patents, to examine and make copies of its books of accounts
and other financial records related to the Patents and its Monetization Activities and Monetization Revenues, and to discuss its
affairs, finances, and accounts with, and to be advised as to the same by, its managers, officers, employees and independent public
accountants (and by this provision the Company hereby authorizes such accountants to discuss with the Purchasers the finances and
affairs of the Company so long as (i) an officer or manager of the Company has been afforded a reasonable opportunity to be present
for such discussion and (ii) such accountants shall be bound by standard confidentiality obligations), in each case related to
the Patents and the Monetization Activities and Monetization Revenues. In addition, upon request of the Majority Purchasers from
time to time, and subject to any claims of privilege, the Company shall provide the Purchasers with a status update of any material
development in any litigations or any administrative or arbitration proceeding related to the Patents. All costs and expenses reasonably
incurred by the Purchasers and their duly authorized representatives and agents in connection with the exercise of the Purchasers’
rights pursuant to this Section 6.6 shall be paid by the Company.

 

6.6.2.         The
Purchasers acknowledge that in connection with their information and access rights under this Agreement, the Company may be required
to provide information that may be deemed to be material non public information; provided that the Company agrees to clearly identify
any such information prior to delivery and to request and obtain Purchaser confirmation prior to such delivery that the Purchasers
wish to receive such information notwithstanding that it may constitute material non public information. The Purchasers and the
Company agree to work together in good faith to establish procedures for the handling of information that may constitute material
non public information, including procedures that enable the Purchasers to evaluate from time to time the extent to which they
are prepared to receive material non public information by the Company and as to which of such information will be subject to periodic
“cleansing disclosure” and/or the establishment of “trading windows” in order to achieve the Purchasers’
objectives of remaining reasonably informed of the Company’s Monetization Activities and available to consult with the Company
regarding such activities, while not being unreasonably restricted in public trading of common stock of the Company. For the avoidance
of doubt, subject to the Company not providing the Purchasers with any information that it is not prepared to disclose to the public
without first providing a written notice to the Purchasers identifying, with specificity, which information is subject to such
restriction, the Company shall have no obligation to any Purchaser to disclose information to the public, whether by press release
or SEC filing, that it is not otherwise obligated to disclose at such time pursuant to the Securities Exchange Act of 1934 and
the regulations of the SEC promulgated thereunder.

 

6.7.         Indebtedness.
The Company shall not create, incur, assume or otherwise become or remain liable with respect to any Indebtedness that is secured
by the Patents or any rights related thereto (other than the obligations to vendors of the Patents that are set forth on Schedule
4.5. The Company shall not incur any other Indebtedness, except for:

 

6.7.1.         Indebtedness
in respect of the Obligations;

 

6.7.2.         unsecured
trade payables that are not evidenced by a promissory note and are incurred in the Ordinary Course of Business;

 

    	16

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

6.7.3.         the
existing Indebtedness set forth on Schedule 6.7;

 

6.7.4.         additional
unsecured Indebtedness that is subordinated to the rights of the Purchasers under this Agreement pursuant to an agreement in form
and substance satisfactory to the Majority Purchasers; and

 

6.7.5.         additional
Indebtedness secured solely by patent assets purchased after the Closing Date that is subordinated to the rights of the Purchasers
under this Agreement pursuant to an agreement in form and substance satisfactory to the Majority Purchasers (“New Secured
Indebtedness”); provided that the Purchasers shall have been provided a right of first refusal to provide such New Secured
Indebtedness and shall have either waived such right or shall have provided such New Secured Indebtedness; provided that the Purchasers
shall use commercially reasonable efforts to respond promptly to any such offered right of first refusal.

 

6.8.         Liens.
The Company shall not create, incur, assume or suffer to exist any Lien upon any Patent or any Monetization Revenues other than
the following (“Permitted Liens”):

 

6.8.1.        
Liens securing the Obligations,

 

6.8.2.         the
Existing Encumbrances and other non-exclusive licenses that are entered into pursuant to the Company’s Monetization Activities
and otherwise in compliance with this Agreement;

 

6.8.3.         Liens
securing New Secured Indebtedness; and

 

6.8.4.         Tax
and other statutory or involuntary Liens, in each case arising in the Ordinary Course of Business for amounts not yet due or that
are being contested in good faith and, in the case of Liens in favor of attorneys or consultants, are not securing claims in excess
of amounts that the Company is retaining under this Agreement (i.e., that the Company is not required to apply to the Note Obligations
or the Revenue Stream).

 

6.9.         Management
of Patents and Patent Licenses.

 

6.9.1.         Dispositions.
The Company shall not make any Disposition of any Patents or of any equity interests in Owner other than (i) entering into settlement
agreements or non-exclusive licensing arrangements with respect to the Patents in pursuit of the Monetization Activities, (ii)
sales of the Company’s proprietary hardware and software products in the ordinary course of business provided, for
the avoidance of doubt, that no such arrangements shall permit the use of any Patents other than as required for the sale of such
products; (iii) the entry into exclusive license agreements or sales of Patents with the written consent of the Majority Purchasers,
such consent not to be unreasonably withheld, conditioned or delayed; and (iv) the entry into contingency, revenue sharing or profit
sharing arrangements with additional law firms, consultants or other professionals to the extent such arrangements are not inconsistent
with the Purchasers’ rights in respect of the Monetization Revenues hereunder. For the avoidance of doubt, nothing in the
foregoing shall be construed to prohibit Company from replacing or dividing existing agreements under substantially equivalent,
or more favorable to the Company, financial and other terms than the Existing Encumbrances or such existing agreements. For the
avoidance of doubt, proceeds of any Disposition of any Patents, or of any equity interest in Owner, shall constitute Monetization
Revenues.

 

    	17

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

6.9.2.         Preservation
of Patents. Except to the extent consented to by the Collateral Agent (such consent not to be unreasonably withheld, conditioned
or delayed), (a) the Company shall, at its own expense, take all reasonable steps to pursue the registration and maintenance of
each Patent and shall take all reasonably necessary steps to preserve and protect each Patent and (b) the Company shall not do
or permit any act or knowingly omit to do any act whereby any of the Patents may lapse, be terminated, or become invalid or unenforceable
or placed in the public domain. At its option, the Collateral Agent or the Majority Purchasers may, at the Company’s expense,
take all reasonable steps to pursue the registration and maintenance of each Patent and take all reasonably necessary steps to
preserve and protect each Patent and the Company hereby grants the Collateral Agent a power-of-attorney to take all steps in the
Company’s name in furtherance of the foregoing; provided that the foregoing shall not be interpreted as excusing the
Company from the performance of, or imposing any obligation on the Collateral Agent or the Majority Purchasers to cure or perform
any obligation of the Company; provided further that the Collateral Agent shall give the Company prompt written notice following
any action taken by the Collateral Agent under this Section 6.9.2, and shall endeavor to give the Company advance written
notice where feasible.

 

6.9.3.         Entry
into Agreements. Neither the Company nor any Affiliate of the Company shall enter into any contract or other agreement with
respect to the Patents that contains confidentiality provisions prohibiting or otherwise restricting the Company or such Affiliate
from disclosing the existence and content of such contract or other agreement to the Note Purchasers and their counsel; provided
that, with respect to any contract that provides for at least $500,000 in payments to the Company, the Company shall not be precluded
from entering into confidentiality provisions so long as it has first made commercially reasonable efforts to exclude or limit
the scope of such provisions or, to the extent unable to exclude them, to permit disclosure to investors in the Company, including
the Purchasers, that agree to maintain the confidentiality of such contracts.

 

6.10.       Minimum
Liquidity. The Company shall maintain not less than One Million Dollars ($1,000,000) in unrestricted cash and Cash Equivalents
(“Liquidity”) (not including amounts on deposit in the Cash Collateral Account except to the extent the Company
is entitled to such amounts), and shall provide weekly certifications demonstrating the Company’s Liquidity.

 

    	18

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

6.11.       Cash
Collateral Account. Within 30 days following the Closing Date, the Company shall open a depository account (the “Cash
Collateral Account”) with an institution reasonably acceptable to the Collateral Agent, which Cash Collateral Account
shall be subject to a control agreement, substantially in the form of Exhibit B (and with such other changes as may be approved
by the Collateral Agent and the Company), between the Company, such institution and the Collateral Agent. The Company shall cause
all Monetization Revenues to be deposited into such Cash Collateral Account, shall provide instructions to each payor of Monetization
Revenues to directly deposit any Monetization Revenues into the Cash Collateral Account, and the Company hereby authorizes the
Majority Purchasers to inform any payor of Monetization Revenues of the Company’s obligation to direct all Monetization Revenues
to the Cash Collateral Account as required hereunder. On each deposit of Monetization Revenues to the Cash Collateral Account,
the Company shall deliver an officer’s certificate in the form of Exhibit C to the Collateral Agent detailing the
source and nature of such Monetization Revenues, the amount of any related Monetization Expenses (including specifying any Monetization
Expenses that have been already deducted from such Monetization Revenues), and setting forth the Company’s calculation of
the required application of the resulting Monetization Net Revenues. On a monthly basis on and after the Closing Date, but no later
than the 15th day of each month, the Collateral Agent shall deliver to the Company a written statement (each a “Collateral
Agent Statement”) with reasonable detail showing the amounts applied by the Collateral Agent in the Cash Collateral Account
for the prior month to the payment of the Note or, after the payment in full of the Notes, the payments made to Revenue Participants,
and payments to the Company in respect of the Monetization Revenues. The Cash Collateral Account shall be under the sole control
of the Collateral Agent and the Company may not have withdrawal rights with respect to, or otherwise control of, the Cash Collateral
Account; provided that the Collateral Agent shall make withdrawals from the Cash Collateral Account promptly following the
deposit of any Monetization Revenues, and will apply such Monetization Net Revenues to amounts due hereunder in accordance with
this Agreement, and will release amounts to pay any Monetization Expenses to appropriate third parties, along with any remaining
excess Monetization Revenues to the Company within three (3) Business Days of delivery of the Collateral Agent Statement. The Company
shall have access to account statements from the depositary bank concerning the Cash Collateral Account. ***.

 

6.12.       Further
Assurances.

 

6.12.1.       Upon
the reasonable request of the Majority Purchasers or the Collateral Agent, the Company shall (i) correct any material defect or
error that may be discovered in the execution, acknowledgment, filing or recordation of any Document or other document or instrument
relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register
any and all such further acts, deeds, certificates, assurances and other instruments, subject to Section 3.1.7, as the Collateral
Agent or Majority Purchasers may reasonably request from time to time in order to carry out the purposes of the Documents.

 

    	19

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

6.12.2.       Within
ninety 90 days after the Closing Date, and at Owner’s expense, Owner shall cause to be filed in the applicable foreign filing
offices any filings required to perfect Collateral Agent’s first priority lien in the Patents in Canada, China, France, Germany
and the United Kingdom. For any other foreign jurisdiction, at the Purchasers’ expense, the Collateral Agent may cause any
other filings required to perfect a first priority lien in the Patents in such other jurisdictions and Owner will take any actions
reasonably requested by the Collateral Agent from time to time in order to carry out such filings.

 

6.12.3.       Within
60 days after the Closing Date, Parent agrees to take all necessary actions to either, at the Purchasers’ option, (x) effect
the conversion of Owner from a Delaware corporation to a Delaware limited liability company or (y) contribute all of its interests
in Owner to a newly created Delaware limited liability company and, in either case, to enter into a limited liability company operating
agreement for such newly formed limited liability company substantially in the form attached hereto as Exhibit I and to cause such
entity to execute a joinder of the Documents.

 

6.12.4.       Within
one hundred eighty (180) days after the Closing Date, and at Owner’s expense, Owner shall use reasonable best efforts to
***. If Owner is not able to ***, Owner will provide Collateral Agent with a written description of how Owner attempted to ***.

 

6.13.       Confidentiality.
Subject to the Company’s routine compliance with the requirements of the Securities Exchange Act of 1934, as amended and
the regulations promulgated thereunder, each party hereto will hold, and will cause its respective Affiliates and its and their
respective directors, officers, employees, agents, members, investors, auditors, attorneys, financial advisors, other consultants
and advisors and assignees to hold, in strict confidence, unless disclosure to a regulatory authority is necessary in connection
with any necessary regulatory approval, examination or inspection or unless disclosure is required by judicial or administrative
process or, in the written opinion of its counsel, by other requirement of law or the applicable requirements of any regulatory
agency or relevant stock exchange, all non-public records, books, contracts, instruments, computer data and other data and information
(collectively, “Information”) concerning the other party hereto furnished to it by or on behalf of such other
party or its representatives pursuant to this Agreement (except to the extent that such information can be shown to have been (1)
previously known by such party on a non-confidential basis or becomes available to such party on a non-confidential basis, (2)
publicly available through no fault of such party (3) later lawfully acquired from other sources by such party or (4) disclosed
to a prospective investor), and neither party hereto shall release or disclose such Information to any other person, except on
a confidential basis to its officers, directors, employees, agents, members, investors, Affiliates, auditors, attorneys, financial
advisors, other consultants and advisors and except in connection with any proposed assignment or participation of the rights of
a Purchaser under this Agreement made in accordance with Section 9.10.2, provided such prospective assignee or participant
has agreed to be bound by the confidentiality provisions consistent with those set forth herein.

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

6.14.       Obligations
Under Patent Purchase Agreements.

 

(a)          Owner
will pay all amounts due to Nokia Corporation under Section 4.1 of the Nokia PPA on or before thirty (30) days prior to the due
date thereof (other than the payment due October 1, 2014 which shall be made within 2 Business Days of Closing), and shall provide
the Purchasers with prompt written notice of Owner’s having made such payment (with supporting documentation, e.g. a receipt,
cancelled check or wire confirmation) (a “Payment Confirmation”). If the Purchasers do not receive a Payment
Confirmation by thirty (30) days’ prior to the applicable payment due date, the Purchasers shall have the option, at their
sole discretion, to pay the amount due to Nokia Corporation on Owner’s behalf. For the avoidance of doubt, any failure by
Owner to timely make such payment shall constitute an immediate Event of Default hereunder, unless and to the extent that the Purchasers
elect (x) to fund such amounts and (y) to treat such funding as an advance under Section 2.8.2.

 

(b)          Owner
will timely pay all amounts due *** under Section 4.2 of the Panasonic PPA on or before thirty (30) days prior to the due date
thereof, and shall provide the Purchasers with a Payment Confirmation with respect to such payment. If the Purchasers do not receive
a Payment Confirmation by thirty (30) days’ prior to the applicable payment due date, the Purchasers the option, at their
sole discretion, to pay the amount due to Panasonic Corporation on Owner’s behalf. For the avoidance of doubt, any failure
by Owner to timely make such payment shall constitute an immediate Event of Default hereunder, unless and to the extent that the
Purchasers elect (x) to fund such amounts and (y) to treat such funding as an advance under Section 2.8.2.

 

(c)          If
the Purchasers fund any amounts under this Section 6.14, they shall have the option to either (x) treat any such funding
as an additional purchase of Notes and participation in the Monetization Net Revenues pursuant to Section 2.8.2 or (y) treat
such funding as a protective advance to protect their interests, in which event, such funding shall bear interest at a rate equal
to the rate applicable to the Notes on an Event of Default and the failure of Owner to advance such funding shall constitute a
continuing Event of Default unless and until such advance is repaid with interest. For the avoidance of doubt, pending such payment
in full with interest, the Purchasers shall have a right of acceleration on account of such continuing Event of Default and following
such acceleration, the Notes and the Revenue Stream shall be fully due and payable as specified in Article VII.

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

ARTICLE VII

EVENTS OF DEFAULT

 

7.1.         Events
of Default. Each of the following events is referred to as an “Event of Default”:

 

7.1.1.         Payment.
The Company shall fail to make any payment due hereunder within 3 Business Days of when such payment is due and payable.

 

7.1.2.         Other
Covenants. The Company shall (x) fail to perform or observe any of the covenants or agreements contained in Section 6.2,
Section 6.6, Section 6.10 or 6.14 or (y) fail to perform or observe any of the covenants or agreements in
Article VI or elsewhere in this Agreement or in any other Document (other than those covenants or agreements specified in
clause (x) above) such failure continues for thirty days after the earlier of (i) written notice to the Company by the Collateral
Agent or any Purchaser of such failure or (ii) knowledge of the Company of such failure; provided, that no such cure period shall
apply to breaches of any of Sections 6.7 through Section 6.9 or to Section 6.11 that either are intentional
by the Company or where, in the reasonable judgment of the Majority Purchasers, a material delay in the exercise of remedies or
the taking of curative action is reasonably likely to result in material harm to the value of the Patents or the success of the
monetization efforts.

 

7.1.3.         Representations
and Warranties.

 

7.1.3.1.      Any
representation or warranty of or with respect to the Company made in this Agreement (other than under Section 4.5) or pursuant
to or in connection with any Document, or in any financial statement, report, notice, mortgage, assignment or certificate delivered
by the Company so representing to the other parties hereto in connection herewith or therewith, shall be false in any material
respect on the date as of which it was made.

 

7.1.3.2.      ***

 

7.1.4.         Cross
Default. Prior to the Maturity Date, any event of default, after giving effect to any applicable grace or cure period, with
respect to any Indebtedness in excess of $500,000 of the Company that is on account of a default in any payment under such Indebtedness
shall occur and be continuing if such event of default continues for thirty days after the earlier of (i) written notice to the
Company by the Collateral Agent or any Purchaser of such failure or (ii) knowledge of the Company of such event of default.

 

7.1.5.         Liquidation;
etc. The Company shall initiate any action to dissolve, liquidate or otherwise terminate its existence.

 

7.1.6.         Change
of Control. A Change of Control shall have occurred.

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

7.1.7.         Judgments.
A final judgment (a) which, with other outstanding final judgments against the Company, exceeds an aggregate of $500,000 shall
be rendered against the Company or (b) which grants injunctive relief that results, or creates a material risk of resulting, in
a Material Adverse Effect and in either case if (i) within 30 days after entry thereof (or such longer period permitted under
the terms of such judgment), such judgment shall not have been discharged or execution thereof stayed pending appeal or (ii) within
30 days after the expiration of any such stay, such judgment shall not have been discharged.

 

7.1.8.         Bankruptcy,
etc. The Company shall:

 

7.1.8.1.      commence
a voluntary case under the Bankruptcy Code or authorize, by appropriate proceedings of its board of directors or other governing
body, the commencement of such a voluntary case;

 

7.1.8.2.      (i)
have filed against it a petition commencing an involuntary case under the Bankruptcy Code that shall not have been dismissed within
60 days after the date on which such petition is filed or (ii) file an answer or other pleading within such 60-day period admitting
or failing to deny the material allegations of such a petition or seeking, consenting to or acquiescing in the relief therein provided
or (iii) have entered against it an order for relief in any involuntary case commenced under the Bankruptcy Code;

 

7.1.8.3.      seek
relief as a debtor under any applicable law, other than the Bankruptcy Code, of any jurisdiction relating to the liquidation or
reorganization of debtors or to the modification or alteration of the rights of creditors, or consent to or acquiesce in such relief;

 

7.1.8.4.      have
entered against it an order by a court of competent jurisdiction (i) finding it to be bankrupt or insolvent, (ii) ordering
or approving its liquidation or reorganization as a debtor or any modification or alteration of the rights of its creditors or
(iii) assuming custody of, or appointing a receiver or other custodian for, all or a substantial portion of its property; or

 

7.1.8.5.      make
an assignment for the benefit of, or enter into a composition with, its creditors, or appoint, or consent to the appointment of,
or suffer to exist a receiver or other custodian for, all or a substantial portion of its property.

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

7.1.9.         Collateral.
Any material provision of any Document shall for any reason cease to be valid and binding on or enforceable against the Company
or the Company shall so state in writing or bring an action to limit its obligations or liabilities thereunder; or any Collateral
Document shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest in the Collateral
purported to be covered thereby or such security interest shall for any reason (other than the failure of the Collateral Agent
or the Note Purchasers to take any action within its control) cease to be a perfected and first priority security interest subject
only to Permitted Liens and such failure shall continue for thirty days after the earlier of (i) written notice to the Company
by the Collateral Agent or any Purchaser of such failure or (ii) knowledge of the Company of such failure.

 

7.1.10.       ***.

 

7.2.         Remedies
Following an Event of Default. If any one or more Events of Default shall occur and be continuing, then in each and every such
case:

 

7.2.1.         Specific
Performance; Exercise of Rights. The Majority Purchasers (or the Collateral Agent, acting at the direction of the Majority
Purchasers) may proceed to protect and enforce such party’s rights by suit in equity, action at law and/or other appropriate
proceeding, either for specific performance of any covenant or condition contained in any Document, or in aid of the exercise of
any power granted in any Document, including directing the Company to take any action requested by the Majority Purchasers (or
the Collateral Agent, acting at the direction of the Majority Purchasers) in any Monetization Activity regarding the Patents;

 

7.2.2.         Acceleration.
The Majority Note Purchaser may, by notice in writing to the Company, declare the remaining unpaid amount of the then-outstanding
Notes, together with accrued and unpaid interest thereon, to be immediately due and payable; provided that if a Bankruptcy
Event of Default pursuant to Section 7.1.8 shall have occurred, such amounts shall automatically become immediately due
and payable; and provided, that in such event, the Company shall immediately and unconditionally be obligated to pay, as liquidated
damages with respect to the Revenue Stream, the maximum amount of the Revenue Stream in full, in cash, i.e., the Company shall
pay to the Revenue Participants in respect of the Revenue Stream $5,500,000 to the extent that the payments on the Revenue Stream
total such amount prior to the Maturity Date and $8,250,000 if such amounts have not been fully paid prior to the Maturity Date,
in each case, less any amounts previously applied to the Revenue Stream. In the event that any additional advances are made pursuant
to Section 2.8, such amounts shall be adjusted upward proportionately.

 

7.2.3.         Standstill.
Upon notice in writing from the Majority Purchasers, the Company shall not enter into any new pledges, assignments, licenses, springing
licenses, options, non-assertion agreements, earn-outs, monetization agreements, profit and revenue sharing arrangements, derivative
interests, fee and recovery splitting agreements, registered user agreements, shop rights and covenants by the Company not to sue
third persons with respect to any of the Patents; and

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

7.2.4.         Cumulative
Remedies. To the extent not prohibited by applicable law which cannot be waived, each party’s rights hereunder and under
the other Documents shall be cumulative;

 

provided
that, effective upon the Majority Purchasers (or the Collateral Agent, acting at the direction of the Majority Purchasers)
enforcing any such rights or remedies under this Agreement or any other Document, or under applicable law, the Purchasers and the
Collateral Agent shall (1) grant, and do hereby grant, to the Company a perpetual non-exclusive, royalty-free, world-wide license
(with the right to sublicense to third parties under the Existing Encumbrances and the sale of proprietary products and any other
licenses entered into in compliance with this Agreement) to the Patents, which license shall be non-revocable by any third party
transferee or any other person or entity that acquires rights in the Patents (by foreclosure or otherwise) at any time following
such exercise of rights or remedies, and (2) require as a condition to the effectiveness of any such transfer or assignment (by
foreclosure or otherwise) of the Patents or rights in the Patents, that the applicable transferee or assignee acknowledge and agree
to the non-revocable grant to the Company of the perpetual license of the type described in the immediately preceding clause (1),
which acknowledgement and agreement by such transferee or assignee shall be made in a writing, signed by a duly authorized officer
of such transferee or assignee, made to and for the express benefit of the Company, and the original of which shall be delivered
by the Purchasers or the Collateral Agent to the Company promptly following any such transfer or assignment.

