Document:

FCFS FIFTH AMENDMENT TO CREDIT AGREEMENT EXHIBIT 10.1

Exhibit 10.1

FIFTH AMENDMENT TO CREDIT AGREEMENT

     THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (the "Fifth Amendment") is dated to be effective as of September 30, 2008, among FIRST CASH FINANCIAL SERVICES, INC. (the "Borrower") and JPMORGAN CHASE BANK, N.A. successor by merger to Bank One, NA (Main Office Chicago) (the "Lender" and the "Agent") and WELLS FARGO BANK, NATIONAL ASSOCIATION, successor by merger to Wells Fargo Bank Texas, National Association (collectively the "Lender" and collectively the A
Lenders@
).

W I T N E S S E T H:

     WHEREAS, the Borrower and the Lenders are parties to that certain Credit Agreement dated as of August 9, 2002, and that certain First Amendment to Credit Agreement dated March 1, 2004, and that certain Second Amendment to Credit Agreement dated June 30, 2005, and that certain Third Amendment to Credit Agreement dated August 22, 2006, and that certain Fourth Amendment to Credit Agreement dated September 7, 2007, by and among the Borrower and the Lenders (collectively the "Agreement"); and

     WHEREAS, the Borrower and the Lenders desire to amend the Agreement by this Fifth Amendment to reflect the agreements, modifications and amendments as set forth below.

     NOW, THEREFORE, for and in consideration of the above premises and for other good and valuable consideration, the parties hereto agree as follows:

     1.     Definitions.  All capitalized terms defined in the Agreement and not otherwise defined in this Fifth Amendment shall have the same meanings as assigned to them in the Agreement when used in this Fifth Amendment, unless the context hereof shall otherwise require or provide.  

     2.     Representations and Warranties.  In order to induce the Lenders to enter into this Fifth Amendment, the Borrower represents and warrants to the Lenders that:

     A.     The Borrower has the requisite corporate authority to execute, deliver and perform the terms and provisions of this Fifth Amendment, the Agreement as amended by this Fifth Amendment, and the Loan Documents and the Borrower has taken all corporate and other action necessary to authorize such matters; and

     B.     Neither the execution and delivery of this Fifth Amendment, nor any other documents executed by the Borrower in connection herewith, nor the consummation of any of the transactions herein or therein contemplated, nor compliance with the terms and provisions hereof or thereof, will contravene or conflict with any provision of law, statute or regulation to which the Borrower is subject or any judgment, license, order or permit applicable to the Borrower or any indenture, agreement or other instrument to which the Borrower may be subject; no consent, approval, authorization or order of any court, governmental authority or third party is required in connection with the execution and delivery of this Fifth Amendment or any of the other documents executed and delivered in connection herewith or to consummate the transactions contemplated herein or therein;

     C.     This Fifth Amendment, the Agreement, as amended hereby, and the Loan Documents are the legal and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors' rights;

     D.     After the execution of this Fifth Amendment, no event has occurred and is continuing which constitutes a Default;

     E.     All of the representations and warranties of the Borrower contained in Article V of the Agreement are true and correct as of the date hereof.

     3.     Amendments to Article I.  The following definitions are amended and/or added to the Agreement and shall read as follows:

"'Adjusted One Month Eurodollar Rate' means, with respect to a CB Floating Rate Advance for any day, the sum of (i) 2.50% per annum plus (ii) the quotient of (a) the interest rate determined by the Agent by reference to Reuters Screen LIBOR01, formerly known as page 3750 of the Moneyline Telerate Service, or such other page or pages as may replace such Reuters Screen LIBOR01 for the purpose of displaying such rate, to be the rate at approximately 11:00 a.m. London time, on such date or, if such date is not a Business Day, on the immediately preceding Business Day for dollar deposits with a maturity equal to one (1) month, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to dollar deposits in the London interbank market with a maturity equal to one (1) month."

