Document:

<PAGE>

                                                                   EXHIBIT 10.47
--------------------------------------------------------------------------------

                                                          [FINAL] EXECUTION COPY

                                 AMENDMENT NO. 6
                          dated as of October 10, 2001
                                       to
                           LOAN AND SECURITY AGREEMENT

         THIS AMENDMENT NO. 6 dated as of October 10, 2001 (this "Amendment") is
made between Nabi, a Delaware corporation (the "Borrower"), the financial
institutions party from time to time to the Loan Agreement referred to below
(the "Lenders"), and Bank of America, N.A., a national banking association, as
agent for the Lenders (in that capacity, together with any successors in that
capacity, the "Agent").

                             Preliminary Statements

         The Borrower, the Lenders and the Agent are parties to a Loan and
Security Agreement dated as of September 12, 1997, as amended by Amendment No. 1
and Waiver dated November 14, 1997, Amendment No. 2 and Waiver dated March 30,
1998, Amendment No. 3 and Waiver dated as of March 1, 1999, Amendment No. 4
dated as of February 1, 2000 and Amendment No. 5 dated as of October 25, 2000
(the "Loan Agreement"; unless otherwise defined herein, terms are used herein as
defined in the Loan Agreement).

         The Borrower has requested that the Lenders amend certain provisions of
the Loan Agreement as hereinafter set forth, and the Lenders have agreed, upon
and subject to the terms, conditions and provisions of this Amendment.

                             Statement of Agreement

         NOW, THEREFORE, in consideration of the Loan Agreement, the Loans made
by the Lenders and outstanding thereunder, the mutual promises hereinafter set
forth and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

         Section 1.    Amendment to Loan Agreement. The Loan Agreement is hereby
amended, subject to the provisions of Section 2 of this Amendment,

         (a)      by amending Section 7.1 Collection of Receivables by adding at
the end thereof a new subsection (d) to read as follows:

<PAGE>

                  (d)      Notwithstanding the foregoing, the Borrower shall not
         be required to comply with the provisions of SECTIONS 7.1(B) and (C)
         with respect to the collection and remittance of proceeds of Collateral
         unless and until the Borrower has Revolving Credit Loans outstanding,
         on the average, in an aggregate principal amount greater than
         $1,000,000 for a period of five consecutive Business Days and the Agent
         shall have given notice to the Borrower of its intention to require
         compliance with such provisions.

         (b)      by amending subsection (c) of Section 7.12 Information and
Reports in its entirety to read as follows:

                  (c)      Borrowing Base Certificate. The Borrower shall
         deliver to the Agent and the Lenders (i) whenever there are Revolving
         Credit Loans outstanding in an aggregate principal amount in excess of
         $1,000,000 and Revolving Credit Availability is less than $10,000,000,
         on the third day of each week, a Borrowing Base Certificate prepared as
         of the close of business on the last Business Day of the preceding week
         and (ii) at any other time, not later than the 15th day of each month,
         a Borrowing Base Certificate prepared as of the close of business on
         the last day of the preceding month.

         (c)      by amending Section 10.5 Capital Expenditures in its entirety
to read as follows:

                  SECTION 10.5    Capital Expenditures. Make or incur any
         Capital Expenditures, in excess in the aggregate, of the amount set
         forth below for the Fiscal Year of the Borrower set forth opposite such
         amount:

<TABLE>
<CAPTION>
                  Fiscal Year                                 Amount
                  -----------                                 ------
                   <S>                                        <C>
                  1998                                        $33,500,000

                  1999                                        $24,000,000

                  2000                                        $27,900,000

                  2001                                        $17,500,000

                  Each Fiscal Year thereafter                 $10,000,000 or such greater or
                                                              lesser amount as may be agreed
                                                              to by the Borrower and the
                                                              Required Lenders
</TABLE>

         Section 2.    Effectiveness of Amendment. This Amendment shall become
effective as of the date hereof on the date (the "Amendment No. 6 Effective
Date") on which the Agent shall have received (1) counterparts of this Amendment
duly executed and delivered by the Borrower, each Lender and the Agent, which
shall be in form and substance satisfactory to the Agent and in sufficient
copies for each Lender, (2) a certificate of the president or chief financial
officer of the Borrower stating that, to the

                                       2

<PAGE>

best of his knowledge and based on an examination sufficient to enable him to
make an informed statement, (i) all of the representations and warranties made
or deemed to be made under the Loan Agreement are true and correct in all
material respects on and as of the Amendment No. 6 Effective Date, and (ii) no
Default or Event of Default exists (and the Administrative Agent shall be
satisfied as to the truth and accuracy thereof), (3) the Confirmation of
Guarantors attached hereto as ANNEX A duly executed and delivered by each
Guarantor; and (4) such other documents and instruments as the Agent or any
Lender may reasonably request.