 

7.3.         Annulment
of Defaults. Once an Event of Default has occurred, such Event of Default shall be deemed to exist and be continuing for all
purposes of this Agreement until the earlier of (x) Majority Purchasers shall have waived such Event of Default in writing, (y)
the Company shall have cured such Event of Default to the Majority Purchasers’ reasonable satisfaction or the Company or
such Event of Default otherwise ceases to exist, or (z) the Collateral Agent and the Purchasers or Majority Purchasers (as required
by Section 9.4.1) have entered into an amendment to this Agreement which by its express terms cures such Event of Default,
at which time such Event of Default shall no longer be deemed to exist or to have continued. No such action by the parties hereto
shall prevent the occurrence of, or effect a waiver with respect to, any subsequent Event of Default or impair any rights of the
parties hereto upon the occurrence thereof.

 

7.4.         Waivers.
To the extent that such waiver is not prohibited by the provisions of applicable law that cannot be waived, the Company waives:

 

7.4.1.         all
presentments, demands for performance, notices of nonperformance (except to the extent required by this Agreement), protests, notices
of protest and notices of dishonor;

 

7.4.2.         any
requirement of diligence or promptness on the part of the Purchasers in the enforcement of its rights under this Agreement;

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

7.4.3.         any
and all notices of every kind and description which may be required to be given by any statute or rule of law; and

 

7.4.4.         any
defense (other than indefeasible payment in full) which it may now or hereafter have with respect to its liability under this Agreement
or with respect to the Obligations.

 

ARTICLE VIII

COLLATERAL AGENT

 

8.1.         Appointment
of Collateral Agent. Each of the Purchasers hereby appoints DBD Credit Funding LLC as Collateral Agent to act for them as collateral
agent, to hold any pledged collateral and any other collateral perfected by perfection or control for the benefit of the Purchasers;
provided that the rights of the Note Purchasers to direct the Collateral Agent and to receive proceeds of Collateral shall
be prior to, and controlling of, any rights of the Revenue Participants. Without limiting the foregoing, the Collateral Agent shall
take direction from the Majority Purchasers and shall distribute any proceeds of Collateral (net of its own expenses) to the Note
Purchasers to apply to the payment of the Notes prior to distributing any proceeds to the Revenue Participants.

 

8.2.         Collateral.
The Collateral Agent shall act at the instruction of the Majority Purchasers with respect to providing any vote, consent or taking
other action with respect to the Collateral.

 

8.3.         Collateral
Agent’s Resignation. The Collateral Agent may resign at any time by giving at least 30 days’ prior written
notice of its intention to do so to each of the other parties hereto and upon the appointment by the Majority Purchasers of a successor
Collateral Agent. If no successor Collateral Agent shall have been so appointed and shall have accepted such appointment within
45 days after the retiring Collateral Agent’s giving of such notice of resignation, then the retiring Collateral Agent may
appoint a successor Collateral Agent, with the consent of the Majority Purchasers, and if no such appointment is made within such
period, subject to any exercise of rights by the Majority Purchasers pursuant to Section 8.4.8, the Majority Purchasers
shall be the Collateral Agent until another successor Collateral Agent is appointed by the Majority Purchasers. Upon the appointment
of a new Collateral Agent hereunder, the term “Collateral Agent” shall for all purposes of this Agreement thereafter
mean such successor. After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, or the removal hereunder
of any successor Collateral Agent, the provisions of this Agreement shall continue to inure to the benefit of such retiring or
removed Collateral Agent as to any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement.

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

8.4.         Concerning
the Collateral Agent

 

8.4.1.         Standard
of Conduct, etc. The Collateral Agent and its officers, directors, employees and agents shall be under no liability to any
of the Purchasers or to any future holder of any interest in the Obligations for any action or failure to act taken or suffered
in the absence of gross negligence and willful misconduct, and any action or failure to act in accordance with an opinion of its
counsel shall conclusively be deemed to be in the absence of gross negligence and willful misconduct.

 

8.4.2.         No
Implied Duties, etc. The Collateral Agent shall have and may exercise such powers as are specifically delegated to the Collateral
Agent under this Agreement together with all other powers incidental thereto. The Collateral Agent shall have no implied duties
to any Person or any obligation to take any action under this Agreement except for action specifically provided for in this Agreement
to be taken by the Collateral Agent.

 

8.4.3.         Validity,
etc. The Collateral Agent shall not be responsible to any other party or any future holder of any interest in the Obligations
(a) for the legality, validity, enforceability or effectiveness of any Document, (b) for any recitals, reports, representations,
warranties or statements contained in or made in connection with any Document, (c) for the existence or value of any assets included
in any security for the Obligations, (d) for the effectiveness of any Lien purported to be included in the security for the Obligations,
or (e) for the perfection of the security interests for the Obligations.

 

8.4.4.         Compliance.
The Collateral Agent shall not be obligated to ascertain or inquire as to the performance or observance of any of the terms of
this Agreement or any other Document.

 

8.4.5.         Employment
of Agents and Counsel. The Collateral Agent may execute any of its duties as Collateral Agent under this Agreement or the other
Documents by or through employees, agents and attorneys-in-fact and shall not be responsible to any of the parties hereto for the
default or misconduct of any such employees, agents or attorneys-in-fact selected by the Collateral Agent acting in the absence
of gross negligence and willful misconduct. The Collateral Agent shall be entitled to advice of counsel concerning all matters
pertaining to the agency hereby created and its duties hereunder.

 

8.4.6.         Reliance
on Documents and Counsel. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any
affidavit, certificate, cablegram, consent, instrument, letter, notice, order, document, statement, telecopy, or writing reasonably
believed in good faith by the Collateral Agent to be genuine and correct and to have been signed, sent or made by the Person in
question, including any telephonic or oral statement made by such Person, and, with respect to legal matters, upon an opinion or
the advice of counsel selected by the Collateral Agent.

 

8.4.7.         Collateral
Agent’s Reimbursement. The Purchasers agree to indemnify the Collateral Agent for any losses arising from its appointment
as the Collateral Agent or from the performance of its duties hereunder and to reimburse the Collateral Agent for any reasonable
expenses; provided, however, that the Collateral Agent shall not be indemnified or reimbursed for liabilities or
expenses to the extent resulting from its own gross negligence or willful misconduct.

 

    	27

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

8.4.8.         Assumption
of Collateral Agent’s Rights. Notwithstanding anything herein to the contrary, if at any time no Person constitutes the
Collateral Agent hereunder or the Collateral Agent fails to act upon written directions from the parties hereto, the Majority Purchasers
shall be entitled to exercise any power, right or privilege granted to the Collateral Agent and in so acting the Majority Purchasers
shall have the same rights, privileges, indemnities and protections provided to the Collateral Agent hereunder.

 

ARTICLE IX

GENERAL PROVISIONS

 

9.1.         Expenses.
The Company agrees to promptly pay in full (i) all reasonable out-of-pocket costs and expenses (including, without limitation,
reasonable fees and disbursements of Ropes & Gray, LLP and Perkins Coie LLP, the Purchasers’ external counsel and of
any local counsel in any relevant jurisdiction; provided that the Company shall be entitled to an invoice that sets forth the professionals
performing services and the number of hours expended) incurred, by the Collateral Agent or the Purchasers in connection with the
preparation, negotiation, execution and delivery of the proposal letter, this Agreement and the Documents, including the Purchasers’
due diligence and credit approval process in connection with the financing and the consummation of the transactions contemplated
by this Agreement, including matters to be effected post closing in accordance with Section 6.11 and 6.12, (ii) all
reasonable out-of-pocket costs and expenses (including, without limitation, reasonable fees and disbursements of counsel) incurred
by the Purchasers or the Collateral Agent pursuant to Section 6.9.2 or otherwise expressly payable by the Company under
this Agreement, (iii) following an Event of Default, all reasonable out-of-pocket costs and expenses (including, without limitation,
reasonable fees and disbursements of counsel) incurred by the Collateral Agent or the Purchasers in enforcing any obligations hereunder
or under any other Document on account of such Default or in collecting any payments due hereunder, including broker’s fees
and other third party professional fees and expenses and (iv) all reasonable out-of-pocket costs and expenses (including, without
limitation, reasonable fees and disbursements of external counsel and any local counsel in any relevant jurisdiction) incurred
by the Collateral Agent or the Purchasers in connection with any refinancing or restructuring of the credit arrangements provided
under this Agreement in the nature of a workout, or any insolvency or bankruptcy proceedings. Any such costs and expenses invoiced
on or prior to the Closing Date shall be paid on such Closing Date. Any other costs and expenses shall be paid within thirty (30)
days of the submission of an invoice to the Company therefor, provided that the Collateral Agent’s application of the proceeds
of the Monetization Revenues towards such expenses pursuant to Section 6.11 shall be deemed to be timely payment thereof
if the Collateral Agent receives sufficient Monetization Revenues within such 30 day period. Any amounts not timely paid shall
bear interest, payable in cash, at a rate of 10% per annum compounding quarterly. The provisions of this Section 9.1 shall
survive the repayment in full of the Notes and the termination of this Agreement. The Purchasers acknowledge prior receipt from
the Company of the sum of $45,000 against the expenses referred to in Section 9.1.

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with|

 “***”

 

9.2.         Indemnity.
In addition to the payment of expenses pursuant to Section 9.1, whether or not the transactions contemplated hereby
shall be consummated, the Company (as “Indemnitor”) agrees to indemnify, pay and hold the Collateral Agent and
the Purchasers, and the officers, directors, partners, managers, members, employees, agents, and Affiliates of the Collateral Agent
and the Purchasers (collectively, the “Indemnitees”) harmless from and against any and all other liabilities,
costs, expenses, obligations, losses (other than lost profit), damages, penalties, actions, judgments, suits, claims and disbursements
of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of one counsel for such
Indemnitees) in connection with any investigative, administrative or judicial proceeding commenced or threatened (excluding claims
among Indemnitees) by any person who is not a Purchaser or an Affiliate thereof or the Collateral Agent or an Affiliate thereof,
whether or not such Indemnitee shall be designated a party thereto, which may be imposed on, incurred by, or asserted against that
Indemnitee, in any manner relating to or arising out of this Agreement and the Notes (the “Indemnified Liabilities”);
provided that the Indemnitor shall not have any obligation to an Indemnitee hereunder with respect to an Indemnified Liability
to the extent that such Indemnified Liability arises from the gross negligence or willful misconduct of that Indemnitee or any
of its officers, directors, partners, managers, members, employees, agents and/or Affiliates. Each Indemnitee shall give the Indemnitor
prompt written notice of any claim that might give rise to Indemnified Liabilities setting forth a description of those elements
of such claim of which such Indemnitee has knowledge; provided that any failure to give such timely notice shall not affect
the obligations of the Indemnitor except if and to the extent that any such failure to provide notice is both grossly negligent
and results in material prejudice to the defense of such Indemnified Liability. The Indemnitor shall have the right at any time
during which such claim is pending to select counsel to defend and control the defense thereof and settle any claims for which
it is responsible for indemnification hereunder (provided that the Indemnitor will not settle any such claim without (i)
the appropriate Indemnitee’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed
or (ii) obtaining an unconditional release of the appropriate Indemnitee from all claims arising out of or in any way relating
to the circumstances involving such claim and without any admission as to culpability or fault of such Indemnitee) so long as in
any such event, the Indemnitor shall have stated in a writing delivered to the Indemnitee that, as between the Indemnitor and the
Indemnitee, the Indemnitor is responsible to the Indemnitee with respect to such claim to the extent and subject to the limitations
set forth herein; provided that the Indemnitor shall not be entitled to control the defense of any claim in the event that
in the reasonable opinion of counsel for the Indemnitee, there are one or more material defenses available to the Indemnitee which
are not available to the Indemnitor, in which case, the Indemnitor shall also pay the reasonable fees and expenses of one separate
counsel (plus a local counsel if applicable) for all Indemnitees; provided further, that with respect to any claim as to
which the Indemnitee is controlling the defense, the Indemnitor will not be liable to any Indemnitee for any settlement of any
claim pursuant to this Section 9.2 that is effected without its prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed. To the extent that the undertaking to indemnify, pay and hold harmless set forth in this Section 9.2
may be unenforceable because it is violative of any law or public policy, the Company shall contribute the maximum portion which
it is permitted to pay and satisfy under applicable law, to the payment and satisfaction of all Indemnified Liabilities incurred
by the Indemnitees or any of them. Notwithstanding anything to the contrary in this Agreement, no party shall be liable to the
other party or any third party for any indirect, incidental, exemplary, special, punitive or consequential damages (including with
respect to lost revenue, lost profits or savings or business interruption) of any kind or nature whatsoever suffered by the other
party or any third party howsoever caused and regardless of the form or cause of action, even if such damages are foreseeable or
such party has been advised of the possibility of such damages. The provisions of this Section 9.2 shall survive the repayment
in full of the Notes and the termination of this Agreement.

 

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FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

9.3.         Notices.
All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and delivered via facsimile, email (in each case of a notice or demand, followed promptly by delivery from a nationally
recognized overnight courier) or a nationally recognized overnight courier. Such notices, demands and other communications will
be delivered or sent to the address indicated on Schedule 9.3 or such other address or to the attention of such other Person
as the recipient party shall have specified by prior written notice to the sending party. Any such communication shall be deemed
to have been received when actually delivered or refused.

 

9.4.         Amendments,
Consents, Waivers, etc.

 

9.4.1.         Amendments.
No amendment, modification, termination or waiver of any provision of this Agreement shall in any event be effective without the
written consent of each of the Company, the Collateral Agent and the Majority Purchasers (and, for the avoidance of doubt, consent
of the Company, the Collateral Agent and the Majority Purchasers shall be sufficient for any amendment not expressly listed below);
provided that the consent of each affected Purchaser shall be required for any amendment that (i) waives or reduces any
amounts owed to it under this Agreement or extends the date for any scheduled payment of principal, interest or fees hereunder,
(ii) releases the Company from its obligations to pay principal, interest, fees and the Revenue Stream hereunder or (iii) releases
all or substantially all of the Collateral, except in connection with any Disposition of Patents to the extent permitted under
Section 6.9.1. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which
it was given. No notice to or demand on the Company in any case shall entitle the Company to any further notice or demand in similar
or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section
9.4.1 shall be binding upon the holders of the Obligations at the time outstanding and each future holder thereof.

 

    	30

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

9.4.2.         Course
of Dealing; No Implied Waivers. No course of dealing between the Purchasers and the Company shall operate as a waiver of any
Purchaser’s rights under this Agreement or with respect to the Obligations. In particular, no delay or omission on the part
of any Purchaser in exercising any right under this Agreement or with respect to the Obligations shall operate as a waiver of such
right or any other right hereunder or thereunder. A waiver on any one occasion shall not be construed as a bar to or waiver of
any right or remedy on any future occasion.

 

9.5.         No
Strict Construction. The parties have participated jointly in the negotiation and drafting of this Agreement with counsel sophisticated
in financing transactions. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provisions of this Agreement.

 

9.6.         Certain
Acknowledgments. Each of the Company and each of the Purchasers acknowledges that:

 

9.6.1.         it
has been advised by counsel in the negotiation, execution and delivery of this Agreement; and

 

9.6.2.         no
joint venture is created hereby or otherwise exists by virtue of the transactions contemplated hereby or thereby among the Company
and the Purchasers.

 

9.7.         Venue;
Service of Process; Certain Waivers. The Company and each Purchaser:

 

9.7.1.         irrevocably
submit to the exclusive jurisdiction of any New York state court or federal court sitting in New York, New York, and any court
having jurisdiction over appeals of matters heard in such courts, for the purpose of any suit, action or other proceeding arising
out of or based upon this Agreement or the subject matter hereof or thereof;

 

9.7.2.         waive
to the extent not prohibited by applicable law that cannot be waived, and agree not to assert, by way of motion, as a defense or
otherwise, in any such proceeding brought in any of the above-named courts, any claim that they are not subject personally to the
jurisdiction of such court, that their property is exempt or immune from attachment or execution, that such proceeding is brought
in an inconvenient forum, that the venue of such proceeding is improper, or that this Agreement, or the subject matter hereof or
thereof, may not be enforced in or by such court;

 

9.7.3.         consent
to service of process in any such proceeding in any manner at the time permitted under the applicable laws of the State of New
York and agree that service of process by registered or certified mail, return receipt requested, at the address specified in or
pursuant to Section 9.3 is reasonably calculated to give actual notice; and

 

    	31

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

9.7.4.         waive
to the extent not prohibited by applicable law that cannot be waived any right to claim or recover in any such proceeding any special,
exemplary, punitive or consequential damages.

 

9.8.         WAIVER
OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH OF COMPANY AND EACH PURCHASER WAIVES,
AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN
RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE CONDUCT OF THE PARTIES HERETO, WHETHER
NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. The Company acknowledges that it has been informed
by the Purchasers that the foregoing sentence constitutes a material inducement upon which the Purchasers have relied and will
rely in entering into this Agreement. Any of the Company or Purchasers may file an original counterpart or a copy of this Agreement
with any court as written evidence of the consent of the Company and Purchasers to the waiver of their rights to trial by jury.

 

9.9.         Interpretation;
Governing Law; etc. All covenants, agreements, representations and warranties made in this Agreement or in certificates delivered
pursuant hereto or thereto shall be deemed to have been relied on by each Purchaser, notwithstanding any investigation made by
such Purchaser, and shall survive the execution and delivery to the Purchasers hereof and thereof. The invalidity or unenforceability
of any provision hereof shall not affect the validity or enforceability of any other provision hereof, and any invalid or unenforceable
provision shall be modified so as to be enforced to the maximum extent of its validity or enforceability. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. This Agreement and
the Documents constitute the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede
all prior and contemporaneous understandings and agreements, whether written or oral. This Agreement may be executed in any number
of counterparts which together shall constitute one instrument. This Agreement, and any issue, claim or proceeding arising out
of or relating to this Agreement or the Documents or the conduct of the parties hereto, whether now existing or hereafter arising
and whether in contract, tort or otherwise, shall be governed by and construed in accordance with the laws of the State of New
York.

 

9.10.       Successors
and Assigns 

 

9.10.1.       The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted by Sections 9.10.2 and 9.10.3.

 

    	32

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

9.10.2.       The
Company may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Majority Purchasers other than by operation of law. Subject to Section 9.10.4 below, and compliance with any applicable
securities laws (as reasonably determined by such Purchaser), any Note Purchaser may sell, assign, participate or transfer all
or any portion of its Notes and related rights under this Agreement to an Eligible Assignee (as defined below) with the written
consent of the Company (not to be unreasonably withheld, delayed or conditioned); provided that (x) the consent of the Company
shall not be required (a) in the case of any sale, assignment, participation or transfer to any Person that is not a direct competitor
of the Company (as reasonably determined by the Majority Purchasers with notice to the Company), (b) in the case of any sale, assignment,
participation or transfer to any Affiliate of a Purchaser that is an Eligible Assignee and (c) if an Event of Default has occurred
and is continuing; (y) such Note Purchaser and the assignee of such Note Purchaser shall have delivered an executed Assignment
and Acceptance Agreement substantially in the form attached hereto as Exhibit D-1 to the Company and each other Purchaser;
and (z) other than during an Event of Default, no Note Purchaser may sell, assign, participate or transfer all or any part of their
rights under this Agreement without the prior written consent of the Company if, as a result of such sale, assignment, participation
or transfer, the resulting Note Purchasers constituting the Majority Note Purchasers would at any time be greater in number than
one Note Purchaser except that all Affiliates of the original Note Purchaser shall be treated as if they were one entity
for purposes of this clause (z) and there is a single point of contact representing the original Note Purchaser and all such Affiliates
for purposes of this Agreement. In the case of any sale, assignment, transfer or negotiation of all or part of the rights of a
Note Purchaser under this Agreement that is authorized under this Section 9.10.2, the assignee, transferee or recipient
shall have, to the extent of such sale, assignment, transfer or negotiation, the same rights, benefits and obligations as it would
if it were a Note Purchaser hereunder (and shall be considered to be a substitute for the prior Note Purchaser for all purposes
and definitions hereunder). The Note Purchasers agree to provide to the Company prompt written notice of any sales, assignments
or transfers permitted hereunder, including the name and address of the transferee(s). “Eligible Assignee” means any
commercial bank, insurance company, finance company, financial institution, fund that invests in loans or any other “accredited
investor” (as defined in Regulation D of the Securities Act (subject to such consents, if any, as may be required above under
this Section 9.10.2)).

 

9.10.3.       The
Company shall maintain at its principal office, or the principal office of its counsel, a register (the “Register”)
in which the Company shall keep a record of the Notes made by each Purchaser, payments to each Purchaser and any transfer of the
rights of an Purchaser; provided that the Company shall have no obligation to update the register to reflect any sales,
assignments or transfers made by the Purchasers in the event that the Purchasers fail to give the Company written notice as required
under Section 9.10.2. The requirement that the ownership and transfer of the rights of the Purchasers under this Agreement
shall be reflected in the Register is intended to ensure that the Notes qualify as an obligation issued in “registered form”
as that term is used in Sections 163(f), 871(h), and 881(c) of the Code and shall be interpreted accordingly and, notwithstanding
anything to the contrary in this Agreement.

 

    	33

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

9.10.4.       Any
Revenue Participant may sell, assign, participate or transfer all or any part of their rights to the Revenue Stream to an Eligible
Assignee with the written consent of the Company (not to be unreasonably withheld, delayed or conditioned); provided that
(x) the consent of the Company shall not be required (a) in the case of any sale, assignment, participation or transfer to any
person that is not a direct competitor of the Company (as reasonably determined by the Majority Revenue Participant with notice
to the Company), (b) in the case of any sale, assignment, participation or transfer to any Affiliate of a Revenue Participant that
is an Eligible Assignee and (c) if an Event of Default has occurred and is continuing; (y) such Revenue Participant and the assignee
of such Revenue Participant shall have delivered an executed Assignment and Acceptance Agreement substantially in the form attached
hereto as Exhibit D-2 to the Company and each other Purchaser; and (z) other than during an Event of Default, no Revenue
Participant may sell, assign, participate or transfer all or any part of their rights in the Revenue Stream without the prior written
consent of the Company if, as a result of such sale, assignment, participation or transfer, the resulting Revenue Participants
constituting the Majority Revenue Participants would at any time be greater in number than one Revenue Participant except
that all Affiliates of the original Revenue Participant shall be treated as if they were one entity for purposes of this clause
(z) and there is a single point of contact representing the original Revenue Participant and all such Affiliates for purposes of
this Agreement. In the case of any sale, assignment, transfer or negotiation of all or part of the rights of a Revenue Participant
to the Revenue Stream that is authorized under this Section 9.10.4, the assignee, transferee or recipient shall have,
to the extent of such sale, assignment, transfer or negotiation, the same rights, benefits and obligations as it would if it were
a Revenue Participant hereunder (and shall be considered to substitute for the prior Revenue Participant for all purposes and definitions
of this Agreement). The Revenue Participants agree to provide to the Company prompt written notice of any sales, assignments or
transfers permitted hereunder, including the name and address of the transferee(s).

 

9.11.       Tax
Treatment.

 

9.11.1.       The
Company and each Revenue Participant intend that, solely for federal, state and local income tax purposes and for no other purpose,
the relationship between the Revenue Participants and the Company that is created by this Agreement with respect to the Revenue
Stream shall be treated as creating a partnership with respect to the Revenue Stream (the “Tax Partnership”),
with the Revenue Participants and the Company being treated as partners of such partnership; it being understood for avoidance
of doubt that the relationship between the Company and the Note Purchasers by this Agreement with respect to the Notes shall be
a debtor-creditor relationship for all purposes, including for all federal, state and local income tax purposes.

