Document:

exv10w7

Exhibit 10.7

 

INTERCREDITOR AGREEMENT

dated as of May 6, 2010,

Between

REGIONS BANK,

as First Lien Collateral Agent,

U.S. Bank National Association,

as Second Lien Collateral Agent,

PENSON WORLDWIDE, INC.,

as the Company,

and

the Subsidiary Grantors party hereto

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	SECTION 1. Definitions
	 	 	2	 
	 
	 	 	 	 
	1.1 Defined Terms
	 	 	2	 
	1.2 Terms Generally
	 	 	8	 
	 
	 	 	 	 
	SECTION 2. Lien Priorities
	 	 	8	 
	 
	 	 	 	 
	2.1 Relative Priorities
	 	 	8	 
	2.2 Prohibition on Contesting Liens
	 	 	9	 
	2.3 No New Liens
	 	 	9	 
	2.4 Identification of First Lien Collateral and Second Lien Collateral
	 	 	9	 
	 
	 	 	 	 
	SECTION 3. Enforcement
	 	 	10	 
	 
	 	 	 	 
	3.1 Exercise of Remedies
	 	 	10	 
	3.2 Actions upon Breach
	 	 	12	 
	 
	 	 	 	 
	SECTION 4. Payments
	 	 	13	 
	 
	 	 	 	 
	4.1 Application of Proceeds
	 	 	13	 
	4.2 Payments Over
	 	 	13	 
	 
	 	 	 	 
	SECTION 5. Other Agreements
	 	 	14	 
	 
	 	 	 	 
	5.1 Releases
	 	 	14	 
	5.2 Insurance; Condemnation
	 	 	15	 
	5.3
Amendments to and Refinancings of the First Lien Loan Documents; Amendments to the Second Lien Documents 
	 	 	15	 
	
5.4 Rights as Unsecured Creditors
	 	 	16	 
	5.5 Bailee for Perfection
	 	 	16	 
	5.6 When Discharge of First Lien Obligations Deemed to Not Have Occurred
	 	 	17	 
	 
	 	 	 	 
	SECTION 6. Insolvency or Liquidation Proceedings
	 	 	18	 
	 
	 	 	 	 
	6.1 Finance and Sale Issues
	 	 	18	 
	6.2 Relief from the Automatic Stay
	 	 	18	 
	6.3 Adequate Protection
	 	 	19	 
	6.4 No Waiver; Voting Rights
	 	 	20	 
	6.5 Avoidance Issues
	 	 	20	 
	6.6 Reorganization Securities
	 	 	20	 
	6.7 Post-Petition Interest
	 	 	21	 
	6.8 Waiver
	 	 	21	 
	6.9 Nature of Obligations; Post-Petition Interest
	 	 	21	 
	6.10 Proofs of Claim
	 	 	22	 

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	Section	 	Page	 
	6.11 Asset Dispositions in an Insolvency Proceeding
	 	 	22	 
	 
	 	 	 	 
	SECTION 7. Reliance; Waivers; Etc.
	 	 	23	 
	 
	 	 	 	 
	7.1 Reliance
	 	 	23	 
	7.2 No Warranties or Liability
	 	 	23	 
	7.3 No Waiver of Lien Priorities
	 	 	24	 
	7.4 Obligations Unconditional
	 	 	25	 
	7.5 Certain Notices
	 	 	26	 
	 
	 	 	 	 
	SECTION 8. Miscellaneous
	 	 	26	 
	 
	 	 	 	 
	8.1 Conflicts
	 	 	26	 
	8.2 Effectiveness; Continuing Nature of This Agreement; Severability
	 	 	26	 
	8.3 Amendments; Waivers
	 	 	27	 
	8.4 Information Concerning Financial Condition of the Company and Its Subsidiaries
	 	 	27	 
	8.5 Subrogation
	 	 	28	 
	8.6 Application of Payments
	 	 	28	 
	8.7 SUBMISSION TO JURISDICTION; WAIVERS
	 	 	28	 
	8.8 Notices
	 	 	29	 
	8.9 Further Assurances
	 	 	29	 
	8.10 APPLICABLE LAW
	 	 	29	 
	8.11 Binding on Successors and Assigns
	 	 	29	 
	8.12 Specific Performance
	 	 	30	 
	8.13 Headings
	 	 	30	 
	8.14 Counterparts
	 	 	30	 
	8.15 Authorization
	 	 	30	 
	8.16 No Third Party Beneficiaries
	 	 	30	 
	8.17 Provisions Solely to Define Relative Rights
	 	 	30	 
	8.18 No Agency
	 	 	30	 

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INTERCREDITOR AGREEMENT

          This INTERCREDITOR AGREEMENT is dated as of May 6, 2010, and entered into by and between
REGIONS BANK, in its capacity as collateral agent for the First Lien Obligations (as defined
below), including its successors and assigns from time to time (the “First Lien Collateral Agent”),
and U.S. Bank National Association, in its capacity as collateral agent for the Second Lien
Obligations (as defined below), including its successors and assigns from time to time (the “Second
Lien Collateral Agent”). Capitalized terms used herein but not otherwise defined herein have the
meanings set forth in Section 1 below.

RECITALS

          WHEREAS, Penson Worldwide, Inc. (the “Company”), the lenders party thereto, Regions Bank, as
Administrative Agent, Swingline Lender and Letter of Credit Issuer and Regions Capital Markets, as
lead arranger, have entered into that $75,000,000 Second Amended and Restated Credit Agreement
dated as of May 6, 2010 providing for a revolving credit facility (as further amended, restated,
supplemented, renewed or otherwise modified from time to time, the “Initial Credit Agreement”);

          WHEREAS, the Company, the subsidiary guarantors party thereto and U.S. Bank National
Association, as Trustee, have entered into that Indenture dated as of the date hereof providing for
the issuance of $200,000,000 senior notes due 2017 (the “Notes”’) (as amended, restated,
supplemented or otherwise modified from time to time, the “Initial Indenture”);

          WHEREAS, the obligations of the Grantors under the Credit Agreement and certain other
obligations of the Grantors may be secured by certain assets of the Company and certain
Subsidiaries (such Subsidiaries and any future Subsidiaries of the Company providing a guaranty of
the Credit Agreement, the “Subsidiary Grantors”), respectively, pursuant to the terms of the First
Lien Security Documents;

          WHEREAS, the obligations of the Company and the Subsidiary Grantors under the Indenture will
be secured by the Second Lien Collateral (as defined herein) pursuant to the terms of the Second
Lien Security Documents;

          WHEREAS, the First Lien Loan Documents and the Second Lien Documents provide, among other
things, that the parties thereto shall set forth in this Agreement their respective rights and
remedies with respect to the Collateral; and

          WHEREAS, in order to induce the First Lien Collateral Agent and the First Lien Secured Parties
to consent to the Grantors incurring the Second Lien Obligations and to induce the First Lien
Secured Parties to extend credit and other financial accommodations and lend monies to or for the
benefit of the Company, or any other Subsidiary Grantor, the Second Lien Collateral Agent on behalf
of the Second Lien Secured Parties has agreed to the lien subordination (including the
intercreditor and other) provisions set forth in this Agreement.

          NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein
set forth and for other good and valuable consideration, the sufficiency

 

 

and receipt of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

	 	 	SECTION 1. Definitions.

          1.1 Defined Terms. As used in the Agreement, the following terms shall have the
following meanings:

          “Affiliate” means, when used with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

          “Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended,
supplemented or otherwise modified from time to time in accordance with the terms hereof.

          “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and
hereafter in effect, or any successor statute.

          “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for
the relief of debtors.

          “Business Day” means any day excluding Saturday, Sunday and a day on which banking
institutions located in New York City are authorized or required by law to close.

          “Cash Management Obligations” means, with respect to any Grantor, any obligations of such
Grantor owed to any First Lien Secured Party (or any of its Affiliates) in respect of treasury
management arrangements, depositary, credit card, check writing, ACH or other cash management
services.

          “Collateral” means those assets and property of the Grantors constituting both First Lien
Collateral and Second Lien Collateral.

          “Comparable Second Lien Security Document” means, in relation to any Collateral subject to any
Lien created under any First Lien Security Document, that Second Lien Security Document which
creates a Lien on the same Collateral, granted by the same Grantor.

          “Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ownership of voting
securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have
meanings correlative thereto.

          “Credit Agreement” means (a) the Initial Credit Agreement and (b) any other credit agreement,
loan agreement, note agreement, promissory note, indenture or other agreement or instrument
evidencing or governing the terms of any indebtedness or other financial accommodation that has
been incurred to Refinance (subject to the limitations set forth herein) in whole or in part the
indebtedness and other obligations outstanding under (x) the credit agreement referred to in clause
(a) or (y) any subsequent credit facilities designated by the

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Company as the Credit Agreement hereunder. Any reference to the Credit Agreement hereunder
shall be deemed a reference to any Credit Agreement then in existence.

          “DIP Financing” has the meaning set forth in Section 6.1.

          “Discharge of First Lien Obligations” means, except to the extent otherwise provided in
Section 5.6, (a) payment in full in cash of the principal of and interest (including interest
accruing on or after the commencement of any Insolvency or Liquidation Proceeding at the rate set
forth in the Credit Agreement, whether or not such interest is allowed or allowable in such
Insolvency or Liquidation Proceeding) and premium, if any, on all Indebtedness outstanding under
the First Lien Loan Documents (including all reimbursement obligations in respect of letters of
credit), (b) payment in full in cash of all other First Lien Obligations (other than Unasserted
Contingent Obligations and those obligations described in clauses (e) and (f) below) (including
monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such proceeding),
(c) termination or cash collateralization (in an amount reasonably satisfactory to the First Lien
Collateral Agent) of all letters of credit issued under the First Lien Loan Documents,
(d) termination of all commitments of the First Lien Secured Parties under the First Lien Loan
Documents, (e) payment in full in cash of all amounts which can be reasonably quantified at such
the time of the occurrence of clause (a) above in respect of all Swap Agreements have been paid in
full or the Grantors shall have entered into such other arrangements reasonably acceptable to the
counterparties of such Swap Agreements to provide cash collateral or other reasonably acceptable
security for such First Lien Obligations in respect of such Swap Agreements, and (f) payment in
full in cash of all Cash Management Obligations then due and outstanding at the time of the
occurrence of clause (a) above or which can be reasonably quantified at such time have been paid in
full or otherwise cash collateralized or secured in a manner reasonably acceptable to the First
Lien Collateral or the Grantors have entered into such other arrangements reasonably acceptable to
the obligees of such Cash Management Obligations.

          “Disposition” has the meaning set forth in Section 5.1.

          “Exercise of Remedies” has the meaning set forth in Section 5.1.

          “First Lien Administrative Agent” means the “Administrative Agent” under and as defined in the
Credit Agreement or the analogous terms ascribed in connection with any other Credit Agreement.

          “First Lien Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, with respect to which a Lien is expressly and affirmatively granted under the
Credit Agreement to secure obligations of the Company under the Credit Agreement.

          “First Lien Collateral Agent” has the meaning set forth in the preamble hereof and shall
include any person identified as First Lien Collateral Agent in any Credit Agreement.

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          “First Lien Lenders” means the “Lenders” under and as defined in the Initial Credit Agreement
or the analogous term ascribed in any other Credit Agreement and any other lenders or holders of
debt under a Credit Agreement.

          “First Lien Loan Documents” means the Credit Agreement and the other Loan Documents (as
defined in the Initial Credit Agreement) or the analogous terms ascribed to the relevant
documentation entered into in connection with any other Credit Agreement and each of the other
agreements, documents and instruments providing for or evidencing any First Lien Obligation, and
any other document or instrument executed or delivered at any time pursuant to the Credit
Agreement, including any intercreditor or joinder agreement among holders of First Lien
Obligations, to the extent such are effective at the relevant time, as each may be amended,
restated, supplemented, renewed, replaced or otherwise modified from time to time; provided
that any such modification does not increase the principal amount of First Lien Loans in excess of
the Maximum First Lien Indebtedness Amount.

          “First Lien Loans” means loans, advances or extensions of credit (including letters of credit
and bank guarantees) under the Credit Agreement, including any “Loans” as defined in a Credit
Agreement.

          “First Lien Obligations” means (a) obligations of the Company and the other Grantors from time
to time arising under any First Lien Loan Document in respect of the due and punctual payment of
(i) the principal of and premium, if any, interest and fees (including interest and fees accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether such amounts are allowed or allowable in such proceeding) on the First Lien
Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise; provided that the principal amount of the First Lien Loans shall
not exceed the Maximum First Lien Indebtedness Amount, (ii) each payment required to be made by the
Company and the other Grantors under the Credit Agreement in respect of any letter of credit issued
under the Credit Agreement, when and as due, including payments in respect of any reimbursement
obligations or indemnity obligations in respect thereof including any Letter of Credit Borrowing
(as defined in the Initial Credit Agreement or the analogous terms ascribed in any other Credit
Agreement), interest thereon and obligations to provide cash collateral, (iii) all Cash Management
Obligations, (iv) all Hedging Obligations and (v) all other monetary obligations, including fees,
costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding), of the Company and the other Grantors under the Credit Agreement and the other First
Lien Loan Documents and (b) the due and punctual performance of all covenants, agreements,
obligations and liabilities of the Company and the other Grantors under or pursuant to the Credit
Agreement and the other First Lien Loan Documents.