         Section 3.    Representations and Warranties. The Borrower hereby makes
the following representations and warranties to the Agent and the Lenders, which
representations and warranties shall survive the delivery of this Amendment and
the making of additional Loans under the Loan Agreement as amended hereby:

         (a)      Authorization of Agreements. The Borrower has the right and
power, and has taken all necessary action to authorize it, to execute, deliver
and perform this Amendment and each other agreement contemplated hereby to which
it is a party in accordance with their respective terms. This Amendment and each
other agreement contemplated hereby to which it is a party have been duly
executed and delivered by the duly authorized officers of the Borrower and each
is, or each when executed and delivered in accordance with this Amendment will
be, a legal, valid and binding obligation of the Borrower, enforceable in
accordance with its terms.

         (b)      Compliance of Agreements with Laws. The execution, delivery
and performance of this Amendment and each other agreement contemplated hereby
to which the Borrower is a party in accordance with their respective terms do
not and will not, by the passage of time, the giving of notice or otherwise,

                  (i)      require any Governmental Approval or violate any
         Applicable Law relating to the Borrower or any of its Subsidiaries,

                  (ii)     conflict with, result in a breach of or constitute a
         default under the articles or certificate of incorporation or by-laws
         or any shareholders' agreement of the Borrower or any of its
         Subsidiaries, any material provisions of any indenture, agreement or
         other instrument to which the Borrower, any of its Subsidiaries or any
         of Borrower's or such Subsidiaries' property may be bound or any
         Governmental Approval relating to the Borrower or any of its
         Subsidiaries, or

                  (iii)    result in or require the creation or imposition of
         any Lien upon or with respect to any property now owned or hereafter
         acquired by the Borrower other than the Security Interest.

         Section 4.    Expenses. The Borrower agrees to pay or reimburse on
demand all costs and expenses, including, without limitation, reasonable fees
and disbursements of counsel, incurred by the Agent in connection with the
negotiation, preparation,

                                       3

<PAGE>

execution and delivery of this Amendment and the other Loan Documents
contemplated hereby.

         Section 5.    Effect of Amendment. From and after the Amendment
Effective Date, all references in the Loan Agreement and in any other Loan
Document to "this Agreement," "the Loan Agreement," "hereunder," "hereof" and
words of like import referring to the Loan Agreement, shall mean and be
references to the Loan Agreement as amended by this Amendment. Except as
expressly amended hereby, the Loan Agreement and all terms, conditions and
provisions thereof remain in full force and effect and are hereby ratified and
confirmed. The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Lenders under any of the Loan Documents, nor constitute a
waiver of any provision of any of the Loan Documents.

         Section 6.    Counterpart Execution; Governing Law.

         (a)      Execution in Counterparts. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same agreement. Delivery of an executed counterpart signature page of any party
hereto by facsimile transmission shall be effective as delivery of a manually
delivered counterpart thereof.

         (b)      Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of Georgia, without giving
effect to the conflict of laws principles thereof.

                                       4

<PAGE>

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

<TABLE>
<S>                                                          <C>
[CORPORATE SEAL]                                             BORROWER:

Attest:                                                      Nabi

By: /s/ Phyllis E. Link                                      By: /s/ Robert B. Naso, Ph.D.
    ----------------------------------------                    ------------------------------------
     Name: Phyllis E. Link                                      Name: Robert B. Naso, Ph.D.
           ---------------------------------                          ------------------------------
     Title: Manager, Project Management                         Title: Senior Vice President
            --------------------------------                           -----------------------------

                                                             AGENT:

                                                             BANK OF AMERICA, N.A.

                                                             By: /s/ Andrew A. Doherty
                                                                -------------------------------------
                                                                Name: Andrew A. Doherty
                                                                     --------------------------------
                                                                Title: Vice President
                                                                      -------------------------------

                                                             LENDERS:

                                                             BANK OF AMERICA, N.A.

