Document:

EXHIBIT 10.24 

EXECUTION COPY

AMENDMENT NO. 9 TO

THE AMENDED AND RESTATED

CREDIT AGREEMENT

Dated as of February 4, 2009                    

          AMENDMENT
NO. 9 TO THE AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) among SOTHEBY’S, a
Delaware corporation (“Holdings”), SOTHEBY’S, INC., a New York corporation (the
“Company” and, together with Holdings, the “U.S. Borrowers”), OATSHARE LIMITED,
a company registered in England and Wales with registration number 01737495
(“Oatshare”), SOTHEBY’S, a company registered in England and Wales with
registration number 00874867 (“Sotheby’s” and, together with Oatshare, the
“U.K. Borrowers”, and collectively with the U.S. Borrowers, the “Borrowers”),
each lender from time to time party hereto (collectively, the “Lenders” and
individually, a “Lender”) and BANK OF AMERICA, N.A., as Administrative
Agent, Swing Line Lender, L/C Issuer and Foreign Currency Lead Lender.  

          PRELIMINARY STATEMENTS: 

          (1)
The Borrowers, the Lenders and the Administrative Agent have entered into the
Amended and Restated Credit Agreement dated as of November 14, 2005, as amended
by Amendment No. 1 to the Amended and Restated Credit Agreement dated as of
February 3, 2006, Amendment No. 2 to the Amended and Restated Credit Agreement
dated as of May 18, 2006, Amendment No. 3 to the Amended and Restated Credit
Agreement dated as of January 2, 2007, Amendment No. 4 to the Amended and
Restated Credit Agreement dated as of July 25, 2007, Consent and Amendment No.
5 to the Amended and Restated Credit Agreement dated as of December 17, 2007,
Amendment No. 6 to the Amended and Restated Credit Agreement dated as of
January 22, 2008, Amendment No. 7 to the Amended and Restated Credit Agreement
dated as of April 24, 2008 and Amendment No. 8 to the Amended and Restated
Credit Agreement dated as of June 6, 2008 (as so amended, the “Credit
Agreement”). Capitalized terms not otherwise defined in this Amendment have the
same meanings as specified in the Credit Agreement.  

          (2)
The Borrowers and the Lenders have agreed to amend the Credit Agreement to (i)
amend the definitions of Applicable Commitment Fee Percentage, Applicable Rate
and Consolidated EBITDA, (ii) provide that proceeds of the Credit Extensions
may not be used to fund repurchases of Senior Notes, (iii) increase the maximum
Consolidated Leverage Ratio for certain fiscal periods of Holdings and (iv)
increase the amounts available to make repurchases of Senior Notes. 

          SECTION
1. Amendment to Credit Agreement.

          (a)
Section 1.01 of the Credit Agreement is, as of the Amendment Effective Date
(as defined below) and subject to the satisfaction of the conditions precedent
set forth in Section 2, hereby amended by amending and restating the following
defined terms to read in full as follows: 

1

	
 

	
 

	
 

	
“Applicable Commitment Fee
Percentage” means, at any time, in respect of the Facility, a percentage per
annum determined by reference to the Consolidated Leverage Ratio as set forth
in the most recent Compliance Certificate received by the Administrative
Agent pursuant to Section 6.02(b):  

	
 

	
 

	
 

	
 

	
 

	
Applicable Commitment Fee Percentage

	

	
Pricing

 Level

	
 

	
Consolidated

 Leverage Ratio

	
 

	
Commitment

 Fee

	

	
 

	

	
 

	

	
1

	
 

	
< 4.0:l

	
 

	
0.625%

	
2

	
 

	
>
 4.0:1, < 4.5:1

	
 

	
0.750%

	
3

	
 

	
> 4.5:l

	
 

	
0.875%

	
 

	
 

	
 

	
Any increase or decrease
in the Applicable Commitment Fee Percentage resulting from a change in the
Consolidated Leverage Ratio shall become effective as of the first Business
Day immediately following the date a Compliance Certificate is delivered
pursuant to Section 6.02(b); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then
Pricing Level 3 shall apply as of the first Business Day after the date on
which such Compliance Certificate was required to have been delivered;
provided, further, that for the period from the Amendment
Effective Date until the first Business Day immediately following delivery of
the Compliance Certificate for the fiscal quarter of Holdings ending March
31, 2009, Pricing Level 1 shall apply.”  