 

    	34

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

9.11.2.       The
Company and each Revenue Participant hereby agree that for purposes of determining the Company’s and each Revenue Participant’s
distributive share of income, gain, loss and deduction of the Tax Partnership:

 

9.11.2.1.    The
Tax Partnership shall maintain capital accounts for each of the Company and the Revenue Participants consistent with the rules
of Treasury Regulations Section 1.704-1(b); it being understood that under no circumstances shall any such rule override the economic
relationship between the parties as to their respective shares of the Monetization Revenues set forth in this Agreement;

 

9.11.2.2.    The Revenue Participants will be deemed to have purchased from the Company certain rights to exploit the Patents for *** and to
have contributed such rights to the Tax Partnership. The Company shall be deemed to have contributed to the Tax Partnership certain
rights to exploit the Patents having a value of ***. The rights to exploit the Patents deemed contributed by the Revenue Participants
and the Company to the Tax Partnership and described in this Section 9.11.2.2 are collectively referred to herein as the
“Patent Rights”;

 

9.11.2.3.    The
Tax Partnership shall allocate items of income, gain, loss and deduction to the Company and the Revenue Participants in a manner
that causes the capital accounts of the parties to be equal to the amounts payable pursuant to this agreement if the Tax Partnership
sold the Patent Rights and any other non-cash assets for an amount equal to the book value of the Patent Rights and any other non-cash
assets (as determined pursuant to Treasury Regulations Section 1.704-1(b)) and distributed the proceeds and any other cash pursuant
to this Agreement;

 

9.11.3.       The
Company and each Revenue Participant shall file all tax returns and shall otherwise take all tax and financial reporting positions
in a manner consistent with any treatment described in this Section 9.11.  The Company shall be the tax matters partner
of the Tax Partnership.

 

9.11.4.       The
Company and each of the Revenue Participants will cooperate to provide each other with any information reasonably requested by
any of them in connection with the preparation or filing of any return, declaration, report, election, information return or other
statement or form filed or required to be filed with any governmental authority relating to Taxes (a “Tax Return”)
for any of them or for or relating to the partnership described in the first sentence of this Section 9.11. The Company
shall be responsible for preparing and filing any Tax Return for or relating to such partnership, and the out-of-pocket costs incurred
in connection with the preparation and filing of any Tax Return for or relating to the Tax Partnership shall be treated as an expense
of the Tax Partnership.

 

    	35

    	 

    

  

FOIA CONFIDENTIAL TREATMENT REQUEST BY

INVENTERGY GLOBAL, INC.

IRS EMPLOYER IDENTIFICATION NUMBER 62-1482176

Confidential treatment requested with
respect to certain portions hereof denoted with

 “***”

 

9.11.5.       For
the avoidance of doubt, no fiduciary relationship is intended to be created by this Agreement between the Company and any Revenue
Participant.

 

(The remainder of this page intentionally
has been left blank.)

 

    	36

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the date and year first above written.

 

	 	Revenue Participant:	 
	 	 	 
	 	CF DB EZ LLC	 
	 	 	 
	 	/s/ Jason Meyer	 
	 	By:  Jason Meyer	 
	 	Title: Authorized Signatory	 
	 	 	 
	 	Note Purchaser:	 
	 	 	 
	 	DBD Credit Funding LLC	 
	 	 	 
	 	/s/ Jason Meyer	 
	 	By:  Jason Meyer	 
	 	Title: Authorized Signatory	 

 

[Signature Page to Inventergy Revenue Sharing
and Note Purchase Agreement]

 

    	 

    	 

    

 

	 	Collateral Agent:	 
	 	 	 
	 	DBD Credit Funding LLC	 
	 	 	 
	 	/s/ Jason Meyer	 
	 	By:  Jason Meyer	 
	 	Title: Authorized Signatory	 

 

[Signature Page to Inventergy Revenue Sharing
and Note Purchase Agreement]

 

    	 

    	 

    

 

	 	Company:	 
	 	 	 
	 	INVENTERGY GLOBAL, INC	 
	 	 	 
	 	/s/ Joseph W. Beyers	 
	 	By:  Joseph Beyers	 
	 	Title: Chairman & CEO	 
	 	 	 
	 	INVENTERGY, INC	 
	 	 	 
	 	/s/ Joseph W. Beyers	 
	 	By:  Joseph Beyers	 
	 	Title: Chairman & CEO	 

 

[Signature Page to Inventergy Revenue Sharing
and Note Purchase Agreement]

 

 

    	 

    	 

    

 

APPENDIX
I

 

DEFINITIONS

 

“Affiliate” means with
respect to any specified Person, any other Person directly or indirectly controlling, controlled by or under direct or indirect
common control with such Person, and shall include (a) any employee, officer, director or general partner of such specified Person
(including entities directly controlled by such persons), (b) any other Person of which such specified Person or any Affiliate
(as defined in clause (a) above) of such specified Person shall, directly or indirectly, beneficially own either (i) at least 10%
of the outstanding equity securities having the general power to vote or (ii) at least 10% of all equity interests, (c) any other
Person directly or indirectly controlling such specified Person through a management agreement, voting agreement or other contract
and (d) with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant, parent,
stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and
daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only
beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the
foregoing individuals or any donor-advised fund of which any such individual is the donor; provided that neither the Collateral
Agent or any Purchaser (or any Affiliate thereof) shall be deemed an Affiliate of the Company on account of the amounts owed to
it under the Agreement or the relationship created thereby.

 

“Applicable Percentage”
means:

 

(a)          until
such time as the Revenue Participants have received $2,750,000 with respect to the Revenue Stream, 46%;

 

(b)          thereafter,
until such time as the Revenue Participants have received $5,500,000 with respect to the Revenue Stream, 31%; and

 

(c)          thereafter,
6%, unless or until the Revenue Stream has been fully satisfied.

 

Upon any acceleration of the Notes
and Revenue Stream, the Applicable Percentage shall be 100% after the Notes have been repaid and until the Revenue Stream has been
fully satisfied.

 

***

 

“Authorized Officer”
means, with respect to any Person, the chief executive officer, chief restructuring officer, chief financial officer, president,
treasurer, comptroller or executive vice president of such Person.

 

“Bankruptcy Code” means
Title 11 of the United States Code.

 

“Bankruptcy Default”
means an Event of Default referred to in Section 7.1.8.

 

    	A- 1

    	 

    

  

“Business Day” means
any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed.

 

“Capital Stock” means,
with respect to any Person, any and all shares, interests, participations, rights in or other equivalents (however designated)
of such Person’s capital stock, partnership interests, membership interests or other equivalent interests and any rights
(other than debt securities convertible into or exchangeable for capital stock), warrants or options exchangeable for or convertible
into such capital stock or other equity interests.

 

“Capitalized Lease” means
any lease which is required to be capitalized on the balance sheet of the lessee in accordance with GAAP, including Statement Nos.
13 and 98 of the Financial Accounting Standards Board.

 

“Capitalized Lease Obligations”
means the amount of the liability reflecting the aggregate discounted amount of future payments under all Capitalized Leases in
accordance with GAAP, including Statement Nos. 13 and 98 of the Financial Accounting Standards Board.

 

“Cash Equivalents” means
cash on deposit at a bank; certificates of deposit, money market mutual funds or U.S. Treasury bills with a remaining maturity
of 90 days or less.

 

“Certificate of Designation”
means that certain Certificate of Designation of the Series A Preferred Stock of Inventergy, Inc., dated as of the date hereof.

 

“Change of Control” means,
unless waived by the Majority Purchasers, (x) any Person or “group” (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such Person and its subsidiaries, and
any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), becomes the “beneficial
owner” (as defined in Rules 13(d)-3 and 13(d)-5 of the Securities Exchange Act of 1934), directly or indirectly, of
equity interests representing more than forty percent (40%) of the aggregate ordinary voting power represented by the issued and
outstanding equity interests of Parent (whether by merger, consolidation, sale or other transfer) or (y) Parent ceases to own,
directly or through another wholly-owned subsidiary that has executed a joinder hereof, all of the equity interests in Owner, other
than interests held by the Collateral Agent or Majority Purchasers.

 

“Closing Date” means
October 1, 2014.

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Collateral” has the
meaning set forth in the Security Agreement.

 

“Collateral Documents”
means the Security Agreement, the Patent Security Agreement, the deposit account control agreement referred to in Section 6.11,
any financing statement (or amendment thereto) naming the Company as debtor and the Collateral Agent as secured party, and all
other instruments, documents, agreements and certificates delivered by the Company to the Purchasers or the Collateral Agent pursuant
to these agreements.

 

    	A- 2

    	 

    

  

“Contractual Obligations”
means, as to any Person, any provision of any security (whether in the nature of Capital Stock or otherwise) issued by such Person
or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement (other
than a Document) to which such Person is a party or by which it or any of its Property is bound or to which any of its Property
is subject.

 

“Default” means any Event
of Default and any event or condition which with the passage of time or giving of notice, or both, would become an Event of Default.

 

“Disposition” means the
sale, transfer, license, profit and revenue sharing arrangements, derivative interests, lease or other disposition (including any
sale or issuance of equity interests in the Owner except to Parent or to an intermediate entity between Owner and Parent that has
executed a joinder of the Documents, and also excluding any sale or issuance of equity interests in the Parent) of any property
by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable
or any rights and claims associated therewith, whether in a single transaction or a series of related transactions. “Dispose”
shall have the correlative meaning.

 

“Documents” means this
Agreement, the Guaranty, Collateral Documents, the Subscription Agreement, the Voting Agreement, the Proxy, the Certificate of
Designation and the and all other instruments, documents, agreements and certificates delivered by the Company to the Purchasers
or the Collateral Agent pursuant to this Agreement.

 

“Existing Encumbrances”
means the Material Agreements and any licenses or other rights that have been granted or may be granted as set forth in the Nokia
PPA, Panasonic PPA and Huawei PRAA.

 

“Existing Notes” means
the existing indebtedness of the Company pursuant to those Amended and Restated Senior Secured Convertible Notes due October 15,
2018 and Senior Secured Convertible Notes due October 15, 2018, in the aggregate principal amount of $8,000,000.

 

“GAAP” means generally
accepted accounting principles as from time to time in effect, including the statements and interpretations of the United States
Financial Accounting Standards Board.

 

“Governmental Authority”
means any nation, sovereign or government, any state or other political subdivision thereof, any agency, authority or instrumentality
thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative functions
of or pertaining to government, including any central bank, stock exchange, regulatory body, arbitrator, public sector entity,
supra-national entity (including the European Union and the European Central Bank) and any self-regulatory organization (including
the National Association of Insurance Commissioners).

 

“Guarantee” means, with
respect to any specified Person:

 

    	A- 3

    	 

    

  

(a)          any
guarantee by such Person of the payment or performance of, or any contingent obligation by such Person in respect of, any Indebtedness
or other obligation of any primary obligor;

 

(b)          any
other arrangement whereby credit is extended to a primary obligor on the basis of any promise or undertaking of such Person, including
any binding “comfort letter” or “keep well agreement” written by such Person, to a creditor or prospective
creditor of such primary obligor, to (i) pay the Indebtedness of such primary obligor, (ii) purchase an obligation owed by such
primary obligor, (iii) pay for the purchase or lease of assets or services regardless of the actual delivery thereof or (iv) maintain
the capital, working capital, solvency or general financial condition of such primary obligor;

 

(c)          any
liability of such Person, as a general partner of a partnership in respect of Indebtedness or other obligations of such partnership;

 

(d)          any
liability of such Person as a joint venturer of a joint venture in respect of Indebtedness or other obligations of such joint venture;

 

(e)          any
liability of such Person with respect to the tax liability of others as a member of a group (other than a group consisting solely
of such Person and its Subsidiaries) that is consolidated for tax purposes; and

 

(f)          reimbursement
obligations, whether contingent or matured, of such Person with respect to letters of credit, bankers acceptances, surety bonds
and other financial guarantees;

 

in each case whether or not any
of the foregoing are reflected on the balance sheet of such Person or in a footnote thereto; provided, however, that
the term “Guarantee” shall not include endorsements for collection or deposit in the Ordinary Course of Business.

 

“Indebtedness” means
all obligations, contingent or otherwise, which in accordance with GAAP are required to be classified as indebtedness upon a balance
sheet of the Company, but in any event including (without duplication):

 

(a)          indebtedness
for borrowed money;

 

(b)          indebtedness
evidenced by notes, debentures or similar instruments;

 

(c)          Capitalized
Lease Obligations and Synthetic Lease Obligations;

 

(d)          the
deferred purchase price of assets, services or securities, including related noncompetition, consulting and stock repurchase obligations
(other than ordinary trade accounts payable on customary terms in the Ordinary Course of Business), and any long-term contractual
obligations for the payment of money, but not including contingent fees payable to counsel, consultants or other professional service
providers;

 

    	A- 4

    	 

    

  

(e)          mandatory
redemption, repurchase or dividend rights on Capital Stock (or other equity), including provisions that require the exchange of
such Capital Stock (or other equity) for Indebtedness from the issuer;

 

(f)          reimbursement
obligations, whether contingent or matured, with respect to letters of credit, bankers acceptances, surety bonds and other financial
guarantees (without duplication of other Indebtedness supported or guaranteed thereby);

 

(g)          unfunded
pension liabilities;

 

(h)          liabilities
secured by any Lien (other than Liens securing the Obligations) existing on property owned or acquired by the Company, whether
or not the liability secured thereby shall have been assumed; and

 

(i)           all
Guarantees in respect of Indebtedness of others and reimbursement obligations, whether contingent or matured, under letters of
credit or other financial guarantees by third parties (or become contractually committed to do so).

 

“Legal Requirement” means,
with respect to any specified Person, any present (at the time of relevant determination) requirement imposed upon such Person
and its Subsidiaries by any law, statute, rule, regulation, directive, order, decree or guideline (or any interpretation thereof
by courts or of administrative bodies) of the United States of America or any state or political subdivision thereof, governmental
or administrative agency, central bank or monetary authority of the United States of America, any jurisdiction where the such Person
or any of its Subsidiaries owns property or conducts its business, or any political subdivision of any of the foregoing.

 

“LIBOR” means the greater
of (x) 1.00% per annum or (y) the London interbank offered rate administered by the British Bankers Association (or any other Person
that takes over the administration of such rate for Dollars) for a twelve (12) month period as displayed on pages LIBOR01 or LIBOR02
of the Reuters screen or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page
on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as
shall be selected by the Majority Note Purchaser from time to time in its reasonable discretion (the “Eurodollar Screen
Rate”), such to be annually established as of each January 2.

 

“Lien” means
with respect to any specified Person:

 

(a)          any
lien, encumbrance, mortgage, pledge, charge or security interest of any kind upon any property or assets of such Person, whether
now owned or hereafter acquired, or upon the income or profits therefrom (excluding in any event a financing statement filed by
a lessor under an operating lease not intended to be a secured financing), but shall not include: (i) liens for any tax, assessment
or other governmental charge not yet due or that are being contested in good faith by appropriate proceeding, (ii) materialmen’s
and mechanics’ liens or other like Liens, arising in the Ordinary Course of Business for amounts not yet due or that are
being contested in good faith; and (iii) liens, deposits or pledges to secure statutory obligations or performance of bids, tenders,
contracts or leases, incurred in the Ordinary Course of Business;

 

    	A- 5

    	 

    

  

(b)          the
acquisition of, or the agreement to acquire, any property or asset upon conditional sale or subject to any other title retention
agreement, device or arrangement (including a Capitalized Lease and a Synthetic Lease);

 

(c)          the
sale, assignment, pledge or transfer for security of any accounts, general intangibles or chattel paper of such Person, with or
without recourse;

 

(d)          in
the case of securities, any purchase option, call or similar purchase right of a third party;

 

(e)          the
existence for a period of more than 120 consecutive days of any Indebtedness against such Person which if unpaid would by law or
upon a Bankruptcy Default be given priority over general creditors.

 

“Majority Note Purchasers”
means the Note Purchasers that hold more than 50% of the aggregate outstanding Notes.

 

“Majority Purchasers”
means the Majority Revenue Participant and, if any of the Notes are outstanding, the Majority Note Purchaser.

 

“Majority Revenue Participants”
means the Revenue Participants representing more than 50% of such participation right.

 

“Margin Stock” means
“margin stock” within the meaning of Regulation T, U or X of the Board of Governors of the Federal Reserve System.

 

“Material Adverse Effect”
means, with respect to the Company, since any specified date or from the circumstances existing immediately prior to the happening
of any specified event, a material adverse effect on the business, assets, financial condition, income or prospects of the Company.

 

“Monetization Activities”
means any activities necessary or desirable to generate revenue from the Patents anywhere in the world by means of license (non-exclusive
or exclusive), assignment, enforcement, litigation, arbitration, negotiation, covenant not to sue or assert, or otherwise.

 

“Monetization Expenses”
means, with respect to a Monetization Activity, any (a) contingency fee payments owed by Company, (b) expenses covered by any contingency
law firms retained by Company and that Company is obligated to pay; (c) amounts owed by Company to any prior owners or agents of
any patents and patent applications of Company included in the transaction giving rise to a Monetization Activity; (d) amounts
owed to experts or consultants in lieu of cash fees; and any other out-of-pocket expenses paid or payable to third parties reasonably
incurred by the Company; provided, however, that the aggregate sum of such expenses may not exceed 40% of the gross proceeds
from the applicable Monetization Activity.  Notwithstanding the foregoing, the foregoing cap will not apply when the Monetization
Activity includes contingency fee payments owed by Company are subject to the rates payable to Susman Godfrey L.L.P. *** as described
in the *** engagement letter between Company and that firm (the “Engagement Letter”).  In that case, the
cap will be increased to *** (or *** if the percentage is lowered to *** as provided for in the Engagement Letter) of the gross
proceeds from the applicable Monetization Activity if the revenues are generated *** (as defined in the Engagement Letter) or ***
(or *** if the percentage is lowered to *** as provided for in the Engagement Letter) of the gross proceeds from the applicable
Monetization Activity if the revenues are generated *** (as defined in the Engagement Letter).

 

    	A- 6

    	 

    

  

“Monetization Net Revenues”
means the (x) Monetization Revenues minus (y) Monetization Expenses.

 

“Monetization Revenues”
means the sum of amounts that the Company receives in cash, whether immediately, or on a deferred basis or upon liquidation of
any in-kind payment the Company receives (i) from third parties in respect of the Patents; (ii) on account of any sale of products
using the Patents; (iii) the development to order of any software or other products using the Patents, including royalty payments,
license fees, settlement payments, judgments or other similar payments in respect of the Patents; and (iv) the purchase price or
other amounts received in connection with the sale of hardware, software or other products or services with respect to the Patents,
in each case as and when actually received by the Company (including any and all such amounts actually received by any attorneys,
agents or other representatives of the Company, for the account of the Company). For clarity, revenues of the Parent’s eOn
Communications Systems, Inc. Subsidiary shall not constitute Monetization Revenues provided such sales do not provide a license
of the Patents for the use, manufacture or sale of products or services other than those of that Subsidiary

 

“Nokia PPA” has the meaning
provided under Section 4.5(c).

 

“Note Obligations” means
all amounts due with respect to the Notes or under the Agreement, including principal, interest, prepayment fees, early termination
fees and amounts due under Sections 9.1 and 9.2, but excluding amounts due with respect to the Revenue Stream.

 

“Obligations” means any
and all obligations of the Company under this Agreement or any other Document.

 

“Ordinary Course of Business”
means, in respect of any transaction involving any Person, the ordinary course of such Person’s business, as conducted by
any such Person in accordance with past practice and undertaken by such Person in good faith and not for purposes of evading any
covenant or restriction in any Document.

 

“Organization Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate
or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust
or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and
any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity.

 

    	A- 7

    	 

    

  

“Panasonic PPA” has the
meaning set forth in Section 4.5(d).

 

“Patent License Agreement”
means the Patent License Agreement attached hereto as Exhibit E.

 

“Patent Security Agreement”
means the Patent Security Agreement substantially in the form of Exhibit F hereto.

 

“Patents” means the letters
Patent set forth on Schedule I(a), whether registered in the United States or any other jurisdiction, all registrations
and recordings thereof, including all re-examination certificates and all utility models, including registrations, recordings and
pending applications, and all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof,
and the inventions disclosed or claimed therein. “Patent” shall also include any letters Patent or rights thereunder
which the Company receives from a third party as payment or in partial payment in connection with any Monetization Activities by
the Company of the Patents set forth on Schedule I(a).

 

“Payment Confirmation”
has the meaning set forth in Section 6.14(a).

 

“Person” means any entity,
whether of natural or legal constitution, including any present or future individual, corporation, partnership, joint venture,
limited liability company, unlimited liability company, trust, estate, unincorporated organization, government or any agency or
political subdivision thereof.

 

“Property” means, as
to any Person, all types of real, personal, tangible, intangible or mixed property owned by such Person whether or not included
in the most recent balance sheet of such Person and its Subsidiaries under GAAP.

 

“Proxy” means that certain
Proxy, dated as of the date hereof, by and between Inventergy, Inc., Inventergy Global, Inc. and CF DB EZ LLC.

 

“Revenue Stream” means
a right to receive a portion of Monetization Revenues totaling (x) if paid in full prior to the Maturity Date, up to $5,500,000
and (y) otherwise, up to $8,250,000; provided, that upon an acceleration, the Revenue Stream shall represent an absolute entitlement
to receive such amounts without regard to the existence of Monetization Revenues.

 

“Secured Parties” means,
collectively, the Collateral Agent and the Purchasers.

 

“Security Agreement”
means a Security Agreement substantially in the form of Exhibit G hereto.

 

“Subscription Agreement”
means the Subscription Agreement substantially in the form of Exhibit H.

 

“Synthetic Lease” means
a lease that is treated as an operating lease under GAAP and as a loan or other financing for federal income tax purposes.

 

    	A- 8

    	 

    

  

“Synthetic Lease Obligations”
means the aggregate amount of future rental payments under all Synthetic Leases, discounted as if such Synthetic Leases were Capitalized
Leases.

 

“USA Patriot Act” means
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107-56.

 

“Voting Agreement” means
that certain Voting Agreement, dated as of the date hereof, by and between Inventergy, Inc., Inventergy Global, Inc. and CF DB
EZ LLC.

 

    	A- 9

    	 

    

  

SCHEDULE 2.1

REVENUE PARTICIPANTS

 

	Revenue Participant	 	Purchase Price	 	Percentage of Revenue

Share held	 
	CF DB EZ LLC	 	***	 	100	%

 

    	A- 10

    	 

    

 

SCHEDULE 2.2

NOTE PURCHASERS

 

	Note Purchaser	 	Purchase Price	 	 	Original Principal

Amount of Note	 
	DBD Credit Funding LLC	 	***	 	$	9,115,000	 

 

    	A- 11

    	 

    

 

SCHEDULE 2.6

WIRE TRANSFER INSTRUCTIONS

 

DBD Credit Funding LLC

 

***

 

CF DB EZ LLC

 

***

 

    	A- 12

    	 

    

 

SCHEDULE 4.1

COMPANY ORGANIZATION

 

Inventergy Global, Inc., a Delaware corporation, wholly owns
two subsidiaries: Inventergy, Inc., a Delaware corporation, and eOn Communications Systems, Inc., a Delaware corporation.

 

 

    	A- 13

    	 

    

 

SCHEDULE 4.5(g)

PATENT LITIGATION, REISSUES, OPPOSITIONS

 

Litigation:

 

Inventergy, Inc. v. Genband, Inc., Case #6:14-cv-00612-MHS,
U.S. District Court, Eastern District of Texas (Tyler), filed July 14, 2014, involving the patents listed below. Inventergy is
represented by Novak Druce Connolly Bove + Quigg, LLP and Findlay Craft PC.

