MDC PARTNERS INC
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1_0608.htm
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff">



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><small>EXECUTION</small> <small>COPY</small></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>AMENDMENT NO. 5</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.96in;text-align:left;'><font size=2>AMENDMENT NO. 5 dated as of June 6, 2005 to the Credit Agreement referred to below, between MDC Partners Inc., a Canadian corporation (&#147;</font><u><font size=2>MDC Partners</font></u><font size=2>&#148;), Maxxcom Inc., an Ontario corporation (&#147;</font><u><font size=2>Maxxcom Canada</font></u><font size=2>&#148;), Maxxcom Inc., a Delaware corporation (&#147;</font><u><font size=2>Maxxcom U.S.</font></u><font size=2>&#148; and together with MDC Partners and Maxxcom Canada, the &#147;</font><u><font size=2>Borrowers</font></u><font size=2>&#148;), each of the Lenders identified under the caption &#147;LENDERS&#148; on the signature pages hereto and JPMorgan Chase Bank, N.A., as U.S. administrative agent for the Lenders (in such capacity, the &#147;</font><u><font size=2>U.S. Administrative Agent</font></u><font size=2>&#148;).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.97in;text-align:left;'><font size=2>The Borrowers, the Lenders party thereto (individually, a &#147;</font><u><font size=2>Lender</font></u><font size=2>&#148; and, collectively, the &#147;</font><u><font size=2>Lenders</font></u><font size=2>&#148;), the U.S. Administrative Agent, JPMCB, as Collateral Agent (in such capacity, the &#147;</font><u><font size=2>Collateral Agent</font></u><font size=2>&#148;), and JPMCB, Toronto Branch, as Canadian Administrative Agent (in such capacity, the &#147;</font><u><font size=2>Canadian Administrative Agent</font></u><font size=2>&#148; and together with the U.S. Administrative Agent, the &#147;</font><u><font size=2>Administrative Agents</font></u><font size=2>&#148;) are parties to a Credit Agreement dated as of September 22, 2004 (as amended, the &#147;</font><u><font size=2>Credit Agreement</font></u><font size=2>&#148;).  The Borrowers and the Required Lenders wish to amend the
Credit Agreement in certain respects, and accordingly, the parties hereto hereby agree as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.97in;text-align:left;'><font size=2>Section 1.  </font><u><font size=2>Definitions</font></u><font size=2>.  Capitalized terms used in this Amendment No. 5 and not otherwise defined are used herein as defined in the Credit Agreement (as amended hereby).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.97in;text-align:left;'><font size=2>Section 2.  </font><u><font size=2>Amendments</font></u><font size=2>.  Effective as provided in Section 5 hereof, the Credit Agreement shall be amended as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.97in;text-align:left;'><font size=2>2.01.  References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to &#147;this Agreement&#148; (and indirect references such as &#147;hereunder&#148;, &#147;hereby&#148;, &#147;herein&#148; and &#147;hereof&#148;) shall be deemed to be references to the Credit Agreement as amended hereby.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>2.02.  Section 1.01 of the Credit Agreement is hereby amended by inserting the following new definitions (to the extent not already included in said Section 1.01) in the appropriate alphabetical locations and by amending the following definitions (to the extent already included in said Section 1.01) to read in their entirety as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Net Available Proceeds</font></u><font size=2>&#148; means, in the case of any Equity Issuance or the issuance of the 8% Convertible Subordinated Debt, the aggregate amount of all cash received by the Borrowers and their Subsidiaries in respect of such Equity Issuance or Debt, net of reasonable expenses and customary fees and commissions incurred by the Borrowers and their Subsidiaries in connection therewith.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&#147;</font><u><font size=2>8% Convertible Subordinated Debt</font></u><font size=2>&#148; means the 8% Convertible Subordinated Debentures due 2010 of MDC Partners, which shall be issued pursuant to an indenture between MDC Partners, as issuer, and the trustee named therein (which indenture shall contain terms and conditions substantially consistent with the form of trust indenture (reflecting in all material respects such changes to the subordination provisions thereof as shall have been requested in writing by the U.S. Administrative Agent or its counsel to MDC Partners and its Canadian counsel on June 6, 2005) and the term sheet dated May 26, 2005 previously furnished to the Lenders (except for (i) in the case of the subordination provisions, any change thereto which is not adverse to the interests of the Lenders unless otherwise agreed by the U.S. Administrative </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>Agent and (ii) in the case of any other provisions, any change thereto that does not materially and adversely affect the Agents or the Lenders)).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Total Debt Ratio</font></u><font size=2>&#148; means, at any date, the ratio of (a)&nbsp;Total Debt (other than the 8% Convertible Subordinated Debt) on such date to (b)&nbsp;EBITDA for the Test Period ending on or most recently ended prior to such date.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>2.03</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Section 2.07(a) of the Credit Agreement is hereby amended by (a) inserting, immediately after the date &#147;December 30, 2005&#148; in the first line of paragraph (i) thereof, the words &#147;and/or upon the issuance of the 8% Convertible Subordinated Debt&#148; and (b) inserting, immediately after the words &#147;any Equity Issuance&#148; in the second line of paragraph (ii) thereof, the words &#147;and/or upon the issuance of the 8% Convertible Subordinated Debt&#148;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>2.04</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Article V of the Credit Agreement is hereby amended by inserting a new Section 5.24 at the end thereof to read as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&#147;SECTION 5.24.  </font><u><font size=2>Subordinated Debt</font></u><font size=2>.  All obligations of MDC Partners in respect of this Agreement and the other Loan Documents to which it is a party shall constitute &#147;Senior Indebtedness&#148; within the meaning of the indenture governing the 8% Convertible Subordinated Debt.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>2.05</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Section 7.05 of the Credit Agreement is hereby amended by (a) replacing the period at the end of clause (k) thereof with a semi-colon, (b) relettering clause (l) thereof as clause &#147;(m)&#148; and (c) inserting, immediately after such clause (k), a new clause (l) to read as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&#147;(l) the 8% Convertible Subordinated Debt in an aggregate original principal amount not exceeding Cdn $50,000,000&#184; </font><i><font size=2>provided</font></i><font size=2> that (i) such Debt shall not be secured or guaranteed and (ii) at the time of (or promptly following) the issuance thereof, the trustee under the indenture governing the 8% Convertible Subordinated Debt shall have provided to the U.S. Administrative Agent a written confirmation pursuant to such indenture of the subordination in right of payment of the 8% Convertible Subordinated Debt to the obligations of MDC Partners under this Agreement and the other Loan Documents to which it is a party in form and substance reasonably satisfactory to the U.S. Administrative Agent; and&#148;.