Document:

<PAGE>

                           OMNIBUS AMENDMENT AGREEMENT

                                   containing

                 AMENDMENT NO. 1 TO SALE AND SERVICING AGREEMENT

                          SUPPLEMENTAL INDENTURE NO. 1

                                       and

                   AMENDMENT NO. 1 TO NOTE PURCHASE AGREEMENT

                          dated as of November 8, 2006

                                      among

                           PAGE THREE FUNDING LLC, as
                              Purchaser and Issuer,

                      CONSUMER PORTFOLIO SERVICES, INC., as
                               Seller and Servicer

                   WELLS FARGO BANK, NATIONAL ASSOCIATION, as
   Trustee, Backup Servicer, Bank, Lockbox Processor and Deposit Account Bank

                          BEAR, STEARNS & CO. INC., as
                                 Note Purchaser

                                       and

                       BEAR, STEARNS SECURITIES CORP., as
                       Noteholder and Majority Noteholder

<PAGE>

                           OMNIBUS AMENDMENT AGREEMENT

         This OMNIBUS AMENDMENT AGREEMENT (this "AMENDMENT"), dated as of
November 8, 2006, is by and among Page Three Funding LLC, as purchaser (in such
capacity, the "PURCHASER") and as issuer (in such capacity, the "ISSUER"),
Consumer Portfolio Services, Inc., as servicer (in such capacity, the
"SERVICER") and as seller (in such capacity, the "SELLER") and Wells Fargo Bank,
National Association, as trustee (in such capacity, the "TRUSTEE"), backup
servicer (in such capacity, the "BACKUP SERVICER"), depository bank (in such
capacity solely for purposes of Section 7(e), the "BANK"), lockbox processor (in
such capacity solely for purposes of Section 7(e), the "LOCKBOX PROCESSOR") and
deposit account bank (in such capacity solely for purposes of Section 7(e), the
"DEPOSIT ACCOUNT BANK"), Bear, Stearns & Co. Inc., as successor note purchaser
(in such capacity, the "NOTE PURCHASER"), and Bear, Stearns Securities Corp., as
successor noteholder (in such capacity, the "NOTEHOLDER") and majority
noteholder (in such capacity, the "MAJORITY NOTEHOLDER").

         WHEREAS, the Purchaser, the Issuer, the Seller, the Servicer, the
Trustee and the Backup Servicer have entered into the Sale and Servicing
Agreement dated as of November 15, 2005, as the same may be amended, amended and
restated, supplemented or otherwise modified in accordance with its terms (the
"SALE AND SERVICING AGREEMENT");

         WHEREAS, the Issuer and the Trustee have entered into the Indenture
dated as of November 15, 2005, as the same may be amended, amended and restated,
supplemented or otherwise modified in accordance with its terms (the
"INDENTURE");

         WHEREAS, the Issuer, the Purchaser, the Seller, the Servicer and Bear,
Stearns International Limited ("BSIL") have entered into the Note Purchase
Agreement dated as of November 15, 2005, as the same may be amended, amended and
restated, supplemented or otherwise modified in accordance with its terms (the
"NOTE PURCHASE AGREEMENT");

         WHEREAS, BSIL and Bear, Stearns & Co. Inc. have entered into that
certain Assignment and Assumption Agreement dated as of December 30, 2005
pursuant to which BSIL sold and assigned, and Bear, Stearns & Co. Inc. purchased
and assumed, among other things, all of BSIL's rights and obligations as "Note
Purchaser" under the Note Purchase Agreement and the other Basic Documents and
any other documents or instruments delivered pursuant thereto; and

         WHEREAS, the parties hereto desire to amend (i) the Sale and Servicing
Agreement in certain respects as provided below with the consent of the
Noteholder in accordance with the terms and provisions of Section 11.1 of the
Sale and Servicing Agreement; (ii) the Indenture in certain respects as provided
below with the consent of the Note Purchaser and the Majority Noteholders in
accordance with the terms and provisions of Section 9.1(b) of the Indenture; and
(iii) the Note Purchase Agreement in certain respects as provided below in
accordance with the terms and provisions of Section 8.01 of the Note Purchase
Agreement.

         NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the adequacy, receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

                                     - 2 -
<PAGE>

         Section 1. DEFINED TERMS. As used in this Amendment capitalized terms
have the same meanings assigned thereto in the Annex A to the Sale and Servicing
Agreement.

         Section 2. AMENDMENTS TO SALE AND SERVICING AGREEMENT. The Sale and
Servicing Agreement is hereby amended as follows:

              (A) Subparagraphs (v) and (vi) of Section 2.1(a) of the Sale and
         Servicing Agreement are hereby amended and restated to read as follows:

                        (v) all proceeds from recourse against Dealers or
                   Consumer Lenders with respect to the Receivables and all
                   other rights (but none of the obligations) of the Seller
                   under any agreements with Dealers or Consumer Lenders;

                        (vi) refunds for the costs of extended service contracts
                   with respect to Financed Vehicles securing the Receivables,
                   refunds of unearned premiums with respect to credit life and
                   credit accident and health insurance policies or certificates
                   covering an Obligor or Financed Vehicle under a Receivable or
                   his or her obligations with respect to a Financed Vehicle and
                   any recourse to Dealers or Consumer Lenders for any of the
                   foregoing;

              (B) Subparagraph (i) of Section 3.1(a) of the Sale and Servicing
         Agreement is hereby amended and restated to read as follows:

                        (i) CHARACTERISTICS OF RECEIVABLES. Each Receivable (1)
                   is evidenced either by (i) a retail installment sale contract
                   or (ii) an installment promissory note and security
                   agreement; (2) if such Receivable is evidenced by a retail
                   installment sale contract, has been originated in the United
                   States of America by a Dealer for the retail sale of a
                   Financed Vehicle in the ordinary course of such Dealer's
                   business and without any fraud or misrepresentation on the
                   part of the Dealer, such Dealer had all necessary licenses
                   and permits to originate such Receivables in the state where
                   such Dealer was located, has been fully and properly executed
                   by the parties thereto, has been purchased by the Seller
                   directly from the Dealer in connection with the sale of
                   Financed Vehicles by the Dealer and has been validly assigned
                   without any intervening assignments by such Dealer to the
                   Seller in accordance with its terms; (3) if such Receivable
                   is evidenced by an installment promissory note and security
                   agreement, has been originated in the United States of
                   America by a Consumer Lender in the ordinary course of such
                   Consumer Lender's business and without any fraud or
                   misrepresentation on the part of such Consumer Lender or the
                   Dealer, and such Consumer Lender had all necessary licenses
                   and permits to originate such Receivable in the State where
                   such Receivable was originated and where such Consumer Lender
                   was located, and such Receivable has been fully and properly
                   executed by the parties thereto, has been purchased by the
                   Seller directly from the Consumer Lender (if the Consumer
                   Lender is not the Seller) in connection with the sale of
                   Financed Vehicles by the Dealer and has been validly assigned
                   by such Consumer Lender without any intervening assignments
                   by such Consumer Lender to the Seller (if the Consumer Lender
                   is not the Seller); (4) has created a valid, subsisting, and

                                     - 3 -
<PAGE>

                   enforceable first priority perfected security interest in
                   favor of the Seller or the Consumer Lender, as applicable, in
                   the Financed Vehicle, which security interest has been
                   validly assigned by the Seller to the Purchaser or by the
                   Consumer Lender to the Seller (if the Consumer Lender is not
                   the Seller) and by the Seller to the Purchaser, as
                   applicable, and by the Purchaser to the Trustee; (5) contains
                   customary and enforceable provisions such that the rights and
                   remedies of the holder or assignee thereof shall be adequate
                   for realization against the collateral of the benefits of the
                   security including without limitation a right of repossession
                   following a default; (6) provides for level weekly,
                   bi-weekly, semi-monthly or monthly payments that fully
                   amortize the Amount Financed over the original term (except
                   for the last payment, which may be different from the level
                   payment but in no event shall exceed three times such level
                   payment) and yields interest at the Annual Percentage Rate;
                   (7) if such Receivable is evidenced by a retail installment
                   sale contract, was originated by a Dealer to an Obligor and
                   was sold by the Dealer to the Seller, or if such Receivable
                   is evidenced by an installment promissory note and security
                   agreement, was originated by a Consumer Lender to an Obligor
                   and, if not originated by Seller, has been sold by such
                   Consumer Lender to the Seller, in each case without any fraud
                   or misrepresentation on the part of Seller, such Consumer
                   Lender, such Dealer or the related Obligor; (8) is
                   denominated in U.S. dollars; (9) provides, in the case of
                   prepayment, for the full payment of the Principal Balance
                   thereof plus accrued interest through the date of prepayment
                   based on the APR of the Receivable; and (10) contains no
                   obligation to lend more money to the related Obligor in the
                   future.

              (C) Subparagraphs (B) and (E) of clause (ii) of Section 3.1(a) of
         the Sale and Servicing Agreement are hereby amended and restated to
         read as follows:

                           (B) each Related Receivable is not more than 30 days
                  past due with respect to more than 10% of any Scheduled
                  Receivable Payment as of the related Cutoff Date and no funds
                  have been advanced by the Seller, any Dealer, any Consumer
                  Lender or anyone acting on their behalf in order to cause any
                  Related Receivable to satisfy such requirement;

                           (E) each Related Receivable that is a Seasoned
                  Receivable shall (i) not have an Obligor that has failed to
                  make the first Scheduled Receivable Payment due on such
                  Seasoned Receivable, (ii) not have been sold to the Purchaser
                  and pledged to the Trustee for the benefit of the Noteholders
                  and the Note Purchaser more than 120 days after the Seller
                  paid the related Dealer or Consumer Lender (if such Consumer
                  Lender is not the Seller) for such Seasoned Receivable, (iii)
                  not have an Obligor that has ever been delinquent in payment
                  with respect to such Seasoned Receivable for more than sixty
                  (60) days.

              (D) The last sentence of clause (xv) of Section 3.1(a) of the Sale
         and Servicing Agreement is hereby amended and restated to read as
         follows:

                   No Dealer or Consumer Lender (unless such Consumer Lender is
              the Seller) has a participation in, or other right to receive,
              proceeds of any Receivable.

                                     - 4 -
<PAGE>

              (E) The last sentence of clause (xvi) of Section 3.1(a) of the
         Sale and Servicing Agreement is hereby amended and restated to read as
         follows:

                   For the validity of such sales, transfers, assignments and
              pledges, no consent by any Dealer, Consumer Lender, Obligor or any
              other Person is required under any agreement or applicable law.