	
 

	
 

	
 

	
“Applicable Rate” means
(a) in the case of any Loan that is a Base Rate Loan denominated in Dollars,
a percentage per annum determined by reference to the Consolidated Leverage
Ratio as set forth in the most recent Compliance Certificate received by the
Administrative Agent pursuant to Section 6.02(b):  

	
 

	
 

	
 

	
 

	
 

	
Applicable Rate

	

	
Pricing

 Level

	
 

	
Consolidated

 Leverage Ratio

	
 

	
Applicable

 Rate

	

	
 

	

	
 

	

	
1

	
 

	
< 3.0:l

	
 

	
2.000%

	
2

	
 

	
>
 3.0:1, < 4.0:1

	
 

	
2.250%

	
3

	
 

	
> 4.0:1, < 4.5:l

	
 

	
2.750%

	
4

	
 

	
> 4.5:l

	
 

	
3.250%

	
 

	
 

	
 

	
and (b) in the case of any
 Loan that is a Eurocurrency Rate Loan denominated in Dollars, Euros or
 Pounds, a percentage per annum determined by
 reference to the Consolidated Leverage Ratio as set forth in the most recent
 Compliance Certificate received by the Administrative Agent pursuant to
 Section 6.02(b): 

2

	
 

	
 

	
 

	
 

	
 

	
Applicable Rate

	

	
Pricing 

 Level

	
 

	
Consolidated 

 Leverage Ratio

	
 

	
Applicable 

 Rate

	

	
 

	

	
 

	

	
1

	
 

	
≤ 3.0:1

	
 

	
3.250%

	
2

	
 

	
> 3.0:1, ≤
 4.0:1

	
 

	
3.500%

	
3

	
 

	
> 4.0:1, ≤
 4.5:1

	
 

	
4.000%

	
4

	
 

	
> 4.5:1

	
 

	
4.500%

	
 

	
 

	
 

	
Any increase or decrease in the Applicable Rate
 resulting from a change in the Consolidated Leverage Ratio shall become
 effective as of the first Business Day immediately following the date a
 Compliance Certificate is delivered pursuant to Section 6.02(b); provided,
 however, that if a Compliance Certificate is not delivered when due in
 accordance with such Section, then Pricing Level 4 shall apply as of the
 first Business Day after the date on which such Compliance Certificate was
 required to have been delivered; provided, further, that for
 the period from the Amendment Effective Date until the first Business Day
 immediately following delivery of the Compliance Certificate for the fiscal
 quarter of Holdings ending March 31, 2009, Pricing Level 2 shall apply.”

	
 

	
 

	
 

	
“Consolidated EBITDA” means, at any date of
 determination, an amount equal to Consolidated Net Income of Holdings and its
 Subsidiaries on a consolidated basis for the most recently completed
 Measurement Period plus (a) the following to the extent deducted in
 calculating such Consolidated Net Income: (i) Consolidated Interest Charges,
 (ii) the provision for Federal, state, local and foreign income taxes, (iii)
 depreciation and amortization expense, (iv) any such deduction to
 Consolidated Net Income as a result of any grant of stock or restricted
 stock, (v) for each of the fiscal quarters of Holdings ended September 30,
 2008 and December 31, 2008 only, auction guaranty losses as previously
 described to the Administrative Agent, not to exceed for (1) the fiscal
 quarter of Holdings ended September 30, 2008, $42,000,000 in the aggregate
 and (2) the fiscal quarter of Holdings ended December 31, 2008, $11,000,000
 in the aggregate and (vi) other non-recurring expenses reducing such
 Consolidated Net Income which either (A) do not represent a cash item in such
 period or any future period (in each case of or by Holdings and its
 Subsidiaries for such Measurement Period) or (B) do not exceed $25,000,000 in
 the aggregate (when added to all other amounts determined under this
 subclause (B)) and minus (b) the following to the extent included in
 calculating such Consolidated Net Income: (i) Federal, state, local and
 foreign income tax credits and (ii) all non-cash items increasing
 Consolidated Net Income (in each case of or by Holdings and its Subsidiaries
 for such Measurement Period).

          (b)
Section 6.11 of the Credit Agreement is, as of the Amendment Effective Date and
subject to the satisfaction of the conditions precedent set forth in Section 2,
hereby amended and restated to read in full as follows:

3

          “6.11
Use of Proceeds. Use the proceeds of the Credit Extensions for general
corporate purposes not in contravention of any Law or of any Loan Document; provided
that no portion of the proceeds of the Credit Extensions shall be used to
prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled
maturity thereof in any manner, the Senior Notes.”

          (c)
Section 7.11(b) of the Credit Agreement is, as of the Amendment Effective Date
and subject to the satisfaction of the conditions precedent set forth in
Section 2, hereby amended and restated to read in full as follows:

          “(b)
Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio at
any time during the following fiscal periods of Holdings to be greater than the
ratios set opposite such fiscal period:

	
 

	
 

	
 

	
 

	
 

	
 

	
Fiscal Period

	
 

	
 

	
Consolidated 

 Leverage Ratio

	
 

	

	
 

	
 

	

	
The four fiscal quarters of Holdings ending on March 31,
2009

	
 

	
4.25:1

	
The four fiscal quarters of Holdings ending on June 30,
2009

	
 

	
4.75:1

	
The four fiscal quarters of Holdings ending on September 30,
2009

	
 

	
5.00:1

	
The four fiscal quarters of Holdings ending on December 31,
2009

	
 

	
3.75:1

	
Any period of four fiscal quarters of Holdings ending on or after
 March 31, 2010