 "'Business Day' means (i) with respect to the Adjusted One Month Eurodollar Rate and any borrowing, payment or rate selection of a Eurodollar Advance, a day (other than a Saturday or Sunday) on which banks generally are open in Texas and/or New York for the conduct of substantially all of their commercial lending activities and on which dealings in United States dollars are carried on in the London interbank market and (ii) for all other purposes, a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed."

"'CB Floating Rate' means the Prime Rate minus the Applicable Margin; provided that the CB Floating Rate shall, on any day, not be less than the Adjusted One Month Eurodollar Rate.  The CB Floating Rate is a variable rate and any change in the CB Floating Rate due to any change in the Prime Rate or the Adjusted One Month Eurodollar Rate is effective from and including the effective date of such change in the Prime Rate or the Adjusted One Month Eurodollar Rate, respectively."

"'CB Floating Rate Advance' means any Advance when and to the extent that its interest rate is determined by reference to the CB Floating Rate.

"'Consolidated Net Income' means, with reference to any period, the net income (or loss) of the Borrower and its Subsidiaries calculated on a consolidated basis for such period; provided, however, for purposes of the Borrower's representations, covenants, and financial reporting under this Agreement, beginning with the fiscal quarter which ends September 30, 2008, and thereafter, (a) the Borrower's one-time, pre-tax write-off generated by the anticipated sale or other disposition of the Motor Vehicle Subsidiaries shall not be deducted from the Borrower's gross revenue for the subject period, and (b) the Borrower's net aggregate gain from the sale of one or more Motor Vehicle Subsidiary assets shall not be included in the Borrower's gross revenue for the subject period."

"'Motor Vehicle Subsidiaries' means SHAC, Inc.. and Guaranteed Auto Finance, Inc., and their successors and assigns, and
'Motor Vehicle Subsidiary' means either one of said Motor Vehicle Subsidiaries."

     All references in the Agreement to "Floating Rate" are hereby amended to be "CB Floating Rate" and all references in the Agreement to "Floating Rate Advance" are hereby amended to be "CB Floating Rate Advance."

     4.     Amendments to Article III.  A new Section 3.6 is added to Article III of the Agreement and shall read in its entirety as follows:

"3.6     Inability to Determine Interest Rate.  If the Agent determines that (a) quotations of interest rates for the relevant deposits referred to in the definition of Eurodollar Base Rate are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the interest rate on a Eurodollar Advance as provided in this Agreement, or (b) the relevant interest rates referred to in the definition of Eurodollar Base Rate do not accurately cover the cost to the Bank of making, funding or maintaining Eurodollar Advances, then the Agent shall, at the Agent's option, give notice of such circumstances to the Borrower, whereupon (i) the obligation of the Lenders to make Eurodollar Advances shall be suspended until the Agent notifies the Borrower that the circumstances giving rise to the suspension no longer exist, and (ii) the Borrower shall repay in full the then outstanding principal amount of each Eurodollar Rate Advance, together with accrued interest, on the last day of the then current Interest Period applicable to the Eurodollar Advance, provided, however, that, subject to the terms and conditions of this Agreement and the other Loan Documents, the Borrower shall be entitled to simultaneously replace the entire outstanding balance of any Eurodollar Advance repaid in accordance with this section with an Advance bearing interest at the CB Floating Rate minus the Applicable Margin for CB Floating Rate Advances in the same amount.  If the Agent determines on any day that quotations of interest rates for the relevant deposits referred to in the definition of Adjusted One Month Eurodollar Rate are not being provided for purposes of determining the interest rate on any CB Floating Rate Advance on any day, then each CB Floating Rate Advance shall bear interest at the Prime Rate minus the Applicable Margin for CB Floating Rate Advances until the Agent determines that quotations of interest rates for the relevant deposits referred to in the definition of Adjusted One Month Eurodollar Rate are being provided."