 

7,835,352 (Huawei)

8,335,487 (Huawei)

6,801,542 (Nokia)

7,925,762 (Nokia)

6,904,035 (Nokia)

 

Reissues and Oppositions:

 

	Patent	 	Action	 	Status	 	Jurisdiction
	USRE41444	 	Reissue	 	Granted	 	US
	USRE37420	 	Reissue	 	Granted	 	US
	USRE39954	 	Reissue	 	Granted	 	US
	US14/323165

 (US8213419)	 	Reissue	 	Pending	 	US
	US14/285524

 (US8417240)	 	Reissue	 	Pending	 	US
	US14/328576

 (US8218681)	 	Reissue	 	Pending	 	US
	EP1914937	 	Opposition	 	Concluded – Patent maintained with amendment	 	EP

 

    	A- 14

    	 

    

  

SCHEDULE 4.6

MATERIAL AGREEMENTS

 

		·	Patent Rights Assignment Agreement between Inventergy, Inc. and Huawei Technologies Co., Ltd., executed May 15, 2013, as amended
on May 15, 2013.

 

		·	Patent Rights Re-Assignment Agreement between Inventergy, Inc. and Huawei Technologies Co., Ltd., executed November 8, 2013

 

		·	Patent Purchase Agreement between Inventergy, Inc. and Panasonic Corporation, executed October 21, 2013

 

		·	Patent Purchase Agreement between Inventergy, Inc. and Nokia Corporation, executed as of May 23, 2014

 

		·	Referrals Agreement (Amended) between Inventergy, Inc. and Huang Partners, dated December 15, 2012,
as amended May 7, 2013

 

		·	Referrals Agreement between Inventergy, Inc. and KK Prime Inc. dated January 16, 2013

 

		·	Engagement letter, dated July 23, 2013, by Inventergy, Inc. and Novak Druce Connolly Bove + Quigg
LLP

 

		·	Engagement letter, dated July 11, 2013, by Inventergy, Inc. and Susman Godfrey, L.L.P.  

 

		·	Engagement letter, dated October 8, 2013, by Inventergy, Inc. and Susman Godfrey, L.L.P.

 

		·	Letter agreement, dated April 10, 2014, between Inventergy, Inc. and Chipworks, Inc., executed
April 10, 2014

 

    	A- 15

    	 

    

 

SCHEDULE 6.7

EXISTING INDEBTEDNESS

 

		·	Amended and Restated Senior Secured Convertible Notes and Senior Secured Convertible Notes of Inventergy Global, Inc. with
a principal value of $8,000,000 (together, the “Existing Notes”).

 

		o	Such Existing Notes to be retired at Closing and the security interests in the patent offices to be released within 30 days
of Closing.

 

		·	Unsecured (as to Inventergy, Inc.) Credit Line from First Republic Bank with an outstanding loan amount of $500,000.

 

		o	Such Credit Line to be retired within 1 Business Day of Closing.

 

    	A- 16

    	 

    

 

SCHEDULE 6.12.4

***

***

 

    	A- 17

    	 

    

  

SCHEDULE 9.3

NOTICES

 

Notices to the Company should be sent to the following:

 

Wayne Sobon

SVP & General Counsel

Inventergy Global, Inc.

900 E. Hamilton Avenue #180

Campbell CA 95008

Phone: 408-389-3510

Email: wayne@inventergy.com

CC:       operations@inventergy.com

 

With a copy to:

 

Joseph A. Smith

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105-0302

Tel: 212-370-1300

jsmith@egsllp.com

 

Notices to the Collateral Agent or the Purchasers should be
sent to the following:

 

Yoni Shtein

Vice President

Intellectual Property Finance Group

Fortress Investment Group

One Market Plaza

Spear Tower, 42nd Floor

San Francisco, CA 94105

Phone: 415-284-7415

Email: yshtein@fortress.com

CC:       jnoble@fortress.com

 

With a copy to:

 

Alyson Allen

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

Tel: 617-951-7483

Email: alyson.allen@ropesgray.com

 

    	A- 18

    	 

    

 

SCHEDULE I(a)

PATENTS

 

United States Assets

 

		1.	Panasonic Portfolio

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US6726297	 	US10/462491	 	US	 	2000/01/20	 	Ofdma signal transmission apparatus and method
	Granted	 	US8009549	 	US12/092950	 	US	 	2006/11/16	 	Carrier allocation method in multi cell orthogonal frequency division multiple access system
	Granted	 	US8416810	 	US12/160872	 	US	 	2007/01/18	 	Radio communication base station apparatus and pilot transmission method
	Granted	 	US7646702	 	US10/169716	 	US	 	2002/07/09	 	Ofdm communication apparatus
	Granted	 	US8238226	 	US12/505420	 	US	 	2009/07/17	 	Ofdm communication apparatus
	Granted	 	US7593317	 	US10/503010	 	US	 	2004/07/29	 	Radio base station apparatus
	Granted	 	US7929627	 	US11/885042	 	US	 	2006/02/28	 	Ofdm receiver, integrated circuit and receiving method
	Granted	 	US7826557	 	US11/721911	 	US	 	2005/12/14	 	Retransmitting method and transmitting method in multi-antenna transmission
	Granted	 	US7792084	 	US11/892886	 	US	 	2007/08/28	 	Mimo antenna apparatus controlling number of streams and modulation and demodulation method
	Granted	 	US8064393	 	US11/997841	 	US	 	2006/08/04	 	Wireless communication base station apparatus and wireless communication method in multicarrier communication
	Granted	 	US8270332	 	US12/377373	 	US	 	2007/10/12	 	Wireless communication base station device and wireless communication method
	Granted	 	US8582573	 	US13/590841	 	US	 	2012/08/21	 	Radio communication base station apparatus and radio communication method
	Granted	 	US6366763	 	US09/648756	 	US	 	2000/08/28	 	Radio communication device and method of controlling transmission rate
	Granted	 	US6370359	 	US09/648757	 	US	 	2000/08/28	 	Radio communication device and method of controlling transmission rate
	Granted	 	US6381445	 	US09/648742	 	US	 	2000/08/28	 	Radio communication device and method of controlling transmission rate

 

    	A-1

    	 

    

 

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US6400929	 	US09/424843	 	US	 	1999/12/06	 	Radio communication device and method of controlling transmission rate
	Granted	 	US6487394	 	US09/649003	 	US	 	2000/08/28	 	Radio communication device and method of controlling transmission rate
	Granted	 	US6505035	 	US10/052261	 	US	 	2002/01/23	 	Radio communication apparatus and transmission rate control method
	Granted	 	US6597894	 	US09/649006	 	US	 	2000/08/28	 	Radio communication device and method of controlling transmission rate
	Granted	 	US6611676	 	US10/083553	 	US	 	2002/02/27	 	Radio communication apparatus and transmission rate control method
	Granted	 	US6973289	 	US10/057897	 	US	 	2002/01/29	 	Radio communication device and method of controlling transmission rate
	Granted	 	US7636551	 	US11/228339	 	US	 	2005/09/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	US6637001	 	US09/650743	 	US	 	2000/08/30	 	Apparatus and method for image/voice transmission
	Granted	 	US6813323	 	US10/182270	 	US	 	2002/07/25	 	Decoding method and communication terminal apparatus
	Granted	 	US6734810	 	US10/221267	 	US	 	2002/09/10	 	Apparatus and method for decoding
	Granted	 	US6922159	 	US10/793766	 	US	 	2004/03/08	 	Apparatus and method for decoding
	Granted	 	US6940428	 	US10/793737	 	US	 	2004/03/08	 	Apparatus and method for decoding
	Granted	 	US6069884	 	US08/937005	 	US	 	1997/09/24	 	Method of communication between a base station and a plurality of mobile unit communication apparatus, a base station, and mobile unit communication apparatus
	Granted	 	US6119004	 	US09/068541	 	US	 	1998/05/13	 	Base station equipment for mobile communication
	Granted	 	US6069924	 	US09/027510	 	US	 	1998/02/20	 	Differential detector with error correcting function
	Granted	 	US6636723	 	US09/359020	 	US	 	1999/07/22	 	Cdma radio communication system using chip interleaving
	Granted	 	US6628630	 	US09/058881	 	US	 	1998/04/13	 	Spread spectrum communication method

 

    	A-2

    	 

    

 

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US6404778	 	US09/159602	 	US	 	1998/09/24	 	Radio communication apparatus
	Granted	 	US6611509	 	US09/264826	 	US	 	1999/03/09	 	Cdma/tdd mobile communication system and method
	Granted	 	US6807162	 	US10/166268	 	US	 	2002/06/11	 	Cdma/tdd mobile communication system and method
	Granted	 	US6973065	 	US10/419733	 	US	 	2003/04/22	 	Cdma/tdd mobile communication system and method
	Granted	 	US7778224	 	US10/885684	 	US	 	2004/07/08	 	Cdma/tdd mobile communication system and method
	Granted	 	US6765894	 	US09/606906	 	US	 	2000/06/30	 	Communication terminal apparatus and base station apparatus
	Granted	 	US7656844	 	US10/868029	 	US	 	2004/06/16	 	Radio transmission apparatus and radio reception apparatus in a cdma communication system
	Granted	 	US8437316	 	US12/641177	 	US	 	2009/12/17	 	Radio transmission apparatus and radio reception apparatus in a cdma communication system
	Granted	 	US6839335	 	US09/605862	 	US	 	2000/06/29	 	Radio communication apparatus and radio communication method
	Granted	 	US7072416	 	US09/582558	 	US	 	2000/06/29	 	Transmitting/receiving device and transmitting/receiving method
	Granted	 	US7760815	 	US11/431606	 	US	 	2006/05/11	 	Apparatus and method for transmission/reception
	Granted	 	US6868056	 	US09/635096	 	US	 	2000/08/09	 	Apparatus and method for ofdm communication
	Granted	 	US6944208	 	US09/936727	 	US	 	2001/09/17	 	Interference signal canceling apparatus and interference signal canceling method
	Granted	 	US6781973	 	US09/538888	 	US	 	2000/03/30	 	Combined signaling and sir inner-loop power control
	Granted	 	US7145886	 	US09/889919	 	US	 	2001/07/25	 	Communication terminal, base station system, and method of controlling transmission power
	Granted	 	US6847828	 	US10/069484	 	US	 	2002/02/27	 	Base station apparatus and radio communication method
	Granted	 	US7386321	 	US10/793738	 	US	 	2004/03/08	 	Base station apparatus and radio communication method
	Granted	 	US7266118	 	US10/143989	 	US	 	2002/05/14	 	Packet receiving apparatus and packet transmission method
	Granted	 	US7133379	 	US10/181349	 	US	 	2002/07/17	 	Wireless communication system, and base station apparatus and communication terminal apparatus accommodated in the system

 

    	A-3

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US7392019	 	US11/053837	 	US	 	2005/02/10	 	Wireless base station apparatus and wireless communication method
	Granted	 	US7339949	 	US10/222989	 	US	 	2002/08/19	 	Arq transmission and reception methods and apparatus
	Granted	 	US7702025	 	US10/487574	 	US	 	2004/02/25	 	Transmission/reception apparatus and transmission/reception method
	Granted	 	US7460502	 	US10/250487	 	US	 	2003/07/03	 	Scheduling creation apparatus, base station apparatus, and radio communication method
	Granted	 	US7269774	 	US10/484951	 	US	 	2004/01/28	 	Data receiving apparatus, data transmitting apparatus and retransmission request method
	Granted	 	US7385934	 	US10/476845	 	US	 	2003/11/06	 	Radio communication apparatus and transfer rate decision method
	Granted	 	US7114121	 	US10/478139	 	US	 	2003/11/20	 	Rate matching device and rate matching method
	Granted	 	US7162206	 	US10/612289	 	US	 	2003/07/03	 	Test apparatus, mobile terminal apparatus, test method
	Granted	 	US7746762	 	US10/534987	 	US	 	2005/05/16	 	Transmitting apparatus and transmitting method
	Granted	 	US7693140	 	US10/527199	 	US	 	2005/03/10	 	Cdma transmitting apparatus and cdma receiving apparatus
	Granted	 	US7299027	 	US10/536010	 	US	 	2005/05/23	 	Mimo receiver and mimo reception method for selection of mimo separation and channel variation compensation
	Granted	 	US8775890	 	US11/575015	 	US	 	2007/03/30	 	Automatic retransmission request control system and retransmission method in memo-ofdm system
	Pending	 	US14/321117	 	US14/321117	 	US	 	2014/07/01	 	Automatic retransmission request control system and retransmission method in memo-ofdm system
	Pending	 	US14/321185	 	US14/321185	 	US	 	2014/07/01	 	Automatic retransmission request control system and retransmission method in memo-ofdm system
	Pending	 	US20120287775	 	US13/554748	 	US	 	2012/07/20	 	Automatic retransmission request control system and retransmission method in mimo-ofdm system
	Granted	 	US7251469	 	US10/522980	 	US	 	2005/02/02	 	Cdma transmitting apparatus and cdma transmitting method
	Granted	 	US7764711	 	US11/767124	 	US	 	2007/06/22	 	Cdma transmission apparatus and cdma transmission method
	Granted	 	US8086270	 	US11/574636	 	US	 	2005/09/05	 	Classifying-synthesizing transmission method of multi-user feedback information at base station

 

    	A-4

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US7848439	 	US11/719611	 	US	 	2005/11/18	 	Communication apparatus, communication system, and communication method
	Granted	 	US8175604	 	US10/588073	 	US	 	2005/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	US7860184	 	US11/813650	 	US	 	2006/01/10	 	Multi-antenna communication method and multi-antenna communicaton apparatus
	Granted	 	US8073070	 	US12/092944	 	US	 	2006/11/22	 	Multi-pilot generation method and detection method in multi-antenna communication system
	Granted	 	US8249132	 	US11/909425	 	US	 	2006/03/03	 	Communication terminal and receiving method
	Granted	 	US8576784	 	US12/162592	 	US	 	2006/11/02	 	Uplink resource allocation in a mobile communication system
	Granted	 	US8218681	 	US12/440894	 	US	 	2009/03/11	 	Ofdm transmitter and ofdm receiver
	Pending	 	 	 	US14/328576	 	US	 	2014/07/10	 	Ofdm transmitter and ofdm receiver
	Granted	 	US8249178	 	US12/601804	 	US	 	2007/05/25	 	Multicarrier transmitter and multicarrier receiver
	Granted	 	US5583851	 	US08/272158	 	US	 	1994/07/08	 	Mobile communication apparatus having multi-codes allocating function
	Granted	 	US5873027	 	US08/761552	 	US	 	1996/12/06	 	Mobile radio system with control over radio wave output if a malfunction is detected
	Granted	 	US6336040	 	US09/207662	 	US	 	1998/12/09	 	Mobile radio system with control over radio wave output if a malfunction is detected
	Granted	 	US5757870	 	US08/517408	 	US	 	1995/08/21	 	Spread spectrum communication synchronizing method and its circuit
	Granted	 	US5818869	 	US08/858146	 	US	 	1997/05/15	 	Spread spectrum communication synchronizing method and its circuit
	Granted	 	US6175558	 	US09/000947	 	US	 	1997/12/30	 	Cdma radio multiplex transmitting device and a cdma radio multiplex

 receiving device
	Granted	 	US6301237	 	US09/562921	 	US	 	2000/05/02	 	Cdma radio multiplex transmitting device and a cdma radio multiplex

 receiving device

 

    	A-5

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US6370131	 	US09/576250	 	US	 	2000/05/24	 	Cdma radio multiplex transmitting device and a cdma radio multiplex receiving device
	Granted	 	US6529492	 	US09/562922	 	US	 	2000/05/02	 	Cdma radio multiplex transmitting device and a cdma radio multiplex receiving device
	Granted	 	US6549526	 	US09/826005	 	US	 	2001/04/05	 	Cdma radio multiplex transmitting device and a cdma multiplex receiving device
	Granted	 	US6584088	 	US09/825998	 	US	 	2001/04/05	 	Cdma radio multiplex transmitting device and cdma radio multiplex receiving device
	Granted	 	US7136367	 	US10/335916	 	US	 	2003/01/03	 	Cdma radio multiplex transmitting device and a cdma radio multiplex receiving device
	Granted	 	USRE41444	 	US12/270499	 	US	 	2008/11/13	 	Cdma radio multiplex transmitting device and a cdma radio multiplex receiving device
	Granted	 	US6295301	 	US09/139325	 	US	 	1998/08/25	 	Pn code generating apparatus and mobile radio communication system
	Granted	 	US6697384	 	US09/916284	 	US	 	2001/07/30	 	Method and apparatus for calculating a state of starting a pn code generating operation
	Granted	 	US6466563	 	US10/147831	 	US	 	1999/03/16	 	Cdma mobile station and cdma transmission method
	Granted	 	US6370134	 	US09/115502	 	US	 	1998/07/15	 	Cdma radio communication apparatus
	Granted	 	US7035233	 	US10/014352	 	US	 	2001/12/14	 	Radio communication terminal apparatus and radio communication base station apparatus
	Granted	 	US7535864	 	US11/372152	 	US	 	2006/03/10	 	Radio communication terminal apparatus and radio communication base station apparatus
	Granted	 	USRE37420	 	US09/337403	 	US	 	1999/06/21	 	Automobile on-board and/or portable telephone system
	Granted	 	USRE39954	 	US09/887042	 	US	 	2001/06/25	 	Automobile on-board and/or portable telephone system
	Granted	 	US6738646	 	US10/069267	 	US	 	2002/02/25	 	Base station device and method for communication
	Granted	 	US7460880	 	US11/341430	 	US	 	2006/01/30	 	Communication terminal apparatus and base station apparatus
	Granted	 	US7761113	 	US12/132992	 	US	 	2008/06/04	 	Communication terminal apparatus and base station apparatus

 

    	A-6

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US6760590	 	US10/089605	 	US	 	2002/04/01	 	Communication terminal apparatus, base station apparatus, and radio communication method
	Granted	 	US6799053	 	US10/321500	 	US	 	2002/12/18	 	Communication terminal apparatus
	Granted	 	US7206587	 	US10/321623	 	US	 	2002/12/18	 	Communication terminal apparatus, base station apparatus, and radio communication method

 

		2.	Huawei 

 

	Portfolio

 Status	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US7835352	 	US2006506581A

 11/506,581	 	US	 	2006/08/18	 	Method, system and equipment for processing sip requests in IMS network
	Granted	 	US8149824	 	US2007668532A 

11/668,523	 	US	 	2007/01/30	 	Method and system for implementing service triggered by off-hook
	Granted	 	US7693141	 	US2006595768A 

11/595,768	 	US	 	2006/11/10	 	Method and system for switching the state of a termination in a media gateway
	Granted	 	US7948955	 	US200817423A

[08/0113,669] 

12/017,423	 	US	 	2008/01/22	 	Subscription method and device
	Granted	 	US7787878	 	US2006516946A 

11/516,946	 	US	 	2006/09/06	 	Method and system for enabling number portability in IMS networks
	Granted	 	US7792116	 	US2007703709A 

11/703,709	 	US	 	2007/02/08	 	Method and device for interworking between internet protocol networks
	Granted	 	US8213419	 	US2008170227A 

'12/170,227	 	US	 	2008/07/09	 	Interworking network element, interworking system between the CSI terminal and the IMS terminal and the method thereof
	Pending	 	 	 	US14/323165	 	US	 	2014/07/03	 	Interworking network element, interworking system between the CSI terminal and the IMS terminal and the method thereof
	Granted	 	US7881317	 	US2007680234A 

11/680,234	 	US	 	2007/02/28	 	Border/packet gateway control system and control method

 

    	A-7

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US8335221	 	US2007707759A 11/707,759	 	US	 	2007/02/16	 	Method for listening to signal tone from a called party by a calling party during network interworking
	Granted	 	US8125995	 	US2007821113A 11/821,113	 	US	 	2007/06/21	 	Method and system for implementing dynamic signaling routing
	Granted	 	US7898943	 	US2003591218A 10/591,218	 	US	 	2007/11/21	 	Method for switching route and network device thereof
	Granted	 	US8108526	 	US2006469796A 11/469,796	 	US	 	2006/09/01	 	Communication method and device for preventing media stream circuitry
	Granted	 	US8116322	 	US2009354289A 12/354289	 	US	 	2009/01/15	 	Method and apparatus for controlling reporting of an event timestamp
	Granted	 	US7899065	 	US2008342546A 12/342,546	 	US	 	2008/12/23	 	Method, apparatus and system for a media gateway controller to deliver a resource provision decision to a media gateway
	Granted	 	US7653076	 	US2007856152A 11/856,152	 	US	 	2007/09/17	 	Method and apparatus for gateway control protocol message transmission
	Granted	 	US7583612	 	US2006558619A	 	US	 	2006/11/10	 	Method for periodically acquiring the QoS of media stream and system thereof
	Granted	 	US8085712	 	US20080049705A1  US2007844481A	 	US	 	2006/02/27	 	Method for implementing media gateway function,radio access control device and access system
	Granted	 	US7710880	 	US2006618597A	 	US	 	2006/12/29	 	Method and apparatus for security protection of service interruption in switch network
	Granted	 	US8224325	 	US13235062A	 	US	 	2011/09/16	 	Resource control method, relevant device, and system
	Granted	 	US8195942	 	US2003531569A	 	US	 	2005/04/18	 	Network security authentication method
	Granted	 	US8582766	 	US2007774271A  11774271	 	US	 	2007/07/06	 	METHOD FOR ENSURING MEDIA STREAM SECURITY IN IP MULTIMEDIA SUB-SYSTEM
	Pending	 	US20140169563	 	14/050,768	 	US	 	2013/10/10	 	METHOD FOR ENSURING MEDIA STREAM SECURITY IN IP MULTIMEDIA SUB-SYSTEM
	Granted	 	US8335487	 	US2007896389A	 	US	 	2007/08/31	 	Method for authenticating user terminal in IP multimedia sub-system

 

    	A-8

    	 

    

 

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US7787608	 	US2006489208A	 	US	 	2006/07/19	 	Communications network system for implementing mixed services and method thereof
	Granted	 	US8185105	 	US2009539890A	 	US	 	2009/08/12	 	METHOD, SYSTEM AND APPARATUS FOR USING IMS COMMUNICATION SERVICE IDENTIFIER
	Granted	 	US8417240	 	US13414770A	 	US	 	2012/03/08	 	METHOD, SYSTEM AND APPARATUS FOR USING IMS COMMUNICATION SERVICE IDENTIFIER
	Pending	 	 	 	US14/285524	 	US	 	2014/05/22	 	METHOD, SYSTEM AND APPARATUS FOR USING IMS COMMUNICATION SERVICE IDENTIFIER
	Granted	 	US7764953	 	US2007787527A	 	US	 	2007/04/17	 	Method, system and device for speech Codec negotiation in communication system
	Pending	 	US20070201635	 	US2007698891A	 	US	 	2007/01/29	 	System and method for implementing multimedia calling line identification presentation service
	Granted	 	US7920579	 	US2009413015A 12/413,015	 	US	 	2009/03/27	 	Method, system and apparatus for media gateway to transmit and receive multicast data
	Granted	 	US7986775	 	US2007875195A	 	US	 	2007/10/19	 	Method for realizing ring back tone in communication system
	Granted	 	US7349693	 	US2003486322A  10486322	 	US	 	2002/03/29	 	Method for implementing a call connection between a non-local calling subscriber and a local called subscriber who is an intelligent network subscriber

 

		3.	Nokia

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application 

Number	 	Country	 	Filing Date	 	Title
	Granted	 	US7925762	 	US10/343707	 	US	 	2000/08/10	 	SERVICE & OTHER INFORMATION TRANSFER FROM E.G. VISITED NETWORK TO HOME NETWORK INR00 REFERENCE ARCHITECTURE
	Granted	 	US7623529	 	US7623529	 	US	 	2001/10/09	 	NETWORK INITIATED DEREGISTRATION FROM IP MULTIMEDIA SERVICES