              (F) Clause (xxvi) of Section 3.1(a) of the Sale and Servicing
         Agreement is hereby amended and restated to read as follows:

                   (xxvi) OBLIGATION TO DEALERS OR OTHERS. The Purchaser and its
              assignees will assume no obligation to Dealers, Consumer Lenders
              or other originators or holders of the Related Receivables
              (including, but not limited to under dealer reserves) as a result
              of its purchase of the Related Receivables.

              (G) Section 3.1(a) of the Sale and Servicing Agreement is hereby
         amended by adding the following clause (xlvi) in appropriate numerical
         order to read as follows:

                   (xlvi) CONSUMER LENDERS. Each Consumer Lender has obtained
              all necessary licenses and approvals in all jurisdictions in which
              the origination and purchase of installment promissory notes and
              security agreements and the sale thereof to the Seller requires or
              shall require such licenses or approvals, except where the failure
              to obtain such licenses or approvals would not result in a
              Material Adverse Effect.

              (H) The first sentence of Section 4.1 of the Sale and Servicing
         Agreement is hereby amended and restated to read as follows:

                   Section 4.1 DUTIES OF SERVICER. The Servicer, as agent for
              the Purchaser, the Note Purchaser and the Noteholders, shall
              manage, service, administer and make collections on the
              Receivables with reasonable care, using that degree of skill and
              attention customary and usual for institutions that service motor
              vehicle retail installment sale contracts or installment
              promissory note and security agreements similar to the Receivables
              and, to the extent more exacting, that the Servicer exercises with
              respect to all comparable automotive receivables that it services
              for itself or others.

              (I) The penultimate sentence of Section 4.3 of the Sale and
         Servicing Agreement is hereby amended and restated to read as follows:

                   The Servicer shall follow such customary and usual practices
              and procedures as it shall deem necessary or advisable in its
              servicing of automotive receivables, consistent with the standards
              of care set forth in Section 4.2, which may include reasonable
              efforts to realize upon any recourse to Dealers or Consumer
              Lenders (if such Consumer Lender is not the Seller) and selling
              the Financed Vehicle at public or private sale.

                                     - 5 -
<PAGE>

              (J) Clause (3) of the first sentence of Section 4.11 of the Sale
         and Servicing Agreement is hereby amended and restated to read as
         follows:

                   (3) included an examination of the delinquency and loss
              statistics relating to the Servicer's portfolio of automobile and
              light truck installment sale contracts and promissory notes and
              security agreements;

              (K) The last sentence of Section 4.15 of the Sale and Servicing
         Agreement is hereby amended and restated to read as follows:

                   The Trustee agrees that if as of the Business Day succeeding
              the Payment Date occurring during any term of the Servicer, the
              Trustee shall not have received any Servicer Extension Notice as
              of such date, the Trustee shall, within five days thereafter, give
              written notice of such non receipt to the Note Purchaser and the
              Servicer and the Servicer's term shall not be extended unless a
              Servicer Extension Notice is received on or before the last day of
              such term.

              (L) Section 8.1 of the Sale and Servicing Agreement is hereby
         amended by amending and restating clause (b) thereof to read as
         follows:

                   (b) DUE QUALIFICATION. The Seller is duly qualified to do
              business as a foreign corporation in good standing and has
              obtained all necessary licenses and approvals, in all
              jurisdictions in which the ownership or lease of property or the
              conduct of its business (including, without limitation, the
              origination or purchase of motor vehicle retail installment sale
              contracts or installment promissory note and security agreements,
              the sale of the Receivables to the Purchaser hereunder, the
              servicing of the Receivables as required by this Agreement, and
              its other obligations hereunder and under the other Basic
              Documents) requires or shall require such qualification except
              where the failure to so qualify or obtain such licenses or
              consents would not result in a Material Adverse Effect or a
              Material Adverse Change.

              (M) Subparagraphs (v) and (vi) of Section 2 of the form of
         Assignment attached as Exhibit F to the Sale and Servicing Agreement
         are hereby amended and restated to read as follows:

                   (v) all proceeds from recourse against Dealers or Consumer
              Lenders with respect to the Receivables and all other rights (but
              none of the obligations) of the Seller under any agreements with
              Dealers or Consumer Lenders;

                   (vi) refunds for the costs of extended service contracts with
              respect to Financed Vehicles securing the Receivables, refunds of
              unearned premiums with respect to credit life and credit accident
              and health insurance policies or certificates covering an Obligor
              or Financed Vehicle under a Receivable or his or her obligations
              with respect to a Financed Vehicle and any recourse to Dealers or
              Consumer Lenders for any of the foregoing;

                                     - 6 -
<PAGE>

         Section 3. AMENDMENTS TO ANNEX A TO THE SALE AND SERVICING AGREEMENT.
Annex A to the Sale and Servicing Agreement is hereby amended as follows:

              (A) A new defined term "Advance Rate" is hereby added to read as
         follows:

                   "ADVANCE RATE" means 83%.

              (B) The defined term "Amount Financed" is hereby amended and
         restated to read as follows:

                   "AMOUNT FINANCED" means, with respect to a Receivable, the
              aggregate amount advanced under such Receivable toward the
              purchase price of the Financed Vehicle and any related costs,
              including amounts advanced in respect of accessories, insurance
              premiums, service and warranty contracts, other items customarily
              financed as part of a Contract, and related costs.

              (C) The defined term "Borrowing Base" is hereby amended and
         restated to read as follows:

                   "BORROWING BASE" means, as of any date of determination, an
              amount equal to the lesser of (A) 88% of Market Value and (B) the
              product of (I) the excess of (a) the aggregate Principal Balance
              of all Eligible Receivables as of such date of determination
              (after giving effect to any Available Funds allocable to principal
              payments made by the related Obligors) over (b) the Excess
              Concentration Amount for the Eligible Receivables and (II) the
              Advance Rate.

              (D) The defined term "Commitment Fee" is hereby amended and
         restated to read as follows:

                   "COMMITMENT FEE" means, with respect to any Settlement Date,
              for so long as no Funding Termination Event shall have occurred
              and be continuing, a fee in an amount equal to the product of (a)
              a fraction, the numerator of which is the actual number of days
              elapsed in the related Accrual Period and the denominator of which
              is 360, (b) twenty-five basis point (0.25%) and (c) the excess, if
              any, of (i) the Maximum Invested Amount over (ii) the daily
              average of the Invested Amount over the immediately preceding
              Accrual Period set forth in the related Servicer's Certificate as
              and to the extent verified by the Note Purchaser.

              (E) The defined term "Concentration Limits" is hereby amended to
         add a new clause (vi) thereto which shall read as follows:

                   (vi) Receivables evidenced by installment promissory note and
              security agreements shall not at any time represent more than 10%
              of the Aggregate Principal Balance of the Receivables.

                                     - 7 -
<PAGE>

              (F) The defined term "Contract" is hereby amended and restated to
         read as follows:

                   "CONTRACT" means a motor vehicle retail installment sale
              contract or, in the case of a Contract originated by a Consumer
              Lender, an installment promissory note and security agreement, in
              each case relating to the sale or refinancing of new or used
              automobiles, light duty trucks, vans or minivans, and any other
              documents related thereto from time to time.

              (G) A new defined term "Consumer Lender" is hereby added, to read
         as follows:

                   "CONSUMER LENDER" means a Person that is licensed under
              applicable law to originate loans to natural persons resident in
              one or more of the United States of America and authorized by CPS
              to participate in its direct lending program, and includes the
              Seller.

              (H) The defined term "Maximum Invested Amount" is hereby amended
         and restated to read as follows:

                   "MAXIMUM INVESTED AMOUNT" means $200,000,000.00.

              (I) The defined term "Net Acquisition Fee" is hereby amended and
         restated to read as follows:

                   "NET ACQUISITION FEE" means, for ANY Receivable, (a) the sum
              of (i) PLAUSA3 and (ii) PLASFE less (b) PLTDIF, in each case, as
              reflected in the Data Tape Fields delivered prior to each Funding
              Date pursuant to Section 2.1(b)(i) of the Sale and Servicing
              Agreement, which amount shall represent the difference between the
              original Principal Balance of the related Receivable and the
              amount paid by the Seller to the Dealer or Consumer Lender (if
              such Consumer Lender is not the Seller) for such Receivable
              (without giving effect to the Seller netting from such amount the
              first payment due with respect to such Receivable).

              (J) The defined term "Receivable" is hereby amended and restated
         to read as follows:

                   "RECEIVABLE" means each Contract listed on the Schedule of
              Receivables and all rights and obligations thereunder, except for
              Receivables that have become Purchased Receivables and, for the
              avoidance of doubt, shall include all Related Receivables (other
              than Related Receivables that have become Purchased Receivables).

              (K) The defined term "Scheduled Maturity Date" is hereby amended
         and restated to read as follows:

                                     - 8 -
<PAGE>

                   "SCHEDULED MATURITY DATE" means November 8, 2007 or such
              later date as agreed upon pursuant to Section 2.05 of the Note
              Purchase Agreement.

              (L) The defined term "Seasoned Receivable" is hereby amended and
         restated to read as follows:

                           "SEASONED RECEIVABLE" shall mean an Eligible
                  Receivable that was sold to the Purchaser and pledged to the
                  Trustee for the benefit of the Noteholders and the Note
                  Purchaser more than 31 days after the Seller paid the related
                  Dealer or Consumer Lender (if such Consumer Lender is not the
                  Seller) for such Eligible Receivable.

         Section 4. AMENDMENTS TO INDENTURE. The Indenture is hereby amended as
follows:

              (A) Subparagraphs (e) and (f) of the Granting Clause of the
         Indenture are hereby amended and restated in their entirety to read as
         follows:

                   (e) all proceeds from recourse against Dealers or Consumer
              Lenders with respect to the Receivables and all other rights (but
              none of the obligations) of the Seller under any agreements with
              Dealers or Consumer Lenders;

                   (f) refunds for the costs of extended service contracts with
              respect to Financed Vehicles securing Receivables, refunds of
              unearned premiums with respect to credit life and credit accident
              and health insurance policies or certificates covering an Obligor
              or Financed Vehicle under a Receivable or his or her obligations
              with respect to a Financed Vehicle and any recourse to Dealers or
              Consumer Lenders for any of the foregoing;

              (B) The following paragraph is hereby added as the penultimate
         paragraph of Section 2.05(e) of the Indenture:

                   THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AND
                   SUBJECT TO INCREASES AND DECREASES AS SET FORTH HEREIN AND
                   IN THE INDENTURE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
                   AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
                   SHOWN ON THE FACE HEREOF.