     5.     Conditions Precedent.  This Fifth Amendment and the obligations of the Lenders hereunder are subject to the conditions precedent that the Borrower shall have (a) duly executed and delivered to the Lenders this Fifth Amendment, and (b) paid to the Agent an amount to reimburse the Agent for its reasonable attorneys' fees incurred in the preparation of this Fifth Amendment and related Loan Documents, and (c) paid to the Agent a closing fee in the amount of $225,000.00 divided ratably by the Lenders.

     6.     Scope of Amendments.  Any and all other provisions of the Agreement and any other Loan Documents are hereby amended and modified wherever necessary and even through not specifically addressed herein, so as to conform to the amendments and modifications set forth in this Fifth Amendment.

     7.     Limitation on Agreements.  The amendments set forth herein are limited in scope as described herein and shall not be deemed (a) to be a consent under, or waiver of, any other term or condition of the Agreement or any of the Loan Documents, or (b) to prejudice any right or rights which the Lenders now have or may have in the future under, or in connection with the Agreement as amended by this Fifth Amendment, the Loan Documents or any of the documents referred to herein or therein.

     8.     Multiple Counterparts.  This Fifth Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Fifth Amendment by signing any such counterpart.

     THE CREDIT AGREEMENT, AS AMENDED BY THIS FIFTH AMENDMENT, AND THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

     Executed to be effective as of September 30, 2008.

	
LENDER AND AGENT:
	
JPMORGAN CHASE BANK, N.A., successor by merger to

Bank One, NA (Main Office Chicago) 

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	 
	 	 	

	 	
Title:
	 
	 	 	

	 	 	 
	 	 	 
	
LENDER:
	
WELLS FARGO BANK, N.A., successor by merger to Wells

	 	
Fargo Bank Texas, National Association 

	 	 	 
	 	
By: 
	 
	 	 	

	 	
Name: 
	 
	 	 	

	 	
Title:
	 
	 	 	

	 	 	 
	 	 	 
	
BORROWER:
	
FIRST CASH FINANCIAL SERVICES, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	
GUARANTORS:
	
REVIEWED AND AGREED:

	 	 	 
	 	
CASH & GO, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FAMOUS PAWN, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FCFS MO, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FCFS OK, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FCFS SC, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FCFS MI, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FIRST CASH, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FIRST CASH CORP.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FIRST CASH, LTD.

	 	 	 
	 	
By:
	
FIRST CASH MANAGEMENT, L.L.C.,

	 	 	
its General Partner

	 	 	 
	
	
	
By:
	

	
	

	
Name:
	
Rick Wessel

	
	

	
Title:
	
Manager

	
	

	 	 	 
	 	 	 
	 	
FIRST CASH MANAGEMENT, L.L.C.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
Manager

	 	 	

	 	 	 
	 	 	 
	 	
ONE IRON VENTURES, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
President

	 	 	

	 	 	 
	 	 	 
	 	
FIRST CASH CREDIT, LTD. 

	 	 	 
	 	
By:
	
FIRST CASH CREDIT MANAGEMENT, L.L.C.

	 	 	
its General Partner

	 	 	 
	
	
	
By:
	

	
	

	
Name:
	
R. Douglas Orr

	
	

	
Title:
	
Manager

	
	

	 	 	 
	 	 	 
	 	
FIRST CASH CREDIT MANAGEMENT, L.L.C.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
R. Douglas Orr

	 	 	

	 	
Title:
	
Manager

	 	 	

	 	 	 
	 	 	 
	 	
FIRST CASH, S.A. DE C.V.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
R. Douglas Orr

	 	 	

	 	
Title:
	
Legal Representative

	 	 	

	 	 	 
	 	 	 
	 	
AMERICAN LOAN EMPLOYEE SERVICES, S.A. DE C.V.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
R. Douglas Orr

	 	 	

	 	
Title:
	
Legal Representative

	 	 	

	 	 	 
	 	 	 
	 	
YA SERVICIOS, S.A. DE C.V. SOFOM, E.N.R.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
R. Douglas Orr

	 	 	

	 	
Title:
	
Legal Representative

	 	 	

	 	 	 
	 	 	 
	 	
SHAC, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
R. Douglas Orr

	 	 	

	 	
Title:
	
Secretary

	 	 	

	 	 	 
	 	 	 
	 	
GUARANTEED AUTO FINANCE, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
R. Douglas Orr

	 	 	

	 	
Title:
	
Secretary

	 	 	

	 	 	 
	 	 	 
	 	
CASHPLUS CSO, INC.