	
 

	
  3.50:1”

          (d)
Section 7.15 of the Credit Agreement is, as of the Amendment Effective Date and
subject to the satisfaction of the conditions precedent set forth in Section 2,
hereby amended and restated to read in full as follows:

          “7.15
Prepayments, Etc. of Indebtedness. Prepay, redeem, purchase, defease or
otherwise satisfy prior to the scheduled maturity thereof in any manner, the
Senior Notes, other than (i) repurchases in an aggregate amount not to exceed
$40,000,000 and (ii) any refinancing, refunding, renewal or extension in
accordance with Section 7.02(g); provided that no portion of the
proceeds of the Credit Extensions shall be used to make any repurchase of
Senior Notes pursuant to clause (i).”

          SECTION
2. Conditions of Effectiveness. This Amendment shall become effective as
of the date first above written (the “Amendment Effective Date”) when,
and only when, the Administrative Agent shall have received (i) counterparts of
this Amendment executed by each Borrower and the Required Lenders or, as to any
of the Lenders, advice satisfactory to the Administrative Agent that such
Lender has executed this Amendment, (ii) the consent attached hereto (the “Consent”)
executed by each of the Guarantors and Grantors, (iii) a certificate signed by
a duly authorized officer of each Borrower stating that (A) the representations
and warranties contained in each of the Loan Documents (as amended or
supplemented to date, including pursuant to this Amendment) are true and
correct on and as of the Amendment Effective Date, before and after giving
effect to this Amendment, as though made on and as of such date (except for any
such representation and warranty that, by its terms, refers to an earlier date,
in which case as of such earlier date), and (B) no event has occurred and

4

is continuing that constitutes a Default and (iv) for
the account of each Lender executing this Amendment on or before 9:30am on
February 4th, 2009, a fee equal to 0.500% of such Lender’s Commitment, such fee
to be calculated on the basis of such Lender’s Commitment following the
reduction thereof in connection with Section 4 of this Amendment. The
effectiveness of this Amendment is conditioned upon the accuracy of the factual
matters described herein. This Amendment is subject to the provisions of Section
10.01 of the Credit Agreement.

          SECTION
3. Representations and Warranties of the Borrowers. Each Borrower hereby
represents and warrants that the representations and warranties contained in
each of the Loan Documents (as amended or supplemented to date, including
pursuant to this Amendment) are true and correct on and as of the Amendment
Effective Date, before and after giving effect to this Amendment, as though
made on and as of such date (except for any such representation and warranty
that, by its terms, refers to an earlier date, in which case as of such earlier
date).

          SECTION
4. Reduction of Commitments. Holdings hereby agrees that as of the
Amendment Effective Date, the Facility shall be permanently reduced in the
aggregate amount of $50,000,000. Holdings hereby certifies that, after giving
effect to the reduction of the Facility, the Total Outstandings will not exceed
the Facility.

          SECTION
5. Reference to and Effect on the Loan Documents. (a) On and after the
effectiveness of this Amendment, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof” or words of like import referring to the
Credit Agreement, and each reference in the Notes and each of the other Loan
Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement, as amended by this Amendment.

          (b) The
Credit Agreement, the Notes, and each of the other Loan Documents, as specifically
amended by this Amendment, are and shall continue to be in full force and
effect and are hereby in all respects ratified and confirmed.

          (c)
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 any Lender or the Administrative Agent under any of the Loan Documents, nor
constitute a waiver of any provision of any of the Loan Documents.

          SECTION
6. Costs, Expenses, Etc. Each Borrower agrees to pay on demand all costs
and expenses of the Administrative Agent in connection with the preparation,
execution, delivery and administration, modification and amendment of this
Amendment and the other instruments and documents to be delivered hereunder
(including, without limitation, the reasonable fees and expenses of counsel for
the Administrative Agent) in accordance with the terms of Section 10.04 of the
Credit Agreement.

          SECTION
7. 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 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 of a signature

5

page to this Amendment by telecopier shall be
effective as delivery of a manually executed counterpart of this Amendment.

          SECTION
8. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

6

          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.

	
 

	
 

	
 

	
 

	
SOTHEBY’S

	
 

	
 

	

By:

	
 

	
Name: Michael L. Gillis

	
 

	
Title:   SVP, Treasurer

	
 

	
 

	
 

	
 

	
SOTHEBY’S, INC.