          “First Lien Pledge Agreement” means the Pledge Agreement as defined in the Initial Credit
Agreement, as it may be amended, supplemented, renewed, replaced or otherwise modified from time to
time.

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          “First Lien Secured Parties” means, at any relevant time, the holders of First Lien
Obligations at such time, including without limitation the First Lien Lenders and the agents under
the Credit Agreement and any First Lien Security Documents.

          “First Lien Security Documents” means the First Lien Pledge Agreement and any other agreement,
document or instrument pursuant to which a Lien is granted (or purported to be granted) pursuant to
the Credit Agreement to secure First Lien Obligations or under which rights or remedies with
respect to such Liens are governed.

          “Grantors” means the Company and each of the Subsidiary Grantors that have executed and
delivered, or may from time to time hereafter execute and deliver, a First Lien Security Document
and a Second Lien Security Document.

          “Hedging Obligations” means, with respect to any Grantor, any obligations of such Grantor owed
to any First Lien Secured Party (or any of its Affiliates) under any agreements or documents (such
agreement or documents, “Swap Agreements”) that provide for an interest rate, credit, commodity or
equity swap, cap, floor, collar, forward foreign exchange transaction, currency swap, cross
currency rate swap, currency option, or any combination of, or option with respect to, these or
similar transactions, for the purpose of hedging any Grantor’s (or its Subsidiary’s) exposure to
fluctuations in interest or exchange rates, loan, credit exchange, security, or currency valuations
or commodity prices.

          “Indebtedness” means and includes all obligations that constitute “Indebtedness” within the
meaning of a Credit Agreement.

          “Indenture” means (a) the Initial Indenture and (b) any other credit agreement, loan
agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing
or governing the terms of any indebtedness that has been incurred to extend or Refinance (subject
to the limitations set forth herein) in whole or in part the indebtedness under (x) the indenture
referred to in clause (a) or (y) any subsequent Indenture, unless such agreement or instrument
expressly provides that it is not intended to be and is not an Indenture hereunder. Any reference
to the Indenture hereunder shall be deemed a reference to any Indenture then in existence.

          “Initial Credit Agreement” has the meaning set forth in the recitals hereto.

          “Initial Indenture” has the meaning set forth in the recitals hereto.

          “Insolvency or Liquidation Proceeding” means, with respect to any person, any (a) insolvency,
bankruptcy, receivership, reorganization, readjustment, composition or other similar proceeding
relating to such person or its property or creditors in such capacity, (b) proceeding for any
liquidation, dissolution or other winding up of such person, voluntary or involuntary, whether or
not involving insolvency or proceedings under the Bankruptcy Code, whether partial or complete and
whether by operation of law or otherwise, (c) assignment for the benefit of creditors of such
person or (d) other marshalling of the assets of such person.

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          “Lien” means any mortgage, pledge, assignment (including any assignment of rights to receive
payments of money) for security, security interest, encumbrance, lien or charge of any kind
(including, without limitation, any conditional sale or other title retention agreement or lease in
the nature thereof or any agreement to give any security interest).

          “Maximum First Lien Indebtedness Amount” means $125.0 million.

          “New Agent” has the meaning set forth in Section 5.6.

          “Noteholders” means the holders of the Notes under the Indenture.

          “Notes” has the meaning set forth in the recitals hereto.

          “Person” means an individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

          “Pledged Collateral” has the meaning set forth in Section 5.5 hereof.

          “Recovery” has the meaning set forth in Section 6.5 hereof.

          “Refinance” means, in respect of any indebtedness, to refinance, extend, renew, defease,
amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness,
in exchange or replacement for, such indebtedness. “Refinanced” and “Refinancing” shall have
correlative meanings.

          “Second Lien Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, with respect to which a Lien is granted (or purported to be granted) as security
for any Second Lien Obligations.

          “Second Lien Collateral Agent” has the meaning set forth in the preamble hereof.

          “Second Lien Documents” means the Indenture, the Second Lien Pledge
Agreement or the analogous terms ascribed to the relevant documentation entered into in connection
with any other Indenture, and each of the other agreements, documents and instruments providing for
or evidencing any Second Lien Obligation, and any other document or
instrument executed or delivered at any time pursuant to the Indenture, Second Lien Pledge
Agreement, or Second Lien Obligations to the extent such are effective at the relevant time, as
each may be amended, restated, supplemented, renewed, replaced or otherwise modified from time to
time.

          “Second Lien Obligations” means (a) obligations of the Company and the Subsidiary Grantors
from time to time arising under or in respect of the due and punctual payment of (i) the principal
of and premium, if any, and interest (including interest accruing during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) on the Notes and any other Indebtedness pursuant to the Indenture,
when and as due, whether at maturity, by acceleration,

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upon one or more dates set for prepayment or otherwise, and (ii) all other monetary
obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct,
contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding), of the Company and the Subsidiary Grantors under the Indenture and
the other Second Lien Documents owing to the Second Lien Secured Parties (in their capacity as
such) and (b) the due and punctual performance of all covenants, agreements, obligations and
liabilities of the Company and the Subsidiary Grantors under or pursuant to the Indenture and the
other Second Lien Documents owing to the Second Lien Secured Parties (in their capacity as such).

          “Second Lien Pledge Agreement” means that certain Pledge Agreement by the Grantors in favor of
the Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties.

          “Second Lien Release” has the meaning set forth in Section 5.1.

          “Second Lien Secured Parties” means, at any relevant time, the holders of Second Lien
Obligations at such time, including without limitation the Noteholders under the Initial Indenture.

          “Second Lien Security Documents” means the Second Lien Pledge Agreement and any other
agreement, document or instrument pursuant to which a Lien is granted (or purported to be granted)
pursuant to the Indenture securing any Second Lien Obligations or under which rights or remedies
with respect to such Liens are governed.

          “Standstill Period” has the meaning set forth in Section 3.1 hereof.

          “Subsidiary” has the meaning ascribed to such term in a Credit Agreement.

          “Subsidiary Grantors” has the meaning set forth in the recitals hereto.

          “Swap Agreement” has the meaning ascribed to such term in the definition of “Hedging
Obligations.”

