Document:

EXHIBIT
      4.3

     

    AMENDMENT
      NO. 1 TO 

    11%
      CONVERTIBLE PROMISSORY NOTE

     

    THIS
      AMENDMENT NO. 1 TO 11% CONVERTIBLE PROMISSORY NOTE, dated as of January 24,
      2007
      (this “Amendment”), between National
      Holdings Corporation,
      a
      Delaware corporation formerly known
      as
      Olympic Cascade Financial Corporation (the “Company”) and St.
      Cloud Capital Partners, L.P.
      (“St.
      Cloud”).

     

    WITNESSETH

     

    WHEREAS,
      the Company previously issued to St. Cloud its 11% Convertible Promissory Note
      in the principal amount of $850,000, dated January 11, 2006 (the “Note”);
      and

     

    WHEREAS,
      the Company and St. Cloud wish to amend the Note to change the amount of the
      charge to the Company in the event of a prepayment of the Note.

     

    NOW,
      THEREFORE, the parties hereto, in consideration of the mutual promises herein
      contained and for other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, hereby agree to amend the Agreement
      as follows:

     

    1. Definitions;
      References; Continuation of Agreement.
      Unless
      otherwise specified herein, each term used herein that is defined in the Note
      shall have the meaning assigned to such term in the Note. Each reference to
      “hereof,” “hereto,” “hereunder,” “herein” and “hereby” and each other similar
      reference, and each reference to “this Note” and each other similar reference,
      contained in the Note shall from and after the date hereof refer to the Note
      as
      amended hereby. Except as amended hereby, all terms and provisions of the Note
      shall continue unmodified and remain in full force and effect.

     

    2. Right
      of Prepayment; Mandatory Prepayment.
      The
      first paragraph of Section 3 of the Note is hereby amended and restated in
      its
      entirety as follows:

     

    “At
      any
      time, the Company shall have the right to prepay all or part of the outstanding
      principal amount of this Note in installments not less than the lesser of (i)
      One Hundred Thousand Dollars ($100,000) and (ii) the remaining outstanding
      principal balance of this Note; provided
      that the
      Company pays the Prepayment Charge as set forth herein and gives not less than
      thirty (30) days' prior written notice to Holder of the Company's election
      to
      prepay this Note. Upon prepayment of this Note, Holder is entitled to the
      following prepayment fee: The Prepayment Charge, if any, shall be due in the
      event of voluntary or involuntary prepayment in full or in part, whether due
      to
      acceleration by the Holder or otherwise, and shall be calculated as
      follows:  (i) for prepayment within the first year of the loan term,
      the Prepayment Charge shall be five percent (5.0%) of the principal amount
      of
      the prepayment.  The Prepayment Charge shall be four percent (4.0%) of the
      principal amount of the prepayment during the second year of the loan
      term.  The Prepayment Charge shall be three percent (3.0%) of the principal
      amount of the prepayment during the third year of the loan term.  The
      Prepayment change shall be two percent (2%) of the principal amount of the
      prepayment during the fourth year of the loan term. The Prepayment change shall
      be one percent (1%) of the principal amount of the prepayment during the fifth
      year of the loan term.  The Prepayment Charge shall be payable at the time
      of prepayment and is in addition to accrued interest. Within
      five (5) business days following the full payment of the redemption price,
      the
      Holder shall deliver to the Company the Note so redeemed. Holder shall do all
      further acts and things and execute all further documents reasonably required
      in
      the circumstances to effect the provisions of this Section 3.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3. Counterparts.
      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 or by e-mail delivery of a “.pdf” format data file, 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 or “.pdf” signature page were an original thereof. 

     

    4
      . Governing
      Law.
      This
      Amendment shall be governed by and construed in accordance with the laws of
      the
      State of New York.

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
      executed on the date first above written.

    
      	 	 	 
	 	NATIONAL HOLDINGS CORPORATION
	 
 	 
 	 
 
	
            	By:  	/s/
              Mark
              Goldwasser
	 	
              

            

    

    
      	 	 	 
	 	ST.
              CLOUD CAPITAL PARTNERS, L.P.
	 	 
	 	By: SCGP, LLC, General Partner
	 
 	 
 	 
 
	 	By:  	/s/
              Marshall S. Geller
	 	
              
Marshall
              S. Geller, Senior Managing Member

    

     

    
      
         

      

      
        2GUARANTY
      OF PAYMENT

    

    This
      Guaranty (this "Guaranty") is made as of February 9, 2007 by American Real
      Estate Partners, L.P., a Delaware limited partnership (the "Guarantor"),
      in
      favor of Lear Corporation, a Delaware corporation (the "Company").
      Unless otherwise defined herein, all capitalized terms used herein shall have
      the meaning ascribed to them in the Agreement (as defined below).