	 	 	 
	 	
By:
	 
	 	 	

	 	
Name:
	
Rick Wessel

	 	 	

	 	
Title:
	
Presidentc55546_ex10-1.htm

EXHIBIT 10.1

AMENDMENT NO. 7 TO

THE AMENDED AND RESTATED

CREDIT AGREEMENT 

Dated as of April 24, 2008                    

          AMENDMENT NO. 7 TO THE AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) among
SOTHEBY’S, a Delaware corporation (“Holdings”), SOTHEBY’S, INC., a New York corporation (the “Company” and, together with Holdings, the “U.S. Borrowers”), OATSHARE LIMITED, a company registered in England and Wales with registration number 01737495
(“Oatshare”), SOTHEBY’S, a company registered in England and Wales with registration number 00874867 (“Sotheby’s” and, together with Oatshare, the “U.K. Borrowers”, and collectively with the U.S. Borrowers, the “Borrowers”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”) and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender, L/C Issuer and Foreign Currency Lead Lender. 

          PRELIMINARY STATEMENTS:

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

          (2)      The Borrowers and the Lenders have agreed to make a certain amendment to the Credit Agreement related to the issuance of the New Senior Notes. 

          SECTION 1. Amendment to Credit Agreement. Section 1.01 of the Credit Agreement is, effective as of the date
hereof and subject to the satisfaction of the conditions precedent set forth in Section 2, hereby amended by amending and restating the following definitions to read as follows: 

“New Senior Notes” means the senior notes or convertible notes of Holdings due at any time during or between 2013 and 2021 in an aggregate principal amount of up
to $400,000,000. 

1

Sotheby’s – Amendment No. 7 to Amended and Restated Credit Agreement

“New Senior Notes Indenture” means one or more indentures, including any supplemental indentures, in each case in form and substance satisfactory to the
Administrative Agent, governing the New Senior Notes. 

          SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the date first above
written when, and only when, the Administrative Agent shall have received (i) counterparts of this Amendment executed by each Borrower and the Required Lenders or, as to any of the Lenders, advice satisfactory to the Administrative Agent that such
Lender has executed this Amendment, (ii) the consent attached hereto (the “Consent”) executed by each of the Guarantors, and (iii) a certificate signed by a duly authorized officer
of each Borrower stating that (A) the representations and warranties contained in each of the Loan Documents (as amended or supplemented to date, including pursuant to this Amendment) are true and correct on and as of the date hereof, before and
after giving effect to this Amendment, as though made on and as of such date (except for any such representation and warranty that, by its terms, refers to an earlier date, in which case as of such earlier date), and (B) no event has occurred and is
continuing that constitutes a Default. The effectiveness of this Amendment is conditioned upon the accuracy of the factual matters described herein.  This Amendment is subject to the provisions of Section 10.01 of the Credit Agreement. 

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

          SECTION 4. Reference to and Effect on the Loan Documents. (a) On and after the effectiveness of this
Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan
Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. 

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

          (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

          SECTION 5. Costs, Expenses, Etc. Each Borrower agrees to pay on demand all costs and expenses of the
Administrative Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation,
the

2

Sotheby’s – Amendment No. 7 to Amended and Restated Credit Agreement

reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of Section 10.04 of the Credit Agreement.

          SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature
page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 

          SECTION 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of
the State of New York. 