          “Trustee” means the “Trustee” under and as defined in the Indenture.

          “Unasserted Contingent Obligations” means, at any time, First Lien Obligations for taxes,
costs, indemnifications, reimbursements, damages and other liabilities (excluding (a) the principal
of, and interest and premium (if any) on, any First Lien Obligation and (b) contingent
reimbursement obligations in respect of amounts that may be drawn under outstanding letters of
credit) in respect of which no assertion of liability (whether oral or written) and no claim or
demand for payment (whether oral or written) has been made (and, in the case of First Lien
Obligations for indemnification, no notice for indemnification has been issued by the indemnitee)
at such time.

          “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code (or any similar or
equivalent legislation) as in effect in any applicable jurisdiction.

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          1.2 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The
word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, restated, supplemented or otherwise modified (subject to any
restrictions on such amendments, restatements, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(d) all references herein to Sections shall be construed to refer to Sections of this Agreement,
(e) any reference to any law or regulation herein shall refer to such law or regulation as amended,
modified or supplemented from time to time and (f) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

          
SECTION 2. Lien Priorities.

          2.1 Relative Priorities. Notwithstanding the date, manner or order of grant,
attachment or perfection of any Liens securing the Second Lien Obligations granted on the
Collateral or of any Liens securing the First Lien Obligations granted on the Collateral and
notwithstanding any provision of the UCC, or any applicable law, any invalidity, unenforceability
or lack of perfection of any of the First Lien Loan Documents or any Lien securing or purporting to
secure any First Lien Obligations, or the Second Lien Documents or any other circumstance
whatsoever, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Secured
Parties, hereby agrees that: (a) any Lien or purported Lien on the Collateral securing any First
Lien Obligations now or hereafter held by or on behalf of the First Lien Collateral Agent or any
First Lien Secured Party or any agent or trustee therefor, regardless of how or when acquired,
whether by judgment, grant, possession, statute, operation of law, subrogation or otherwise, shall
be senior in all respects and prior to any Lien on the Collateral securing any of the Second Lien
Obligations, regardless of how or when acquired, whether by judgment, grant, possession, statute,
operation of law, subrogation or otherwise; and (b) any Lien on the Collateral now or hereafter
held by or on behalf of the Second Lien Collateral Agent, any Second Lien Secured Party or any
agent or trustee therefor regardless of how or when acquired, whether by judgment, grant,
possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in
all respects to all Liens on the Collateral now or hereafter securing any First Lien Obligations.
All Liens or purported Liens on the Collateral securing any First Lien Obligations shall be and
remain senior in all respects and prior to all Liens on the Collateral securing any Second Lien
Obligations for all purposes, whether or not such Liens or purported Liens securing any First Lien
Obligations are subordinated to any Lien securing any other obligation of the Company, any other
Grantor or any other Person. The Second Lien Collateral Agent for itself and on behalf of the
Second Lien Secured Parties expressly agrees that any Lien purported to be granted on any
Collateral as security for the First Lien Obligations shall be and

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remain senior in all respects and prior to all Liens on the Collateral securing any Second
Lien Obligations for all purposes regardless of whether the Lien purported to be granted is found
to be improperly granted, lapsed, improperly perfected, preferential, a fraudulent conveyance or
legally or otherwise deficient in any manner.

          2.2 Prohibition on Contesting Liens. Each of the Second Lien Collateral Agent, for
itself and on behalf of each of the Second Lien Secured Parties, and the First Lien Collateral
Agent, for itself and on behalf of each of the First Lien Secured Parties, agrees that it shall not
(and hereby waives any right to) take any action to challenge or contest or support any other
Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding),
(a) the priority, validity or enforceability of a Lien held by or on behalf of any of the First
Lien Secured Parties in the First Lien Collateral or by or on behalf of any of the Second Lien
Secured Parties in the Collateral, as the case may be, or (b) the relative rights and duties of the
holders of the First Lien Obligations and the Second Lien Obligations granted and established in
this Agreement or in the First Lien Security Documents or the Second Lien Documents, as the case
may be; provided that nothing in this Agreement shall be construed to prevent or impair the
rights of the First Lien Collateral Agent or any First Lien Secured Party to enforce this
Agreement, including the priority of the Liens securing the First Lien Obligations as provided in
Sections 2.1 and 3.1.

          2.3 No New Liens. So long as the Discharge of First Lien Obligations has not
occurred, the parties hereto agree that the Company shall not, and shall not permit any Subsidiary
to, (a) grant or permit any additional Liens on any asset or property to secure any Second Lien
Obligation unless it has granted a Lien on such asset or property to secure the First Lien
Obligations, and (b) grant or permit any additional Liens pursuant to the Credit Agreement on any
asset to secure any First Lien Obligations unless it has granted a Lien on such asset to secure the
Second Lien Obligations; provided, however that this Section 2.3 shall not be violated by a
release of liens by the First Lien Collateral Agent without the release by the Second Lien
Collateral Agent and vice versa. To the extent that the foregoing provisions are not complied with
for any reason, without limiting any other rights and remedies available to the First Lien
Collateral Agent and/or the First Lien Secured Parties, the Second Lien Collateral Agent, on behalf
of Second Lien Secured Parties, agrees that any amounts received by or distributed to any of them
pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject
to Section 4.2.

          2.4 Identification of First Lien Collateral and Second Lien Collateral. In
furtherance of Section 8.9, the parties hereto agree, subject to the other provisions of this
Agreement upon request by the First Lien Collateral Agent or the Second Lien Collateral Agent, to
cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time
in order to determine the specific items included in the First Lien Collateral and the Second Lien
Collateral and the steps taken to perfect their respective Liens thereon and the identity of the
respective parties obligated under the First Lien Loan Documents and the Second Lien Documents.