              (C) Section 2.7 of the Indenture is hereby amended and restated to
         read as follows:

                   SECTION 2.7 PERSON DEEMED OWNER. Prior to due presentment for
              registration of transfer of any Note, the Trustee and any agent of
              the Trustee may treat the Person in whose name such Note is
              registered (as of the applicable Record Date) as the owner of such
              Note for the purpose of receiving payments of principal of and
              interest, if any, on such Note, for all other purposes whatsoever
              and whether or not such Note be overdue, and none of the Issuer,
              the Trustee or any agent of the Issuer or the Trustee shall be
              affected by notice to the contrary.

                                     - 9 -
<PAGE>

              (D) Section 9.1 of the Indenture is hereby amended to add a new
         heading to read as follows:

                   SECTION 9.1 SUPPLEMENTAL INDENTURES WITH CONSENT OF THE NOTE
              PURCHASER AND THE MAJORITY NOTEHOLDERS.

              (E) The heading and introductory paragraph of Section 9.2 of the
         Indenture is hereby amended and restated to read as follows:

                   SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF THE NOTE
              PURCHASER AND ALL OF THE NOTEHOLDERS. The Issuer and the Trustee,
              when authorized by an Issuer Order, also may, with the prior
              written consent of the Note Purchaser and the Majority
              Noteholders, enter into an indenture or indentures supplemental
              hereto for any purpose; provided, however, that such action shall
              not, as evidenced by an Opinion of Counsel, adversely affect in
              any material respect the interests of the Note Purchaser or the
              Noteholders; provided, further however, that, no such supplemental
              indenture shall, without the prior written consent of the Note
              Purchaser and all of the Noteholders:

              (F) The form of Note attached as Exhibit A to the Indenture is
         hereby amended and restated in its entirety to read as set forth in
         EXHIBIT A to this Amendment.

         Section 5. AMENDMENTS TO NOTE PURCHASE AGREEMENT. The Note Purchase
Agreement is hereby amended as follows:

              (A) Subparagraph (g) of Section 6.02 of the Note Purchase
         Agreement is hereby amended and restated in its entirety to read as
         follows:

                   (g) no more than two such Advances shall be made in the same
              calendar week.

              (B) The last sentence of subparagraph (r) of Section 6.02 of the
         Note Purchase Agreement is hereby amended and restated in its entirety
         to read as follows:

                   With respect to each such Related Receivable, the applicable
                   Dealer or Consumer Lender (if such Consumer Lender is not the
                   Seller), as applicable, has either been paid or received
                   credit from Seller for all proceeds from the sale of such
                   Related Receivable to the Seller.

         Section 6. CONDITIONS PRECEDENT TO EFFECTIVENESS OF AMENDMENT. The
agreement of the Trustee and Backup Servicer and the consent of the Note
Purchaser and Noteholder to this Amendment are subject to the receipt by the
Trustee, Backup Servicer and the Note Purchaser of the following documents in
form and substance reasonably satisfactory to the Trustee, Backup Servicer and
the Note Purchaser and their respective counsel:

              (A) This Amendment, executed and delivered on behalf of the
         parties hereto;

                                     - 10 -
<PAGE>

              (B) An Opinion of Counsel to the purchaser and CPS addressed to
         the Trustee, Backup Servicer and the Note Purchaser in form and
         substance satisfactory to the Trustee, Backup Servicer and the Note
         Purchaser, including an Opinion of Counsel as required by Section 11.1
         of the Sale and Servicing Agreement and Sections 9.1(b), 9.3 and 11.1
         of the Indenture;

              (C) A UCC Financing Statement Amendment in substantially the form
         attached hereto as EXHIBIT B-1 with respect to the financing statement
         on Form UCC-1 which was filed with the Secretary of State of the State
         of California November 17, 2005, naming the Seller as debtor/seller and
         the Purchaser as secured party/purchaser (File No. 05-7049092238), and
         a UCC Financing Statement Amendment in substantially the form attached
         hereto as EXHIBIT B-2 with respect to the financing statement on Form
         UCC-1 which was filed with the Secretary of State of the State of
         Delaware on November 17, 2005, naming the Purchaser as debtor and the
         Trustee as secured party (File No. 53577484);

              (D) A duly executed Issuer Order;

              (E) A duly executed Officer's Certificate as required by Section
         11.1 of the Indenture; and

              (F) A duly executed and delivered replacement Note in
         substantially the form attached hereto as EXHIBIT A.

         Section 7. RATIFICATION; REPRESENTATIONS AND WARRANTIES, ETC.

                                     - 11 -
<PAGE>

              (a) Except as expressly amended hereby, all of the terms of the
         Basic Documents shall remain in full force and effect and are hereby
         ratified and confirmed in all respects. This Amendment shall not
         constitute a novation.

              (b) The Purchaser, Seller, Issuer and Servicer each hereby
         represents and warrants that (i) it has the requisite power and
         authority, and legal right, to execute and deliver this Amendment and
         to perform its obligations under this Amendment and the Basic Documents
         (as modified by this Amendment, if applicable), (ii) it has taken all
         necessary corporate and legal action to duly authorize the execution
         and delivery of this Amendment and the performance of its obligations
         under this Amendment, (iii) this Amendment has been duly executed and
         delivered by it, (iv) this Amendment constitutes its legal, valid and
         binding obligation, enforceable against it in accordance with its
         terms, except as enforceability may be limited by applicable
         bankruptcy, insolvency, reorganization, moratorium or similar laws
         affecting the rights of creditors generally and by general equitable
         principles (whether enforcement is sought by proceedings in equity or
         at law), and (v) after giving effect to this Amendment, no Default or
         Event of Default has occurred and is continuing.

              (c) Each representation and warranty contained in the Basic
         Documents (as modified by this Amendment, if applicable) is true and
         correct and is hereby restated and affirmed.

              (d) Each covenant contained in the Basic Documents (as modified by
         this Amendment, if applicable) is hereby restated and affirmed.

              (e) The parties hereto, including without limitation Wells Fargo
         Bank, National Association, in its capacities as Bank and Lockbox
         Processor under the Lockbox Agreement and as Deposit Account Bank under
         the Account Control Agreement, hereby acknowledge and agree that each
         reference to the Sale and Servicing Agreement (including, without
         limitation, Annex A thereto), the Indenture, the Note and the Note
         Purchase Agreement in the Basic Documents shall be deemed to refer to
         such documents or instruments as amended by this Amendment and as
         further amended, restated or otherwise modified from time to time.

         Section 8. FURTHER ASSURANCES. The parties hereto hereby agree to
execute and deliver such additional documents, instruments or agreements as may
be reasonably necessary and appropriate to effectuate the purposes of this
Amendment and the Basic Documents (as modified by this Amendment, if
applicable).

         Section 9. CONFLICTS. In the event of a conflict of any provision
hereof with any provision or definition set forth in the Basic Documents, the
provisions and definitions of this Amendment shall control.

         Section 10. SEVERABILITY. Any provision of this Amendment or any other
Basic Document that is prohibited, unenforceable or not authorized in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition, unenforceability or non-authorization without invalidating the
remaining provisions hereof or thereof or affecting the validity, enforceability
or legality of such provisions in any other jurisdiction.

                                     - 12 -
<PAGE>

         Section 11. ENTIRE AGREEMENT. This Amendment and the other Basic
Documents constitute the entire agreement among the parties relative to the
subject matter hereof. Any previous agreement among the parties with respect to
the subject matter hereof is superseded by this Amendment and the other Basic
Documents. Nothing in this Amendment on in the other Basic Documents, expressed
or implied, is intended to confer upon any party other than the parties hereto
and thereto any rights, remedies, obligations or liabilities under or by reason
of this Amendment or the other Basic Documents.

         Section 12. BINDING EFFECT. This Amendment and the Basic Documents (as
modified by this Amendment, if applicable) shall be binding upon and shall be
enforceable by the Purchaser, Seller, Issuer, Servicer, Note Purchaser,
Noteholder, Backup Servicer and Trustee and their respective successors and
permitted assigns.

         Section 13. COUNTERPARTS. This Amendment may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all of such counterparts shall together constitute but one and the same
instrument.

         Section 14. GOVERNING LAW. THIS AMENDMENT AND ALL MATTERS ARISING OUT
OF OR RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPLES.

         Section 15. HEADINGS. The headings of Sections contained in this
Amendment are provided for convenience only. They form no part of this Amendment
and shall not affect the construction or interpretation of this Amendment or any
provisions hereof.

                 REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

                                     - 13 -
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the date first written above.

                               PAGE THREE FUNDING LLC

                               By:      /s/ MARK CREATURA
                                        ----------------------------------------
                               Name:    Mark Creatura
                                        ----------------------------------------
                               Title:   Vice President
                                        ----------------------------------------

                               CONSUMER PORTFOLIO SERVICES, INC.

                               By:      /s/ JEFF P. FRITZ
                                        ----------------------------------------
                               Name:    Jeff P. Fritz
                                        ----------------------------------------
                               Title:   Sr. Vice President and CFO
                                        ----------------------------------------

                               WELLS FARGO BANK, NATIONAL ASSOCIATION, not in
                               its individual capacity, but solely as Trustee,
                               Backup Servicer, Bank, Lockbox Processor and
                               Deposit Account Bank

                               By:      /s/ JASON VAN VLEET
                                        ----------------------------------------
                               Name:    Jason Van Vleet
                                        ----------------------------------------
                               Title:   Assistant Vice President
                                        ----------------------------------------

                               BEAR, STEARNS & CO. INC., as Note Purchaser

                               By:      /s/ BRANT BROOKS
                                        ----------------------------------------
                               Name:    Brant Brooks
                                        ----------------------------------------
                               Title:   Senior Managing Director
                                        ----------------------------------------

Consented to:

BEAR, STEARNS SECURITIES CORP.,
as Noteholder and as Majority Noteholder

By:     /s/ KENNETH L. EDLOW
        ----------------------------------------

Name:   Kenneth L. Edlow
        ----------------------------------------
Title:  Secretary
        ----------------------------------------

OMNIBUS AMENDMENT AGREEMENT
BEAR STEARNS/PAGE THREE FUNDING WAREHOUSE - SIGNATURE PAGE

                                     - 14 -
<PAGE>

                                                                       EXHIBIT A

                              VARIABLE FUNDING NOTE

REGISTERED                                 Maximum Invested Amount: $200,000,000

No. A-1                                     Percentage Interest:  _______%

                       SEE REVERSE FOR CERTAIN CONDITIONS

         THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR
"BLUE SKY" LAWS AND MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY TO (I) THE ISSUER
(UPON REDEMPTION THEREOF OR OTHERWISE) OR AN AFFILIATE OF THE ISSUER (AS
CERTIFIED BY THE ISSUER) OR (2) AN INSTITUTIONAL INVESTOR THAT IS AN "ACCREDITED
INVESTOR" AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D
PROMULGATED UNDER THE SECURITIES ACT THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY
IN THE FORM SPECIFIED IN THE INDENTURE, TO THE EFFECT THAT IT IS AN
INSTITUTIONAL ACCREDITED INVESTOR ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE
ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE
INSTITUTIONAL ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS
FIDUCIARY CAPACITY) (3) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT, IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A TO A PERSON THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM
SPECIFIED IN THE INDENTURE, TO THE EFFECT THAT SUCH PERSON IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT, OR
AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED
INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE, OR TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, OR (4) IN A TRANSACTION OTHERWISE EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, IN EACH SUCH
CASE, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION: PROVIDED, THAT, IN THE
CASE OF CLAUSE (4), THE TRUSTEE OR THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL
TO THE EFFECT THAT SUCH TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT, WHICH OPINION OF COUNSEL, IF SO REQUIRED, SHALL BE ADDRESSED TO
THE ISSUER AND THE TRUSTEE AND SHALL BE SECURED AT THE EXPENSE OF THE HOLDER. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE
144A FOR RESALES OF THIS NOTE.