    

    WHEREAS,
      as an inducement to the Company's willingness to enter into the Agreement and
      Plan of Merger (the "Agreement"),
      dated
      February 9, 2007, by and among AREP Car Holdings Corp., a Delaware corporation
      ("Parent"),
      AREP
      Car Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary
      of
      Parent ("Merger
      Sub"),
      and
      Company, Guarantor has agreed to guarantee the performance of Parent and Merger
      Sub, respectively, of their Obligations (as defined below) under the
      Agreement.

    

    NOW,
      THEREFORE, the Guarantor hereby agrees with the Company as follows:

    

    Section
      1. Guaranty
      of Obligations.
      The
      Guarantor hereby irrevocably and unconditionally guarantees to Company the
      payment by Parent and Merger Sub of their obligations, if any, to the Company
      pursuant to Section 7.4(f) of the Agreement (the "Obligations").
      This
      Guaranty is an absolute, unconditional and continuing guarantee of the payment,
      and not a guarantee of collection.

    

    Section
      2. Representations
      and Warranties.
      The
      Guarantor represents and warrants that:

    

    (a)  Organization
      and Good Standing.
      The
      Guarantor is a limited partnership duly organized and validly existing in good
      standing under the laws of the State of Delaware and has full power and
      authority to own its properties and to conduct its business as such properties
      are presently owned and such business is presently conducted.

    

    (b)  Due
      Qualification.
      The
      Guarantor is duly qualified to do business and is in good standing as a foreign
      corporation, 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 requires such qualification, licenses or approvals, except where the
      failure to so qualify to obtain such licenses and approvals or to preserve
      and
      maintain such qualification, licenses or approvals could not reasonably be
      expected to give rise to a material adverse effect with respect to the
      Guarantor.

    

    (c)  Power
      and Authority; Due Authorization.
      The
      Guarantor has all necessary limited partnership power and authority to execute
      and deliver this Guaranty and to perform all its obligations hereunder. The
      execution, delivery and performance of this Guaranty has been duly authorized
      by
      all necessary limited partnership action.

    

    (d)  Binding
      Obligations.
      This
      Guaranty constitutes the legal, valid and binding obligation of the Guarantor,
      enforceable against the Guarantor in accordance with its terms, except as such
      enforceability may be limited by bankruptcy, insolvency, reorganization or
      other
      similar laws affecting the enforcement of creditors rights generally and by
      general principles of equity, regardless of whether such enforceability is
      considered in a proceeding in equity or at law.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (e)  No
      Conflict or Violation.
      The
      execution, delivery and performance of this Guaranty, and the fulfillment of
      the
      terms hereof, will not (i) conflict with, violate, result in any breach of
      any
      of the terms and provisions of, or constitute (with or without notice or lapse
      of time or both) a default under, (A) the certificate of limited partnership
      or
      Agreement of Limited Partnership, as amended, of the Guarantor or (B) any
      indenture, loan agreement, mortgage, deed of trust, or other material agreement
      or instrument to which the Guarantor is a party or by which it or any of its
      properties is bound or (ii) conflict with or violate any federal, state, local
      or foreign law or any decision, decree, order, rule or regulation applicable
      to
      the Guarantor or any of its properties of any court or of any federal, state,
      local or foreign regulatory body, administrative agency or other governmental
      instrumentality having jurisdiction over the Guarantor or any of its properties,
      except such conflict or violation described in clause (i)(B) and clause (ii),
      individually or in the aggregate, could not reasonably be expected to have
      a
      material adverse effect on the ability of the Guarantor to perform its
      obligations under this Guaranty or the validity or enforceability of this
      Guaranty.

     

    Section
      3. Guarantor's
      Acknowledgment.
      The
      Guarantor hereby acknowledges that the Company entered into the transactions
      contemplated by the Agreement in reliance upon the execution of this
      Guaranty.

    

    Section
      4. Termination
      of Guaranty.
      The
      Guarantor's obligations hereunder shall continue in full force and effect until
      the closing of the transactions contemplated by the Agreement or the termination
      thereof as provided therein (except that Section 1 hereof shall survive such
      termination).

    

    Section
      5. Successors
      and Assigns.
      This
      Guaranty shall be binding upon the Guarantor and its successors and assigns,
      and
      shall inure to the benefit of and be enforceable by the Company and its
      respective successors, transferees and assigns. The Guarantor may not assign
      or
      transfer any of its obligations hereunder without the prior written consent
      of
      the Company.