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>2.06</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Section 7.09 of the Credit Agreement is hereby amended by (a) inserting, immediately after the words &#147;any subordinated Debt&#148; in the sixth line thereof, the following words: &#147;(including, without limitation, the 8% Convertible Subordinated Debt)&#148; and (b) inserting a new sentence at the end thereof to read as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&#147;Without the prior written consent of the Required Lenders, MDC Partners will not, and will not permit any other Restricted Party to, consent to any modification, supplement or waiver of any of the provisions of any agreement or instrument evidencing or providing for any subordinated Debt (including, without limitation, the indenture in respect of the 8% Convertible Subordinated Debt), unless such modification, supplement or waiver (other than in respect of the subordination provisions thereof) does not materially and adversely affect the Agents or the Lenders.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>2.07</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Effective upon the issuance of the 8% Convertible Subordinated Debt, Section 8.03 of the Credit Agreement is hereby amended in its entirety to read as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&#147;8.03  </font><u><font size=2>Fixed Charges Ratio</font></u><font size=2>.  MDC Partners will not permit the Fixed Charges Ratio as of the last day of any Test Period ending on or, as applicable, after the dates set forth below to be less than the ratio set forth opposite such Test Period:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.42in;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:12.0pt;text-align: center'><u><font size=2>Test Period Ending</font></u><u></u></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:12.0pt;text-align: center'><u><font size=2>Fixed Charges Ratio</font></u><u></u></p> </td> </tr>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>December 31, 2004</font></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>0.40 to 1.00</font></p> </td> </tr>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>March 31, 2005</font></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>0.00 to 1.00</font></p> </td> </tr>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>June 30, 2005</font></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>0.70 to 1.00</font></p> </td> </tr>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>September 30, 2005</font></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>1.00 to 1.00</font></p> </td> </tr>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='margin-bottom:0pt;margin-bottom: .0001pt;text-align:center'><font size=2>December 31, 2005 and thereafter</font></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>1.25 to 1.00&#148;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Section 3.  </font><u><font size=2>Representations and Warranties</font></u><font size=2>.  Each Borrower represents and warrants (as to itself and each of its Subsidiaries) to the Agents and  Lenders that (a) the representations and warranties set forth in Article V of the Credit Agreement, as amended hereby, and in each of the other Loan Documents are complete and correct on the date hereof as if made on and as of such date and as if each reference in said Article V to &#147;this Agreement&#148; included reference to this Amendment No. 5 and (b) no Default shall have occurred and be continuing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Section 4.  </font><u><font size=2>Confirmation of Security Documents</font></u><font size=2>.  Each of the Borrowers hereby confirms and ratifies all of its obligations under the Loan Documents to which it is a party, including its obligations as a guarantor under Article&nbsp;III of the Credit Agreement as amended hereby.  By its execution on the respective signature lines provided below, each of the Guarantors hereby confirms and ratifies all of its obligations and the Liens granted by it under the Security Documents to which it is a party, represents and warrants that the representations and warranties set forth in such Security Documents are complete and correct on the date hereof as if made on and as of such date and confirms that all references in such Security Documents to the &#147;Credit Agreement&#148; (or words of similar import) refer to the Credit Agreement as amended hereby
without impairing any such obligations or Liens in any respect.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Section 5.  </font><u><font size=2>Conditions Precedent to Effectiveness</font></u><font size=2>.  The amendments set forth in Section&nbsp;2 hereof shall become effective, as of the date hereof (except as otherwise provided with respect to the amendment set forth in Section 2.07 hereof), upon receipt by the U.S. Administrative Agent of one or more counterparts of this Amendment No. 5 executed by the Obligors and the Required Lenders.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Section 6.  </font><u><font size=2>Miscellaneous</font></u><font size=2>.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect.  This Amendment No. 5 may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement and any of the parties hereto may execute this Amendment No. 5 by signing any such counterpart.  This Amendment No. 5 shall be governed by, and construed in accordance with, the law of the State of New York.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 5 to be duly executed and delivered as of the day and year first above written.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>MDC PARTNERS INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2>  Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2>  Title:  Authorized Signatory</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.38in;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2>  Name:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Title: Authorized Signatory</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.38in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>MAXXCOM INC., an Ontario corporation</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2>  Name:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Title: Authorized Signatory</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.38in;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Title: Authorized Signatory</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.38in;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.38in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>MAXXCOM INC., a Delaware corporation</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Title: Authorized Signatory</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.38in;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Title: Authorized Signatory</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.38in;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>5</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><u><font size=2>Agreed as set forth in Section 4 above</font></u><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><u><font SIZE=2>GUARANTORS</font></u></p>