                                      A-1
<PAGE>

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AND SUBJECT TO
INCREASES AND DECREASES AS SET FORTH HEREIN AND IN THE INDENTURE. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

         THE NOTE REGISTRAR SHALL NOT REGISTER ANY TRANSFER OR EXCHANGE OF THIS
NOTE TO THE EXTENT THAT UPON SUCH TRANSFER OR EXCHANGE THERE WOULD BE MORE THAN
FOUR (4) NOTEHOLDERS REFLECTED ON THE NOTE REGISTER.

                             PAGE THREE FUNDING LLC
                              VARIABLE FUNDING NOTE

         PAGE THREE FUNDING LLC, a Delaware limited liability company (herein
referred to as the "ISSUER"), for value received, hereby promises to pay to
[________________] (the "NOTEHOLDER"), or its registered assigns, such
Noteholder's pro rata portion (based on the Percentage Interest reflected on the
face of this Note) of the principal sum of TWO HUNDRED MILLION DOLLARS
($200,000,000.00) or, if less, the Holders pro rata portion (based on the
Percentage Interest reflected on the face of this Note) of the aggregate unpaid
principal amount outstanding under all of the Notes (whether or not shown on the
schedule attached hereto (or such electronic counterpart maintained by the
Trustee)), which amount shall be payable in the amounts and at the times set
forth in Section 2.8(b) of the Indenture. The Issuer will pay interest on the
Holder's pro rata portion of Advances under all of the Notes at the Note
Interest Rate. Such interest on Advances shall be due and payable on each
Settlement Date until the principal of this Note is paid or made available for
payment, to the extent funds will be available from the Collection Account
processed from and including the preceding Settlement Date to but excluding each
such Settlement Date in respect of (a) an amount equal to interest accrued for
the related Interest Period, which will be equal to the sum of the products, for
each day during the related Interest Period, of (i) the Note Interest Rate for
such date during the Interest Period, (ii) the Aggregate Principal Balance as of
the close of business on such date divided by 360 and (iii) the applicable
Percentage Interest, plus (b) an amount equal to a pro rata portion of any
accrued and unpaid Noteholders' Interest Carryover Shortfall with respect to
prior Interest Periods, with interest on the amount of such Noteholders'
Interest Carryover Shortfall at the Note Interest Rate from the first Business
Day of the related Interest Period. Prior to the Facility Termination Date and
unless an Event of Default shall have occurred, the Issuer shall only be
required to make interest payments on the Invested Amount of the Note to the
holder hereof; provided that the Issuer may, at its option, prepay the Invested
Amount of the Notes, in whole or in part, at any time pursuant to Section 10.1
of the Indenture. Following the occurrence of an Event of Default, the Note
Purchaser and the Majority Noteholders may declare the Invested Amount of the
Notes to be immediately due and payable at par, together with accrued interest
thereon, in accordance with Section 5.2 of the Indenture. Principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

                                      A-2
<PAGE>

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. This Note does not represent an
interest in, or an obligation of, the Servicer or any affiliate of the Servicer
other than the Issuer.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note. Although a summary of certain provisions of the
Indenture are set forth below and on the reverse hereof and made a part hereof,
this Note does not purport to summarize the Indenture and reference is made to
the Indenture for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Servicer and the Trustee. A copy of the Indenture may be
requested from the Trustee by writing to the Trustee at: Wells Fargo Bank,
National Association, 6th & Marquette, MAC N9311-161, Minneapolis, Minnesota
55479, Attention: Corporate Trust Services, -- Asset Backed Administration. To
the extent not defined herein, the capitalized terms used herein have the
meanings ascribed to them in the Indenture.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                            [Signature page follows.]

                                      A-3
<PAGE>

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer.

         Date: [_______], 2006                 PAGE THREE FUNDING LLC

                                               By: _____________________________
                                               Name:  __________________________
                                               Title: __________________________

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Note issued under the within-mentioned Indenture.

                                        WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                        not in its individual capacity, but
                                        solely as Trustee

                                        By: ____________________________________
                                            Authorized Signature

                                      A-4
<PAGE>

                               REVERSE OF THE NOTE

         This Note is the duly authorized Note of the Issuer, designated as its
Variable Funding Note (herein called the "NOTE"), issued under (i) the
Indenture, dated as of November 15, 2005 (such Indenture, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with
the terms thereof, is herein called the "INDENTURE"), between the Issuer and
Wells Fargo Bank, National Association, a national banking association, as
trustee (the "TRUSTEE", which term includes any successor Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Trustee, the Note Purchaser and the Noteholders.
The Note is subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof, shall have the
meanings assigned to them in or pursuant to the Indenture, as so amended,
supplemented or otherwise modified.

         "SETTLEMENT DATE" means, with respect to each Accrual Period, the 15th
day of the following calendar month, or if such day is not a Business Day, the
immediately following Business Day, commencing on December 15, 2005.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Facility Termination Date. Notwithstanding the
foregoing, if an Event of Default or shall have occurred and be continuing then,
in certain circumstances, principal on the Note may be paid earlier, as
described in the Indenture.

         Payments of interest on this Note due and payable on each Settlement
Date, together with the installment of principal then due, if any, and any
payments of principal made on any Business Day in respect of any prepayments, to
the extent not in full payment of this Note, shall be paid to the Person in
whose name such Note is registered on the Record Date, either (i) by wire
transfer in immediately available funds to such Person's account as it appears
on the Note Register on such Record Date if (A) such Noteholder has provided to
the Note Registrar appropriate written instructions at least five Business Days
prior to such Settlement Date and such Holder's Note in the aggregate evidence a
Percentage Interest of not less than 1% or (B) such Noteholder is the Seller, or
an Affiliate thereof, or if not, (ii) by check mailed to such Noteholder at the
address of such Noteholder appearing on the Note Register, except for the final
installment of principal payable with respect to such Note on a Settlement Date
or on the Facility Termination Date, which shall be payable as provided below.
Any reduction in the principal amount of this Note (or any predecessor Note)
effected by any payments made on any date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted thereon.
Final payment of principal (together with any accrued and unpaid interest) on
this Note will be paid to the Noteholders only upon presentation and surrender
of this Note at the Corporate Trust Office for cancellation by the Trustee.

         The Issuer shall pay interest on overdue installments of interest at
the Note Interest Rate (calculated for this purpose using the Default Applicable
Margin) to the extent lawful.

                                      A-5
<PAGE>

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer substantially in the form
attached hereto duly executed by the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of authorized
Percentage Interest and in the same aggregate Percentage Interest will be issued
to the designated transferee or transferees. No service charge will be charged
for any registration of transfer or exchange of this Note, but the transferor
may be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange. Other than exchanges pursuant to Section 9.6 of the Indenture not
involving a transfer.

         The obligations of the Issuer under the Indenture, this Note and the
other Basic Documents shall be full recourse obligations of the Issuer.
Notwithstanding the foregoing, the Noteholder, by its acceptance of this Note,
covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer or the Trustee on the Notes, under the
Indenture, any other Basic Document or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Trustee in its
individual capacity (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director, employee or
agent of the Issuer or the Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer or the Trustee or of any successor or assign
of the Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Trustee has no such obligations
in its individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity. Nothing contained in this
Section shall limit or be deemed to limit any obligations of the Issuer, the
Purchaser, the Seller or the Servicer hereunder or under any other Basic
Document, as applicable, which obligations are full recourse obligations of the
Issuer, the Purchaser, the Seller and the Servicer.

         Each Noteholder, by its acceptance of this Note, covenants and agrees
that by accepting the benefits of the Indenture that such Noteholder will not
institute against the Issuer, or join in any institution against the Issuer of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Note, the Indenture or the
Basic Documents.

         Prior to the due presentment for registration of transfer of this Note,
the Trustee and any agent of the Trustee may treat the Person in whose name the
Note (as of the applicable Record Date) is registered as the owner hereof for
all purposes, whether or not the Note be overdue, and none of the Issuer, the
Trustee or any agent of the Issuer or the Trustee shall be affected by notice to
the contrary.

         It is the intent of the Issuer and the Noteholders that, for Federal,
State and local income and franchise tax purposes, this Note will evidence
indebtedness of the Issuer secured by the Collateral. Each Noteholder, by its
acceptance of the Note, agrees to treat the Note for Federal, State and local
income and franchise tax purposes as indebtedness of the Issuer.

                                      A-6
<PAGE>

         The Indenture permits in certain circumstances, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Note Purchaser and the
Noteholders under the Indenture at any time by the Issuer with the consent of
the Note Purchaser and the Majority Noteholders. The Indenture also contains
provisions permitting the Note Purchaser and/or the Majority Noteholders to
waive compliance by the Issuer with certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Note Purchaser and the
Majority Noteholders (or the Holders of any predecessor Note) shall be
conclusive and binding upon the Note Purchaser, the current Noteholders and all
future Noteholders and of this Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.

         The term "ISSUER" as used in this Note includes any successor to the
Issuer under the Indenture.

         This Note is issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations set forth therein.

         This Note and the Indenture shall be construed in accordance with the
law of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law), and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such law.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed,
subject to any duty of the Issuer to deduct or withhold any amounts as required
by law, including any applicable U.S. withholding taxes.