                                                             By: /s/ Andrew A. Doherty
                                                                -------------------------------------
                                                                Name: Andrew A. Doherty
                                                                     --------------------------------
                                                                Title: Vice President
                                                                      -------------------------------

                                                             FLEET CAPITAL CORPORATION

                                                             By: /s/ Norris C. Locke, Jr.
                                                                -------------------------------------
                                                                Name: Norris C. Locke, Jr.
                                                                     --------------------------------
                                                                Title: Vice President
                                                                      -------------------------------
</TABLE>

                                       5

<PAGE>

                                                                         ANNEX A

                     CONSENT AND CONFIRMATION OF GUARANTORS

         The undersigned, each in its capacity as a Guarantor under the
Subsidiary Guaranty dated as of September 12, 1997 (as modified or amended to
date, the "Subsidiary Guaranty"), in favor of the Lenders, hereby confirms, for
the benefit of the Borrower and the Lenders, that (1) such Guarantor is a
Subsidiary of Borrower, (2) such Guarantor has received a copy of Amendment No.
6 dated as of October 10, 2001 and consents thereto (to the extent such consent
may be required) and (3) the Subsidiary Guaranty of which such Guarantor is the
maker constitutes a continuing, unconditional, guaranty of the Secured
Obligations under and as defined in the Subsidiary Guaranty. Each of the
undersigned is and continues to be liable under the Subsidiary Guaranty in
accordance with the terms thereof, notwithstanding the execution and delivery of
the aforesaid Amendment.

Dated:  October 30, 2001

                                       BIOMUNE CORPORATION

[CORPORATE SEAL]                       By: /s/ Thomas H. McLain
                                          --------------------------------------
                                          Name: Thomas H. McLain
                                               ---------------------------------
                                          Title: Treasurer
                                                --------------------------------

                                       NABI FINANCE, INC.

[CORPORATE SEAL]                       By: /s/ Thomas H. McLain
                                          --------------------------------------
                                          Name: Thomas H. McLain
                                               ---------------------------------
                                          Title: President
                                                --------------------------------

                                       6<PAGE>
                                                                   EXHIBIT 10.48

                                      NABI
                      5800 PARK OF COMMERCE BOULEVARD, N.W.
                            BOCA RATON, FLORIDA 33487

October 26, 2001

Attention:        Thomas H. McLain
                  Executive Vice President and Chief Operating Officer

Dear Ladies/Gentlemen:

         This letter agreement (the "Agreement") is to confirm the engagement of
Stonebridge Associates, LLC ("Stonebridge") as financial advisor to Nabi (the
"Company") in connection with the Company's review and implementation of a
corporate expansion strategy, whereby the Company intends to evaluate a range of
product or business acquisitions, joint venture, in-licensing, or other
opportunities relating to its biopharmaceutical operations (a "Contemplated
Transaction"). It is assumed that Nabi will explore these opportunities with
several target companies currently or yet to be identified ("Target Companies").
The terms and conditions of Stonebridge providing financial advisory services
are presented below.

1.       FINANCIAL ADVISORY SERVICES: Stonebridge will work closely with you to:

                  a.       Consistent with the Company's current strategic
                           planning process, assist management in preparing a
                           comprehensive business plan ("Business Plan") for
                           Nabi reflecting the divestiture of the majority of
                           its antibody business.

                  b.       Assist in all aspects of the strategic review and
                           financial analysis of any Contemplated Transaction.

                  c.       Assist management in the financial and business due
                           diligence investigation for each Contemplated
                           Transaction.

                  d.       Assist management in preparing a consolidated
                           business plan that incorporates each of the
                           Contemplated Transactions into the Business Plan.

                  e.       Prepare a detailed financial valuation of each
                           Contemplated Transaction to include

<PAGE>

                  i)       Valuing such transaction to provide the basis of
                           determining an appropriate consideration for such
                           transaction. The basis of such valuation will
                           include:

                           a.       A comparable company analysis which examines
                                    market valuation metrics of publicly traded
                                    companies with similar product or business
                                    activities;

                           b.       A comparable transaction analysis which
                                    examines acquisition valuation metrics for
                                    the purchase of similar product lines or for
                                    companies with similar business activities;
                                    and

                           c.       A discounted cash flow analysis which
                                    incorporates detailed financial projections
                                    for each transaction.

                  ii)      Valuing Nabi today to provide a benchmark for
                           assessing the shareholder impact of any Contemplated
                           Transaction; and

                  iii)     Valuing Nabi post-Contemplated Transaction, to
                           reflect all strategic and operating synergies derived
                           from the completion of each transaction. Such
                           synergies to include, among others:

                           a.       Research and development;

                           b.       Clinical activities;

                           c.       Sales and marketing;

                           d.       Manufacturing; and

                           e.       Overhead utilization.