	
 

	
 

	

By:

	
 

	
Name: Michael L. Gillis

	
 

	
Title:   SVP, Treasurer

	
 

	
 

	
 

	
 

	
OATSHARE LIMITED

	
 

	
 

	
 

	
 

	

By:

	
 

	
Name: William S. Sheridan

	
 

	
Title:   EVP & Chief Financial Officer

	
 

	
 

	
 

	
 

	
SOTHEBY’S

	
 

	
 

	
 

	
 

	

By:

	
 

	
Name: Michael L. Gillis

	
 

	
Title:   SVP, Treasurer

Signature Page

	
 

	
 

	
 

	
 

	
BANK OF AMERICA, N.A., as

	
 

	
Administrative Agent, L/C Issuer, Swing Line

	
 

	
Lender, Foreign Currency Lead Lender and Lender

	
 

	
 

	
 

	
 

	

By:

	
 

	
Name: Edwin B. Cox

	
 

	
Title:   Senior Vice President

Signature Page

	
 

	
 

	
 

	
 

	
HSBC BANK PLC, 

 as Lender

	
 

	
 

	
 

	
 

	
By 

	

	
 

	
 

	

	
 

	
 

	
Name: Paul Hagger

	
 

	
 

	
Title:   Global Relationship Manager

	
 

	
 

	
 

	
 

	
THE CIT GROUP/BUSINESS CREDIT, INC.,

 as Lender

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
RBS Citizens N.A.,

 as Lender

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
UNITED OVERSEAS BANK LIMITED,

 NEW YORK AGENCY, as Lender

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
COMERICA BANK,

 as Lender

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

Signature
Page

	
 

	
 

	
 

	
 

	
HSBC BANK PLC,

 as Lender

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
THE CIT GROUP/BUSINESS
 CREDIT, INC.,

 as Lender

	
 

	
 

	
 

	
 

	
By 

	

	
 

	
 

	

	
 

	
 

	
Name: Evelyn Kusold

	
 

	
 

	
Title:   Vice President 

	
 

	
 

	
 

	
 

	
RBS Citizens N.A.,

 as Lender

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
UNITED OVERSEAS BANK
 LIMITED,

 NEW YORK AGENCY, as Lender

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
COMERICA BANK,

 as Lender

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

Signature Page

	
 

	
 

	
 

	
 

	
HSBC BANK PLC, 

 as Lender 

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
THE CIT GROUP/BUSINESS CREDIT, INC., 

 as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
RBS Citizens N.A., 

 as Lender 

	
 

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name: Martin Efron

	
 

	
 

	
Title:   SVP

	
 

	
 

	
 

	
 

	
UNITED OVERSEAS BANK LIMITED, 

 NEW YORK AGENCY, as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
COMERICA BANK, 

 as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

Signature Page

	
 

	
 

	
 

	
 

	
HSBC BANK PLC, 

 as Lender 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
THE CIT GROUP/BUSINESS
 CREDIT, INC., 

 as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
RBS Citizens N.A., 

 as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
UNITED OVERSEAS BANK
 LIMITED, 

 NEW YORK AGENCY, as Lender 

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name: George Lim 

	
 

	
 

	
Title:   SVP
 & GM

	
 

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name: Mario Sheng 

	
 

	
 

	
Title:   AVP

	
 

	
 

	
 

	
 

	
COMERICA BANK, 

 as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

Signature Page

	
 

	
 

	
 

	
 

	
HSBC BANK PLC,

	
 

	
as Lender

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
THE CIT GROUP/BUSINESS CREDIT, INC.,

	
 

	
as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
RBS Citizens N.A., 

	
 

	
as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
UNITED OVERSEAS BANK LIMITED, 

	
 

	
NEW YORK AGENCY, as Lender

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
COMERICA BANK, 

	
 

	
as Lender

	
 

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name: Chris Rice

	
 

	
 

	
Title:   Corporate Banking Officer

Signature Page

	
 

	
 

	
 

	
 

	
ISRAEL
 DISCOUNT BANK OF NEW YORK,
as Lender

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
Name: 

	
Barry Solomon

	
 

	
Title:

	
First Vice President

	
 

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
Name: 

	
Roy Grossman

	
 

	
Title:

	
Senior Vice President I

	
 

	
 

	
 

	
 

	
CAPITAL ONE LEVERAGE
 FINANCE CORP.

 (Formerly NORTH FORK BUSINESS
 CAPITAL

 CORPORATION), as Lender

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
WEBSTER
 BUSINESS CREDIT CORPORATION,
as Lender

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ISRAEL DISCOUNT BANK OF NEW YORK, 

	
 

	
as Lender

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
CAPITAL ONE LEVERAGE FINANCE CORP.

	
 

	
(Formerly NORTH FORK BUSINESS CAPITAL

	
 

	
CORPORATION), as Lender

	
 

	
 

	
 

	
 

	
By 

	
    

	
 

	
 

	

	
 

	
 

	
Name: Ron Walker

	
 

	
 

	
Title:   Senior Vice President

	
 

	
 

	
 

	
 

	
WEBSTER BUSINESS CREDIT
 CORPORATION,

 as Lender

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

Signature Page

	
 

	
 

	
 

	
 

	
ISRAEL
 DISCOUNT BANK OF NEW YORK,

 as Lender

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
CAPITAL ONE LEVERAGE
 FINANCE CORP.