                                      A-7
<PAGE>

<TABLE>
<CAPTION>
                                           INCREASES AND DECREASES

==================================================================================================================
                Unpaid                                                  Note
               Principal                                              Interest   Interest Period   Notation Made
    Date        Amount        Increase      Decrease       Total        Rate     (if applicable)        By
==================================================================================================================
<S>     <C>
------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

==================================================================================================================
</TABLE>

                                      A-8
<PAGE>

                                   ASSIGNMENT

        Social Security or taxpayer I.D. or other identifying number of assignee

_________________________

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers

unto ___________________________________________________________________________
                         (name and address of assignee)

         the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints______________________, attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution in
the premises.

Dated: ______________________                  ________________________________*
                                                     Signature Guaranteed:

_________________
         */ NOTE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                      A-9Form of Regulation D Securities Purchase Agreement

    Exhibit
      10.1

    
 

    
      THE
        SECURITIES SOLD HEREUNDER HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION FROM
        REGISTRATION UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED, PURSUANT TO REGULATION D THEREUNDER. THE SECURITIES SOLD
        HEREUNDER CANNOT BE TRANSFERRED,
        OFFERED, OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS THAT TERM IS
        DEFINED IN REGULATION D) EXCEPT
        PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933, OR PURSUANT TO
        AN
        AVAILABLE EXEMPTION FROM REGISTRATION.

    

     

    SECURITIES
      PURCHASE AGREEMENT

     

    This
      Securities Purchase Agreement (this “Agreement”)
      is
      dated as of _______, 2006 among Bullion River Gold Corp., a Nevada corporation
      (the “Company”),
      and
      each purchaser identified on the signature pages hereto (each, including its
      successors and assigns, a “Purchaser” and collectively the “Purchasers”).

     

    WHEREAS,
      subject to the terms and conditions set forth in this Agreement and pursuant
      to
      Regulation D of the Securities Act of 1933, as amended (the “Securities
      Act”),
      the
      Company desires to issue and sell to each Purchaser, and each Purchaser,
      severally and not jointly, desires to purchase from the Company, securities
      of
      the Company as more fully described in this Agreement.

     

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
      and for other good and valuable consideration the receipt and adequacy of which
      are hereby acknowledged, the Company and each Purchaser agree as
      follows:

    

    ARTICLE
      I -DEFINITIONS

     

    1.1    Definitions.
      In
      addition to the terms defined elsewhere in this Agreement: (a) capitalized
      terms
      that are not otherwise defined herein have the meanings given to such terms
      in
      the Debentures (as defined herein), and (b) the following terms have the
      meanings indicated in this Section 1.1:

     

    “Affiliate”
means
      any Person that, directly or indirectly through one or more intermediaries,
      controls or is controlled by or is under common control with a Person, as such
      terms are used in and construed under Rule 144 under the Securities Act. With
      respect to a Purchaser, any investment fund or managed account that is managed
      on a discretionary basis by the same investment manager as such Purchaser will
      be deemed to be an Affiliate of such Purchaser.

     

    “Closing”
means
      the closing of the purchase and sale of the Securities pursuant to Section
      2.1.

     

    “Closing
      Date”
means
      the Trading Day when all of the Transaction Documents have been executed and
      delivered by the applicable parties thereto, and all conditions precedent to
      (i)
      the Purchasers’ obligations to pay the Subscription Amount and (ii) the
      Company’s obligations to deliver the Securities have been satisfied or
      waived.

     

    “Commission”
means
      the Securities and Exchange Commission.

     

    “Common
      Stock”
means
      the common stock of the Company, par value $0.001 per share, and any other
      class
      of securities into which such securities may hereafter have been reclassified
      or
      changed into.

     

    “Common
      Stock Equivalents”
means
      any securities of the Company or the Subsidiaries (excluding any securities
      purchasable or issuable pursuant to this Agreement), which would entitle the
      holder thereof to acquire at any time Common Stock, including, without
      limitation, any debt, preferred stock, rights, options, warrants or other
      instrument that is at any time convertible into or exercisable or exchangeable
      for, or otherwise entitles the holder thereof to receive, Common
      Stock.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Debentures”
means,
      the 12% Unsecured Convertible Debentures due, subject to the terms therein
      October 1, 2008, issued by the Company to the Purchasers hereunder, in the
      form
      of Exhibit
      A.

     

    “Effective
      Date”
means
      the date that the initial Registration Statement filed by the Company pursuant
      to the Registration Rights Agreement is first declared effective by the
      Commission.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder.

     

    “Liens”
means
      a
      lien, charge, security interest, encumbrance, right of first refusal, preemptive
      right or other restriction.

     

    “Material
      Adverse Effect”
shall
      have the meaning assigned to such term in Section 3.1(b).

     

    “Maximum
      Rate”
shall
      have the meaning ascribed to such term in Section 5.15.

     

    “Person”
means
      an individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any
      kind.

     

    “Proceeding”
means
      an action, claim, suit, investigation or proceeding (including, without
      limitation, an investigation or partial proceeding, such as a deposition),
      whether commenced or threatened.

     

    “Registration
      Rights Agreement”
means
      the Registration Rights Agreement, dated the date hereof, among the Company
      and
      the Purchasers, in the form of Exhibit
      B
      attached
      hereto.

     

    “Registration
      Statement”
means
      a
      registration statement meeting the requirements set forth in the Registration
      Rights Agreement and covering the resale of the Underlying Shares by each
      Purchaser as provided for in the Registration Rights Agreement.

     

    “Required
      Approvals”
shall
      have the meaning ascribed to such term in Section 3.1(e).

     

    “Securities”
means
      the Debentures and the Underlying Shares.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    “Short
      Sales”
shall
      include all “short sales” as defined in Rule 200 of Regulation SHO under the
      Exchange Act (but shall not be deemed to include the location and/or reservation
      of borrowable shares of Common Stock).

     

    “Subscription
      Amount”
means,
      as to each Purchaser, the aggregate amount to be paid for Debentures purchased
      hereunder as specified below such Purchaser’s name on the signature page of this
      Agreement and next to the heading “Subscription Amount”, in United States
      Dollars and in immediately available funds.

     

    
      
        2

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Subsidiary”
means
      any subsidiary of the Company.

    

    “Trading
      Day”
means
      a
      day on which the Common Stock is traded on a Trading Market.

     

    “Trading
      Market”
means
      the following markets or exchanges on which the Common Stock is listed or quoted
      for trading on the date in question: OTC Bulletin Board, the Nasdaq Capital
      Market, the American Stock Exchange, the New York Stock Exchange or the Nasdaq
      National Market.  

     

    “Transaction
      Documents”
means
      this Agreement, the Debentures, the Registration Rights Agreement, the Warrants
      and any other documents or agreements executed in connection with the
      transactions contemplated hereunder.

     

    “Underlying
      Shares”
means
      the shares of Common Stock issued and issuable upon conversion of the Debentures
      and issued and issuable in lieu of the cash payment of interest on the
      Debentures in accordance with the terms of the Debentures.

     

    “Warrants”
      means
      the Common Stock Purchase Warrants in the form of the attached Exhibit
      C.

     

    “Warrant
      Shares”
      means
      the shares of Common Stock issuable upon exercise of the Warrants.

    

    ARTICLE
      II - PURCHASE AND SALE

    

    2.1    Closing.  
      On the Closing Date, upon the terms and subject to the conditions set forth
      herein, concurrent with the execution and delivery of this Agreement by the
      parties hereto, the Company agrees to sell, and each Purchaser agrees to
      purchase in the aggregate, severally and not jointly, up to $2,861,000 in
      principal amount of the Debentures. Each Purchaser shall deliver to the Company
      via wire transfer or a certified check immediately available funds equal to
      their Subscription Amount and the Company shall deliver to each Purchaser their
      respective Debenture as determined pursuant to Section 2.2(a) issuable at the
      Closing.  Upon satisfaction of the conditions set forth in Sections
      2.2 and 2.3, the Closing shall occur at the offices of the Company, or such
      other location as the parties shall mutually agree.

    

    2.2    Deliveries.

     

    (a)   On
      the
      Closing Date, the Company shall deliver or cause to be delivered to each
      Purchaser the following:

     

    (i)    this
      Agreement duly executed by the Company;

     

    (ii)    a
      Debenture with a principal amount equal to such Purchaser’s Subscription Amount,
      registered in the name of such Purchaser;

     

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (iii)    the
      Registration Rights Agreement duly executed by the Company;

     

    (iv)    the
      Common Stock Purchase Warrant, in the form of Exhibit
      B
      attached
      hereto.

     

    (b)   On
      the
      Closing Date, each Purchaser shall deliver or cause to be delivered to the
      Company the following:

     

    (i)    this
      Agreement duly executed by such Purchaser;

     

    (ii)    such
      Purchaser’s Subscription Amount by wire transfer to the account as specified in
      writing by the Company; and

     

    (iii)    the
      Registration Rights Agreement duly executed by such Purchaser.

     

    2.3    Closing
      Conditions.

     

    (a)   The
      obligations of the Company hereunder in connection with the Closing are subject
      to the following conditions being met:

     

    (i)    the
      accuracy in all material respects when made and on the Closing Date of the
      representations and warranties of the Purchasers contained herein;

     

    
      (ii)    all
        obligations, covenants and agreements of the Purchasers required to be
        performed at or prior to the Closing Date shall have been performed;
        and

       

      (iii)    the
        delivery by the Purchasers of the items set forth in Section 2.2(b) of this
        Agreement.

    

     

    (b)   The
      respective obligations of the Purchasers hereunder in connection with the
      Closing are subject to the following conditions being met:

     

    
      
        (i)    the
          accuracy in all material respects on the Closing Date of the representations
          and
          warranties of the Company contained herein;

         

      

      (ii)    all
        obligations, covenants and agreements of the Company required to be performed
        at
        or prior to the Closing Date, as applicable, shall have been
        performed;

       

      (iii)    the
        delivery by the Company of the items set forth in Section 2.2(a) of this
        Agreement; and

       

      (iv)    there
        shall have been no Material Adverse Effect with respect to the Company since
        the
        date hereof.

    

     

    
      
        4

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III- REPRESENTATIONS AND WARRANTIES

     

    3.1    Representations
      and Warranties of the Company.
      The
      Company hereby makes the representations and warranties set forth below to
      each
      Purchaser.

     

    
      (a)    Subsidiaries.
         The Company owns, directly or indirectly, all of the capital stock or
        other equity interests of each Subsidiary free and clear of any Liens, and
        all
        the issued and outstanding shares of capital stock of each Subsidiary are
        validly issued and are fully paid, non-assessable and free of preemptive
        and
        similar rights to subscribe for or purchase securities.  