                           f.       Assist the Company in reviewing and
                                    evaluating a range of transaction structures
                                    and proposals.

                           g.       Advise the Company and actively participate
                                    in all discussions and negotiations with
                                    Target Companies.

                           h.       As needed, assist the Company and its legal
                                    counsel in the preparation of each
                                    Contemplated Transaction's purchase
                                    agreement and other legal documentation.

                           i.       At the request of the Company or its Board
                                    of Directors, render an opinion in writing
                                    with respect to the fairness, from a
                                    financial point of view, of the
                                    consideration paid in each Contemplated
                                    Transaction.

         2. INFORMATION: Stonebridge will not distribute information regarding a
Contemplated Transaction or a Target Company (the "Information") other than to
our employees and professional advisors directly involved in this engagement,
nor will we distribute any information regarding the Company to any other party
involved in a

                                       2
<PAGE>

Contemplated Transaction without your prior approval, and without first
obtaining a signed confidentiality agreement having terms acceptable to the
Company. We will keep strict control over the disposition of Company
information, and attempt to retrieve all copies of such information given to
parties who decide not to pursue a Contemplated Transaction.

         3. COMPENSATION ARRANGEMENTS: As compensation for providing the
financial advisory services outlined herein, Stonebridge will be entitled to the
following fees:

         a)       A monthly retainer of $150,000 per quarter, payable in
                  arrears, with the first payment due three months from the
                  signing of an engagement letter ("Financial Advisory Fee");
                  plus

         b)       Once the cumulative consideration exchanged (as herein
                  defined) in successful Contemplated Transactions reaches $25
                  million, 0.5% of all consideration received in subsequent
                  Contemplated Transactions, (the "Transaction Success Fee");
                  plus

         c)       If requested, a fairness opinion fee of $50,000 payable upon
                  Stonebridge's delivery of the fairness opinion.

         For purposes of calculating Stonebridge's success fees, consideration
shall mean the sum of the cash, fair market value of any other securities,
assets, obligations, or any other consideration agreed to be paid or provided by
or on behalf of Nabi at the closing of the Contemplated Transaction, excluding
future royalty payments and other deferred forms of payment.

         In the event that the Company consummates a transaction not
specifically addressed by this proposal as part of this engagement, the Company
and Stonebridge shall, in good faith, negotiate a mutually agreeable fee
arrangement incorporating the general parameters of these fee arrangements
specifically outlined in this proposal.

         4. OUT OF POCKET EXPENSES: In addition to any fees that may be payable
to Stonebridge hereunder (and regardless of whether a Contemplated Transaction
occurs), the Company hereby agrees to reimburse Stonebridge monthly for
reasonable travel and other out-of-pocket expenses incurred in performing its
services hereunder.

         5. INDEMNIFICATION PROVISIONS: The Company agrees to indemnify
Stonebridge and related persons in accordance with the Standard Form of
Indemnification Agreement attached hereto as Exhibit A, the provisions of which
are incorporated herein by this reference.

         6. RELIANCE ON REPORTS/ACCURACY OF INFORMATION: The Company agrees that
Stonebridge shall be entitled to rely upon all reports of the Company or Target
Companies and/or information supplied to Stonebridge by or on behalf of the
Company or Target Companies (whether written or oral), and Stonebridge shall not
in any respect

                                       3
<PAGE>

be responsible for the accuracy or completeness of any such report or
information or have any obligation to verify the same.

         7. COMMUNICATION AND ADVERTISEMENTS: Stonebridge may not be quoted or
referred to in any document, release or written or verbal communication
prepared, issued or transmitted by the Company or any entity controlled by the
Company, or any director, officer, employee, or agent thereof, without
Stonebridge's prior written authorization. The Company agrees that, subsequent
to the closing of a Contemplated Transaction, Stonebridge has the right at its
own expense to place customary advertisements in financial and other newspapers
and journals and to make mailings to its current, former or prospective clients
describing its services to the Company hereunder.