    

    Section
      6. Amendments
      and Waivers.
      No
      amendment or waiver of any provision of this Guaranty nor consent to any
      departure by the Guarantor therefrom shall be effective unless the same shall
      be
      in writing and signed by the Company. No failure on the part of the Company
      to
      exercise, and no delay in exercising, any right hereunder shall operate as
      a
      waiver thereof, nor shall any single or partial exercise of any right hereunder
      preclude any other or further exercise thereof or the exercise of any other
      right.

    

    Section
      7
Notices.
      All
      notices and other communications called for hereunder shall be made in writing
      and, unless otherwise specifically provided herein, shall be deemed to have
      been
      duly made or given when delivered by hand or mailed first class, postage
      prepaid, or, in the case of telecopied or telexed notice, when transmitted,
      answer back received, addressed as follows: (i) if to the Guarantor, White
      Plains Plaza, 445 Hamilton Avenue - Suite 1210, White Plains, NY 10601,
      Attention: Felicia Buebel, Esq., Facsimile: (914) 614-7001 and (ii) if to
      Company, at its address for notices set forth in the Agreement.

     

    Section
      8. Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware (without giving effect to choice of law principles thereof
      that would result in the application of the laws of another
      jurisdiction).

     

    Section
      9. Submission
      to Jurisdiction.
      Each of
      the parties hereto (a) consents to submit itself to the personal jurisdiction
      of
      any Delaware chancery or federal court located in the City of Wilmington in
      the
      event any dispute arises out of this Agreement or any transaction contemplated
      by this Guaranty, (b) agrees that it will not attempt to deny or defeat such
      personal jurisdiction by motion or other request for leave from any such court,
      (c) agrees that it will not bring any action relating to this Guaranty or any
      transaction contemplated by this Guaranty in any court other than any such
      court
      and (d) waives any right to trial by jury with respect to any action related
      to
      or arising out of this Guaranty or any transaction contemplated by this
      Guaranty. Each of the parties irrevocably and unconditionally waives any
      objection to the laying of venue of any action, suit or proceeding arising
      out
      of this Guaranty or the transactions contemplated hereby in Delaware chancery
      or
      federal courts located in the City of Wilmington, and hereby further irrevocably
      and unconditionally waives and agree not to plead or claim in any such court
      that any such action, suit or proceeding brought in any such court has been
      brought in an inconvenient forum.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section 10.
      WAIVER
      OF JURY TRIAL.
      EACH
      PARTY HERETO WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
      TO
      ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS GUARANTY, OR ANY
      AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE
      FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY
      COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN),
      ACTIONS OF EITHER OF THE PARTIES HERETO OR ANY OTHER RELATIONSHIP EXISTING
      IN
      CONNECTION WITH THIS GUARANTY, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING
      SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

    

    Section
      11. Counterparts.
      This
      Guaranty may be executed in counterparts, each of which shall be deemed to
      be an
      original, but all of which, taken together, shall constitute one and the same
      agreement.

    

    Section
      12. Miscellaneous.
      This
      Guaranty constitutes the entire agreement of the Guarantor with respect to
      the
      matters set forth herein. No failure on the part of the Company to exercise,
      and
      no delay in exercising, any right hereunder shall operate as a waiver thereof;
      nor shall any single or partial exercise of any right hereunder preclude any
      other or further exercise thereof or the exercise of any other right. The rights
      and remedies herein provided are cumulative and not exclusive of any remedies
      provided by law or any other agreement. The provisions of this Guaranty are
      severable, and in any action or proceeding involving any state corporate law,
      or
      any state or federal bankruptcy, insolvency, reorganization or other law
      affecting the rights of creditors generally, if the obligations of the Guarantor
      hereunder would otherwise be held or determined to be avoidable, invalid or
      unenforceable on account of the amount of the guaranty, the amount of such
      liability shall, without any further action by the Guarantor be automatically
      limited and reduced to the highest amount that is valid and enforceable as
      determined in such action or proceeding. The invalidity or unenforceability
      of
      any one or more sections of this Guaranty shall not affect the validity or
      enforceability of its remaining provisions. Captions are for ease of reference
      only and shall not affect the meaning of the relevant provisions.

     

    [Remainder
      of page intentionally left blank.]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    IN
      WITNESS WHEREOF, the Guarantor has caused this Guaranty to be executed and
      delivered as of the date first above written.

     

    

    AMERICAN
      REAL ESTATE PARTNERS, L.P.

    By:
      American Property Investors,
      Inc., its general partner

    

    

    By:/s/
      Hillel
      Moerman                                   

    Name: Hillel
      Moerman

    Title: Chief
      Financial Officer

    

    

    LEAR
      CORPORATION

    

    

    By:/s/
      Robert E.
      Rossiter                             

    Name: Robert
      E.
      Rossiter

    Title:
       Chairman
      and Chief Executive Officer

     

    

     

    

     

    [Signature
      Page
      to
Guaranty]

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