 (Formerly NORTH FORK BUSINESS CAPITAL

 CORPORATION), as Lender

	
 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
WEBSTER BUSINESS CREDIT
 CORPORATION, 

 as Lender

	
 

	
 

	
 

	
 

	
By 

	
  

	
 

	
 

	

	
 

	
 

	
Name: Daniel C. Dupré

	
 

	
 

	
Title:   Vice President

Signature Page

CONSENT

Dated as of February 4, 2009

          Each
of the undersigned, as a Guarantor under the Credit Agreement referred to in
the foregoing Amendment and a Grantor under the Collateral Documents referred
to in the Credit Agreement hereby
consents to such Amendment and hereby confirms and agrees that (a)
notwithstanding the effectiveness of such Amendment, each of the Guaranty
contained in the Credit Agreement and
the grant of Collateral contained in the Collateral Documents is, and shall continue to be, in full force and effect and is
hereby ratified and confirmed in all respects, except that, on and after
the effectiveness of such Amendment, each reference in the Loan Documents to “Credit Agreement”, “thereunder”,
“thereof” or
words of like import shall mean and be a reference to the Credit
Agreement, as amended by such Amendment and (b) the Collateral Documents to which such Grantor is a party and
all of the Collateral described therein do, and shall continue to, secure the payment of all of the Secured Obligations
(as such term is defined in the
Collateral Documents).

	
 

	
 

	
 

	
 

	
GUARANTORS AND
 GRANTORS:

	
 

	
 

	
 

	
 

	
SOTHEBY’S FINE ART HOLDINGS,
 INC. 

	
 

	
SOTHEBY’S FINANCIAL SERVICES,
 INC.

	
 

	
SOTHEBY’S FINANCIAL SERVICES

	
 

	
CALIFORNIA, INC.

	
 

	
OBERON, INC. 

	
 

	
THETA, INC.

	
 

	
SOTHEBY’S VENTURES, LLC 

	
 

	
SOTHEBY’S ASIA, INC.

	
 

	
YORK WAREHOUSE, INC.

	
 

	
SPTC, INC.

	
 

	
SOTHEBY’S PARKE BERNET, INC. 

	
 

	
YORK AVENUE DEVELOPMENT, INC. 

	
 

	
SOTHEBY’S THAILAND, INC. 

	
 

	
SOTHEBY’S HOLDINGS
 INTERNATIONAL, INC.

	
 

	
SOTHEBY’S NEVADA, INC. 

	
 

	
SOTHEBYS.COM AUCTIONS, INC. 

	
 

	
SIBS, LLC

	
 

	
SOTHEBY’S.COM LLC 

	
 

	
SOTHEBY’S RES, INC. 

	
 

	
SUNRISE LIQUORS & WINES,
 INC.

	
 

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name: Michael L. Gillis

	
 

	
 

	
Title:   SVP, Treasurer

Consent

	
 

	
 

	
 

	
 

	
SOTHEBY’S

	
 

	
 

	
 

	
 

	
By 

	

	
 

	
 

	

	
 

	
 

	
Name:  Michael L. Gillis

	
 

	
 

	
Title:    SVP, Treasurer

	
 

	
 

	
 

	
 

	
SOTHEBY’S,
 INC.

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name:  Michael L. Gillis

	
 

	
 

	
Title:    SVP, Treasurer

	
 

	
 

	
 

	
 

	
OATSHARE
 LIMITED

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name:  William S. Sheridan

	
 

	
 

	
Title:    EVP & Chief Financial Officer

	
 

	
 

	
 

	
 

	
SOTHEBY’S
 FINANCIAL SERVICES LTD.

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name:  William S. Sheridan

	
 

	
 

	
Title:    EVP & Chief Financial Officer

	
 

	
 

	
 

	
 

	
CATALOGUE
 DISTRIBUTION COMPANY

 LIMITED

	
 

	
 

	
 

	
 

	
By

	

	
 

	
 

	

	
 

	
 

	
Name:  William S. Sheridan

	
 

	
 

	
Title:    EVP & Chief Financial Officer

Consentex4-63_1321319.htm

    EXHIBIT
4.6.3

    

    SECOND SUPPLEMENTAL INDENTURE dated as
of February 11, 2009 (this “Supplemental
Indenture”), among Barzel Industries Inc., a Delaware corporation (the
“Additional Subsidiary
Guarantor”), a direct wholly-owned subsidiary of Novamerican Steel Inc.
f/k/a Symmetry Holdings Inc., a Delaware corporation (“Novamerican”),
Novamerican Steel Finco Inc., a Delaware corporation (the “Company”),
Novamerican, the other Subsidiary Guarantors (as defined in the Indenture
referred to herein) and The Bank of New York Mellon f/k/a The Bank of New York,
as Trustee under the Indenture (the “Trustee”).