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          2.5 The Collateral

     First Lien Collateral Agent and Second Lien Collateral Agent acknowledge and agree that
(a) the Collateral constitutes material assets of Grantors, (b) the Collateral is or may be subject
to laws, regulations or agreements that (i) restrict the right or power of a Grantor to grant,
allow the perfection of, or grant rights allowing the exercise of remedies with respect to a Lien
in such Collateral, (ii) restrict the right of a Person to receive, perfect, or exercise remedies
with respect to a Lien in the Collateral, or (iii) could result in a default or potential
forfeiture of such Collateral related to the grant of, perfection of, or exercise of remedies with
respect to a Lien in such Collateral, (c) the Collateral and any Lien or purported Lien in or with
respect to any of the Collateral might be subject to any of the matters described in Section 2.1,
(d) First Lien Secured Parties and Second Lien Secured Parties would intend and require that all
the Collateral be, but for such restrictions, imperfections or matters described in Section 2.1,
subject to a perfected Lien granted by the applicable Grantor for the benefit of First Lien Secured
Parties and Second Lien Secured Parties, (e) First Lien Secured Parties and Second Lien Secured
Parties do intend that all the Collateral be subject to the Lien priorities applicable to
Collateral as provided in this Agreement, notwithstanding any such restrictions or imperfections,
any absence or ineffectiveness of the grant of a Lien or purported Lien, the failure to perfect
such Lien or purported Lien in any the Collateral and/or any other matter described in Section 2.1,
and (f) notwithstanding any such restrictions or imperfections, any absence or ineffectiveness of
the grant of a Lien or purported Lien, the failure to perfect such Lien or purported Lien in any
the Collateral and/or any other matter described in Section 2.1, solely for determining the rights
of First Lien Secured Parties and Second Lien Secured Parties, First Lien Collateral Agent and
Second Lien Collateral Agent shall be deemed to have a perfected security instrument and Lien in
all the Collateral and all the Collateral shall be deemed Collateral.

          SECTION 3. Enforcement.

          3.1 Exercise of Remedies.

          (a) So long as the Discharge of First Lien Obligations has not occurred, whether or not any
Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other
Grantor: (i) the Second Lien Collateral Agent and the Second Lien Secured Parties (x) will not
exercise or seek to exercise any rights or remedies with respect to any Collateral (including,
without limitation, any right of set-off, or the exercise of any right under any lockbox agreement,
account control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement
to which the Second Lien Collateral Agent or any Second Lien Secured Party is a party or the
enforcement of or execution on any judgment Lien or filing or any action of levy or foreclosure or
any other sale, lease, exchange, transfer or other disposition of Collateral) (collectively, an
“Exercise of Remedies”) or institute or participate in any action or proceeding with respect to
such rights or remedies (including any action of levy or foreclosure); provided that the
Second Lien Collateral Agent may exercise any or all such rights (but not rights the exercise of
which is otherwise prohibited by this Agreement including Section 6 hereof) after a period (the
“Standstill Period”) of 180 consecutive days (which period shall be tolled during any period that
the First Lien Collateral Agent is pursuing enforcement proceedings against Collateral or is
prohibited by applicable law from pursuing such enforcement proceedings) has elapsed from the date
of delivery of written notice from the Second Lien Collateral Agent to the First Lien Collateral
Agent stating that the existence of any Event of Default as defined under the Indenture has
occurred and is continuing thereunder and stating its intention to exercise its rights

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to take such actions or commence one or more Exercise of Remedies only so long as the First
Lien Collateral Agent or First Lien Secured Parties have not commenced (or attempted to commence or
given notice of its intent to commence) the exercise of any of their rights or remedies with
respect to all or a material portion of the Collateral, (y) will not contest, protest or object to
any foreclosure action, proceeding or Exercise of Remedies brought by the First Lien Collateral
Agent or any First Lien Secured Party under the First Lien Loan Documents or otherwise, and (z)
will not object to the forbearance by the First Lien Collateral Agent or the First Lien Secured
Parties from bringing or pursuing any foreclosure proceeding or action or any exercise of any
rights or remedies relating to the Collateral or any other Exercise of Remedies; and (ii) the First
Lien Collateral Agent and the First Lien Secured Parties shall have the exclusive right to enforce
rights, exercise remedies (including the right to credit bid debt) and make determinations
regarding the release, disposition, or restrictions with respect to the Collateral without any
consultation with or the consent of the Second Lien Collateral Agent or any Second Lien Secured
Party; provided that (A) in any Insolvency or Liquidation Proceeding commenced by or
against the Company or any other Grantor, the Second Lien Collateral Agent or the Second Lien
Secured Parties may file a proof of claim or statement of interest with respect to the Second Lien
Obligations, (B) the Second Lien Secured Parties shall be entitled to file any necessary responsive
or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading
made by any person objecting to or otherwise seeking the disallowance of the claims of the Second
Lien Secured Parties, including without limitation any claims secured by the Collateral, if any, in
each case if not otherwise in contravention of the terms of this Agreement, (C) the Second Lien
Secured Parties shall be entitled to file any pleadings, objections, motions or agreements which
assert rights or interests available to unsecured creditors of the Grantors arising under either
the Bankruptcy Law or applicable non-bankruptcy law, in each case if not otherwise in contravention
of the terms of this Agreement, (D) the Second Lien Secured Parties shall be entitled to file any
proof of claim and other filings and make any arguments and motions in order to preserve or protect
its Liens on the Collateral that are, in each case, not otherwise in contravention of the terms of
this Agreement, with respect to the Second Lien Obligations and the Collateral and (E) the Second
Lien Collateral Agent or any Second Lien Secured Party may exercise any of its rights or remedies
with respect to the Collateral after the termination of the Standstill Period to the extent
permitted by clause (i)(x) above. In the Exercise of Remedies, the First Lien Collateral Agent and
the First Lien Secured Parties may enforce the provisions of the First Lien Loan Documents and
exercise remedies thereunder, all in such order and in such manner as they may determine in the
exercise of their sole discretion. Such exercise and enforcement shall include the rights of an
agent appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur
expenses in connection with such sale or disposition, and to exercise all the rights and remedies
of a secured creditor under the Uniform Commercial Code as adopted in any applicable jurisdiction
and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction.

          (b) Except as provided in the proviso in Section 3.1(a)(i)(x), the Second Lien Collateral
Agent, on behalf of itself and the Second Lien Secured Parties, agrees that, it will not take or
receive any Collateral or any proceeds of Collateral in connection with any Exercise of Remedies or
other exercise of rights or remedies with respect to any Collateral, unless and until the Discharge
of First Lien Obligations has occurred. Without limiting the generality of the foregoing, unless
and until the Discharge of First Lien Obligations has occurred, except as

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expressly permitted by Section 3.1(a) of this Agreement, the sole right of the Second Lien
Collateral Agent and the Second Lien Secured Parties with respect to the Collateral is to hold a
Lien on the Collateral pursuant to the Second Lien Security Documents for the period and to the
extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge
of First Lien Obligations has occurred in accordance with the terms of the Second Lien Documents
and applicable law.