<table border="0" cellspacing=0 cellpadding=0 width="95%" style=' border-collapse:collapse'>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:20pt;margin-bottom:0pt;line-height:124.199997425079%'><font size=2>Signed sealed and delivered by the attorney of </font><b><font size=2>Placard Pty Ltd</font></b><font size=2> ACN 074 646 343 under power of attorney and who has received no notice of the revocation of the power, in the presence of:</font></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:20pt;margin-bottom:0pt;line-height:124.199997425079%'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:20pt;margin-bottom:0pt;line-height:124.199997425079%'><font size=2>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </font><br> <font size=2>Signature of witness</font></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:20pt;margin-bottom:0pt;line-height:124.199997425079%'><font size=2>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </font><br> <font size=2>Signature of attorney</font></p> </td> </tr>
    <tr>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:20pt;margin-bottom:0pt;line-height:124.199997425079%'><font size=2>Name of witness: Ray Forzley</font></p> </td>
        <td width="50%" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:20pt;margin-bottom:0pt;line-height:124.199997425079%'><font size=2>Name of attorney: Walter Campbell</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>6</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>1208075 ONTARIO LIMITED</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>1220777 ONTARIO LIMITED</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>1385544 ONTARIO LIMITED</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>2026646 ONTARIO LIMITED</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>656712 ONTARIO LIMITED </FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>AMBROSE CARR LINTON CARROLL INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ASHTON POTTER CANADA INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ASHTON-POTTER CANADA LTD.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>BRUCE MAU DESIGN INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>BRUCE MAU HOLDINGS LTD.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>CAMPBELL + PARTNERS COMMUNICATIONS LTD.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>COMPUTER COMPOSITION OF CANADA INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>HENDERSON BAS</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MAXXCOM (NOVA SCOTIA) CORP.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MAXXCOM INTERACTIVE INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>METACA CORPORATION</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>STUDIOTYPE INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>TREE CITY INC.</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="281" style=' margin-left:216.0pt;border-collapse:collapse'>
    <tr>
        <td  colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: ________________________________</font></p> </td> </tr>
    <tr >
        <td style='padding:0pt 0pt 0pt 0pt' width="8%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="21%" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name: </font></p> </td>
        <td style='padding:0pt 0pt 0pt 0pt' width="70%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="24" ></td>