         8. CONFIDENTIAL USE OF INFORMATION OR ADVICE: The Company agrees that
any information or advice rendered by Stonebridge or its representatives in
connection with this engagement is for the confidential use of the Company and
its Board of Directors only in its evaluation of a Contemplated Transaction and,
except as otherwise required by law, the Company will not and will not permit
any third party to disclose or otherwise refer to such advice or information in
any manner without Stonebridge's prior written consent. The Company's Board of
Directors and senior management will base their decisions on Stonebridge's
advice as well as on the advice of their legal, tax and other business advisors
and other factors that they consider appropriate. Accordingly, as an independent
contractor Stonebridge will not assume the responsibilities of a fiduciary to
the Company or its shareholders in connection with the performance of
Stonebridge's services.

         9. ADMINISTRATION PROCEEDING AND LITIGATION: In the event of
administrative proceeding or litigation in connection with the services provided
by Stonebridge, Stonebridge agrees that its representatives will testify at the
request of the Company or its counsel. Subject to the provisions of the Standard
Form of Indemnification Agreement, the Company will reimburse Stonebridge for
all out-of-pocket expenses reasonably incurred by Stonebridge in connection
therewith, including the reasonable fees and disbursements of its legal counsel,
and the Company will pay Stonebridge reasonable and customary additional
compensation as agreed upon by Stonebridge and the Company to cover preparation
for and the expenses of testifying at such litigation or proceeding, unless such
proceeding or litigation resulted in whole or in part from the gross negligence
or willful misconduct of Stonebridge, or the illegal conduct of Stonebridge or a
breach by Stonebridge of a warranty herein.

         10. TERM OF ENGAGEMENT: The term of Stonebridge's engagement as
financial advisor to the Company shall commence on the date hereof and continue
until the termination by either party upon thirty days' prior written notice;
PROVIDED, HOWEVER, that the Company cannot terminate the engagement prior to
three months. Upon termination, the Company shall pay a pro-rata share of the
earned but unpaid quarterly Financial Advisory Fee owed to Stonebridge. In no
event shall any termination of this Agreement affect the indemnification,
contribution and confidentiality obligations of the Company the confidentiality
obligation of Stonebridge, or the right of Stonebridge to

                                       4
<PAGE>

receive any unpaid amounts due hereunder as of the date of termination or
pursuant to the following sentence. Stonebridge shall be entitled to its
appropriate success fees, in the event that any time prior to the expiration of
twelve months after termination of this Agreement a Contemplated Transaction is
consummated with any Target Companies contacted by Stonebridge or the Company
pursuant to this Agreement or with any Target Companies which contacted the
Company during the term of this Agreement. Upon termination of this Agreement,
Stonebridge will provide to the Company a written list of all such Target
Companies that have been contacted or have contacted the Company.

         11. SOLE RECOURSE: The Company's sole recourse with respect to this
Agreement for any matter relating to this Agreement shall be to Stonebridge and
in no event shall the Company have any recourse or assert any claim against or
seek recovery from any other Indemnified Party as defined in the Standard Form
of Indemnification Agreement.

         12. GOVERNING LAW/MISCELLANEOUS: This Agreement (a) shall be governed
by and construed in accordance with the laws of the Commonwealth of
Massachusetts without regard to conflicts of law principles, (b) incorporates
the entire understanding of the parties with respect to the subject matter
hereof and supersedes all previous agreements should they exist with respect
thereto, (c) may not be amended or modified except in a writing executed by the
Company and Stonebridge and (d) shall be binding upon and inure to the benefit
of the Company, Stonebridge, any indemnified parties and their respective heirs,
personal representatives, successors and assigns. Except as otherwise
contemplated by Exhibit A hereto, nothing in this agreement is intended to
confer upon any other person other than the parties hereto any rights or
remedies hereunder or by reason hereof.

         13. WARRANTY OF STONEBRIDGE: Stonebridge hereby represents and warrants
that it is aware that U.S. securities laws prohibit any person who has material
non-public information about a company from purchasing or selling securities of
such company and further warrants that Stonebridge will not, and that
Stonebridge has instructed its representatives that they should not, use the
Information supplied pursuant to this Agreement in any way which may violate any
securities or anti-trust law, and that Stonebridge will comply with all
applicable provisions of all federal, state and local laws and all ordinances,
rules and regulations thereunder.

         14. DISCLOSURES REQUIRED BY LAW: In the event that Stonebridge is
requested or required by law to disclose any of the Information, it is agreed
that Stonebridge will provide Company with prompt prior notice of such request
so that Company may seek an appropriate protective order and/or waive compliance
with the provisions of the Agreement.

                                       5
<PAGE>

         This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original, but all of which shall constitute one
and the same agreement. Please confirm that the foregoing is in accordance with
your understanding by signing and returning to us a copy of this letter.