       

      (b)    Organization
        and Qualification.  
        The Company and each of the Subsidiaries is an entity duly incorporated or
        otherwise organized, validly existing and in good standing under the laws
        of the
        jurisdiction of its incorporation or organization (as applicable), with the
        requisite power and authority to own and use its properties and assets and
        to
        carry on its business as currently conducted. Neither the Company nor any
        Subsidiary is in violation or default of any of the provisions of its respective
        certificate or articles of incorporation, bylaws or other organizational
        or
        charter documents. Each of the Company and the Subsidiaries is duly
        qualified to conduct business and is in good standing as a foreign corporation
        or other entity in each jurisdiction in which the nature of the business
        conducted or property owned by it makes such qualification necessary, except
        where the failure to be so qualified or in good standing, as the case may
        be,
        could not have or reasonably be expected to result in (i) a material adverse
        effect on the legality, validity or enforceability of any Transaction Document,
        (ii) a material adverse effect on the results of operations, assets, business,
        prospects or condition (financial or otherwise) of the Company and the
        Subsidiaries, taken as a whole, or (iii) a material adverse effect on the
        Company’s ability to perform in any material respect on a timely basis its
        obligations under any Transaction Document (any of (i), (ii) or (iii), a
        “Material
        Adverse Effect”)
        and no
        Proceeding has been instituted in any such jurisdiction revoking, limiting
        or
        curtailing or seeking to revoke, limit or curtail such power and authority
        or
        qualification.

    

     

    (c)    Authorization;
      Enforcement. 
      The Company has the requisite corporate power and authority to enter into and
      to
      consummate the transactions contemplated by each of the Transaction Documents
      and otherwise to carry out its obligations hereunder and thereunder.  The
      execution and delivery of each of the Transaction Documents by the Company
      and
      the consummation by it of the transactions contemplated thereby have been duly
      authorized by all necessary action on the part of the Company and no further
      action is required by the Company, its board of directors or its stockholders
      in
      connection therewith other than in connection with the Required Approvals. 
Each Transaction Document has been (or upon delivery will have been) duly
      executed by the Company and, when delivered in accordance with the terms hereof
      and thereof, will constitute the valid and binding obligation of the Company
      enforceable against the Company in accordance with its terms except (i) as
      limited by applicable bankruptcy, insolvency, reorganization, moratorium and
      other laws of general application affecting enforcement of creditors’ rights
      generally, (ii) as limited by laws relating to the availability of specific
      performance, injunctive relief or other equitable remedies, and (iii) insofar
      as
      indemnification and contribution provisions may be limited by applicable law
      .

    

    (d)    No
      Conflicts.  
      The execution, delivery and performance of the Transaction Documents by the
      Company and the consummation by the Company of the other transactions
      contemplated hereby and thereby do not and will not: (i) conflict with or
      violate any provision of the Company’s or any Subsidiary’s certificate or
      articles of incorporation, bylaws or other organizational or charter documents,
      or (ii) conflict with, or constitute a default (or an event that with notice
      or
      lapse of time or both would become a default) under, result in the creation
      of
      any Lien upon any of the properties or assets of the Company or any Subsidiary,
      or give to others any rights of termination, amendment, acceleration or
      cancellation (with or without notice, lapse of time or both) of, any agreement,
      credit facility, debt or other instrument (evidencing a Company or Subsidiary
      debt or otherwise) or other understanding to which the Company or any Subsidiary
      is a party or by which any property or asset of the Company or any Subsidiary
      is
      bound or affected, or (iii) subject to the Required Approvals, conflict with
      or
      result in a violation of any law, rule, regulation, order, judgment, injunction,
      decree or other restriction of any court or governmental authority to which
      the
      Company or a Subsidiary is subject (including federal and state securities
      laws
      and regulations), or by which any property or asset of the Company or a
      Subsidiary is bound or affected; except in the case of each of clauses (ii)
      and
      (iii), such as could not have or reasonably be expected to result in a Material
      Adverse Effect.  

     

    
      
        5

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)    Filings,
      Consents and Approvals.  The
      Company is not required to obtain any consent, waiver, authorization or order
      of, give any notice to, or make any filing or registration with, any court
      or
      other federal, state, local or other governmental authority or other Person
      in
      connection with the execution, delivery and performance by the Company of the
      Transaction Documents, other than (i) filings required pursuant to Form 8-K
      promulgated under the Exchange Act and (ii) the filing with the Commission
      of
      the Registration Statement, (collectively, the “Required
      Approvals”).

    

    (f)    Issuance
      of the Securities.  
      The Securities are duly authorized and, when issued and paid for in accordance
      with the applicable Transaction Documents, will be duly and validly issued,
      fully paid and nonassessable, free and clear of all Liens imposed by the Company
      other than restrictions on transfer provided for in the Transaction
      Documents.   The Underlying Shares, when issued in accordance with the
      terms of the Transaction Documents, will be validly issued, fully paid and
      nonassessable, free and clear of all Liens imposed by the Company.  
The Company has reserved from its duly authorized capital stock a number of
      shares of Common Stock for issuance of the Underlying Shares.

    

    (g)    Capitalization.
        The capitalization of the Company is as set forth in its most
      recently file periodic reports under the Exchange Act.  The Company has not
      issued any capital stock since its most recently filed periodic report under
      the
      Exchange Act, other than pursuant to the exercise of employee stock options
      under the Company’s stock option plans, exercise of options by consultants, the
      issuance of shares of Common Stock to employees under employment agreements
      or
      pursuant to the Company’s employee stock purchase plan and pursuant to the
      conversion or exercise of outstanding Common Stock Equivalents.  All
      of the outstanding shares of capital stock of the Company are validly issued,
      fully paid and nonassessable, have been issued in compliance with all federal
      and state securities laws, and none of such outstanding shares was issued in
      violation of any preemptive rights or similar rights to subscribe for or
      purchase securities.   No further approval or authorization of any
      stockholder, the Board of Directors of the Company or others is required for
      the
      issuance and sale of the Securities.   There are no stockholders
      agreements, voting agreements or other similar agreements with respect to the
      Company’s capital stock to which the Company is a party or, to the knowledge of
      the Company, between or among any of the Company’s
      stockholders.  

    

    
      
        6

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (h)    Investment
      Company.  
      The Company is not, and is not an Affiliate of, and immediately after receipt
      of
      payment for the Securities, will not be or be an Affiliate of, an “investment
      company” within the meaning of the Investment Company Act of 1940, as
      amended.   The Company shall conduct its business in a manner so that
      it will not become subject to the Investment Company Act.

    

    (i)    Disclosure.  
      The Company confirms that neither it nor any other Person acting on its behalf
      has provided any of the Purchasers or their agents or counsel with any
      information that constitutes or might constitute material, nonpublic
      information.   The Company understands and confirms that the
      Purchasers will rely on the foregoing representations and covenants in effecting
      transactions in securities of the Company.   All disclosure provided
      to the Purchasers regarding the Company, its business and the transactions
      contemplated hereby furnished by or on behalf of the Company with respect to
      the
      representations and warranties made herein are true and correct with respect
      to
      such representations and warranties and do not contain any untrue statement
      of a
      material fact or omit to state any material fact necessary in order to make
      the
      statements made therein, in light of the circumstances under which they were
      made, not misleading.  

    

    (j)    General
      Solicitation.
      Neither
      the Company nor any person acting on behalf of the Company has offered or sold
      any of the Shares by any form of general solicitation or general advertising.
      The Company has offered the Shares for sale only to the Purchasers and certain
      other “accredited investors” within the meaning of Rule 501 under the Securities
      Act.

     

    Purchaser
      acknowledges that the Company does not make or has not made any representations
      or warranties with respect to the transactions contemplated other than those
      specifically set forth in this Section 3.1.

     

    3.2    Representations
      and Warranties of the Purchasers.  
      Each Purchaser hereby, for itself and for no other Purchaser, represents and
      warrants as of the date hereof and as of the Closing Date to the Company as
      follows:

    

    (a)    Organization;
      Authority.  
      Such Purchaser is an entity duly organized, validly existing and in good
      standing under the laws of the jurisdiction of its organization with full right,
      corporate or partnership power and authority to enter into and to consummate
      the
      transactions contemplated by the Transaction Documents and otherwise to carry
      out its obligations hereunder and thereunder.   The execution,
      delivery and performance by such Purchaser of the transactions contemplated
      by
      this Agreement have been duly authorized by all necessary corporate or similar
      action on the part of such Purchaser. Each Transaction Document to which it
      is a party has been duly executed by such Purchaser, and when delivered by
      such
      Purchaser in accordance with the terms hereof, will constitute the valid and
      legally binding obligation of such Purchaser, enforceable against it in
      accordance with its terms, except (i) as limited by general equitable principles
      and applicable bankruptcy, insolvency, reorganization, moratorium and other
      laws
      of general application affecting enforcement of creditors’ rights generally,
      (ii) as limited by laws relating to the availability of specific performance,
      injunctive relief or other equitable remedies and (iii) insofar as
      indemnification and contribution provisions may be limited by applicable
      law.

     

    
      
        7

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)    Own
      Account.  
      Such Purchaser understands that the Securities are “restricted securities” and
      have not been registered under the Securities Act or any applicable state
      securities law and is acquiring the Securities as principal for its own account
      and not with a view to or for distributing or reselling such Securities or
      any
      part thereof in violation of the Securities Act or any applicable state
      securities law, has no present intention of distributing any of such Securities
      in violation of the Securities Act or any applicable state securities law and
      has no arrangement or understanding with any other persons regarding the
      distribution of such Securities (this representation and warranty not limiting
      such Purchaser’s right to sell the Securities pursuant to the Registration
      Statement or otherwise in compliance with applicable federal and state
      securities laws) in violation of the Securities Act or any applicable state
      securities law.  Such Purchaser is acquiring the Securities hereunder
      in the ordinary course of its business.   Such Purchaser does not have
      any agreement or understanding, directly or indirectly, with any Person to
      distribute any of the Securities.

    

    (c)    Disclosure
      of Information.
      Purchaser carefully reviewed all filings made by the Company with the Commission
      as of the date of this Agreement and has received and carefully reviewed any
      information Purchaser has requested from the Company that Purchaser considers
      necessary or appropriate for deciding whether to acquire the Securities,
      including, without limitation, all material risk factors relating to the
      Company. Purchaser further represents that Purchaser has had ample opportunity
      to ask questions and receive answers from the Company concerning the information
      and the terms and conditions of the offering of the Securities and to obtain
      any
      additional information necessary to verify the accuracy of the information
      given
      to Purchaser. Purchaser is making its investment in the Company after having
      reviewed, analyzed, sought professional advice regarding, and fully
      understanding the risk, uncertainties, and liabilities associated with the
      Company. 