 

    	A-9

    	 

    

 

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	US7065339	 	US10/451236	 	US	 	2000/12/22	 	PREPAID SERVER
	Granted	 	US7991894	 	US10/469787	 	US	 	2001/03/05	 	MULTIPLEXING SIP CALL CONTROL CONTENT OVER SUCCESSIVE SIP MESSAGES
	Granted	 	US7304966	 	USUS10/479457	 	US	 	2003/12/02	 	Accessing ip multimedia subsystem
	Granted	 	US6888828	 	US09/967927	 	US	 	2001/10/02	 	SERVICE EXECUTION SERVER CHAINING
	Granted	 	US6801542	 	US09/377263	 	US	 	1999/08/19	 	AN INTER-WORKING UNIT (GATEWAY) BETWEEN AAL2 (ATM) BASED RANAND RTP MULTIPLEXING (IP) BASED RAN IN 3G CELLULAR ACCESS NETWORKS
	Granted	 	US8681751	 	US11/348896	 	US	 	2006/02/07	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	US6904035	 	US6904035	 	US	 	2001/11/14	 	3RD GEN MOBILITY USING SIP
	Granted	 	US7900242	 	US10/192753	 	US	 	2002/07/09	 	THREE-PARTY AUTHENTICATION AND AUTHORIZATION SCHEME FOR INTERNET PROTOCLVERSION 6.
	Granted	 	US7917620	 	US10/614343	 	US	 	2003/07/08	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS
	Granted	 	US7860102	 	US11/508258	 	US	 	2006/08/23	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Pending	 	US20080039085	 	US11/691417	 	US	 	2007/03/26	 	CARRYING TRUSTED NETWORK PROVIDED ACCESS NETWORK INFO IN SIP
	Granted	 	US7796990	 	US11/520655	 	US	 	2006/09/14	 	DHT-BASED CORE IMS NETWORK
	Granted	 	US7822035	 	US7822035	 	US	 	2007/03/07	 	SIP COMMUNICATION SERVICE IDENTIFIERS

 

Non-US Assets

 

		1.	Panasonic Assets

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	CN1173499	 	CN99800972	 	CN	 	1999/05/28	 	Ofdma signal transmitting apparatus and method
	Granted	 	JP3515690	 	JP15321498	 	JP	 	1998/06/02	 	Ofdma signal transmitter and its method
	Pending	 	EP1001566	 	EP99922578	 	EP	 	1999/05/28	 	Ofdma signal transmitting apparatus and method
	EP-designated	 	EP1001566	 	EP99922578	 	DE	 	1999/05/28	 	Ofdma signal transmitting apparatus and method

 

    	A-10

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	EP-designated	 	EP1001566	 	EP99922578	 	FR	 	1999/05/28	 	Ofdma signal transmitting apparatus and method
	EP-designated	 	EP1001566	 	EP99922578	 	GB	 	1999/05/28	 	Ofdma signal transmitting apparatus and method
	EP-designated	 	EP1001566	 	EP99922578	 	IT	 	1999/05/28	 	Ofdma signal transmitting apparatus and method
	EP-designated	 	EP1001566	 	EP99922578	 	NL	 	1999/05/28	 	Ofdma signal transmitting apparatus and method
	Granted	 	JP4864008	 	JP2007545294	 	JP	 	2006/11/16	 	Method of the carrier allotment in the multiple cell orthogonal frequency division multiple access system
	Granted	 	EP1968335	 	EP07706996	 	DE	 	2007/01/18	 	Radio communication base station device and pilot transmission method
	Granted	 	EP1968335	 	EP07706996	 	FR	 	2007/01/18	 	Radio communication base station device and pilot transmission method
	Granted	 	EP1968335	 	EP07706996	 	GB	 	2007/01/18	 	Radio communication base station device and pilot transmission method
	Granted	 	JP4832450	 	JP2007554946	 	JP	 	2007/01/18	 	Radio communication base station device and pilot transmission method
	Granted	 	CN100440762	 	CN01803504	 	CN	 	2001/11/14	 	Ofdm communication device
	Granted	 	DE60143934	 	DE60143934	 	DE	 	2001/11/14	 	Ofdm nachrichtenÃƒÅ“bertragungsvorrichtung
	Granted	 	DE60143978	 	DE60143978	 	DE	 	2001/11/14	 	Ofdm-kommunikationsvorrichtung
	Granted	 	EP1249955	 	EP01982773	 	FR	 	2001/11/14	 	Ofdm communication device
	Granted	 	EP1249955	 	EP01982773	 	GB	 	2001/11/14	 	Ofdm communication device
	Granted	 	EP2161867	 	EP09178209	 	FR	 	2001/11/14	 	Ofdm communication device
	Granted	 	EP2161867	 	EP09178209	 	GB	 	2001/11/14	 	Ofdm communication device
	Granted	 	JP4000057	 	JP2002543837	 	JP	 	2001/11/14	 	Ofdm communication device
	Granted	 	CN100544237	 	CN03804886	 	CN	 	2003/08/01	 	Radio base station apparatus
	Granted	 	DE60325861	 	DE60325861	 	DE	 	2003/08/01	 	Funkbasisstationsvorrichtung
	Granted	 	EP1525687	 	EP03766690	 	FR	 	2003/08/01	 	Radio base station apparatus
	Granted	 	EP1525687	 	EP03766690	 	GB	 	2003/08/01	 	Radio base station apparatus
	Granted	 	JP4098027	 	JP2002224571	 	JP	 	2002/08/01	 	Radio base station apparatus
	Granted	 	JP4971172	 	JP2007539403	 	JP	 	2006/02/28	 	Receiving device, integrated circuit and reception method
	Granted	 	CN101080893	 	CN200580043160	 	CN	 	2005/12/14	 	Re-transmission method and transmitting device for multi-antenna transmission

 

    	A-11

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	JP4863884	 	JP2006548891	 	JP	 	2005/12/14	 	The retransmission method in multiple antenna transmitting
	Granted	 	KR100912762	 	KR20077013565	 	KR	 	2007/06/15	 	Retransmitting method and transmitting method in multi-antenna transmission
	Granted	 	EP1895679	 	EP07115147	 	DE	 	2007/08/29	 	Mimo antenna apparatus controlling number of streams and modulation and demodulation method
	Granted	 	EP1895679	 	EP07115147	 	GB	 	2007/08/29	 	Mimo antenna apparatus controlling number of streams and modulation and demodulation method
	Granted	 	JP4837638	 	JP2007222315	 	JP	 	2007/08/29	 	Mimo antenna apparatus and wireless communication apparatus having it
	Granted	 	JP4864000	 	JP2007529557	 	JP	 	2006/08/04	 	The radio communication base station device and the radio communication method in multiple carrier communicating
	Granted	 	CN101502025	 	CN200780028893	 	CN	 	2007/10/12	 	Wireless communication base station device and wireless communication method
	Granted	 	JP4903033	 	JP2006344925	 	JP	 	2006/12/21	 	Wireless communication base station device and wireless communication method
	Pending	 	EP2051410	 	EP07829721	 	EP	 	2007/10/12	 	Wireless communication base station device and wireless communication method
	EP-designated	 	EP2051410	 	EP07829721	 	DE	 	2007/10/12	 	Wireless communication base station device and wireless communication method
	EP-designated	 	EP2051410	 	EP07829721	 	FI	 	2007/10/12	 	Wireless communication base station device and wireless communication method
	EP-designated	 	EP2051410	 	EP07829721	 	FR	 	2007/10/12	 	Wireless communication base station device and wireless communication method
	EP-designated	 	EP2051410	 	EP07829721	 	GB	 	2007/10/12	 	Wireless communication base station device and wireless communication method
	EP-designated	 	EP2051410	 	EP07829721	 	SE	 	2007/10/12	 	Wireless communication base station device and wireless communication method
	Granted	 	CA2293606	 	CA2293606	 	CA	 	1999/04/19	 	Radio communication apparatus and transmission rate control method
	Granted	 	CN1130944	 	CN99800567	 	CN	 	1999/04/19	 	Radio communication device and method for controlling transmission rate

 

    	A-12

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	DE69903110	 	DE69903110	 	DE	 	1999/04/19	 	FunkÃœbertragungsgerÃ„t und verfahren zur kontrolle der Ãœbertragungsrate
	Granted	 	DE69914351	 	DE69914351	 	DE	 	1999/04/19	 	FunkkommunikationsgerÃ¤t und verfahren zur einstellung der Ãœbertragungsrate
	Granted	 	EP0986282	 	EP99913715	 	FI	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP0986282	 	EP99913715	 	FR	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP0986282	 	EP99913715	 	GB	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP0986282	 	EP99913715	 	IT	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP0986282	 	EP99913715	 	NL	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP1122965	 	EP01106695	 	FI	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP1122965	 	EP01106695	 	FR	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP1122965	 	EP01106695	 	GB	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP1122965	 	EP01106695	 	IT	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	EP1122965	 	EP01106695	 	NL	 	1999/04/19	 	Radio communication device and method of controlling transmission rate
	Granted	 	ES2184430	 	ES99913715	 	ES	 	1999/04/19	 	Dispositivo de comunicacion por radio y procedimiento que permite ajustar la velocidad de transmision.
	Granted	 	ES2214356	 	ES01106695	 	ES	 	1999/04/19	 	Dispositivo de comunicacion por radio y metodo para controlar la velocidad de transmision.
	Granted	 	JP4738451	 	JP2008194038	 	JP	 	2008/07/28	 	Communication terminal apparatus and communication method therefor
	Pending	 	BR9906339	 	BR9906339	 	BR	 	1999/04/19	 	"aparelho de comunicaÃ§Ã£o de rÃ¡dio e mÃ©todo de controle de coeficiente de transmissÃ£o"
	Granted	 	CN1266868	 	CN01804109	 	CN	 	2001/11/22	 	Communication terminal device and decoding method
	Granted	 	JP3399923	 	JP2000362431	 	JP	 	2000/11/29	 	Decoding device and decoding method
	Granted	 	JP3492637	 	JP2001046559	 	JP	 	2001/02/22	 	Decoding device and decoding method
	Granted	 	JP3522700	 	JP2001023713	 	JP	 	2001/01/31	 	Channel detecting apparatus and method therefor
	Granted	 	JP3526271	 	JP2001031850	 	JP	 	2001/02/08	 	Decoding device and decoding method
	Granted	 	KR100727732	 	KR20057021280	 	KR	 	2005/11/09	 	Decoding device and decoding method

 

    	A-13

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	CN1114324	 	CN97119237	 	CN	 	1997/09/30	 	Base station, mobile unit communication apparatus and method of communication between them
	Granted	 	DE69708823	 	DE69708823	 	DE	 	1997/10/01	 	Spreizspektrum-verfahren und system zur ÃƒÅ“bertragung zwischen einer basisstation und einer vielzahl von mobilen stationen
	Granted	 	EP0836288	 	EP97307725	 	FI	 	1997/10/01	 	Spread-spectrum method and system for communication between a base station and a plurality of mobile units
	Granted	 	EP0836288	 	EP97307725	 	FR	 	1997/10/01	 	Spread-spectrum method and system for communication between a base station and a plurality of mobile units
	Granted	 	EP0836288	 	EP97307725	 	GB	 	1997/10/01	 	Spread-spectrum method and system for communication between a base station and a plurality of mobile units
	Granted	 	EP0836288	 	EP97307725	 	SE	 	1997/10/01	 	Spread-spectrum method and system for communication between a base station and a plurality of mobile units
	Granted	 	JP3720141	 	JP26062596	 	JP	 	1996/10/01	 	Mobile communication method and its system
	Granted	 	AU710430	 	AU4320797	 	AU	 	1997/09/25	 	Base station equipment for mobile communication
	Granted	 	CA2238358	 	CA2238358	 	CA	 	1997/09/25	 	Base station apparatus for mobile communication
	Granted	 	CN1175592	 	CN97191312	 	CN	 	1997/09/25	 	Base station equipment for mobile communication
	Granted	 	DE69721224	 	DE69721224	 	DE	 	1997/09/25	 	Verfahren fÃœr sanftes weiterreichen in einer basisstation mit sektoren und basisstation dafÃœr
	Granted	 	EP0869629	 	EP97941232	 	FR	 	1997/09/25	 	Soft handover method in a sectored base station and base station therefor
	Granted	 	EP0869629	 	EP97941232	 	GB	 	1997/09/25	 	Soft handover method in a sectored base station and base station therefor
	Granted	 	EP0869629	 	EP97941232	 	IT	 	1997/09/25	 	Soft handover method in a sectored base station and base station therefor
	Granted	 	EP0869629	 	EP97941232	 	NL	 	1997/09/25	 	Soft handover method in a sectored base station and base station therefor
	Granted	 	JP4098833	 	JP51549798	 	JP	 	1997/09/25	 	Mobile communication base station device
	Granted	 	CN1100464	 	CN98105319	 	CN	 	1998/02/20	 	Differential detector with error correcting function
	Granted	 	DE69818323	 	DE69818323	 	DE	 	1998/02/11	 	Differential-detektor mit fehlerkorrekturfunktion
	Granted	 	EP0860964	 	EP98301000	 	FR	 	1998/02/11	 	Differential detector with error correcting function

 

    	A-14

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP0860964	 	EP98301000	 	GB	 	1998/02/11	 	Differential detector with error correcting function
	Granted	 	CN1262083	 	CN99110630	 	CN	 	1999/07/23	 	Cdma radio communication system and its method
	Granted	 	DE69936019	 	DE69936019	 	DE	 	1999/07/21	 	Cdma-funkÃ1⁄4bertragungssystem und -verfahren
	Granted	 	EP0975118	 	EP99114151	 	FR	 	1999/07/21	 	Cdma radio communication system and method
	Granted	 	EP0975118	 	EP99114151	 	GB	 	1999/07/21	 	Cdma radio communication system and method
	Granted	 	JP3411850	 	JP9142999	 	JP	 	1999/03/31	 	Cdma radio communication system
	Granted	 	JP3411854	 	JP19480599	 	JP	 	1999/07/08	 	Cdma radio communication system and method
	Granted	 	CN1086524	 	CN98106939	 	CN	 	1998/04/15	 	Switching over method for cdma system and base station of mobile station
	Granted	 	CN1170388	 	CN02105576	 	CN	 	1998/04/15	 	Commutation method in cdma
	Granted	 	DE69817904	 	DE69817904	 	DE	 	1998/04/14	 	Weiterreichen verfahren in einem spreizspektrumÃ1⁄4betragungseinrichtung
	Granted	 	DE69824054	 	DE69824054	 	DE	 	1998/04/14	 	Spreizspectrumkommunikationssystem
	Granted	 	EP0873034	 	EP98106758	 	FR	 	1998/04/14	 	Handover method in a spread spectrum communication system
	Granted	 	EP0873034	 	EP98106758	 	GB	 	1998/04/14	 	Handover method in a spread spectrum communication system
	Granted	 	EP0873034	 	EP98106758	 	NL	 	1998/04/14	 	Handover method in a spread spectrum communication system
	Granted	 	EP0873034	 	EP98106758	 	SE	 	1998/04/14	 	Handover method in a spread spectrum communication system
	Granted	 	EP1304899	 	EP02026952	 	FR	 	1998/04/14	 	Spread spectrum communication system
	Granted	 	EP1304899	 	EP02026952	 	GB	 	1998/04/14	 	Spread spectrum communication system
	Granted	 	EP1304899	 	EP02026952	 	NL	 	1998/04/14	 	Spread spectrum communication system
	Granted	 	EP1304899	 	EP02026952	 	SE	 	1998/04/14	 	Spread spectrum communication system
	Granted	 	KR100371837	 	KR20020030497	 	KR	 	2002/05/31	 	Hand-over method, mobile station apparatus and base station apparatus
	Granted	 	CN1134128	 	CN99103968	 	CN	 	1999/03/09	 	Cdma/tdd mobile communication system and method
	Granted	 	DE69927200	 	DE69927200	 	DE	 	1999/03/04	 	Cdma/tdd mobiles kommunikationssystem und verfahren
	Granted	 	DE69942350	 	DE69942350	 	DE	 	1999/03/04	 	Cdma/tdd mobilstation und verfahren
	Granted	 	EP0948221	 	EP99102882	 	FR	 	1999/03/04	 	Cdma/tdd mobile communication system and method
	Granted	 	EP0948221	 	EP99102882	 	GB	 	1999/03/04	 	Cdma/tdd mobile communication system and method
	Granted	 	EP0948221	 	EP99102882	 	IT	 	1999/03/04	 	Cdma/tdd mobile communication system and method

 

    	A-15

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1578163	 	EP05013391	 	FR	 	1999/03/04	 	Cdma/tdd mobile station and method
	Granted	 	EP1578163	 	EP05013391	 	GB	 	1999/03/04	 	Cdma/tdd mobile station and method
	Granted	 	EP1578163	 	EP05013391	 	IT	 	1999/03/04	 	Cdma/tdd mobile station and method
	Granted	 	ES2248932	 	ES99102882	 	ES	 	1999/03/04	 	Sistema de comunicacion movil cdma/tdd y metodo.
	Granted	 	ES2343414	 	ES05013391	 	ES	 	1999/03/04	 	Estacion movil cdma/tdd y metodo.
	Granted	 	JP3881770	 	JP7831798	 	JP	 	1998/03/10	 	System and method for time division duplex cdma mobile communication
	Granted	 	CN100413233	 	CN00131890	 	CN	 	2000/07/05	 	Communication terminal device and base station device
	Granted	 	DE60026907	 	DE60026907	 	DE	 	2000/07/04	 	KommunikationsendgerÃ¤tvorrichtung und basisstationvorrichtung
	Granted	 	DE60043953	 	DE60043953	 	DE	 	2000/07/04	 	Cdma-sender und -empfÃ¤nger unter verwendung von midambles
	Granted	 	EP1067723	 	EP00114318	 	FR	 	2000/07/04	 	Communication terminal apparatus and base station apparatus
	Granted	 	EP1067723	 	EP00114318	 	GB	 	2000/07/04	 	Communication terminal apparatus and base station apparatus
	Granted	 	EP1667337	 	EP06001107	 	FR	 	2000/07/04	 	Cdma transmitter and receiver using midambles
	Granted	 	EP1667337	 	EP06001107	 	GB	 	2000/07/04	 	Cdma transmitter and receiver using midambles
	Granted	 	EP1667337	 	EP06001107	 	SE	 	2000/07/04	 	Cdma transmitter and receiver using midambles
	Granted	 	JP3748351	 	JP33139199	 	JP	 	1999/11/22	 	Communication equipment and communication method
	Granted	 	CN1233119	 	CN00119928	 	CN	 	2000/07/03	 	Wireless communication device and wireless communication method
	Granted	 	JP3678944	 	JP18952099	 	JP	 	1999/07/02	 	Transmitter-receiver
	Granted	 	KR20010015127	 	KR20000037494	 	KR	 	2000/07/01	 	Transmitter-receiver
	Granted	 	CA2316782	 	CA2316782	 	CA	 	1999/11/08	 	Apparatus and method for transmission/reception
	Granted	 	CN1248438	 	CN99801989	 	CN	 	1999/11/08	 	Transmitting / receiving device and transmitting / receiving method
	Granted	 	EP1043858	 	EP99954417	 	DE	 	1999/11/08	 	Transmitting/receiving device and transmitting/receiving method
	Granted	 	EP1043858	 	EP99954417	 	FR	 	1999/11/08	 	Transmitting/receiving device and transmitting/receiving method
	Granted	 	EP1043858	 	EP99954417	 	GB	 	1999/11/08	 	Transmitting/receiving device and transmitting/receiving method
	Granted	 	IL137058	 	IL13705899	 	IL	 	1999/11/08	 	Apparatus and method for transmission/reception

 

    	A-16

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	KR388400	 	KR2000-7007459	 	KR	 	1999/11/08	 	Apparatus and method for transmission/reception
	Granted	 	KR611866	 	KR2003-7000348	 	KR	 	2003/01/10	 	Apparatus and method for transmission/reception
	Granted	 	NO332385	 	NO20003476	 	NO	 	2000/07/05	 	Fremgangsmate og apparat for sending/mottaking
	Granted	 	CN1281009	 	CN00126839	 	CN	 	2000/09/06	 	Apparatus and method for orthogonal frequency division multiplexing communication
	Granted	 	DE60041618	 	DE60041618	 	DE	 	2000/09/06	 	MehrtrÃƒÂ¤gerempfÃƒÂ¤nger mit auswÃƒÂ¤hlbaren demodulatoren
	Granted	 	EP1083718	 	EP00119285	 	FR	 	2000/09/06	 	Multicarrier receiver with selectable demodulators
	Granted	 	EP1083718	 	EP00119285	 	GB	 	2000/09/06	 	Multicarrier receiver with selectable demodulators
	Granted	 	EP1083718	 	EP00119285	 	SE	 	2000/09/06	 	Multicarrier receiver with selectable demodulators
	Granted	 	JP3796076	 	JP25363399	 	JP	 	1999/09/07	 	Ofdm communication equipment
	Granted	 	CN1153392	 	CN01800054	 	CN	 	2001/01/15	 	Interference signal removing device and interference signal removing method
	Granted	 	DE60114511	 	DE60114511	 	DE	 	2001/01/15	 	Verfahren und vorrichtung zur beseitigung von stÃƒâ€“rsignalen
	Granted	 	EP1164735	 	EP01900770	 	FR	 	2001/01/15	 	Interference signal removing device and interference signal removing method
	Granted	 	EP1164735	 	EP01900770	 	GB	 	2001/01/15	 	Interference signal removing device and interference signal removing method
	Granted	 	JP3515033	 	JP2000010877	 	JP	 	2000/01/19	 	Interference signal elimination device and interference signal elimination method
	Granted	 	CN1174643	 	CN01102993	 	CN	 	2001/02/13	 	Combined signalling and signal interference ratio internal ring power control
	Granted	 	DE60045506	 	DE60045506	 	DE	 	2000/11/21	 	Sendeleistungsregelung mittels einer inneren schleife
	Granted	 	EP1139580	 	EP00310315	 	FR	 	2000/11/21	 	Inner-loop power control
	Granted	 	EP1139580	 	EP00310315	 	GB	 	2000/11/21	 	Inner-loop power control
	Granted	 	EP1139580	 	EP00310315	 	IT	 	2000/11/21	 	Inner-loop power control
	Granted	 	ES2358388	 	ES00310315	 	ES	 	2000/11/21	 	Control de potencia de lazo interno.
	Granted	 	CN1181625	 	CN00802695	 	CN	 	2000/11/27	 	Communication terminal device and transmit power control method
	Granted	 	JP3583343	 	JP2000076032	 	JP	 	2000/03/17	 	Communication terminal, base station unit and transmission power control method

 