     

    W I T N E
S S E T H:

     

    WHEREAS, Novamerican, the Company and
the Subsidiary Guarantors party thereto have heretofore executed and delivered
to the Trustee an indenture dated as of November 15, 2007, as amended by the
First Supplemental Indenture dated as of December 3, 2007 (as so amended, the
“Indenture”),
providing for the issuance of an aggregate principal amount of $315,000,000 of
11.5% Senior Secured Notes due 2015 (the “Notes”);

     

    WHEREAS, in its discretion, Novamerican
may have the Additional Subsidiary Guarantor, and Section 4.13 of the Indenture
provides that under certain circumstances Novamerican shall cause the Additional
Subsidiary Guarantor to, execute and deliver to the Trustee a Guaranty Agreement
pursuant to which the Additional Subsidiary Guarantor will Guarantee payment of
the Securities on the same terms and conditions as those set forth in the
Indenture;

     

    WHEREAS, Novamerican has formed the
Additional Subsidiary Guarantor for the purpose of merging the Additional
Subsidiary Guarantor with and into it in order to effect a name change from
Novamerican Steel Inc. to Barzel Industries Inc. in the State of Delaware in
December 2008;

     

    WHEREAS, following the name change
merger, the Additional Subsidiary Guarantor will be merged with and into
Novamerican and its existence will cease; and

     

    WHEREAS, pursuant to Sections 9.01(1),
9.01(4) and 9.06 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

     

    NOW THEREFORE, in consideration of the
foregoing and for good and valuable consideration, the receipt of which is
hereby acknowledged, Novamerican, the Company, the Additional Subsidiary
Guarantor, the other Subsidiary Guarantors and the Trustee mutually covenant and
agree for the equal and ratable benefit of the Holders of the Notes as
follows:

     

    SECTION 1.  Capitalized
Terms.  Capitalized terms used herein but not defined shall
have the meanings assigned to them in the Indenture.

     

    SECTION 2.  [intentionally
omitted]

     

    SECTION 3.  Guaranties.  The
Additional Subsidiary Guarantor hereby unconditionally and irrevocably
guarantees, jointly and severally, to each Holder and to the

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Trustee
and its successors and assigns (a) the full and punctual payment of principal of
and interest on the Securities when due, whether at maturity, by acceleration,
by redemption or otherwise, and all other monetary obligations of the Company
under the Indenture and the Securities and (b) the full and punctual performance
within applicable grace periods of all other obligations of the Company under
the Indenture and the Securities. The Additional Subsidiary Guarantor further
agrees that the Guaranteed Obligations may be extended or renewed, in whole or
in part, without notice to or further assent from the Additional Subsidiary
Guarantor and that the Additional Subsidiary Guarantor will remain bound under
this Supplemental Indenture notwithstanding any extension or renewal of any
Obligation.

     

    The Additional Subsidiary Guarantor
waives presentation to, demand of, payment from and protest to the Company of
any of the Guaranteed Obligations and also waives notice of protest for
nonpayment. The Additional Subsidiary Guarantor waives notice of any default
under the Securities or the Guaranteed Obligations.  The obligations
of the Additional Subsidiary Guarantor hereunder shall not be affected by (a)
the failure of any Holder or the Trustee to assert any claim or demand or to
enforce any right or remedy against the Company or any other Person (including
any Guarantor) under the Indenture, this Supplemental Indenture, the Securities
or any other agreement or otherwise; (b) any extension or renewal of any
thereof; (c) any rescission, waiver, amendment or modification of any of the
terms or provisions of the Indenture, this Supplemental Indenture, the
Securities or any other agreement; (d) the release of any security held by any
Holder or the Trustee for the Guaranteed Obligations or any of them; (e) the
failure of any Holder or the Trustee to exercise any right or remedy against any
other guarantor of the Guaranteed Obligations; or (f) except as set forth in
Section 8 of this Supplemental Indenture, any change in the ownership of the
Additional Subsidiary Guarantor.

     

    The Additional Subsidiary Guarantor
further agrees that its Note Guarantee herein constitutes a guarantee of
payment, performance and compliance when due (and not a guarantee of collection)
and waives any right to require that any resort be had by any Holder or the
Trustee to any security held for payment of the Guaranteed
Obligations.

     

    Except as expressly set forth in
Section 8.01(b) of the Indenture and Sections 4 and 8 of this Supplemental
Indenture, the obligations of the Additional Subsidiary Guarantor hereunder
shall not be subject to any reduction, limitation, impairment or termination for
any reason, including any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality
or unenforceability of the Guaranteed Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of the Additional Subsidiary
Guarantor herein shall not be discharged or impaired or otherwise affected by
the failure of any Holder or the Trustee to assert any claim or demand or to
enforce any remedy under the Indenture, this Supplemental Indenture, the
Securities or any other agreement, by any waiver or modification of any thereof,
by any default, failure or delay, willful or otherwise, in the performance of
the obligations, or by any other act or thing or omission or delay to do any
other act or thing which may or might in any manner or to any extent vary the
risk of the Additional Subsidiary Guarantor or would otherwise operate as a
discharge of the Additional Subsidiary Guarantor as a matter of law or
equity.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    The Additional Subsidiary Guarantor
further agrees that its Note Guarantee shall remain in full force and effect
until payment in full of all the Guaranteed Obligations or such Note Guarantee
is released in compliance with Section 8 of this Supplemental Indenture or upon
the merger or the sale of all the Capital Stock or assets of the Additional
Subsidiary Guarantor in compliance with Section 4.06 or Article 5 of the
Indenture. The Additional Subsidiary Guarantor further agrees that its Guarantee
herein shall continue to be effective or be reinstated, as the case may be, if
at any time payment, or any part thereof, of principal of or interest on any
Obligation is rescinded or must otherwise be restored by any Holder or the
Trustee upon the bankruptcy or reorganization of the Company or
otherwise.