 

 

3

Sotheby’s – Amendment No. 7 to Amended and Restated Credit Agreement

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

	 	SOTHEBY’S
	 	
	 	By:	/s/
    William S. Sheridan
	 	Name:  	William
    S. Sheridan
	 	
Title:		
Executive Vice President	
	 	 		
and Chief Financial Officer	
	 	
	 	SOTHEBY’S, INC.
	 	
	 	By:	/s/
    William S. Sheridan
	 	Name:	William
    S. Sheridan
	 	Title: 	
Executive Vice President	
	 	 		
and Chief Financial Officer	
	 	
	 	OATSHARE LIMITED
	 	
	 	By:	/s/
    William S. Sheridan
	 	Name: 	William
    S. Sheridan
	 	
Title:		
Executive Vice President	
	 	 		
and Chief Financial Officer	
	 	
	 	SOTHEBY’S
	 	
	 	By:	/s/
    William S. Sheridan
	 	Name:	William
    S. Sheridan
	 	
Title:		
Executive Vice President	
	 	 		
and Chief Financial Officer	

Signature Page 

Sotheby’s – Amendment No. 7 to Amended and Restated Credit Agreement 

	 	
      BANK OF AMERICA, N.A., as	
	 	
      Administrative Agent, L/C Issuer, Swing Line	
	 	
      Lender, Foreign Currency Lead Lender and Lender	
	 	 	 	
	 	By:	
/s/ John Walkiewicz	
	 	Name:  	
John Walkiewicz	
	 	Title: 	
Senior Vice President	

 

 

Signature Page 

  Sotheby’s – Amendment No. 7 to Amended and Restated Credit Agreement 

	 	
    LASALLE BANK N.A.,	
	 	
    as Lender	
	 	By:	
/s/ John Walkiewicz	
	 	Name:  	
John Walkiewicz	
	 	Title: 	
Senior Vice President	
	 	 	 	
	 	
    HSBC BANK PLC,	
	 	
    as Lender	
	 	By:	
/s/ Paul Hagger	
	 	Name:  	
Paul Hagger	
	 	Title: 	
Corporate Banking Manager	
	 	 	 	
	 	
    THE CIT GROUP/BUSINESS CREDIT, INC.,	
	 	
    as Lender	
	 	 	 	
	 	By:	
/s/ Julianne Low	
	 	Name:  	
Julianne Low	
	 	Title: 	
Vice President	
	 	 	 	
	 	
    CITIBANK, N.A.,	
	 	
    as Lender	
	 	By:	
/s/ Anthony V. Pantina	
	 	Name:  	
Anthony V. Pantina	
	 	Title: 	
Senior Vice President	
	 	 	 	
	 	
    UNITED OVERSEAS BANK LIMITED,	
	 	
    NEW YORK AGENCY, as Lender	
	 	 	 	
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 	
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page 

Sotheby’s – Amendment
No. 7 to Amended and Restated Credit Agreement

	 	
    COMERICA BANK,	
	 	
    as Lender	
	 	 	 	
	 	By:	
/s/ Sarah R. West	
	 	Name:  	
Sarah R. West	
	 	Title: 	
Assistant Vice President	
	 	 	 	
	 	 	 	
	 	
    ISRAEL DISCOUNT BANK OF NEW YORK,	
	 	
    as Lender	
	 	 	 	
	 	By:	
/s/ Richard Tripaldi	
	 	Name:  	
Richard Tripaldi	
	 	Title: 	
Assistant Vice President	
	 	 	 	
	 	By:	
/s/ Virginia Pulverenti	
	 	Name:  	
Virginia Pulverenti	
	 	Title: 	
Senior Vice President	
	 	 	 	
	 	 	 	
	 	
    CAPITAL ONE LEVERAGE FINANCE	
	 	
    CORPORATION (FORMERLY KNOWN AS NORTH	
	 	
    FORK BUSINESS CAPITAL CORPORATION), as	
	 	
    Lender	
	 	 	 	
	 	By:	
/s/ Ron Walker	
	 	Name:  	
Ron Walker	
	 	Title: 	
Vice President	
	 	 	 	
	 	 	 	
	 	