          (c) (i) Except as permitted by the proviso in Section 3.1(a)(i)(x), the Second Lien Collateral
Agent for itself and on behalf of the Second Lien Secured Parties, agrees that the Second Lien
Collateral Agent and the Second Lien Secured Parties will not take any action that would hinder,
delay or interfere with any exercise of remedies under the First Lien Loan Documents, including any
sale, lease, exchange, transfer or other disposition of the Collateral, whether by foreclosure or
otherwise, and (ii) the Second Lien Collateral Agent, for itself and on behalf of the Second Lien
Secured Parties, hereby waives any and all rights it or the Second Lien Secured Parties may have as
a junior lien creditor or otherwise to object to the Exercise of Remedies by First Lien Collateral
Agent or the First Lien Secured Parties or the manner in which the First Lien Collateral Agent or
the First Lien Secured Parties seek to enforce or collect the First Lien Obligations (including in
any bankruptcy or liquidation proceedings) or the Liens granted in any of the Collateral,
regardless of whether any action or failure to act by or on behalf of the First Lien Collateral
Agent or First Lien Secured Parties is adverse to the interests of the Second Lien Secured Parties.

          (d) The Second Lien Collateral Agent hereby acknowledges and agrees that no covenant,
agreement or restriction contained in the Second Lien Security Documents or any other Second Lien
Loan Document shall be deemed to restrict in any way the rights and remedies of the First Lien
Collateral Agent or the First Lien Secured Parties with respect to the Collateral as set forth in
this Agreement and the First Lien Loan Documents.

          3.2 Actions upon Breach.

          (a) If any Second Lien Secured Party, contrary to this Agreement, commences or participates in
any action or proceeding against any Grantor with respect to the Collateral or against the
Collateral, any First Lien Secured Party may intervene and interpose as a defense or dilatory plea
the making of this Agreement, in its name or in the name of such Grantor.

          (b) Should any Second Lien Secured Party, contrary to this Agreement, in any way take, attempt
to or threaten to take any action with respect to the Collateral (including, without limitation,
any attempt to realize upon or enforce any remedy with respect to the Collateral in violation of
this Agreement), or take any other action in violation of this Agreement or fail to take any action
required by this Agreement, the First Lien Collateral Agent (in its own name or in the name of the
relevant Grantor), or any other First Lien Secured Party with the prior written consent of the
First Lien Collateral Agent, (i) may obtain relief against such Second Lien Secured Party by
injunction, specific performance or other appropriate equitable relief, it being understood and
agreed by the Second Lien Collateral Agent on behalf of each Second Lien Secured Party that (x) the
First Lien Secured Parties’ damages from its actions may at that time be difficult to ascertain and
may be irreparable, and (y) each Second Lien Secured Party waives any defense that the First Lien
Secured Parties cannot demonstrate damage or can be made

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whole by the awarding of damages, and (ii) shall be entitled to damages from the Second Lien
Secured Party that violated this Agreement, as well as reimbursement for all reasonable and
documented costs and expenses incurred in connection with any action to enforce the provisions of
this Agreement; provided that the First Lien Collateral Agent or any First Lien Secured
Party shall only be entitled to such reimbursement if they are the prevailing party in such action
to enforce the provisions of this Agreement; provided, further that (a) the First
Lien Collateral Agent is entering into this covenant solely in its capacity as First Lien
Collateral Agent and not in its individual capacity. Neither the Second Lien Collateral Agent nor
any other Second Lien Secured Party shall have any recourse on account of such purported damages or
claims for reimbursement or any other obligations or agreements of the First Lien Collateral Agent
in this Agreement to any assets of the First Lien Collateral Agent other than assets held by First
Lien Collateral Agent in its capacity as such (and not individually or in any representative
capacity) and (b) the Second Lien Collateral Agent is entering into this covenant solely in its
capacity as Second Lien Collateral Agent and not in its individual capacity. Neither the First Lien
Collateral Agent nor any other First Lien Secured Party shall have any recourse on account of such
purported damages or claims for reimbursement or any other obligations or agreements of the Second
Lien Collateral Agent in this Agreement to any assets of the Second Lien Collateral Agent other
than assets held by Second Lien Collateral Agent in its capacity as such (and not individually or
in any representative capacity).

          SECTION 4. Payments.

          4.1 Application of Proceeds. So long as the Discharge of First Lien Obligations has
not occurred, any proceeds of Collateral received in connection with the sale or other disposition
of, or collection on, such Collateral upon the Exercise of Remedies or received in respect of the
Collateral in any Insolvency or Liquidation Proceeding, shall be applied by the First Lien
Collateral Agent to the First Lien Obligations in such order as specified in the relevant First
Lien Loan Documents. Upon the Discharge of First Lien Obligations, the First Lien Collateral Agent
shall deliver to the Second Lien Collateral Agent any proceeds of Collateral held by it in the same
form as received, with any necessary endorsements or as a court of competent jurisdiction may
otherwise direct to be applied by the Second Lien Collateral Agent to the Second Lien Obligations
in such order as specified in the Second Lien Documents.

          4.2 Payments Over. So long as the Discharge of First Lien Obligations has not
occurred, any Collateral or proceeds thereof (together with assets or proceeds subject to Liens
referred to in the final sentence of Section 2.3) received by the Second Lien Collateral Agent or
any Second Lien Secured Party (including any proceeds of Collateral realized in any Exercise of
Remedies by any Second Lien Creditor commenced following the expiration of a Standstill Period)
shall be segregated and held in trust and promptly paid over to the First Lien Collateral Agent for
the benefit of the First Lien Secured Parties in the same form as received, with any necessary
endorsements or as a court of competent jurisdiction may otherwise direct. The First Lien
Collateral Agent is hereby authorized to make any such endorsements as agent for the Second Lien
Collateral Agent or any such Second Lien Secured Party. This authorization is coupled with an
interest and is irrevocable until such time as this Agreement is terminated in accordance with its
terms.

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          SECTION 5. Other Agreements .