    	A-17

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Pending	 	EP1146668	 	EP00977949	 	EP	 	2000/11/27	 	Communication terminal, base station system, and method of controlling transmission power
	EP-designated	 	EP1146668	 	EP00977949	 	DE	 	2000/11/27	 	Communication terminal, base station system, and method of controlling transmission power
	EP-designated	 	EP1146668	 	EP00977949	 	FR	 	2000/11/27	 	Communication terminal, base station system, and method of controlling transmission power
	EP-designated	 	EP1146668	 	EP00977949	 	GB	 	2000/11/27	 	Communication terminal, base station system, and method of controlling transmission power
	Granted	 	CN1148895	 	CN01801884	 	CN	 	2001/07/02	 	Base station unit and method for radio communication
	Granted	 	CN1276596	 	CN200410007371	 	CN	 	2001/07/02	 	Base station apparatus and radio communication method
	Granted	 	DE60117263	 	DE60117263	 	DE	 	2001/07/02	 	Basisstationseinheit und verfahren zur funkkommunikation
	Granted	 	DE60121055	 	DE60121055	 	DE	 	2001/07/02	 	Basisstationsvorrichtung und funkkommunikationsverfahren zur hochgeschwindigkeitsdatenÃ1⁄4bertragung
	Granted	 	EP1209824	 	EP01945745	 	FR	 	2001/07/02	 	Base station unit and method for radio communication
	Granted	 	EP1209824	 	EP01945745	 	GB	 	2001/07/02	 	Base station unit and method for radio communication
	Granted	 	EP1437841	 	EP04003162	 	FR	 	2001/07/02	 	Base station apparatus and radio communication method for high-speed data communication
	Granted	 	EP1437841	 	EP04003162	 	GB	 	2001/07/02	 	Base station apparatus and radio communication method for high-speed data communication
	Granted	 	JP4359218	 	JP2004293911	 	JP	 	2004/10/06	 	Base station system and radio communication method
	Granted	 	JP4409793	 	JP2001200184	 	JP	 	2001/06/29	 	Base station equipment and method for radio communication
	Granted	 	CN1174588	 	CN02119390	 	CN	 	2002/05/15	 	Grouping receiver and transmission method thereof
	Granted	 	DE60208466	 	DE60208466	 	DE	 	2002/05/15	 	Verfahren und vorrichtung zur fehlerkorrektur der statischen informationen im kopffeld eines empfangenen packets
	Granted	 	EP1261184	 	EP02010884	 	FR	 	2002/05/15	 	Method and device for error correction in the static header information of a received packet

 

    	A-18

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1261184	 	EP02010884	 	GB	 	2002/05/15	 	Method and device for error correction in the static header information of a received packet
	Granted	 	JP3512177	 	JP2001146281	 	JP	 	2001/05/16	 	Packet receiver and packet transmission method
	Granted	 	CN1288939	 	CN01804070	 	CN	 	2001/11/27	 	Radio communication system, base station device and communication terminal accommodated in the system
	Granted	 	DE60106196	 	DE60106196	 	DE	 	2001/11/27	 	Funkkommunikationssystem, basisstationsgerÃ„t sowie ein in dem system aufgenommenes kommunikationsendgerÃ„t
	Granted	 	DE60114671	 	DE60114671	 	DE	 	2001/11/27	 	Funkkommunikationssystem, basisstation und kommunikationsendgerÃ¤t
	Granted	 	EP1246492	 	EP01999126	 	FI	 	2001/11/27	 	Radio communication system, base station device and communication terminal accommodated in the system
	Granted	 	EP1246492	 	EP01999126	 	FR	 	2001/11/27	 	Radio communication system, base station device and communication terminal accommodated in the system
	Granted	 	EP1246492	 	EP01999126	 	GB	 	2001/11/27	 	Radio communication system, base station device and communication terminal accommodated in the system
	Granted	 	EP1246492	 	EP01999126	 	IT	 	2001/11/27	 	Radio communication system, base station device and communication terminal accommodated in the system
	Granted	 	EP1246492	 	EP01999126	 	NL	 	2001/11/27	 	Radio communication system, base station device and communication terminal accommodated in the system
	Granted	 	EP1246492	 	EP01999126	 	SE	 	2001/11/27	 	Radio communication system, base station device and communication terminal accommodated in the system
	Granted	 	EP1387597	 	EP03025316	 	FR	 	2001/11/27	 	Radio communication system, base station and communication terminal
	Granted	 	EP1387597	 	EP03025316	 	GB	 	2001/11/27	 	Radio communication system, base station and communication terminal
	Granted	 	ES2230395	 	ES01999126	 	ES	 	2001/11/27	 	Sistema de radiocomunicacion que comprende un dispositivo de estacion base y un terminal de comunicacion.
	Granted	 	JP3691383	 	JP2000363649	 	JP	 	2000/11/29	 	Radio communication system, base station device and communication terminal accommodated in the system
	Granted	 	CN100534005	 	CN200510088453	 	CN	 	2001/12/19	 	Wireless base station apparatus and wireless communication method
	Granted	 	CN1162989	 	CN01805368	 	CN	 	2001/12/19	 	Radio base station device and radio communication method

 

    	A-19

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	JP3679000	 	JP2000389473	 	JP	 	2000/12/21	 	Radio base station equipment and radio communication method
	Granted	 	CN1224207	 	CN02142556	 	CN	 	2002/08/22	 	Method and apparatus for automatic request repeat of sending and receiving
	Granted	 	DE60104113	 	DE60104113	 	DE	 	2001/08/22	 	ÃƒÅ“bertragungsverfahren und ÃƒÅ“bertragungsgerÃƒÂ¤t mit mehrkanal-arq
	Granted	 	EP1286491	 	EP01120182	 	FR	 	2001/08/22	 	Multichannel arq method and apparatus
	Granted	 	EP1286491	 	EP01120182	 	GB	 	2001/08/22	 	Multichannel arq method and apparatus
	Granted	 	JP3650383	 	JP2002241027	 	JP	 	2002/08/21	 	Transmitter, receiver and arq transmitting and receiving method
	Granted	 	KR100494251	 	KR20020049754	 	KR	 	2002/08/22	 	Arq transmission and reception methods and apparatus
	Granted	 	CN1319307	 	CN02820398	 	CN	 	2002/08/07	 	Transmission/reception apparatus and transmission/reception method
	Granted	 	DE60239543	 	DE60239543	 	DE	 	2002/08/07	 	Sende-empfangs-vorrichtung und sende-empfangs-verfahren
	Granted	 	EP1422861	 	EP02755868	 	FR	 	2002/08/07	 	Transmission / reception apparatus and transmission / reception method
	Granted	 	EP1422861	 	EP02755868	 	GB	 	2002/08/07	 	Transmission / reception apparatus and transmission / reception method
	Granted	 	JP3880437	 	JP2002113607	 	JP	 	2002/04/16	 	Transmission/reception apparatus and transmission/ reception method
	Granted	 	CN1224293	 	CN02804809	 	CN	 	2002/11/11	 	Dispatching device, base station device and wireless communication method
	Granted	 	EP1365617	 	EP02780065	 	DE	 	2002/11/11	 	Schedule creation apparatus, base station apparatus, and radio communication method
	Granted	 	EP1365617	 	EP02780065	 	FR	 	2002/11/11	 	Schedule creation apparatus, base station apparatus, and radio communication method
	Granted	 	EP1365617	 	EP02780065	 	GB	 	2002/11/11	 	Schedule creation apparatus, base station apparatus, and radio communication method
	Granted	 	JP3576525	 	JP2001345444	 	JP	 	2001/11/09	 	Schedule maker, base station device, and radio communication method
	Granted	 	CN100514895	 	CN03800915	 	CN	 	2003/03/19	 	Method of data retransmission in multi-carrier transmission and communication apparatus having data retransmission control device
	Granted	 	JP4287751	 	JP2003581390	 	JP	 	2003/03/19	 	The data retransmission method in multiple carrier transmitting and the communication device which has the data retransmission control control equipment

 

    	A-20

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Pending	 	EP1492258	 	EP03710414	 	EP	 	2003/03/19	 	Method of data retransmission in multi-carrier transmission and communication apparatus having data retransmission control device
	EP-designated	 	EP1492258	 	EP03710414	 	DE	 	2003/03/19	 	Method of data retransmission in multi-carrier transmission and communication apparatus having data retransmission control device
	EP-designated	 	EP1492258	 	EP03710414	 	FI	 	2003/03/19	 	Method of data retransmission in multi-carrier transmission and communication apparatus having data retransmission control device
	EP-designated	 	EP1492258	 	EP03710414	 	FR	 	2003/03/19	 	Method of data retransmission in multi-carrier transmission and communication apparatus having data retransmission control device
	EP-designated	 	EP1492258	 	EP03710414	 	GB	 	2003/03/19	 	Method of data retransmission in multi-carrier transmission and communication apparatus having data retransmission control device
	EP-designated	 	EP1492258	 	EP03710414	 	SE	 	2003/03/19	 	Method of data retransmission in multi-carrier transmission and communication apparatus having data retransmission control device
	Granted	 	CN1266982	 	CN03800365	 	CN	 	2003/02/06	 	Radio communication apparatus and transfer rate decision method
	Granted	 	DE60314588	 	DE60314588	 	DE	 	2003/02/06	 	Funkkommunikationsvorrichtung und transferratenentscheidungsverfahren
	Granted	 	EP1424869	 	EP03705051	 	FR	 	2003/02/06	 	Radio communication apparatus and transfer rate decision method
	Granted	 	EP1424869	 	EP03705051	 	GB	 	2003/02/06	 	Radio communication apparatus and transfer rate decision method
	Granted	 	JP3686614	 	JP2002030942	 	JP	 	2002/02/07	 	Wireless communication apparatus and transmission rate decision method
	Granted	 	CN100514973	 	CN03800419	 	CN	 	2003/01/30	 	Rate matching device and rate matching method
	Granted	 	JP3629241	 	JP2002021499	 	JP	 	2002/01/30	 	Device and method for rate matching
	Granted	 	CN100502273	 	CN200310102691	 	CN	 	2003/10/29	 	Test device, mobile terminal device and test method
	Granted	 	CN1964243	 	CN200610073263	 	CN	 	2003/10/29	 	Test apparatus, mobile terminal apparatus and wireless transmission property test method
	Granted	 	EP1441554	 	EP04000733	 	CH	 	2004/01/15	 	Test apparatus, mobile terminal apparatus and test method

 

    	A-21

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1441554	 	EP04000733	 	DE	 	2004/01/15	 	Test apparatus, mobile terminal apparatus and test method
	Granted	 	EP1441554	 	EP04000733	 	FR	 	2004/01/15	 	Test apparatus, mobile terminal apparatus and test method
	Granted	 	EP1441554	 	EP04000733	 	GB	 	2004/01/15	 	Test apparatus, mobile terminal apparatus and test method
	Granted	 	EP1441554	 	EP04000733	 	IE	 	2004/01/15	 	Test apparatus, mobile terminal apparatus and test method
	Granted	 	EP1441554	 	EP04000733	 	LI	 	2004/01/15	 	Test apparatus, mobile terminal apparatus and test method
	Granted	 	EP1441554	 	EP04000733	 	LU	 	2004/01/15	 	Test apparatus, mobile terminal apparatus and test method
	Granted	 	EP1441554	 	EP04000733	 	MC	 	2004/01/15	 	Test apparatus, mobile terminal apparatus and test method
	Granted	 	DE60332146	 	DE60332146	 	DE	 	2003/11/13	 	Sendervorrichtung und sendeverfahren
	Granted	 	EP1564920	 	EP03774003	 	FR	 	2003/11/13	 	Transmitter apparatus and transmitting method
	Granted	 	EP1564920	 	EP03774003	 	GB	 	2003/11/13	 	Transmitter apparatus and transmitting method
	Granted	 	JP3796211	 	JP2002333448	 	JP	 	2002/11/18	 	Transmitter and transmitting method
	Granted	 	JP4163937	 	JP2002355079	 	JP	 	2002/12/06	 	Ofdm-cdma transmitter and ofdm-cdma transmission method
	Granted	 	CN1692592	 	CN200380100629	 	CN	 	2003/11/14	 	Cdma transmitting apparatus and cdma receiving apparatus
	Granted	 	DE60325751	 	DE60325751	 	DE	 	2003/11/14	 	Cdma mimo system
	Granted	 	EP1551124	 	EP03772765	 	FR	 	2003/11/14	 	Cdma mimo system
	Granted	 	EP1551124	 	EP03772765	 	GB	 	2003/11/14	 	Cdma mimo system
	Granted	 	JP3583414	 	JP2002330453	 	JP	 	2002/11/14	 	Code division multiple access transmitter and code division multiple access receiver
	Granted	 	CN1714519	 	CN200380103837	 	CN	 	2003/11/26	 	Radio reception device and radio reception method
	Granted	 	EP1569362	 	EP03775882	 	DE	 	2003/11/26	 	Radio reception device and radio reception method
	Granted	 	EP1569362	 	EP03775882	 	FR	 	2003/11/26	 	Radio reception device and radio reception method
	Granted	 	EP1569362	 	EP03775882	 	GB	 	2003/11/26	 	Radio reception device and radio reception method
	Granted	 	JP3629261	 	JP2002341741	 	JP	 	2002/11/26	 	Apparatus and method for radio reception
	Granted	 	CN101019360	 	CN200480043975	 	CN	 	2004/09/13	 	Automatic retransmission request control system and method in mimo-ofdm system

 

    	A-22

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1788742	 	EP04772990	 	DE	 	2004/09/13	 	Automatic retransmission request control system and retransmission method in mimo-ofdm system
	Granted	 	EP1788742	 	EP04772990	 	FR	 	2004/09/13	 	Automatic retransmission request control system and retransmission method in mimo-ofdm system
	Granted	 	EP1788742	 	EP04772990	 	GB	 	2004/09/13	 	Automatic retransmission request control system and retransmission method in mimo-ofdm system
	Granted	 	JP4384668	 	JP2006534962	 	JP	 	2004/09/13	 	The automatic request for repetition control system and the retransmission method in the mimo-ofdm system
	Granted	 	CN100578989	 	CN200480000627	 	CN	 	2004/04/28	 	Cdma transmitting apparatus, base station device usinsg the same and cdma transmitting method
	Granted	 	JP3799030	 	JP2003132133	 	JP	 	2003/05/09	 	Device and method for cdma transmission
	Pending	 	EP1630993	 	EP04730067	 	EP	 	2004/04/28	 	Cdma transmitting apparatus and cdma transmitting method
	EP-designated	 	EP1630993	 	EP04730067	 	DE	 	2004/04/28	 	Cdma transmitting apparatus and cdma transmitting method
	EP-designated	 	EP1630993	 	EP04730067	 	FI	 	2004/04/28	 	Cdma transmitting apparatus and cdma transmitting method
	EP-designated	 	EP1630993	 	EP04730067	 	FR	 	2004/04/28	 	Cdma transmitting apparatus and cdma transmitting method
	EP-designated	 	EP1630993	 	EP04730067	 	GB	 	2004/04/28	 	Cdma transmitting apparatus and cdma transmitting method
	EP-designated	 	EP1630993	 	EP04730067	 	SE	 	2004/04/28	 	Cdma transmitting apparatus and cdma transmitting method
	Granted	 	CN100591000	 	CN200580029870	 	CN	 	2005/09/05	 	Classifying-synthesizing transmission method of multi-user feedback information at base station
	Granted	 	CN101015161	 	CN200580029870	 	CN	 	2005/09/05	 	Classifying-synthesizing transmission method of multi-user feedback information at base station
	Granted	 	JP4675904	 	JP2006535743	 	JP	 	2005/09/05	 	Taxonomic synthetic transmission method of feedback information multi user in base station
	Granted	 	JP4838144	 	JP2006545166	 	JP	 	2005/11/18	 	Communication device, communication system and communication method

 

    	A-23

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Pending	 	EP1811700	 	EP05807089	 	EP	 	2005/11/18	 	Communication apparatus, communication system, and communication method
	EP-designated	 	EP1811700	 	EP05807089	 	DE	 	2005/11/18	 	Communication apparatus, communication system, and communication method
	EP-designated	 	EP1811700	 	EP05807089	 	FR	 	2005/11/18	 	Communication apparatus, communication system, and communication method
	EP-designated	 	EP1811700	 	EP05807089	 	GB	 	2005/11/18	 	Communication apparatus, communication system, and communication method
	Granted	 	CN101053272	 	CN200580037780	 	CN	 	2005/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	DE602004008068	 	DE602004008068	 	DE	 	2004/08/31	 	Effiziente "rise over thermal (rot)" steuerung wÃ¤hrend eines sanften weiterreichens
	Granted	 	DE602004021447	 	DE602004021447	 	DE	 	2004/08/31	 	Effiziente rise-over-thermal-steuerung wÃ¤hrend eines sanften handovers
	Granted	 	EP1631104	 	EP04020647	 	FI	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1631104	 	EP04020647	 	FR	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1631104	 	EP04020647	 	GB	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1631104	 	EP04020647	 	IT	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1631104	 	EP04020647	 	SE	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1838125	 	EP07011278	 	FI	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1838125	 	EP07011278	 	FR	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1838125	 	EP07011278	 	GB	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1838125	 	EP07011278	 	IT	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	EP1838125	 	EP07011278	 	SE	 	2004/08/31	 	Efficient rise over thermal (rot) control during soft handover
	Granted	 	ES2291786	 	ES04020647	 	ES	 	2004/08/31	 	Control eficaz del aumento de sobreexplotacion termica (rot) durante una transferencia flexible.
	Granted	 	ES2327008	 	ES07011278	 	ES	 	2004/08/31	 	Control eficiente del rot durante transferencia blanda.
	Granted	 	IN200700601P2	 	IN601/KOLNP/2007	 	IN	 	2007/02/19	 	Efficient rise over thermal (rot) control during soft handover

 

    	A-24

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	JP4041531	 	JP2007512130	 	JP	 	2005/08/31	 	The method of communicating the information which it is related to the scheduling of uplink data transmission, the portable communication system, base station, the radio network controller, and the portable terminal
	Pending	 	BRPI0515242	 	BRPI0515242	 	BR	 	2005/08/31	 	MÃ©todo para a comunicaÃ§Ã£o das informaÃ§Ãμes que estÃ£o relacionadas com a programaÃ§Ã£o de transmissÃμes de dados de ligaÃ§Ã£o superior, sistema de comunicaÃ§Ã£o mÃ3vel, estaÃ§Ã£o base em um sistema de comunicaÃ§Ã£o mÃ3vel, controlador de rede de rÃ¡dio em um sistema de c
	Granted	 	CN101103575	 	CN200680002338	 	CN	 	2006/01/10	 	Multi-antenna communication method and multi-antenna communication device
	Granted	 	JP4769201	 	JP2006552910	 	JP	 	2006/01/10	 	Multiple antenna communication method and multiple antenna communication device
	Granted	 	CN101283535	 	CN200680037602	 	CN	 	2006/11/22	 	Method for generating and detecting multiple pilot frequencies in multi-antenna communication system
	Granted	 	JP4981682	 	JP2007546481	 	JP	 	2006/11/22	 	Multiple pilot formation method and the method of detection in the multiple antenna communication system
	Granted	 	JP4914352	 	JP2007521121	 	JP	 	2006/03/03	 	Communication terminal unit and base station device
	Granted	 	CN101411240	 	CN200680054042	 	CN	 	2006/11/02	 	Uplink resource allocation in a mobile communication system
	Granted	 	CN102202414	 	CN201110084678	 	CN	 	2006/11/02	 	Uplink resource allocation in a mobile communication system
	Granted	 	JP2012157036	 	JP2012060156	 	JP	 	2012/03/16	 	Uplink resource allocation in mobile communication system
	Granted	 	JP5020263	 	JP2008552689	 	JP	 	2006/11/02	 	Allotment of the uplink resource in the portable communication system
	Granted	 	JP5059982	 	JP2012132803	 	JP	 	2012/06/12	 	Uplink resource allocation in mobile communication system
	Pending	 	EP1816883	 	EP06002248	 	EP	 	2006/02/03	 	Uplink resource allocation in a mobile communication system
	EP-designated	 	EP1816883	 	EP06002248	 	DE	 	2006/02/03	 	Uplink resource allocation in a mobile communication system
	EP-designated	 	EP1816883	 	EP06002248	 	FI	 	2006/02/03	 	Uplink resource allocation in a mobile communication system

 

    	A-25

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	EP-designated	 	EP1816883	 	EP06002248	 	FR	 	2006/02/03	 	Uplink resource allocation in a mobile communication system
	EP-designated	 	EP1816883	 	EP06002248	 	GB	 	2006/02/03	 	Uplink resource allocation in a mobile communication system
	EP-designated	 	EP1816883	 	EP06002248	 	SE	 	2006/02/03	 	Uplink resource allocation in a mobile communication system
	Granted	 	JP4654298	 	JP2008534161	 	JP	 	2006/09/11	 	Ofdm transmitting device and ofdm receiving device
	Pending	 	EP2061170	 	EP06783262	 	EP	 	2006/09/11	 	Ofdm transmitter and ofdm receiver
	EP-designated	 	EP2061170	 	EP06783262	 	DE	 	2006/09/11	 	Ofdm transmitter and ofdm receiver
	EP-designated	 	EP2061170	 	EP06783262	 	FR	 	2006/09/11	 	Ofdm transmitter and ofdm receiver
	EP-designated	 	EP2061170	 	EP06783262	 	GB	 	2006/09/11	 	Ofdm transmitter and ofdm receiver
	Granted	 	JP5009982	 	JP2009516088	 	JP	 	2007/05/25	 	Multiple carrier transmitting device
	Granted	 	CA2127616	 	CA2127616	 	CA	 	1994/07/07	 	Mobile communication unit
	Granted	 	CN1074875	 	CN94108731	 	CN	 	1994/07/16	 	Mobile communication unit
	Granted	 	CN1128555	 	CN00135098	 	CN	 	2000/12/11	 	Mobile communication unit and method
	Granted	 	KR0126874	 	KR19940017210	 	KR	 	1994/07/16	 	Mobile communication system
	Granted	 	CA2127672	 	CA2127672	 	CA	 	1994/07/08	 	Mobile radio system
	Granted	 	CN1068164	 	CN94107859	 	CN	 	1994/07/15	 	Mobile radio system
	Granted	 	JP2942977	 	JP19901893	 	JP	 	1993/07/16	 	Mobile communication equipment
	Granted	 	KR960016641	 	KR19940017085	 	KR	 	1994/07/15	 	Mobile communication equipment
	Granted	 	DE69534524	 	DE69534524	 	DE	 	1995/08/16	 	Verfahren und gerÃ¤t zur synchronisierung in einem direktsequenzspreizspektrumkommunikationssystem
	Granted	 	EP0701333	 	EP95305717	 	FR	 	1995/08/16	 	Synchronisation method and apparatus for a direct sequence spread spectrum communications system
	Granted	 	EP0701333	 	EP95305717	 	GB	 	1995/08/16	 	Synchronisation method and apparatus for a direct sequence spread spectrum communications system
	Granted	 	JP3142222	 	JP13494595	 	JP	 	1995/06/01	 	Synchronization method and device for spread spectrum communication

 