     

    (d)    Purchaser
      Status.
      At the
      time Purchaser was offered the Securities, it was, and at the date hereof it
      is,
      and on each date on which it exercises any Warrants, it will be either: (i)
      an
“accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or
      (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as
      defined in Rule 144A(a) under the Securities Act. Purchaser is not required
      to
      be registered as a broker-dealer under Section 15 of the Exchange Act.

     

    (e)    Experience
      of Such Purchaser.  
      Such Purchaser, either alone or together with its representatives, has such
      knowledge, sophistication and experience in business and financial matters
      so as
      to be capable of evaluating the merits and risks of the prospective investment
      in the Securities, and has so evaluated the merits and risks of such
      investment.   Such Purchaser is able to bear the economic risk of an
      investment in the Securities and, at the present time, is able to afford a
      complete loss of such investment.

    

    (f)    General
      Solicitation.  Purchaser
      is not purchasing the Securities as a result of any advertisement, article,
      notice or other communication regarding the Securities published in any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      presented at any seminar or any other general solicitation or general
      advertisement.

     

    
      
        8

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (g)    Short
      Sales and Confidentiality Prior To The Date Hereof.  Other
      than the transaction contemplated hereunder, such Purchaser has not directly
      or
      indirectly, nor has any Person acting on behalf of or pursuant to any
      understanding with such Purchaser, executed any disposition, including Short
      Sales, in the securities of the Company during the period commencing from
      the time that such Purchaser first received a term sheet from the Company or
      any
      other Person setting forth the material terms of the transactions contemplated
      hereunder until the date hereof. Notwithstanding the foregoing, in the case
      of a
      Purchaser that is a multi-managed investment vehicle whereby separate portfolio
      managers manage separate portions of such Purchaser's assets and the portfolio
      managers have no direct knowledge of the investment decisions made by the
      portfolio managers managing other portions of such Purchaser's assets, the
      representation set forth above shall only apply with respect to the portion
      of
      assets managed by the portfolio manager that made the investment decision to
      purchase the Securities covered by this Agreement.   Other than to
      other Persons party to this Agreement, such Purchaser has maintained the
      confidentiality of all disclosures made to it in connection with this
      transaction (including the existence and terms of this
      transaction).

     

    The
      Company acknowledges and agrees that each Purchaser does not make or has not
      made any representations or warranties with respect to the transactions
      contemplated hereby other than those specifically set forth in this Section
      3.2.

    

    ARTICLE
      IV- OTHER AGREEMENTS OF THE PARTIES

    

    4.1    Transfer
      Restrictions.

     

    (a)    The
      Securities may only be disposed of in compliance with state and federal
      securities laws.   In connection with any transfer of Securities other
      than pursuant to an effective registration statement, Regulation D or Rule
      144,
      to the Company or to an affiliate of a Purchaser, the Company may require the
      transferor thereof to provide to the Company an opinion of counsel selected
      by
      the transferor and reasonably acceptable to the Company, the form and substance
      of which opinion shall be reasonably satisfactory to the Company, to the effect
      that such transfer does not require registration of such transferred Securities
      under the Securities Act.  As a condition of transfer, any such
      transferee shall agree in writing to be bound by the terms of this Agreement
      and
      shall have the rights of a Purchaser under this Agreement and the Registration
      Rights Agreement.

     

    (b)    The
      Purchasers agree to the imprinting, so long as is required by this Section
      4.1(b), of a legend on any of the Securities in the following form:

     

    THIS
      DEBENTURE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
      OR
THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF
      1933,
      AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
      SOLD
      EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
      EXEMPTION FROM, OR IN A TRANSACTION
      NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
      ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
      TO
      SUCH EFFECT, THE SUBSTANCE OF
      WHICH
      WILL BE REASONABLY ACCEPTABLE TO THE COMPANY.

     

    
      
        9

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)    Certificates
      evidencing the Underlying Shares shall not contain any legend (including the
      legend set forth in Section 4.1(b) hereof): (i) while a registration statement
      (including the Registration Statement) covering the resale of such security
      is
      effective under the Securities Act, or (ii) following any sale of such
      Underlying Shares pursuant to Rule 144, or (iii) if such Underlying Shares
      are
      eligible for sale under Rule 144(k), or (iv) if such legend is not required
      under applicable requirements of the Securities Act (including judicial
      interpretations and pronouncements issued by the staff of the
      Commission).   

     

    If
      all or
      any portion of a Debenture is converted or exercised (as applicable) at a time
      when there is an effective registration statement to cover the resale of the
      Underlying Shares, or if such Underlying Shares may be sold under Rule 144(k)
      or
      if such legend is not otherwise required under applicable requirements of the
      Securities Act (including judicial interpretations thereof) then such Underlying
      Shares shall be issued free of all legends.  

     

    The
      Company agrees that following the Effective Date or at such time as such legend
      is no longer required under this Section 4.1(c), it will, no later than three
      Trading Days following the delivery by a Purchaser to the Company or the
      Company’s transfer agent of a certificate representing Underlying Shares, as
      applicable, issued with a restrictive legend, deliver or cause to be delivered
      to such Purchaser a certificate representing such shares that is free from
      all
      restrictive and other legends. The Company may not make any notation on its
      records or give instructions to any transfer agent of the Company that enlarge
      the restrictions on transfer set forth in this Section.

     

    (d)    Each
      Purchaser, severally and not jointly with the other Purchasers, agrees that
      the
      removal of the restrictive legend from certificates representing Securities
      as
      set forth in this Section 4.1 is predicated upon the Company’s reliance that the
      Purchaser will sell any Securities pursuant to either the registration
      requirements of the Securities Act, including any applicable prospectus delivery
      requirements, or an exemption therefrom.

    

    4.2    Conversion
      Procedures.  
      The form of Notice of Conversion included in the Debentures set forth the
      totality of the procedures required of the Purchasers in order to convert the
      Debentures.   No additional legal opinion or other information or
      instructions shall be required of the Purchasers to convert their
      Debentures.   The Company shall honor conversions of the Debentures
      and shall deliver Underlying Shares in accordance with the terms, conditions
      and
      time periods set forth in the Transaction Documents.

     

    4.3    Non-Public
      Information.  
      The Company covenants and agrees that neither it nor any other Person acting
      on
      its behalf will provide any Purchaser or its agents or counsel with any
      information that the Company believes constitutes material non-public
      information, unless prior thereto such Purchaser shall have executed a written
      agreement regarding the confidentiality and use of such information.  
The Company understands and confirms that each Purchaser shall be relying on
      the
      foregoing representations in effecting transactions in securities of the
      Company.

     

    
      
        10

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.4    Use
      of
      Proceeds.  
      The Company shall use the net proceeds from the sale of the Securities hereunder
      substantially for the development of the French Gulch Mine.

    

    4.5    Reservation
      and Listing of Securities.  
      The Company shall maintain a reserve from its duly authorized shares of Common
      Stock for issuance pursuant to the Transaction Documents in such amount as
      may
      be required to fulfill its obligations in full under the Transaction
      Documents.

     

    4.6    Equal
      Treatment of Purchasers.  
      No consideration shall be offered or paid to any person to amend or consent
      to a
      waiver or modification of any provision of any of the Transaction Documents
      unless the same consideration is also offered to all of the parties to the
      Transaction Documents.   Further, the Company shall not make any
      payment of principal or interest on the Debentures in amounts which are
      disproportionate to the respective principal amounts outstanding on the
      Debentures at any applicable time.   For clarification purposes, this
      provision constitutes a separate right granted to each Purchaser by the Company
      and negotiated separately by each Purchaser, and is intended for the Company
      to
      treat the Purchasers as a class and shall not in any way be construed as the
      Purchasers acting in concert or as a group with respect to the purchase,
      disposition or voting of Securities or otherwise.

     

    4.7    Delivery
      of Securities after Closing. The Company will deliver, or cause to be
      delivered, the respective Shares and Warrants purchased by each Purchaser to
      the
      Purchaser within 3 Trading Days of the Closing Date.

     

    4.8    Resale
      by Purchaser. Each Purchaser understands and acknowledges, severally and not
      jointly with any other Purchaser, that the SEC takes the position that the
      coverage of short sales of shares of the Common Stock “against the box” before
      the Effective Date of the Registration Statement with the Shares is a violation
      of Section 5 of the Securities Act, as set forth in Item 65, Section 5 under
      Section A, of the Manual of Publicly Available Telephone Interpretations, dated
      July 1997, compiled by the Office of Chief Counsel, Division of Corporation
      Finance. Accordingly, no Purchaser will use any of the Shares to cover any
      short
      sales made before the Effective Date. Further, each Purchaser will comply with
      any obligations it may have under Regulation M with respect to the resale of
      the
      Securities.

     

    ARTICLE
      V - MISCELLANEOUS

     

    5.1    Termination.  
      This Agreement may be terminated by any Purchaser, as to such Purchaser’s
      obligations hereunder only and without any effect whatsoever on the obligations
      between the Company and the other Purchasers, by written notice to the other
      parties, if the Closing has not been consummated on or before
      ___________________;
      provided,
      however,
      that no
      such termination will affect the right of any party to sue for any breach by
      the
      other party (or parties).

     

    5.2    Entire
      Agreement.  
      The Transaction Documents, together with the exhibits and schedules thereto,
      contain the entire understanding of the parties with respect to the subject
      matter hereof and supersede all prior agreements and understandings, oral or
      written, with respect to such matters, which the parties acknowledge have been
      merged into such documents, exhibits and schedules.

     

    
      
        11

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.3    Notices.  
      Any and all notices or other communications or deliveries required or permitted
      to be provided hereunder shall be in writing and shall be deemed given and
      effective on the earliest of (a) the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number set forth
      on
      the signature pages attached hereto prior to 5:30 p.m.  (Nevada time)
      on a Trading Day, (b) the next Trading Day after the date of transmission,
      if
      such notice or communication is delivered via facsimile at the facsimile number
      set forth on the signature pages attached hereto on a day that is not a Trading
      Day or later than 5:30 p.m.  (Nevada time) on any Trading Day, (c) the
      2nd Trading Day following the date of mailing, if sent by
      U.S.  nationally recognized overnight courier service, or (d) upon
      actual receipt by the party to whom such notice is required to be
      given.   The address for such notices and communications shall be as
      set forth on the signature pages attached hereto.

     

    5.4    Amendments;
      Waivers.  
      No provision of this Agreement may be waived or amended except in a written
      instrument signed, in the case of an amendment, by the Company and each
      Purchaser or, in the case of a waiver, by the party against whom enforcement
      of
      any such waiver is sought.   No waiver of any default with respect to
      any provision, condition or requirement of this Agreement shall be deemed to
      be
      a continuing waiver in the future or a waiver of any subsequent default or
      a
      waiver of any other provision, condition or requirement hereof, nor shall any
      delay or omission of either party to exercise any right hereunder in any manner
      impair the exercise of any such right.