          5.1 Releases .

          (a) Other than in connection with the Discharge of First Lien Obligations, if in connection
with:

     (i) the exercise of any of First Lien Collateral Agent’s remedies in respect of the
Collateral provided for in Section 3.1, including any sale, lease, exchange, transfer, other
disposition of Collateral, or any other Exercise of Remedies; or

     (ii) any sale, lease, exchange, transfer or other disposition (collectively, a
“Disposition”) of any Collateral permitted or not prohibited under the terms of the First
Lien Loan Documents and the Second Lien Documents, whether by its terms or pursuant to any
amendment thereto or consent or waiver thereunder;

the First Lien Collateral Agent, for itself or on behalf of any of the First Lien Secured Parties,
releases any of its Liens on any part of the Collateral, or releases any Grantor from its
obligations under its guaranty of the First Lien Obligations, then the Liens, if any, of the Second
Lien Collateral Agent, for itself or for the benefit of the Second Lien Secured Parties, on such
Collateral, and the obligations of such Grantor under its guaranty of the Second Lien Obligations,
shall be automatically, unconditionally and simultaneously released (the “Second Lien Release”) and
the Second Lien Collateral Agent, for itself and on behalf of any such Second Lien Secured Party,
promptly shall execute and deliver to the First Lien Collateral Agent such termination statements,
releases and other documents as the First Lien Collateral Agent may reasonably request to
effectively confirm such release; provided, however, that the Second Lien Release
shall not occur without the consent of the Second Lien Collateral Agent in the case of a
Disposition not consummated as a result of an Exercise of Remedies if the net proceeds of the
disposition will not be applied to repay the First Lien Obligations in accordance with the Credit
Agreement, and, provided further, that if an “event of default” then exists under the
Indenture and the Discharge of First Lien Obligations occurs concurrently with any such release,
the Second Lien Collateral Agent (on behalf of the Second Lien Secured Parties) shall be entitled
to receive the residual cash or cash equivalents (if any) remaining after giving effect to such
release and the Discharge of First Lien Obligations.

          (b) Until the Discharge of First Lien Obligations occurs, the Second Lien Collateral Agent,
for itself and on behalf of the Second Lien Secured Parties, hereby irrevocably constitutes and
appoints the First Lien Collateral Agent and any officer or agent of the First Lien Collateral
Agent, with full power of substitution, as its true and lawful attorney-in-fact, coupled with an
interest, with full irrevocable power and authority in the place and stead of the Second Lien
Collateral Agent or such holder or in the First Lien Collateral Agent’s own name, from time to time
in the First Lien Collateral Agent’s discretion, for the purpose of carrying out the terms of this
Agreement, including this Section 5.1, to take any and all appropriate action and to execute any
and all documents and instruments which may be necessary or desirable to accomplish the purposes of
this Section 5.1, including any endorsements or other instruments of transfer or release.

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          5.2 Insurance; Condemnation. Unless and until the Discharge of First Lien Obligations
has occurred, as between the First Lien Collateral Agent and the First Lien Secured Parties on the
one hand and the Second Lien Collateral Agent and the Second Lien Secured Parties on the other
hand, (a) the First Lien Collateral Agent and the First Lien Secured Parties shall have the sole
and exclusive right, to the extent provided for in and subject to the rights of the Grantors under
the First Lien Loan Documents, to be named as additional insured and loss payee under any insurance
policies maintained from time to time by the Company or any other Grantor, adjust settlement for
any insurance policy covering the Collateral in the event of any loss thereunder and to approve any
award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation)
affecting the Collateral and (b) subject to the rights of the Grantors under the First Lien Loan
Documents, all proceeds of any such policy and any such award (or any payments with respect to a
deed in lieu of condemnation) if in respect of the First Lien Collateral shall be paid to the First
Lien Collateral Agent for the benefit of the First Lien Secured Parties pursuant to the terms of
the First Lien Loan Documents (including, without limitation, for purposes of cash
collateralization of commitments and letters of credit) and thereafter, to the extent no First Lien
Obligations are outstanding, and to the extent provided for in the Second Lien Documents, to the
Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties to the extent
required under the Second Lien Security Documents and then, to the extent no Second Lien
Obligations are outstanding, to the owner of the subject property, such other Person as may be
entitled thereto or as a court of competent jurisdiction may otherwise direct. The Second Lien
Collateral Agent agrees to execute any document or instrument requested by the First Lien
Collateral Agent to effectuate the foregoing. Until the Discharge of First Lien Obligations has
occurred, if the Second Lien Collateral Agent or any Second Lien Secured Party shall, at any time,
receive any proceeds of any such insurance policy or any such award or payment in contravention of
this Agreement, it shall promptly pay such proceeds over to the First Lien Collateral Agent in
accordance with the terms of Section 4.2 of this Agreement.

          5.3 Amendments to and Refinancings of the First Lien Loan Documents; Amendments to the
Second Lien Documents.

          (a) The First Lien Loan Documents may be amended, restated, supplemented or otherwise modified
from time to time, and a Credit Agreement may be Refinanced, in whole or in part, in each case,
without the consent of the Second Lien Collateral Agent or the Noteholders; provided that
the holders of any such Refinancing debt (or their agent on their behalf) shall bind themselves in
writing to the terms of this Agreement. In the event that any amendment, restatement,
Refinancing(s) or other modification to a Credit Agreement results in the aggregate principal or
face amount of First Lien Loans under all Credit Agreements then existing exceeding the Maximum
First Lien Indebtedness Amount, the portion (but only such portion) of First Lien Indebtedness
corresponding with the principal amount of First Lien Indebtedness in excess of the Maximum First
Lien Indebtedness Amount under the Credit Agreement so modified shall not benefit from the Lien
subordination provisions contained in Section 2.1 hereof.

          (b) Without the prior written consent of the First Lien Collateral Agent, no Second Lien
Document may be amended, restated, supplemented, modified or refinanced or entered into to the
extent such amendment, supplement, restatement, modification or refinancing,

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or the terms of any new Second Lien Document, would contravene the provisions of this
Agreement.

          (c) The Second Lien Collateral Agent, on behalf of the Second Lien Secured Parties, agrees
that each Second Lien Security Document shall include the following language (or language to
similar effect approved by the First Lien Collateral Agent):

“Notwithstanding anything herein to the contrary, the lien and security interest
granted to the Second Lien Collateral Agent pursuant to, or securing obligations
under, this Agreement and the exercise of any right or remedy by the Second Lien
Collateral Agent hereunder or thereunder are subject to the provisions of the
Intercreditor Agreement, dated as of May 6, 2010 (as amended, restated, supplemented
or otherwise modified from time to time, the “Intercreditor Agreement”), among
Penson Worldwide, Inc., Regions Bank as First Lien Collateral Agent, U.S. Bank
National Association, as Second Lien Collateral Agent and certain other persons
party or that may become party thereto from time to time. In the event of any
conflict between the terms of the Intercreditor Agreement and this Agreement, the
terms of the Intercreditor Agreement shall govern and control.”