     

    In furtherance of the foregoing and not
in limitation of any other right which any Holder or the Trustee has at law or
in equity against the Additional Subsidiary Guarantor by virtue hereof, upon the
failure of the Company to pay the principal of or interest on any Obligation
when and as the same shall become due, whether at maturity, by acceleration, by
redemption or otherwise, or to perform or comply with any other Obligation, the
Additional Subsidiary Guarantor hereby promises to and shall, upon receipt of
written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to
the Holders or the Trustee an amount equal to the sum of (A) the unpaid amount
of such Guaranteed Obligations, (B) accrued and unpaid interest on such
Guaranteed Obligations (but only to the extent not prohibited by law) and (C)
all other monetary Guaranteed Obligations of the Company to the Holders and the
Trustee.

     

    The Additional Subsidiary Guarantor
agrees that, as between it, on the one hand, and the Holders and the Trustee, on
the other hand, (i) the maturity of the Guaranteed Obligations hereby may be
accelerated as provided in Article 6 of the Indenture for the purposes of the
Additional Subsidiary Guarantor’s Note Guarantee herein, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of
the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any
declaration of acceleration of such Guaranteed Obligations as provided in
Article 6 of the Indenture, such Guaranteed Obligations (whether or not due and
payable) shall forthwith become due and payable by the Additional Subsidiary
Guarantor for the purposes of this Supplemental Indenture.

     

    The Additional Subsidiary Guarantor
also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights
under this Section 3.

     

    SECTION 4. Limitation on
Liability.  Any term or provision of the Indenture or this
Supplemental Indenture to the contrary notwithstanding, the maximum aggregate
amount of the Guaranteed Obligations guaranteed hereunder by the Additional
Subsidiary Guarantor shall not exceed the maximum amount that can be hereby
guaranteed without rendering the Indenture or this Supplemental Indenture, as it
relates to the Additional Subsidiary Guarantor, voidable under applicable law
relating to fraudulent conveyance or fraudulent transfer or similar laws
affecting the rights of creditors generally.

     

    SECTION 5. Successors and
Assigns.  This Supplemental Indenture shall be binding upon the
Additional Subsidiary Guarantor and its successors and assigns and shall inure
to the benefit of the successors and assigns of the Trustee and the Holders and,
in the event of any transfer or assignment of rights by any Holder or the
Trustee, the rights and privileges

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    conferred
upon that party in the Indenture or this Supplemental Indenture and in the
Securities shall automatically extend to and be vested in such transferee or
assignee, all subject to the terms and conditions of the Indenture and this
Supplemental Indenture.

     

    SECTION 6.  No
Waiver.  Neither a failure nor a delay on the part of either
the Trustee or the Holders in exercising any right, power or privilege under
this Supplemental Indenture shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise of any
right, power or privilege. The rights, remedies and benefits of the Trustee and
the Holders herein expressly specified are cumulative and not exclusive of any
other rights, remedies or benefits which either may have under this Supplemental
Indenture at law, in equity, by statute or otherwise.

     

    SECTION 7.  Modification.  No
modification, amendment or waiver of any provision of this Supplemental
Indenture, nor the consent to any departure by the Additional Subsidiary
Guarantor therefrom, shall in any event be effective unless the same shall be in
writing and signed by the Trustee, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No
notice to or demand on the Additional Subsidiary Guarantor in any case shall
entitle the Additional Subsidiary Guarantor to any other or further notice or
demand in the same, similar or other circumstances.

     

    SECTION 8. Release.  The
Additional Subsidiary Guarantor will be released from its obligations under the
Indenture and this Supplemental Indenture (other than any obligation that may
have arisen under Section 9 of this Supplemental Indenture), in accordance with,
and in compliance with, the provisions of Section 10.06 of the
Indenture.

     

    SECTION 9.  Contribution.  If
the Additional Subsidiary Guarantor makes a payment under its Note Guarantee, it
shall be entitled upon payment in full of all Guaranteed Obligations under the
Indenture and this Supplemental Indenture to a contribution from each other
Guarantor in an amount equal to such other Guarantor’s pro rata portion of such
payment based on the respective net assets of all the Guarantors at the time of
such payment determined in accordance with GAAP.