    	A-26

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	JP2863993	 	JP15585595	 	JP	 	1995/06/22	 	Cdma radio multiplex sender and cdma radio multiplex transmitter
	Granted	 	CA2246168	 	CA2246168	 	CA	 	1998/08/31	 	Pn code generating apparatus and mobile radio communication system
	Granted	 	CN100379299	 	CN02127365	 	CN	 	1998/08/27	 	Pn code producing method and device
	Granted	 	CN1094019	 	CN98118564	 	CN	 	1998/08/27	 	Pn code generating device and mobile radio communication system
	Granted	 	DE69838572	 	DE69838572	 	DE	 	1998/08/27	 	Pn-kodegenerator
	Granted	 	EP0901236	 	EP98116233	 	FI	 	1998/08/27	 	Pn code generator
	Granted	 	EP0901236	 	EP98116233	 	FR	 	1998/08/27	 	Pn code generator
	Granted	 	EP0901236	 	EP98116233	 	GB	 	1998/08/27	 	Pn code generator
	Granted	 	EP0901236	 	EP98116233	 	SE	 	1998/08/27	 	Pn code generator
	Granted	 	JP3329705	 	JP25287297	 	JP	 	1997/09/02	 	Pn code generator and mobile radio communication system
	Pending	 	EP1835617	 	EP07108762	 	EP	 	1998/08/27	 	Pn code generation apparatus and method thereof
	EP-designated	 	EP1835617	 	EP07108762	 	DE	 	1998/08/27	 	Pn code generation apparatus and method thereof
	EP-designated	 	EP1835617	 	EP07108762	 	FI	 	1998/08/27	 	Pn code generation apparatus and method thereof
	EP-designated	 	EP1835617	 	EP07108762	 	FR	 	1998/08/27	 	Pn code generation apparatus and method thereof
	EP-designated	 	EP1835617	 	EP07108762	 	GB	 	1998/08/27	 	Pn code generation apparatus and method thereof
	EP-designated	 	EP1835617	 	EP07108762	 	SE	 	1998/08/27	 	Pn code generation apparatus and method thereof
	Granted	 	CA2266104	 	CA2266104	 	CA	 	1998/07/16	 	Cdma mobile station and cdma transmission method
	Granted	 	CN100442686	 	CN03108352	 	CN	 	1998/07/16	 	Cdma mobile station equipment and cdma transmitting method
	Granted	 	CN1109476	 	CN98801017	 	CN	 	1998/07/16	 	Cdma mobile station apparatus and cdma transmission method
	Granted	 	DE69831726	 	DE69831726	 	DE	 	1998/07/16	 	Cdma mobile station und cdma Ãœbertragungsverfahren
	Granted	 	EP0936831	 	EP98932553	 	FR	 	1998/07/16	 	Cdma mobile station and cdma transmission method
	Granted	 	EP0936831	 	EP98932553	 	GB	 	1998/07/16	 	Cdma mobile station and cdma transmission method

 

    	A-27

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP0936831	 	EP98932553	 	IT	 	1998/07/16	 	Cdma mobile station and cdma transmission method
	Granted	 	EP0936831	 	EP98932553	 	NL	 	1998/07/16	 	Cdma mobile station and cdma transmission method
	Granted	 	ES2251091	 	ES98932553	 	ES	 	1998/07/16	 	Estacion movil cdma y procedimiento de transmision cdma.
	Granted	 	JP3655057	 	JP20964297	 	JP	 	1997/07/19	 	Cdma mobile transmitting device and transmitting method using the device
	Granted	 	CN100353693	 	CN200410059002	 	CN	 	1998/07/17	 	Cdma radio communication apparatus
	Granted	 	CN1113497	 	CN98116336	 	CN	 	1998/07/17	 	Radio communication terminal apparatus
	Granted	 	CN1167219	 	CN02102800	 	CN	 	1998/07/17	 	Cdma radio communication equipment
	Granted	 	DE69825370	 	DE69825370	 	DE	 	1998/07/15	 	Cdma funknachrichtenÃ1⁄4bertragungsgerÃ¤t
	Granted	 	DE69839197	 	DE69839197	 	DE	 	1998/07/15	 	Synchronisationsverfahren in einem kodemultiplexvielfachzugriffsystem
	Granted	 	EP0892503	 	EP98113191	 	FR	 	1998/07/15	 	Cdma radio communication apparatus
	Granted	 	EP0892503	 	EP98113191	 	GB	 	1998/07/15	 	Cdma radio communication apparatus
	Granted	 	EP0892503	 	EP98113191	 	IT	 	1998/07/15	 	Cdma radio communication apparatus
	Granted	 	EP1447918	 	EP04012123	 	FR	 	1998/07/15	 	A synchronization method for a cdma system
	Granted	 	EP1447918	 	EP04012123	 	GB	 	1998/07/15	 	A synchronization method for a cdma system
	Granted	 	EP1447918	 	EP04012123	 	IT	 	1998/07/15	 	A synchronization method for a cdma system
	Granted	 	ES2226037	 	ES98113191	 	ES	 	1998/07/15	 	Aparato de comunicacion por radio cdma.
	Granted	 	ES2301896	 	ES04012123	 	ES	 	1998/07/15	 	Procedimiento de sincronizacion para un sistema cdma.
	Pending	 	EP1914904	 	EP08100709	 	EP	 	1998/07/15	 	A cdma radio communication system and a transmission apparatus for such a system
	EP-designated	 	EP1914904	 	EP08100709	 	ES	 	1998/07/15	 	A cdma radio communication system and a transmission apparatus for such a system
	EP-designated	 	EP1914904	 	EP08100709	 	FR	 	1998/07/15	 	A cdma radio communication system and a transmission apparatus for such a system
	EP-designated	 	EP1914904	 	EP08100709	 	GB	 	1998/07/15	 	A cdma radio communication system and a transmission apparatus for such a system
	EP-designated	 	EP1914904	 	EP08100709	 	IT	 	1998/07/15	 	A cdma radio communication system and a transmission apparatus for such a system

 

    	A-28

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	EP-designated	 	EP1914904	 	EP08100709 (DE69843248)	 	DE	 	1998/07/15	 	A cdma radio communication system and a transmission apparatus for such a system
	Granted	 	CA2127606	 	CA2127606	 	CA	 	1994/07/07	 	Code-division multiple-access mobile telephone system
	Granted	 	CN1075911	 	CN94108729	 	CN	 	1994/07/16	 	Automobile on-board and/or portable telephone system
	Granted	 	CN1102022	 	CN94108729	 	CN	 	1994/07/16	 	Automobile on-board and/or portable telephone system
	Granted	 	JP2863975	 	JP19901393	 	JP	 	1993/07/16	 	Automobile-portable telephone system
	Granted	 	KR0126628	 	KR19940017209	 	KR	 	1994/07/16	 	Mobile communications system
	Granted	 	CN100364247	 	CN200410045794	 	CN	 	2001/06/25	 	Method for controlling transmission power
	Granted	 	CN1158790	 	CN01802160	 	CN	 	2001/06/25	 	Communication terminal apparatus
	Granted	 	DE60110020	 	DE60110020	 	DE	 	2001/06/25	 	KommunikationsendgerÃ„t
	Granted	 	DE60116907	 	DE60116907	 	DE	 	2001/06/25	 	KommunikationsendgerÃ¤t
	Granted	 	DE60147140	 	EP05025574	 	DE	 	2001/06/25	 	Communication terminal apparatus
	Granted	 	EP1204225	 	EP01941209	 	FR	 	2001/06/25	 	Communication terminal apparatus
	Granted	 	EP1204225	 	EP01941209	 	GB	 	2001/06/25	 	Communication terminal apparatus
	Granted	 	EP1523111	 	EP05000430	 	FR	 	2001/06/25	 	Communication terminal apparatus
	Granted	 	EP1523111	 	EP05000430	 	GB	 	2001/06/25	 	Communication terminal apparatus
	Granted	 	EP1630972	 	EP05025574	 	FR	 	2001/06/25	 	Communication terminal apparatus
	Granted	 	EP1630972	 	EP05025574	 	GB	 	2001/06/25	 	Communication terminal apparatus
	Granted	 	JP3426194	 	JP2000231256	 	JP	 	2000/07/31	 	Base station device, communication terminal device, and communication method
	Granted	 	JP4431189	 	JP2009197228	 	JP	 	2009/08/27	 	Radio communication device, radio communication method, and radio communication system
	Granted	 	JP4431190	 	JP2009197229	 	JP	 	2009/08/27	 	Radio communication device, radio communication method, and radio communication system
	Granted	 	JP4431191	 	JP2009197230	 	JP	 	2009/08/27	 	Radio communication system and radio communication method
	Granted	 	JP4511783	 	JP2002367259	 	JP	 	2002/12/18	 	Base station equipment, communication terminal unit, and communication method
	Granted	 	CN100469169	 	CN01802181	 	CN	 	2001/08/02	 	Communication terminal device and radio communication method
	Granted	 	CN1386388	 	CN01802181	 	CN	 	2001/08/02	 	Communication terminal, base station device, and radio communication method
	Granted	 	DE60134208	 	DE60134208	 	DE	 	2001/08/02	 	Nkkommunikationsverfahren

 

    	A-29

    	 

    

 

	
        Portfolio 

        Status
	 	Patent

 Number	 	Application

 Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1217861	 	EP01955557	 	FR	 	2001/08/02	 	Communication terminal, base station device, and radio communication method
	Granted	 	EP1217861	 	EP01955557	 	GB	 	2001/08/02	 	Communication terminal, base station device, and radio communication method
	Granted	 	JP2003224516	 	JP2002367213	 	JP	 	2002/12/18	 	Communication terminal apparatus, base station apparatus and radio communication method
	Granted	 	JP2009284537	 	JP2009197375	 	JP	 	2009/08/27	 	Transmission method, receiving method, and radio communication method
	Granted	 	JP3426200	 	JP2000285405	 	JP	 	2000/09/20	 	Communication terminal device, base station device and radio communication method
	Granted	 	JP4536821	 	JP2009197376	 	JP	 	2009/08/27	 	Transmission apparatus, receiving apparatus and wireless communication system
	Pending	 	EP1976141	 	EP08004604	 	EP	 	2001/08/02	 	Communication terminal apparatus, base station apparatus, and radio communication method
	EP-designated	 	EP1976141	 	EP08004604	 	DE	 	2001/08/02	 	Communication terminal apparatus, base station apparatus, and radio communication method
	EP-designated	 	EP1976141	 	EP08004604	 	FR	 	2001/08/02	 	Communication terminal apparatus, base station apparatus, and radio communication method
	EP-designated	 	EP1976141	 	EP08004604	 	GB	 	2001/08/02	 	Communication terminal apparatus, base station apparatus, and radio communication method

 

    	A-30

    	 

    

 

		2.	Huawei Assets

 

	
        Portfolio

        Status
	  	Patent Number	  	Application Number	  	Country	  	Filing Date	  	Title
	Granted	 	CN100502402	 	CN200510119756.9	 	CN	 	2005/11/04	 	Method and device for processing session message in IMS network
	Granted	 	CN101189850	 	CN200680011706.1	 	CN	 	2006/07/26	 	Method, system and device in IMS network processing SIP message
	Granted	 	EP1755310	 	EP2006254341A	 	DE	 	2006/08/18	 	Methods and apparatuses for processing SIP requests in an IMS network comprising an AS
	Granted	 	EP1755310	 	EP2006254341A	 	ES	 	2006/08/18	 	Methods and apparatuses for processing SIP requests in an IMS network comprising an AS
	Granted	 	EP1755310	 	EP2006254341A	 	FR	 	2006/08/18	 	Methods and apparatuses for processing SIP requests in an IMS network comprising an AS
	Granted	 	EP1755310	 	EP2006254341A	 	GB	 	2006/08/18	 	Methods and apparatuses for processing SIP requests in an IMS network comprising an AS
	Granted	 	EP1755310	 	EP2006254341A	 	IT	 	2006/08/18	 	Methods and apparatuses for processing SIP requests in an IMS network comprising an AS
	Granted	 	IN254557	 	IN2008CN454A	 	IN	 	2008/01/28	 	Method, system and equipment for processing sip requests in IMS network
	Pending	 	BRPI0614848	 	BRPI614848A	 	BR	 	2006/07/26	 	Method, system and equipment for processing sip requests in IMS network
	Granted	 	CN100551148	 	CN200510093678.X	 	CN	 	2005/09/01	 	Method for realizing system switch in encryption mode
	Granted	 	CN101156498	 	CN200680011893.3	 	CN	 	2006/09/01	 	Method for implementing inter-system switch-over
	Granted	 	EP1871134	 	EP2006775581A	 	DE	 	2006/09/01	 	METHOD FOR HANDOVER BETWEEN SYSTEMS
	Granted	 	EP1871134	 	EP2006775581A	 	FR	 	2006/09/01	 	METHOD FOR HANDOVER BETWEEN SYSTEMS

 

    	A-31

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1871134	 	EP2006775581A	 	GB	 	2006/09/01	 	METHOD FOR HANDOVER BETWEEN SYSTEMS
	Granted	 	CN101031004	 	CN200610058041.1	 	CN	 	2006/02/28	 	Method for realizing on-hook triggering service
	Granted	 	CN101160940	 	CN200680012256.8	 	CN	 	2006/10/31	 	Method for implementing service triggered by off-hook
	Granted	 	CN101156398	 	CN200680011910.3	 	CN	 	2006/10/24	 	Method and system for switching terminal state of media gateway
	Granted	 	CN1964365	 	CN200510101368.8	 	CN	 	2005/11/11	 	Method for switching terminal status in media gateway
	Granted	 	EP1786216	 	EP2006023462A	 	DE	 	2006/11/10	 	Method and system for switching the state of a termination in a media gateway
	Granted	 	EP1786216	 	EP2006023462A	 	FR	 	2006/11/10	 	Method and system for switching the state of a termination in a media gateway
	Granted	 	CN1901550	 	CN200610106654.8	 	CN	 	2006/07/21	 	Subscribing method based on conversation start protocol and its system and device
	Granted	 	CN1764140	 	CN200510103571.9	 	CN	 	2005/09/21	 	Method for realizing application server communication
	Granted	 	EP1796326	 	EP2005791501A	 	DE	 	2005/09/21	 	A METHOD FOR ENABLING COMMUNICATION IN APPLICATION SERVERS
	Granted	 	EP1796326	 	EP2005791501A	 	FR	 	2005/09/21	 	A METHOD FOR ENABLING COMMUNICATION IN APPLICATION SERVERS
	Granted	 	EP1796326	 	EP2005791501A	 	GB	 	2005/09/21	 	A METHOD FOR ENABLING COMMUNICATION IN APPLICATION SERVERS
	Granted	 	EP1796326	 	EP2005791501A	 	IT	 	2005/09/21	 	A METHOD FOR ENABLING COMMUNICATION IN APPLICATION SERVERS
	Granted	 	EP1796326	 	EP2005791501A	 	NL	 	2005/09/21	 	A METHOD FOR ENABLING COMMUNICATION IN APPLICATION SERVERS
	Granted	 	EP1796326	 	EP2005791501A	 	SE	 	2005/09/21	 	A METHOD FOR ENABLING COMMUNICATION IN APPLICATION SERVERS

 

    	A-32

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	CN1929627	 	CN200510098402.0	 	CN	 	2005/09/06	 	A kind of realizing public user identification in IMS network of method that decreases pneumococcus nasal carriage and system
	Granted	 	CN1941739	 	CN200510108129.5	 	CN	 	2005/09/29	 	Method and system for allocating and using user mark
	Granted	 	CN1941774	 	CN200510108128.0	 	CN	 	2005/09/29	 	Method and system for realizing public user mark carrier
	Granted	 	EP1761077	 	EP2006018705A	 	DE	 	2006/09/06	 	Method and system for enabling number portability in IMS networks
	Granted	 	EP1761077	 	EP2006018705A	 	FR	 	2006/09/06	 	Method and system for enabling number portability in IMS networks
	Granted	 	EP1761077	 	EP2006018705A	 	SE	 	2006/09/06	 	Method and system for enabling number portability in IMS networks
	Granted	 	CN100563235	 	CN200610077923.2	 	CN	 	2006/04/26	 	Network element with interconnecting function, CSI terminal, IMS terminal interconnecting system and method
	Granted	 	CN101313543	 	CN200780000211.3	 	CN	 	2007/01/09	 	Exchange functional network element, CSI terminal, IMS terminal exchange system and method
	Granted	 	EP1973283	 	EP2007702010A	 	DE	 	2007/01/09	 	INTERWORKING NETWORK ELEMENT, INTERWORKING SYSTEM BETWEEN THE CSI TERMINAL AND THE IMS TERMINAL AND THE METHOD THEREOF
	Granted	 	EP1973283	 	EP2007702010A	 	FR	 	2007/01/09	 	INTERWORKING NETWORK ELEMENT, INTERWORKING SYSTEM BETWEEN THE CSI TERMINAL AND THE IMS TERMINAL AND THE METHOD THEREOF

 

    	A-33

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1973283	 	EP2007702010A	 	GB	 	2007/01/09	 	INTERWORKING NETWORK ELEMENT, INTERWORKING SYSTEM BETWEEN THE CSI TERMINAL AND THE IMS TERMINAL AND THE METHOD THEREOF
	Granted	 	CN100411398	 	CN200510026714.0	 	CN	 	2005/06/13	 	Edge or packet gateway controlling method in next generation network and its system
	Granted	 	CN100426805	 	CN200510026736.7	 	CN	 	2005/06/14	 	Edge or packet gateway control system in next generation network and its method
	Granted	 	CN100438515	 	CN200510026737.1	 	CN	 	2005/06/14	 	Edge or packet gateway controlling method in next generation network and its system
	Granted	 	CN101160799	 	CN200680012195.5	 	CN	 	2006/05/25	 	Fringe or packet gateway control system and control method thereof
	Granted	 	EP1786162	 	EP2006741937A	 	DE	 	2006/05/22	 	METHOD FOR THE CALLING USER TERMINAL LISTENING TO THE SIGNAL TONE OF THE CALLED USER TERMINAL WHEN INTER-NETWORKING
	Granted	 	EP1786162	 	EP2006741937A	 	GB	 	2006/05/22	 	METHOD FOR THE CALLING USER TERMINAL LISTENING TO THE SIGNAL TONE OF THE CALLED USER TERMINAL WHEN INTER-NETWORKING
	Granted	 	EP1816887	 	EP2006775336A	 	DE	 	2006/08/10	 	METHOD AND SYSTEM FOR IMPROVING NETWORK RELIABILITY BY REALIZING DYMANIC ROUTE OF SIGNALING
	Granted	 	EP1816887	 	EP2006775336A	 	FR	 	2006/08/10	 	METHOD AND SYSTEM FOR IMPROVING NETWORK RELIABILITY BY REALIZING DYMANIC ROUTE OF SIGNALING
	Granted	 	JP04619441	 	JP2008527289A	 	JP	 	2006/08/10	 	The method and system which implement
	Granted	 	RU2408154	 	RU2008101969A	 	RU	 	2006/08/10	 	METHOD AND SYSTEM FOR REALISATION OF DYNAMIC ROUTING OF CALL SIGNALS

 

    	A-34

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	CN100459569	 	CN200510032840.7	 	CN	 	2005/01/14	 	Quick route switching method and apparatus for network node devices
	Granted	 	EP1718014	 	EP2006705441A	 	FR	 	2006/01/09	 	A ROUTE SWITCHING METHOD AND A NETWORK NODE DEVICE
	Granted	 	EP1718014	 	EP2006705441A	 	SE	 	2006/01/09	 	A ROUTE SWITCHING METHOD AND A NETWORK NODE DEVICE
	Granted	 	CN100479417	 	CN200510098546.6	 	CN	 	2005/09/02	 	Communication method preventing circumbendibus of media-flow
	Pending	 	EP1760986	 	EP2006119909A	 	EP	 	2006/08/31	 	Communication method and device for preventing media stream circuity (tromboning)
	EP-designated	 	EP1760986	 	EP2006119909A	 	DE	 	2006/08/31	 	Communication method and device for preventing media stream circuity (tromboning)
	EP-designated	 	EP1760986	 	EP2006119909A	 	FI	 	2006/08/31	 	Communication method and device for preventing media stream circuity (tromboning)
	EP-designated	 	EP1760986	 	EP2006119909A	 	FR	 	2006/08/31	 	Communication method and device for preventing media stream circuity (tromboning)
	EP-designated	 	EP1760986	 	EP2006119909A	 	GB	 	2006/08/31	 	Communication method and device for preventing media stream circuity (tromboning)
	EP-designated	 	EP1760986	 	EP2006119909A	 	SE	 	2006/08/31	 	Communication method and device for preventing media stream circuity (tromboning)
	Granted	 	CN101212309	 	CN200610170447.9	 	CN	 	2006/12/30	 	Method for controlling time stamp of reported event
	Granted	 	EP2037627	 	EP2007846226A	 	DE	 	2007/12/29	 	METHOD AND DEVICE FOR CONTROLLING REPORTING TIMESTAMP OF EVENT

 

    	A-35

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP2037627	 	EP2007846226A	 	FR	 	2007/12/29	 	METHOD AND DEVICE FOR CONTROLLING REPORTING TIMESTAMP OF EVENT
	Granted	 	EP2037627	 	EP2007846226A	 	IT	 	2007/12/29	 	METHOD AND DEVICE FOR CONTROLLING REPORTING TIMESTAMP OF EVENT
	Granted	 	CN1996968	 	CN200610093956.6	 	CN	 	2006/06/26	 	Decision method for the media gateway controller to distribute the resource
	Granted	 	EP2034670	 	EP2007721793A	 	DE	 	2007/06/25	 	METHOD, APPARATUS, AND SYSTEM FOR THE MGC DISTRIBUTING A RESOURCE PROVISION DECISION TO THE MG
	Granted	 	EP2034670	 	EP2007721793A	 	FR	 	2007/06/25	 	METHOD, APPARATUS, AND SYSTEM FOR THE MGC DISTRIBUTING A RESOURCE PROVISION DECISION TO THE MG
	Granted	 	EP2034670	 	EP2007721793A	 	IT	 	2007/06/25	 	METHOD, APPARATUS, AND SYSTEM FOR THE MGC DISTRIBUTING A RESOURCE PROVISION DECISION TO THE MG
	Granted	 	CN100442930	 	CN200510110891.7	 	CN	 	2005/11/29	 	Mobile exchanging center and called parner processing method
	Granted	 	EP1898658	 	EP2006775455A	 	DE	 	2006/08/22	 	MSC AND CALLED PROCESS METHOD THEREOF
	Granted	 	CN100471140	 	CN200610062951.7	 	CN	 	2006/09/29	 	Method for detecting QoS
	Granted	 	CN101001208	 	CN200610165838.1	 	CN	 	2006/12/13	 	Method for detecting QoS
	Granted	 	CN101052014	 	CN200710107595.0	 	CN	 	2007/05/21	 	Method for detecting QoS
	Granted	 	EP1983688	 	EP2007817016A	 	DE	 	2007/09/29	 	METHOD FOR DETECTING QOS
	Granted	 	EP1983688	 	EP2007817016A	 	FR	 	2007/09/29	 	METHOD FOR DETECTING QOS
	Granted	 	EP1983688	 	EP2007817016A	 	GB	 	2007/09/29	 	METHOD FOR DETECTING QOS
	Granted	 	CN1905472	 	CN200510085400.8	 	CN	 	2005/07/27	 	Method for implementing IMS network reliability
	Granted	 	EP1914937	 	EP2006761564A	 	DE	 	2006/07/28	 	METHOD AND SYSTEM FOR REALIZING IMS NETWORK RELIABILITY

 

    	A-36

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1914937	 	EP2006761564A	 	FR	 	2006/07/25	 	METHOD AND SYSTEM FOR REALIZING IMS NETWORK RELIABILITY
	Granted	 	EP1914937	 	EP2006761564A	 	GB	 	2006/07/25	 	METHOD AND SYSTEM FOR REALIZING IMS NETWORK RELIABILITY
	Granted	 	CN100546308	 	CN200510034409.6	 	CN	 	2005/04/22	 	Gateway control protocol message transmission method
	Granted	 	CN100349411	 	CN200410062978.7	 	CN	 	2004/06/30	 	Medium flow service quality reporting method
	Granted	 	EP1739900	 	EP2005759437A	 	PT	 	2005/06/30	 	A METHOD FOR ACQUIRING THE QOS OF THE MULTIMEDIA STREAM PERIODICALLY
	Granted	 	CN100499656	 	CN200510051044.8	 	CN	 	2005/02/25	 	Method for implementing medium gateway function, wireless access controlling apparatus and access system
	Granted	 	CN100583918	 	CN200610065066.4	 	CN	 	2006/03/16	 	Safety protection method for service interruption of exchange network and its device
	Granted	 	CN101841888	 	CN200910118794.0	 	CN	 	2009/03/16	 	Resource control method, related equipment and related system
	Pending	 	EP2439979	 	EP2010753112A EP10753112.1	 	EP	 	2010/03/16	 	RESOURCE CONTROL METHOD, RELEVANT DEVIDE AND SYSTEM
	EP-designated	 	EP2439979	 	EP2010753112A EP10753112.1	 	DE	 	2010/03/16	 	RESOURCE CONTROL METHOD, RELEVANT DEVIDE AND SYSTEM
	EP-designated	 	EP2439979	 	EP2010753112A EP10753112.1	 	FI	 	2010/03/16	 	RESOURCE CONTROL METHOD, RELEVANT DEVIDE AND SYSTEM
	EP-designated	 	EP2439979	 	EP2010753112A EP10753112.1	 	FR	 	2010/03/16	 	RESOURCE CONTROL METHOD, RELEVANT DEVIDE AND SYSTEM
	EP-designated	 	EP2439979	 	EP2010753112A EP10753112.1	 	GB	 	2010/03/16	 	RESOURCE CONTROL METHOD, RELEVANT DEVIDE AND SYSTEM
	EP-designated	 	EP2439979	 	EP2010753112A EP10753112.1	 	SE	 	2010/03/16	 	RESOURCE CONTROL METHOD, RELEVANT DEVIDE AND SYSTEM