        <td width="59" ></td>

        <td width="198" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:0.25in;text-align:left;'><font size=2>Title:  Authorized Signatory</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="281" style=' margin-left:216.0pt;border-collapse:collapse'>
    <tr>
        <td  colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: ________________________________</font></p> </td> </tr>
    <tr >
        <td style='padding:0pt 0pt 0pt 0pt' width="8%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="21%" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name: </font></p> </td>
        <td style='padding:0pt 0pt 0pt 0pt' width="70%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="24" ></td>

        <td width="59" ></td>

        <td width="198" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:0.25in;text-align:left;'><font size=2>Title: Authorized Signatory</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in; text-indent:-0.25in;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>7</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ACCENT ACQUISITION CO.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ACCENT INTERNATIONAL, INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ACCENT MARKETING SERVICES, L.L.C.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ASHTON-POTTER (USA) LTD.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>BRATSKEIR &amp; COMPANY, INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>CHINNICI DIRECT, INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>CMS U.S. HOLDCO, INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>COLLE &amp; MCVOY, INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>CPB ACQUISITION INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>CRISPIN PORTER &amp; BOGUSKY LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>DOTGLU LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>FLETCHER MARTIN LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>FMA ACQUISITION CO.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>HELLO ACQUISITION INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>KBP HOLDINGS LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>KIRSHENBAUM BOND &amp; PARTNERS LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>KIRSHENBAUM BOND &amp; PARTNERS WEST LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>LAFAYETTE PRODUCTIONS LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MACKENZIE MARKETING, INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MARGEOTES/FERTITTA + PARTNERS LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MAXXCOM (USA) FINANCE COMPANY</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MAXXCOM (USA) HOLDINGS INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MDC USA HOLDINGS INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MDC/KBP ACQUISITION INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MF+P ACQUISITION CO.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>MONO ADVERTISING, LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>PRO-IMAGE CORPORATION</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>SABLE ADVERTISING SYSTEMS, INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>SMI ACQUISITION CO.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>SOURCE MARKETING LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>TARGETCOM LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>VITROROBERTSON LLC</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ZG ACQUISITION INC.</FONT></P>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; MARGIN-LEFT:3.25IN; TEXT-INDENT:-0.25IN;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ZYMAN GROUP, LLC</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="281" style=' margin-left:216.0pt;border-collapse:collapse'>
    <tr>
        <td  colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: ________________________________</font></p> </td> </tr>
    <tr >
        <td style='padding:0pt 0pt 0pt 0pt' width="8%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="21%" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name: </font></p> </td>
        <td style='padding:0pt 0pt 0pt 0pt' width="70%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="24" ></td>

        <td width="59" ></td>

        <td width="198" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:0.25in;text-align:left;'><font size=2>Title:  Authorized Signatory</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="281" style=' margin-left:216.0pt;border-collapse:collapse'>
    <tr>
        <td  colspan="3" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: ________________________________</font></p> </td> </tr>
    <tr >
        <td style='padding:0pt 0pt 0pt 0pt' width="8%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="21%" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name: </font></p> </td>
        <td style='padding:0pt 0pt 0pt 0pt' width="70%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="24" ></td>

        <td width="59" ></td>

        <td width="198" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:0.25in;text-align:left;'><font size=2>Title:  Authorized Signatory</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><u><font SIZE=2>LENDERS</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>JPMORGAN CHASE BANK, N.A.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2>  Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2>  </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>JPMORGAN CHASE BANK, N.A., TORONTO </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>BRANCH</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>9</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>BANK OF MONTREAL (CHICAGO BRANCH)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:<br>
</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>BANK OF MONTREAL</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>10</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>THE BANK OF NOVA SCOTIA, by its Atlanta Agency</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>THE BANK OF NOVA SCOTIA</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>11</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>TORONTO DOMINION (TEXAS) INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>THE TORONTO-DOMINION BANK</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>12</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>CIBC INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2><br>
</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>CANADIAN IMPERIAL BANK OF COMMERCE</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>By:________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> Name:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.25in;text-align:left;'><font size=2> </font><font size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1></font><font size=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