    WEBSTER BUSINESS CREDIT CORPORATION,	
	 	
    as Lender	
	 	 	 	
	 	By:	
/s/ Daniele Dupre	
	 	Name:  	
Daniele Dupre	
	 	Title: 	
Vice President	

 

Signature Page 

  Sotheby’s – Amendment No. 7 to Amended and Restated Credit Agreement

CONSENT

Dated as of April 24_, 2008

          Each of the undersigned, as a Guarantor under the Credit Agreement referred to in the foregoing Amendment, hereby consents to such Amendment and hereby confirms and agrees that notwithstanding the
effectiveness of such Amendment, the Guaranty contained in the Credit Agreement is and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of such
Amendment, each reference in the Loan Documents to “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended by such Amendment. 

	 	
GUARANTORS:	
	 	 	
	 	
SOTHEBY’S FINE ART HOLDINGS, INC.	
	 	
SOTHEBY’S FINANCIAL SERVICES, INC.	
	 	
SOTHEBY’S FINANCIAL SERVICES	
	 	
                  CALIFORNIA, INC. 

	 	
OBERON, INC.	
	 	
THETA, INC.	
	 	
SOTHEBY’S VENTURES, LLC	
	 	
SOTHEBY’S ASIA, INC.	
	 	
YORK WAREHOUSE, INC.	
	 	
SPTC, INC.	
	 	
SOTHEBY’S PARKE BERNET, INC.	
	 	
YORK AVENUE DEVELOPMENT, INC.	
	 	
SOTHEBY’S THAILAND, INC.	
	 	
SOTHEBY’S HOLDINGS INTERNATIONAL, INC.	
	 	
SOTHEBY’S NEVADA, INC.	
	 	
SOTHEBYS.COM AUCTIONS, INC.	
	 	
SIBS, LLC	
	 	
SOTHEBY’S.COM LLC	
	 	
SOTHEBY’S RES, INC.	

	 	   By:	/s/
    William S. Sheridan
	 	   Name:  	William
    S. Sheridan
	 	   Title: 	
Executive Vice President	
	 	 		
and Chief Financial Officer	
	 	
	 	
	 	SOTHEBY’S
	 	
	 	   By:	/s/
    William S. Sheridan
	 	   Name:  	William
    S. Sheridan
	 	   Title: 	
Executive Vice President	
	 	 		
and Chief Financial Officer	

 

Consent 

  Sotheby’s – Amendment No. 7 to Amended and Restated Credit Agreement

	 	
    SOTHEBY’S, INC.	
	 	 	 	
	 	   By:	 /s/ William S. Sheridan	
	 	   Name:  	 William S. Sheridan	
	 	   Title: 	Executive Vice President
	 	 	
      and Chief Financial Officer 

	 	 		

	 	 		

	 	
      OATSHARE LIMITED 

	 	 		

	 	   By:	
 /s/ William S. Sheridan 

	 	   Name:  	
 William S. Sheridan 

	 	   Title: 	
 Executive Vice President 

	 	 	
      and Chief Financial Officer 

	 	 	 	
	 	 	 	
	 	
    SOTHEBY’S FINANCIAL SERVICES LTD.	
	 	 	 	
	 	   By:	  /s/ William S. Sheridan	
	 	   Name:  	 William S. Sheridan	
	 	   Title: 	Executive Vice President
	 	 	
      and Chief Financial Officer 

	 	 	 	
	 	 	 	
	 	
    CATALOGUE DISTRIBUTION COMPANY	
	 	
    LIMITED	
	 	 	 	
	 	   By:	 /s/ William S. Sheridan	
	 	   Name:  	 William S. Sheridan	
	 	   Title: 	Executive Vice President
	 	 	
      and Chief Financial Officer 

 

Consent 

  Sotheby’s – Amendment No. 7 to Amended and Restated Credit Agreement

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