 

    	A-37

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	CN100574185	 	CN200510000097.7	 	CN	 	2005/01/07	 	Method for ensuring media stream safety in IP multimedia service subsystem network
	Granted	 	EP1835652	 	EP2005848163A	 	DE	 	2005/12/31	 	A METHOD FOR ENSURING THE SAFETY OF THE MEDIA-FLOW IN IP MULTIMEDIA SUB-SYSTEM
	Granted	 	EP1835652	 	EP2005848163A	 	GB	 	2005/12/31	 	A METHOD FOR ENSURING THE SAFETY OF THE MEDIA-FLOW IN IP MULTIMEDIA SUB-SYSTEM
	Granted	 	AR053615	 	ARP20060102194A	 	AR	 	2006/05/26	 	Method for Implementing Access Domain Security of IP Multimedia Subsystem
	Granted	 	CN100461942	 	CN200510071538.2	 	CN	 	2005/05/27	 	Method for selecting safety mechanism of IP multimedia subsystem acess field
	Granted	 	EP1755311	 	EP2006722247A	 	FR	 	2006/04/03	 	A METHOD FOR IMPLEMENTING THE ACCESS DOMAIN SECURITY OF AN IP MULTIMEDIA SUBSYSTEM
	Granted	 	EP1755311	 	EP2006722247A	 	GB	 	2006/04/03	 	A METHOD FOR IMPLEMENTING THE ACCESS DOMAIN SECURITY OF AN IP MULTIMEDIA SUBSYSTEM
	Granted	 	TWI314414	 	TW2006118609A	 	TW	 	2006/05/25	 	A METHOD FOR IMPLEMENTING THE ACCESS DOMAIN SECURITY OF AN IP MULTIMEDIA SUBSYSTEM
	Granted	 	DE602006007648.7	 	DE602006007648T	 	DE	 	2006/04/03	 	VERFAHREN ZUR IMPLEMENTIERUNG DER ZUGRIFFSBEREICHS
	Granted	 	CN100571134	 	CN200510070351.0	 	CN	 	2005/04/30	 	Method for verifying user terminal in IP multimedia subsystem
	Granted	 	EP1879324	 	EP2006741743A	 	DE	 	2006/04/27	 	A METHOD FOR AUTHENTICATING USER TERMINAL IN IP MULTIMEDIA SUB-SYSTEM
	Granted	 	EP1879324	 	EP2006741743A	 	ES	 	2006/04/27	 	A METHOD FOR AUTHENTICATING USER TERMINAL IN IP MULTIMEDIA SUB-SYSTEM

 

    	A-38

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1879324	 	EP2006741743A	 	FR	 	2006/04/27	 	A METHOD FOR AUTHENTICATING USER TERMINAL IN IP MULTIMEDIA SUB-SYSTEM
	Granted	 	EP1879324	 	EP2006741743A	 	GB	 	2006/04/27	 	A METHOD FOR AUTHENTICATING USER TERMINAL IN IP MULTIMEDIA SUB-SYSTEM
	Granted	 	EP1879324	 	EP2006741743A	 	IT	 	2006/04/27	 	A METHOD FOR AUTHENTICATING USER TERMINAL IN IP MULTIMEDIA SUB-SYSTEM
	Granted	 	CN101128049	 	CN200610141030.X	 	CN	 	2006/09/28	 	Method and system for providing circuit domain service and service control node SCP
	Granted	 	EP2056536	 	EP2007785297A	 	DE	 	2007/08/09	 	A METHOD, A SYSTEM AND A SERVICE CONTROL POINT FOR PROVIDING CIRCUIT DOMAIN SERVICE
	Granted	 	EP2056536	 	EP2007785297A	 	FR	 	2007/08/09	 	A METHOD, A SYSTEM AND A SERVICE CONTROL POINT FOR PROVIDING CIRCUIT DOMAIN SERVICE
	Granted	 	EP2056536	 	EP2007785297A	 	GB	 	2007/08/09	 	A METHOD, A SYSTEM AND A SERVICE CONTROL POINT FOR PROVIDING CIRCUIT DOMAIN SERVICE
	Granted	 	RU2370904	 	RU2006130835A	 	RU	 	2005/08/11	 	TELECOMMUNICATION NETWORK SYSTEM FOR IMPLEMENTING VARIOUS SERVICES AND METHOD OF IMPLEMENTING THEREOF
	Granted	 	CN101247632	 	CN200710079246.2	 	CN	 	2007/02/13	 	Method, system and device for using IMS communication service identification in communication system
	Granted	 	RU2434351	 	RU2009134133A	 	RU	 	2007/11/19	 	METHOD, SYSTEM AND APPARATUS FOR USING IMS COMMUNICATION SERVICE IDENTIFIER IN COMMUNICATION SYSTEM

 

    	A-39

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Pending	 	EP1959632	 	EP2008101535A	 	EP	 	2008/02/12	 	Method, system and apparatus for using IMS communication service identifier
	EP-designated	 	EP1959632	 	EP2008101535A	 	DE	 	2008/02/12	 	Method, system and apparatus for using IMS communication service identifier
	EP-designated	 	EP1959632	 	EP2008101535A	 	FI	 	2008/02/12	 	Method, system and apparatus for using IMS communication service identifier
	EP-designated	 	EP1959632	 	EP2008101535A	 	FR	 	2008/02/12	 	Method, system and apparatus for using IMS communication service identifier
	EP-designated	 	EP1959632	 	EP2008101535A	 	GB	 	2008/02/12	 	Method, system and apparatus for using IMS communication service identifier
	EP-designated	 	EP1959632	 	EP2008101535A	 	SE	 	2008/02/12	 	Method, system and apparatus for using IMS communication service identifier
	Pending	 	IN5391/DELNP/2009	 	IN5391/DELNP/2009	 	IN	 	2007/11/19	 	Method, System and Apparatus for Using IMS Communication Service Identifiers in a Communication System
	Granted	 	CN101064661	 	CN200610099533.5	 	CN	 	2006/07/28	 	Method and apparatus for notifying user to complement service
	Granted	 	CN101317438	 	CN200780000297.X	 	CN	 	2007/02/08	 	Method and device for perceiving supplementary service executed by user
	Granted	 	EP1881689	 	EP2007702308A	 	DE	 	2007/02/08	 	A METHOD AND DEVICE FOR PERCEIVING THE USER TRIGGERING A SUPPLEMENTARY SERVICE
	Granted	 	EP1881689	 	EP2007702308A	 	FR	 	2007/02/08	 	A METHOD AND DEVICE FOR PERCEIVING THE USER TRIGGERING A SUPPLEMENTARY SERVICE
	Granted	 	EP1881689	 	EP2007702308A	 	GB	 	2007/02/08	 	A METHOD AND DEVICE FOR PERCEIVING THE USER TRIGGERING A SUPPLEMENTARY SERVICE

 

    	A-40

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	CN101056452	 	CN200610035050.9	 	CN	 	2006/04/18	 	Method and system for negotiating the voice encoding and decoding format in the communication system
	Granted	 	CN101167374	 	CN200680013004.7	 	CN	 	2006/11/29	 	Method, system and device for negotiating voice coding/decoding in communication system
	Pending	 	EP1848190	 	EP20077802A	 	EP	 	2007/04/17	 	Method, system and device for speech codec negotiation in communication system
	EP-designated	 	EP1848190	 	EP20077802A	 	DE	 	2007/04/17	 	Method, system and device for speech codec negotiation in communication system
	EP-designated	 	EP1848190	 	EP20077802A	 	FI	 	2007/04/17	 	Method, system and device for speech codec negotiation in communication system
	EP-designated	 	EP1848190	 	EP20077802A	 	FR	 	2007/04/17	 	Method, system and device for speech codec negotiation in communication system
	EP-designated	 	EP1848190	 	EP20077802A	 	GB	 	2007/04/17	 	Method, system and device for speech codec negotiation in communication system
	EP-designated	 	EP1848190	 	EP20077802A	 	SE	 	2007/04/17	 	Method, system and device for speech codec negotiation in communication system
	Granted	 	CN101026653	 	CN200610057699.0	 	CN	 	2006/02/24	 	System and method for realizing colour image business
	Granted	 	CN101156426	 	CN200680011755.5	 	CN	 	2006/11/01	 	System and method for implementing polychrome service
	Granted	 	EP1826985	 	EP2007101173A	 	DE	 	2007/01/25	 	System and method for implementing multimedia calling line identification presentation service

 

    	A-41

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1826985	 	EP2007101173A	 	FR	 	2007/01/25	 	System and method for implementing multimedia calling line identification presentation service
	Granted	 	EP1826985	 	EP2007101173A	 	GB	 	2007/01/25	 	System and method for implementing multimedia calling line identification presentation service
	Pending	 	CN102394863	 	CN201110266055.3	 	CN	 	2006/02/24	 	System and method for realizing colour image business
	Granted	 	CN100487788	 	CN200510114277.8	 	CN	 	2005/10/21	 	A method to realize the function of text-to-speech convert
	Granted	 	EP1950737	 	EP2006805015A	 	DE	 	2006/10/20	 	A METHOD, DEVICE AND SYSTEM FOR ACCOMPLISHING THE FUNCTION OF TEXT-TO-SPEECH CONVERSION
	Granted	 	EP1950737	 	EP2006805015A	 	GB	 	2006/10/20	 	A METHOD, DEVICE AND SYSTEM FOR ACCOMPLISHING THE FUNCTION OF TEXT-TO-SPEECH CONVERSION
	Granted	 	CN101155148	 	CN200610140147.6	 	CN	 	2006/09/30	 	Media gateway issuing receiving multicast data to method, system and device
	Granted	 	EP2068513	 	EP2007816481A	 	DE	 	2007/09/29	 	METHOD, SYSTEM AND DEVICE FOR DISTRUBUTING AND RECEIVING THE MULTICAST DATA IN THE MEDIA GATEWAY
	Granted	 	EP2068513	 	EP2007816481A	 	IT	 	2007/09/29	 	METHOD, SYSTEM AND DEVICE FOR DISTRUBUTING AND RECEIVING THE MULTICAST DATA IN THE MEDIA GATEWAY
	Granted	 	CN101277343	 	CN200710095931.4	 	CN	 	2007/03/30	 	Method, terminal and system for implementing video binding in voice communication network

 

    	A-42

    	 

    

 

	
        Portfolio

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP2120440	 	EP2008706632A	 	DE	 	2008/02/03	 	A METHOD, TERMINAL AND SYSTEM FOR IMPLEMENTING VIDEO BINDING IN A VOICE COMMUNICATION NETWORK
	Granted	 	EP2120440	 	EP2008706632A	 	FR	 	2008/02/03	 	A METHOD, TERMINAL AND SYSTEM FOR IMPLEMENTING VIDEO BINDING IN A VOICE COMMUNICATION NETWORK
	Granted	 	EP2120440	 	EP2008706632A	 	GB	 	2008/02/03	 	A METHOD, TERMINAL AND SYSTEM FOR IMPLEMENTING VIDEO BINDING IN A VOICE COMMUNICATION NETWORK
	Granted	 	CN101064680	 	CN200610079110.7	 	CN	 	2006/04/29	 	Method, system and apparatus for realizing multimedia calling service
	Granted	 	EP2015592	 	EP2007720936A	 	DE	 	2007/04/24	 	REALIZING A MULTIMEDIA CALL SERVICE
	Granted	 	EP2015592	 	EP2007720936A	 	GB	 	2007/04/24	 	REALIZING A MULTIMEDIA CALL SERVICE
	Granted	 	CN100531267	 	CN200510034345.X	 	CN	 	2005/04/21	 	Method for realizing echo in communication system
	Granted	 	CN1177508	 	CN2001123948A	 	CN	 	2001/08/07	 	Method for implementing long-distance intelligent user roam calling

 

    	A-43

    	 

    

 

		3.	Nokia Assets

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	CN1262139	 	CN00819795.4	 	CN	 	2000/08/10	 	SERVICE & OTHER INFORMATION TRANSFER FROM E.G. VISITED NETWORK TO HOME NETWORK INR00 REFERENCE ARCHITECTURE
	Granted	 	DE60023359	 	EP00956419.6	 	DE	 	2000/08/10	 	SERVICE & OTHER INFORMATION TRANSFER FROM E.G. VISITED NETWORK TO HOME NETWORK INR00 REFERENCE ARCHITECTURE
	Granted	 	FR1310129	 	EP00956419.6	 	FR	 	2000/08/10	 	SERVICE & OTHER INFORMATION TRANSFER FROM E.G. VISITED NETWORK TO HOME NETWORK INR00 REFERENCE ARCHITECTURE
	Granted	 	GB1310129	 	EP00956419.6	 	GB	 	2000/08/10	 	SERVICE & OTHER INFORMATION TRANSFER FROM E.G. VISITED NETWORK TO HOME NETWORK INR00 REFERENCE ARCHITECTURE
	Granted	 	KR693394	 	KR7001821/2003	 	KR	 	2000/08/10	 	SERVICE & OTHER INFORMATION TRANSFER FROM E.G. VISITED NETWORK TO HOME NETWORK INR00 REFERENCE ARCHITECTURE
	Granted	 	RU2262213	 	RU2003103593	 	RU	 	2000/08/10	 	SERVICE & OTHER INFORMATION TRANSFER FROM E.G. VISITED NETWORK TO HOME NETWORK INR00 REFERENCE ARCHITECTURE

 

    	A-44

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	CN100473217	 	CN01817056	 	CN	 	2001/10/09	 	Communication network system and network device thereof and method of providing communication
	Granted	 	AT1346558	 	EP00987457.9	 	AT	 	2000/12/22	 	PREPAID SERVER
	Granted	 	CA2428329	 	CA2428329	 	CA	 	2000/12/22	 	PREPAID SERVER
	Granted	 	CH1346558	 	EP00987457.9	 	CH	 	2000/12/22	 	PREPAID SERVER
	Granted	 	CN1279741	 	CN00820083.1	 	CN	 	2000/12/22	 	PREPAID SERVER
	Granted	 	DE60035531	 	EP00987457.9	 	DE	 	2000/12/22	 	PREPAID SERVER
	Granted	 	ES1346558	 	EP00987457.9	 	ES	 	2000/12/22	 	PREPAID SERVER
	Granted	 	FR1346558	 	EP00987457.9	 	FR	 	2000/12/22	 	PREPAID SERVER
	Granted	 	GB1346558	 	EP00987457.9	 	GB	 	2000/12/22	 	PREPAID SERVER
	Granted	 	IT1346558	 	EP00987457.9	 	IT	 	2000/12/22	 	PREPAID SERVER
	Granted	 	NL1346558	 	EP00987457.9	 	NL	 	2000/12/22	 	PREPAID SERVER
	Granted	 	SE1346558	 	EP00987457.9	 	SE	 	2000/12/22	 	PREPAID SERVER
	Granted	 	TR200706776T4	 	TR00987457.9	 	TR	 	2000/12/22	 	PREPAID SERVER
	Pending	 	BRPI0017382	 	BRPI0017382.7	 	BR	 	2000/12/22	 	PREPAID SERVER
	Granted	 	DE60109066	 	EP01929406.5	 	DE	 	2001/03/05	 	MULTIPLEXING SIP CALL CONTROL CONTENT OVER SUCCESSIVE SIP MESSAGES
	Granted	 	GB1368946	 	EP01929406.5	 	GB	 	2001/03/05	 	MULTIPLEXING SIP CALL CONTROL CONTENT OVER SUCCESSIVE SIP MESSAGES
	Granted	 	DE60046674	 	EP00965599.4	 	DE	 	2000/08/09	 	AN INTER-WORKING UNIT (GATEWAY) BETWEEN AAL2 (ATM) BASED RANAND RTP MULTIPLEXING (IP) BASED RAN IN 3G CELLULAR ACCESS NETWORKS
	Granted	 	CN101223756B	 	CN200680025371.9	 	CN	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	EP1905212	 	EP06795099.8	 	DE	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE

 

    	A-45

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1905212	 	EP06795099.8	 	FR	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	EP1905212	 	EP06795099.8	 	GB	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	KR1026155	 	KR2008-7003214	 	KR	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	MX282232	 	MXMX/a/2008/000568	 	MX	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	PH1-2007-502943	 	PH1-2007-502943	 	PH	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	RU2384004	 	RU2008100148	 	RU	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	SG139065	 	SG200800268.5	 	SG	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	ZA200800233	 	ZA2008/0233	 	ZA	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Pending	 	BRPI0614221	 	BRPI0614221.4	 	BR	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE

 

    	A-46

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Pending	 	IDW00200800123	 	IDW00200800123	 	ID	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Pending	 	VN1-2008-00326	 	VN1-2008-00326	 	VN	 	2006/07/11	 	EXTENDING <STATUS> PRESENCE ATTRIBUTE TO DEFINE REASONING FOR AVAILABILITY CHANGE
	Granted	 	EP1338152	 	EP1338152	 	FR	 	2001/11/21	 	3RD GEN MOBILITY USING SIP
	Granted	 	CN1539106	 	CN02815394.4	 	CN	 	2002/07/11	 	THREE-PARTY AUTHENTICATION AND AUTHORIZATION SCHEME FOR INTERNET PROTOCLVERSION 6.
	Pending	 	EP1415212	 	EP02749143.0	 	EP	 	2002/07/11	 	THREE-PARTY AUTHENTICATION AND AUTHORIZATION SCHEME FOR INTERNET PROTOCLVERSION 6.
	EP-designated	 	EP1415212	 	EP02749143.0	 	DE	 	2002/07/11	 	THREE-PARTY AUTHENTICATION AND AUTHORIZATION SCHEME FOR INTERNET PROTOCLVERSION 6.
	EP-designated	 	EP1415212	 	EP02749143.0	 	FR	 	2002/07/11	 	THREE-PARTY AUTHENTICATION AND AUTHORIZATION SCHEME FOR INTERNET PROTOCLVERSION 6.
	EP-designated	 	EP1415212	 	EP02749143.0	 	GB	 	2002/07/11	 	THREE-PARTY AUTHENTICATION AND AUTHORIZATION SCHEME FOR INTERNET PROTOCLVERSION 6.
	Granted	 	CN100571461	 	CN200480000385.6	 	CN	 	2004/02/17	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS
	Granted	 	IDP0030947	 	IDW00200501937	 	ID	 	2004/02/17	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS

 

    	A-47

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	SG115865	 	SG200406163.6	 	SG	 	2004/02/17	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS
	Pending	 	EP1595418	 	EP04711676.9	 	EP	 	2004/02/17	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS
	EP-designated	 	EP1595418	 	EP04711676.9	 	DE	 	2004/02/17	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS
	EP-designated	 	EP1595418	 	EP04711676.9	 	FR	 	2004/02/17	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS
	EP-designated	 	EP1595418	 	EP04711676.9	 	GB	 	2004/02/17	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS
	Pending	 	IN200403049	 	IN03049/CHENP/2004	 	IN	 	2004/02/17	 	EXTENDING THE TRUSTED NETWORK CONCEPT IN IMS
	Granted	 	AU2005232140	 	AU2005232140	 	AU	 	2005/03/17	 	SESSION PROGRESS INDICATION IN POC FOR MANUAL ANSWER MODE
	Granted	 	CN1961595	 	CN200580017529.3	 	CN	 	2005/03/17	 	SESSION PROGRESS INDICATION IN POC FOR MANUAL ANSWER MODE
	Granted	 	KR0924513	 	KR2006-7023181	 	KR	 	2005/03/17	 	SESSION PROGRESS INDICATION IN POC FOR MANUAL ANSWER MODE
	Pending	 	IN200605988	 	IN5988/DELNP/2006	 	IN	 	2005/03/17	 	SESSION PROGRESS INDICATION IN POC FOR MANUAL ANSWER MODE
	Granted	 	CN101385313	 	CN200780005866.X	 	CN	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	DE602007033333	 	EP07700656.7	 	DE	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	EP1987649	 	EP07700656.7	 	CH	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	EP1987649	 	EP07700656.7	 	FR	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	EP1987649	 	EP07700656.7	 	GB	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	EP1987649	 	EP07700656.7	 	IE	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS

 

    	A-48

    	 

    

 

	
        Portfolio 

        Status
	 	Patent Number	 	Application Number	 	Country	 	Filing Date	 	Title
	Granted	 	EP1987649	 	EP07700656.7	 	LI	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	EP1987649	 	EP07700656.7	 	LU	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	EP1987649	 	EP07700656.7	 	NL	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	RU2408998	 	RU2008132295A	 	RU	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	SG145112	 	SG200805775.4	 	SG	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Pending	 	IN200806684	 	IN6684/DELNP/2008	 	IN	 	2007/01/22	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Pending	 	TH0701000284	 	TH0701000284	 	TH	 	2007/01/23	 	IMS-CS INTERWORKING FOR VIDEO CALLS
	Granted	 	CN101444062	 	CN200780010857.X	 	CN	 	2007/03/27	 	CARRYING TRUSTED NETWORK PROVIDED ACCESS NETWORK INFO IN SIP
	Pending	 	EP1999929	 	EP7734087.5	 	EP	 	2007/03/26	 	CARRYING TRUSTED NETWORK PROVIDED ACCESS NETWORK INFO IN SIP
	EP-designated	 	EP1999929	 	EP7734087.5	 	DE	 	2007/03/26	 	CARRYING TRUSTED NETWORK PROVIDED ACCESS NETWORK INFO IN SIP
	EP-designated	 	EP1999929	 	EP7734087.5	 	FR	 	2007/03/26	 	CARRYING TRUSTED NETWORK PROVIDED ACCESS NETWORK INFO IN SIP
	EP-designated	 	EP1999929	 	EP7734087.5	 	GB	 	2007/03/26	 	CARRYING TRUSTED NETWORK PROVIDED ACCESS NETWORK INFO IN SIP
	Pending	 	CN101523858	 	CN200780038286.0	 	CN	 	2007/09/11	 	DHT-BASED CORE IMS NETWORK
	Pending	 	EP2062422	 	EP07803743.9	 	EP	 	2007/09/11	 	DHT-BASED CORE IMS NETWORK
	EP-designated	 	EP2062422	 	EP07803743.9	 	DE	 	2007/09/11	 	DHT-BASED CORE IMS NETWORK
	EP-designated	 	EP2062422	 	EP07803743.9	 	FR	 	2007/09/11	 	DHT-BASED CORE IMS NETWORK
	EP-designated	 	EP2062422	 	EP07803743.9	 	GB	 	2007/09/11	 	DHT-BASED CORE IMS NETWORK

 

    	A-49

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]