     

    SECTION 10.  No Recourse Against
Others.  A director, officer, incorporator, employee or
stockholder, as such, of the Additional Subsidiary Guarantor shall not have any
liability for any obligations of Novamerican, the Company or any Subsidiary
Guarantor (including the Additional Subsidiary Guarantor) under the Securities,
the Indenture, this Supplemental Indenture, the Security Documents, the
Intercreditor Agreement or any Intercompany Note Document or for any claim based
on, in respect of or by reason of such obligations or their creation. By
accepting a Security, each Holder shall waive and release all such liability.
The waiver and release shall be part of the consideration for the issue of the
Securities.

     

    SECTION 11.  Governing
Law.  This Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    SECTION 12.  Multiple
Originals.  The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this
Supplemental Indenture.

     

    SECTION 13.  Headings.  The
headings of the Sections of this Supplemental Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof
and shall not modify or restrict any of the terms or provisions
hereof.

     

    SECTION 14. Full Force and
Effect.  Except as expressly amended hereby, each provision of
the Indenture shall remain in full force and effect; and all the Indenture’s
provisions with respect to the Trustee’s rights, privileges, immunities, powers
and duties shall be applicable in respect hereof as fully and with like effect
as if set forth herein in full, with such omissions, variations or insertions,
if any, as may be appropriate to make the same conform to this Supplemental
Indenture.  From and after the date hereof, this Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder
of Securities heretofore or hereafter authenticated and delivered shall be bound
hereby.

     

    SECTION 15. Trustee.  All
recitations or recitals contained in this Supplemental Indenture are made by and
on behalf of the Company and the Guarantors only, and the Trustee is in no way
responsible for the correctness of any statement herein contained or for the
validity or sufficiency of this Supplemental Indenture.  The execution
by the Trustee of this Supplemental Indenture shall not be construed to be an
approval or disapproval by the Trustee of the advisability of the action being
taken herein by the Company and the Guarantors.

     

    [remainder
of page intentionally left blank]

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the parties have
caused this Supplemental Indenture to be duly executed as of the date first
written above.

     

    
      	 
      	 
      	
              BARZEL
      INDUSTRIES INC., as Additional Subsidiary Guarantor,

            
	 
      	 
      	
              By

            	
               

               

                /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      President and Treasurer

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              NOVAMERICAN
      STEEL FINCO INC., as Issuer,

            
	 
      	 
      	
              By

            	
               

               

                /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      President and Treasurer

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              NOVAMERICAN
      STEEL INC. f/k/a Symmetry Holdings Inc., as Guarantor,

            
	 
      	 
      	
              By

            	
               

               

                /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      Chief Executive Officer

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              NOVAMERICAN
      STEEL HOLDINGS INC., as Subsidiary Guarantor,

            
	 
      	 
      	
              By

            	
               

               

               /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      President and Treasurer

            
	 
      	 
      	 
      	 
      

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    
      	 
      	 
      	
              NOVAMERICAN
      STEEL U.S. INC. f/k/a Integrated Steel Industries, Inc., as Subsidiary
      Guarantor,

            
	 
      	 
      	
              By

            	
               

               

                /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      President and Treasurer

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              AMERICAN
      STEEL AND ALUMINUM CORPORATION, as Subsidiary
Guarantor,

            
	 
      	 
      	
              By

            	
               

               

                /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      President and Treasurer

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              NOVA
      TUBE AND STEEL, INC., as Subsidiary Guarantor,

            
	 
      	 
      	
              By

            	
               

               

                /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      President and Treasurer

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              NOVAMERICAN
      TUBE HOLDINGS, INC., as Subsidiary Guarantor,

            
	 
      	 
      	
              By

            	
               

               

               /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      President and Treasurer

            
	 
      	 
      	 
      	 
      

    

    

    [Signature
Page to Supplemental Indenture]

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    
      	 
      	 
      	
              NOVA
      TUBE INDIANA, LLC, as Subsidiary Guarantor,

            
	 
      	 
      	
              By

            	
               

               

               /s/
      Corrado De Gasperis

            
	 
      	 
      	 
      	
              Name:
      Corrado De Gasperis

              Title:
      President and Treasurer

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              THE
      BANK OF NEW YORK MELLON f/k/a The Bank of New York, as
Trustee

               

            
	 
      	 
      	
              by

            	
               

               

              /s/
      Christopher Greene

            
	 
      	 
      	 
      	
              Name:
      Christopher Greene

              Title:
      Vice President

            
	 
      	 
      	 
      	 
      

    

    

    
      
        	
                ACKNOWLEDGED:

                 

                BNY
      TRUST COMPANY OF CANADA,

                as
      Canadian Collateral Agent

              	 
      
	
                by

              	
                 

                 

                 /s/
      George A. Bragg

              	 
      
	 
      	
                Name:  George
      A. Bragg

                Title:  Vice-President

              	 
      
	 
      	 
      	 
      

      

    

    

    

    

    

    

    

    

    

    

    

    

    

    [Signature
Page to Supplemental Indenture]

    

    
      
         

      

      
        8

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