                                       Very truly yours,

                                       STONEBRIDGE ASSOCIATES, LLC

                                       /s/ Stefanie A. Dhanda
                                       -----------------------------------------
                                       Stefanie A. Dhanda
                                       Vice President

Accepted and agreed to as of
the date set forth above:

          NABI

By /s/ Thomas H. McLain
   ----------------------------
      Thomas H. McLain

                                       6
<PAGE>
                                                                       EXHIBIT A

STONEBRIDGE ASSOCIATES, LLC

STANDARD FORM OF INDEMNIFICATION AGREEMENT

In connection with the services Stonebridge Associates, LLC has agreed to render
to the Company, the Company agrees to indemnify and hold harmless Stonebridge
Associates, LLC, its officers, directors, employees, agents, managers, members,
affiliates and persons deemed to be in control of Stonebridge Associates, LLC
within the meaning of either Section 15 of the Securities Act of 1933, as
amended, or Section 20 of the Securities Exchange Act of 1934, as amended
(collectively, the "Indemnified Parties"), from and against any losses, claims,
damages and liabilities, joint or several, related to or arising in any manner
out of any transaction, proposal or any other matter (collectively the
"Matters") contemplated by the engagement of Stonebridge Associates, LLC
hereunder. The Company also will promptly reimburse the Indemnified Parties for
any expenses (including fees and expenses of legal counsel) as incurred in
connection with the investigation of, preparation for or defense of any pending
or threatened claim related to or arising in any manner out of any Matter
contemplated by the engagement of Stonebridge Associates, LLC hereunder, or any
action or proceeding arising therefrom, whether or not resulting in liability
(collectively, "Proceedings"). Notwithstanding the foregoing, the Company shall
not be liable in respect of any losses, claims, damages, liabilities or expenses
that a court of competent jurisdiction shall have determined by final judgment
resulted solely from the gross negligence or willful misconduct of any
Indemnified Party. Promptly after receipt by an Indemnified Party of notice of
any claim or the commencement of any action or proceeding in respect of which
indemnity may be sought against the Company, such Indemnified Party will notify
the Company in writing of the receipt of commencement thereof, and the Company
shall assume the defense of such action or proceeding (including the employment
of counsel satisfactory to the Indemnified Party and the payment of the fees and
expenses of such counsel), but the failure so to notify the Company will not
relieve the Company from any liability which it may have to any Indemnified
Party except to the extent of the Company's actual damages arising from the
failure to so notify the Company. Notwithstanding the preceding sentence, the
Indemnified Party will be entitled to employ its own counsel in such action if
the Indemnified Party reasonably determines that a conflict of interest exists
which makes representation by counsel chosen by the Company not advisable, it
being understood, however, that the Company shall not be liable for the expense
of more than one separate counsel (and one local counsel in each jurisdiction in
which it is appropriate) to represent all Indemnified Parties. In such event,
the fees and disbursements of such separate counsel will be paid by the Company.
In no event shall the Company have any liability to an Indemnified Part for any
settlement or compromise effected without the Company's written consent.

<PAGE>

If for any reason the foregoing indemnity is unavailable to Stonebridge
Associates, LLC or insufficient to hold Stonebridge Associates, LLC harmless,
then the Company shall contribute to the amount paid or payable by Stonebridge
Associates, LLC as a result of such claims, liabilities, losses, damages or
expenses in such proportion as is appropriate to reflect not only the relative
benefits received by the Company on the one hand and Stonebridge Associates, LLC
on the other but also the relative fault of the Company and Stonebridge
Associates, LLC, as well as any relevant equitable consideration. It is hereby
further agreed that the relative benefits to the Company on the one hand and
Stonebridge Associates, LLC on the other hand with respect to the transactions
contemplated in this engagement letter shall be deemed to be in the same
proportion as (i) the total value of the transaction bears to (ii) the fees paid
to Stonebridge Associates, LLC with respect to such transaction.

The indemnity, contribution and expense reimbursement agreements and obligations
set forth herein shall apply whether or not an Indemnified Party is a formal
party to any Proceeding, shall be in addition to any other rights, remedies or
indemnification which any Indemnified Party may have or be entitled to at common
law or otherwise, and shall remain operative and in full force and effect
regardless of any investigation made by or on behalf of any Indemnified Party or
any withdrawal, termination or consummation of or failure to initiate or
consummate any Matter or any termination or completion or expiration of this
letter or Stonebridge Associates, LLC's engagement.

                                       2

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