     

    5.5    Headings.  
      The headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof.   The language used in this Agreement will be deemed to be the
      language chosen by the parties to express their mutual intent, and no rules
      of
      strict construction will be applied against any party.

     

    5.6    Successors
      and Assigns.  
      This Agreement shall be binding upon and inure to the benefit of the parties
      and
      their successors and permitted assigns.   The Company may not assign
      this Agreement or any rights or obligations hereunder without the prior written
      consent of each Purchaser.   Any Purchaser may assign any or all of
      its rights under this Agreement to any Person to whom such Purchaser assigns
      or
      transfers any Securities, provided such transferee agrees in writing to be
      bound, with respect to the transferred Securities, by the provisions hereof
      that
      apply to the “Purchasers”.

     

    5.7    No
      Third-Party Beneficiaries.  
      This Agreement is intended for the benefit of the parties hereto and their
      respective successors and permitted assigns and is not for the benefit of,
      nor
      may any provision hereof be enforced by, any other Person, except as otherwise
      set forth in Section 4.9.

     

    5.8    Governing
      Law.  All
      questions concerning the construction, validity, enforcement and interpretation
      of the Transaction Documents shall be governed by and construed and enforced
      in
      accordance with the internal laws of the State of Nevada, without regard to
      the
      principles of conflicts of law thereof.   Each party agrees that all
      legal proceedings concerning the interpretations, enforcement and defense of
      the
      transactions contemplated by this Agreement and any other Transaction Documents
      (whether brought against a party hereto or its respective affiliates, directors,
      officers, shareholders, employees or agents) shall be commenced exclusively
      in
      the state and federal courts sitting in the City of Reno.   Each party
      hereby irrevocably submits to the exclusive jurisdiction of the state and
      federal courts sitting in the City of Reno, State of Nevada for the adjudication
      of any dispute hereunder or in connection herewith or with any transaction
      contemplated hereby or discussed herein (including with respect to the
      enforcement of any of the Transaction Documents), and hereby irrevocably waives,
      and agrees not to assert in any suit, action or proceeding, any claim that
      it is
      not personally subject to the jurisdiction of any such court, that such suit,
      action or proceeding is improper or inconvenient venue for such
      proceeding.   

     

    
      
        12

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Each
      party hereby irrevocably waives personal service of process and consents to
      process being served in any such suit, action or proceeding by mailing a copy
      thereof via registered or certified mail or overnight delivery (with evidence
      of
      delivery) to such party at the address in effect for notices to it under this
      Agreement and agrees that such service shall constitute good and sufficient
      service of process and notice thereof.   Nothing contained herein
      shall be deemed to limit in any way any right to serve process in any manner
      permitted by law.   The parties hereby waive all rights to a trial by
      jury.   If either party shall commence an action or proceeding to
      enforce any provisions of the Transaction Documents, then the prevailing party
      in such action or proceeding shall be reimbursed by the other party for its
      attorneys’ fees and other costs and expenses incurred with the investigation,
      preparation and prosecution of such action or proceeding.

     

    5.9    Survival.  
      The representations and warranties contained herein shall survive the Closing
      and the delivery, exercise and/or conversion of the Securities for one
      year.

     

    5.10   Execution.  
      This Agreement may be executed in two or more counterparts, all of which when
      taken together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart.   In the event that any signature is delivered by
      facsimile transmission, such signature shall create a valid and binding
      obligation of the party executing (or on whose behalf such signature is
      executed) with the same force and effect as if such facsimile signature page
      were an original thereof.

     

    5.11    Severability.  
      If any provision of this Agreement is held to be invalid or unenforceable in
      any
      respect, the validity and enforceability of the remaining terms and provisions
      of this Agreement shall not in any way be affected or impaired thereby and
      the
      parties will attempt to agree upon a valid and enforceable provision that is
      a
      reasonable substitute therefor, and upon so agreeing, shall incorporate such
      substitute provision in this Agreement.

     

    5.12    Replacement
      of Securities.  
      If any certificate or instrument evidencing any Securities is mutilated, lost,
      stolen or destroyed, the Company shall issue or cause to be issued in exchange
      and substitution for and upon cancellation thereof, or in lieu of and
      substitution therefor, a new certificate or instrument, but only upon receipt
      of
      evidence reasonably satisfactory to the Company of such loss, theft or
      destruction and customary and reasonable indemnity, if requested.  
The applicants for a new certificate or instrument under such circumstances
      shall also pay any reasonable third-party costs associated with the issuance
      of
      such replacement Securities.

     

    5.13    Remedies.  
      In addition to being entitled to exercise all rights provided herein or granted
      by law, including recovery of damages, each of the Purchasers and the Company
      will be entitled to specific performance under the Transaction
      Documents.   The parties agree that monetary damages may not be
      adequate compensation for any loss incurred by reason of any breach of
      obligations described in the foregoing sentence and hereby agrees to waive
      in
      any action for specific performance of any such obligation the defense that
      a
      remedy at law would be adequate.

     

    
      
        13

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.14    Payment
      Set Aside.  
      To the extent that the Company makes a payment or payments to any Purchaser
      pursuant to any Transaction Document or a Purchaser enforces or exercises its
      rights thereunder, and such payment or payments or the proceeds of such
      enforcement or exercise or any part thereof are subsequently invalidated,
      declared to be fraudulent or preferential, set aside, recovered from, disgorged
      by or are required to be refunded, repaid or otherwise restored to the Company,
      a trustee, receiver or any other person under any law (including, without
      limitation, any bankruptcy law, state or federal law, common law or equitable
      cause of action), then to the extent of any such restoration the obligation
      or
      part thereof originally intended to be satisfied shall be revived and continued
      in full force and effect as if such payment had not been made or such
      enforcement or setoff had not occurred.

     

    5.15    Usury.  
      To the extent it may lawfully do so, the Company hereby agrees not to insist
      upon or plead or in any manner whatsoever claim, and will resist any and all
      efforts to be compelled to take the benefit or advantage of, usury laws wherever
      enacted, now or at any time hereafter in force, in connection with any claim,
      action or proceeding that may be brought by any Purchaser in order to enforce
      any right or remedy under any Transaction Document.   Notwithstanding
      any provision to the contrary contained in any Transaction Document, it is
      expressly agreed and provided that the total liability of the Company under
      the
      Transaction Documents for payments in the nature of interest shall not exceed
      the maximum lawful rate authorized under applicable law (the “Maximum
      Rate”),
      and,
      without limiting the foregoing, in no event shall any rate of interest or
      default interest, or both of them, when aggregated with any other sums in the
      nature of interest that the Company may be obligated to pay under the
      Transaction Documents exceed such Maximum Rate.  It is agreed that if
      the maximum contract rate of interest allowed by law and applicable to the
      Transaction Documents is increased or decreased by statute or any official
      governmental action subsequent to the date hereof, the new maximum contract
      rate
      of interest allowed by law will be the Maximum Rate applicable to the
      Transaction Documents from the effective date forward, unless such application
      is precluded by applicable law.  If under any circumstances
      whatsoever, interest in excess of the Maximum Rate is paid by the Company to
      any
      Purchaser with respect to indebtedness evidenced by the Transaction Documents,
      such excess shall be applied by such Purchaser to the unpaid principal balance
      of any such indebtedness or be refunded to the Company, the manner of handling
      such excess to be at such Purchaser’s election.

     

    5.16    Independent
      Nature of Purchasers’ Obligations and Rights.  
      The obligations of each Purchaser under any Transaction Document are several
      and
      not joint with the obligations of any other Purchaser, and no Purchaser shall
      be
      responsible in any way for the performance of the obligations of any other
      Purchaser under any Transaction Document.   Nothing contained herein
      or in any Transaction Document, and no action taken by any Purchaser pursuant
      thereto, shall be deemed to constitute the Purchasers as a partnership, an
      association, a joint venture or any other kind of entity, or create a
      presumption that the Purchasers are in any way acting in concert or as a group
      with respect to such obligations or the transactions contemplated by the
      Transaction Documents.   Each Purchaser shall be entitled to
      independently protect and enforce its rights, including without limitation
      the
      rights arising out of this Agreement or out of the other Transaction Documents,
      and it shall not be necessary for any other Purchaser to be joined as an
      additional party in any proceeding for such purpose.   Each Purchaser
      has been represented by its own separate legal counsel in their review and
      negotiation of the Transaction Documents.   

     

    5.17    Construction.  
      The parties agree that each of them and/or their respective counsel has reviewed
      and had an opportunity to revise the Transaction Documents and, therefore,
      the
      normal rule of construction to the effect that any ambiguities are to be
      resolved against the drafting party shall not be employed in the interpretation
      of the Transaction Documents or any amendments hereto.

    

    
      
        14

      

      
        
        

        
          

        

      

      
        
        

      

       

      IN
        WITNESS WHEREOF, the parties hereto have caused this Securities Purchase
        Agreement to be duly executed by their respective authorized signatories
        as of
        the date first indicated above.

    

     

    
      	BULLION RIVER GOLD CORP.
              INC.	Address for Notice: 
	
               

               

               

              By:  /s/ Peter M.
                Kuhn                                       

              Name:
                Peter M. Kuhn

              Title:
                President

               

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

            	
               

              3500 Lakeside Court, Suite 200

              Reno, Nevada 89509
(775)
              324-4881
               

               

               

            

    

     

     

    
      
        15

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    [PURCHASER
      SIGNATURE PAGES TO BULLION RIVER GOLD CORP., INC. SECURITIES PURCHASE
      AGREEMENT]

     

    IN
      WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
      to be duly executed by their respective authorized signatories as of the date
      first indicated above.

    

    Name
      of
      Purchaser:___________________________________________________________________________________________________________________

    

    

    Signature
      of Authorized Signatory of Purchaser:_____________________________________________________________________________________________

    Name
      of
      Authorized
      Signatory:___________________________________________________________________________________________________________

    Title
      of
      Authorized
      Signatory:____________________________________________________________________________________________________________

    Email
      Address of
      Purchaser:_____________________________________________________________________________________________________________

    

    Address
      for Notice of
      Purchaser:_________________________________________________________________________________________________________

    __________________________________________________________________________________________________________________

     

     

    Address
      for Delivery of Securities for Purchaser (if not same as
      above):_____________________________________________________________________________

    ___________________________________________________________________________________________________________________

     

     

    Principal
      Amount:
      $_____________________________________________________________________________________________________________________

    Warrant
      Shares:________________________________________________________________________________________________________________________

    

    

 

    [SIGNATURE
      PAGES CONTINUE]

     

     

    16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]