          5.4 Rights as Unsecured Creditors. Except as otherwise set forth in Section 2.1,
Section 2.2, Section 3.1 and Section 6 of this Agreement, the Second Lien Collateral Agent and the
Second Lien Secured Parties may exercise rights and remedies as unsecured creditors against any
Grantor in accordance with the terms of the Second Lien Documents and applicable law, it being
agreed by the Second Lien Collateral Agent (on behalf of itself and the Second Lien Secured
Parties) that the waivers and other agreements made herein by the Second Lien Collateral Agent (on
behalf of itself and the Second Lien Secured Parties) with respect to Collateral shall
bind it (and each of the Second Lien Secured Parties) in their capacity as an unsecured creditor.
Except as otherwise set forth in Section 2.1, Section 2.2, Section 3.1 and Section 6 of this
Agreement, nothing in this Agreement shall prohibit the receipt by the Second Lien Collateral Agent
or any Second Lien Secured Party of the required payments of interest and principal so long as such
receipt is not the direct or indirect result of the exercise by the Second Lien Collateral Agent or
any Second Lien Secured Party of rights or remedies as a secured creditor (including setoff) or
enforcement in contravention of this Agreement of any Lien held by any of them. In the event the
Second Lien Collateral Agent or any other Second Lien Claimholder becomes a judgment lien creditor
in respect of Collateral as a result of any enforcement of its rights, such judgment lien shall be
subordinated to the Liens securing First Lien Obligations on the same basis as the other Liens
securing the Second Lien Obligations are so subordinated to such Liens securing First Lien
Obligations under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects
any rights or remedies the First Lien Agent or the other First Lien Creditors may have with respect
to the First Lien Collateral.

          5.5 Bailee for Perfection.

          (a) The First Lien Collateral Agent agrees to hold that part of the Collateral that is in its
possession or control (or in the possession or control of its agents or bailees), to the extent
that possession or control thereof is taken to perfect a Lien thereon under the Uniform

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Commercial Code (such Collateral being the “Pledged Collateral”) for the benefit of and on
behalf of the First Lien Secured Parties, the Second Lien Collateral Agent and the Second Lien
Secured Parties and any assignee solely for the purpose of acting as a gratuitous bailee and agent
in perfecting the security interest granted under the First Lien Loan Documents and the Second Lien
Documents, subject to the terms and conditions of this Section 5.5.

          (b) Subject to the terms of this Agreement, until the Discharge of First Lien Obligations has
occurred, the First Lien Collateral Agent shall be entitled to deal with the Pledged Collateral in
accordance with the terms of the First Lien Loan Documents as if the Liens of the Second Lien
Collateral Agent under the Second Lien Security Documents did not exist. The rights of the Second
Lien Collateral Agent shall at all times be subject to the terms of this Agreement and to the First
Lien Collateral Agent’s rights under the First Lien Loan Documents.

          (c) The First Lien Collateral Agent shall have no obligation whatsoever to the First Lien
Secured Parties and the Second Lien Collateral Agent or any Second Lien Secured Party to ensure
that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or
benefits of any Person except as expressly set forth in this Section 5.5. The duties or
responsibilities of the First Lien Collateral Agent under this Section 5.5 shall be limited solely
to holding the Pledged Collateral for the benefit of and on behalf of the First Lien Secured
Parties and the Second Lien Collateral Agent and any permitted assignee in accordance with this
Section 5.5.

          (d) The First Lien Collateral Agent acting pursuant to this Section 5.5 shall not have by
reason of the First Lien Security Documents, the Second Lien Security Documents, this Agreement or
any other document or theory a fiduciary relationship in respect of the First Lien Secured Parties,
the Second Lien Collateral Agent or any Second Lien Secured Party, and the First Lien Collateral
Agent shall not have any liability to any Second Lien Secured Party in connection with its holding
the Pledged Collateral or any other Collateral, other than for its gross negligence or willful
misconduct as determined by a final, non-appealable order of a court of competent jurisdiction.

          (e) Upon the Discharge of First Lien Obligations, the First Lien Collateral Agent shall
deliver without recourse or warranty the remaining Pledged Collateral (if any) together with any
necessary endorsements, first, to the Second Lien Collateral Agent to the extent Second
Lien Obligations remain outstanding, and second, to the Company to the extent no First Lien
Obligations or Second Lien Obligations remain outstanding (in each case, so as to allow such Person
to obtain control of such Pledged Collateral, but in each case except to the extent a court of
competent jurisdiction may otherwise direct). The First Lien Collateral Agent further agrees to
take, at the sole cost and expense of the Grantors, all other action reasonably requested by such
Person in connection with such Person obtaining a first-priority interest in the Collateral or as a
court of competent jurisdiction may otherwise direct.

          5.6 When Discharge of First Lien Obligations Deemed to Not Have Occurred. If at any
time in connection with the Discharge of First Lien Obligations the Company either in connection
therewith or thereafter enters into any Refinancing of any First Lien Loan Document evidencing a
First Lien Obligation, then such Discharge of First Lien Obligations shall automatically be deemed
not to have occurred for all purposes of this Agreement, the First Lien

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Loan Documents and the Second Lien Documents, and the obligations under such Refinancing shall
automatically be treated as First Lien Obligations for all purposes of this Agreement, including
for purposes of the Lien priorities and rights in respect of Collateral set forth herein, the
related documents shall be treated as First Lien Loan Documents for all purposes of this Agreement
and the first lien collateral agent under such Refinanced First Lien Loan Documents shall be a
First Lien Collateral Agent for all purposes of this Agreement. Upon receipt of a notice stating
that the Company has entered into a new First Lien Loan Document (which notice shall include the
identity of the new collateral agent, such agent, the “New Agent”), the Second Lien Collateral
Agent shall promptly (a) enter into such documents and agreements (including amendments or
supplements to this Agreement) as the Company or such New Agent shall reasonably request in order
to confirm to the New Agent the rights contemplated hereby, in each case consistent in all material
respects with the terms of this Agreement, (b) deliver to the New Agent the Pledged Collateral
together with any necessary endorsements (or otherwise allow the New Agent to obtain control of
such Pledged Collateral), and (c) cease any actions or activities inconsistent with the obligations
under this Intercreditor Agreement.

          SECTION 6. Insolvency or Liquidation Proceedings.

          6.1 Finance and Sale Issues. Until the Discharge of First Lien Obligations has
occurred, if the Company or any other Grantor shall be subject to any Insolvency or Liquidation
Proceeding and the First Lien Collateral Agent shall desire to permit the use of cash collateral on
which the First Lien Collateral Agent has a Lien or to permit the Company or any other Grantor to
obtain financing (whether from one or more First Lien Secured Parties, or any other third Person)
under Section 363 or Section 364 of Title 11 of the United States Code or any similar Bankruptcy
Law (each, a “DIP Financing”), then the Second Lien Collateral Agent, on behalf of itself and the
Second Lien Secured Parties, agrees that (a) it will raise no objection to (nor join with any third
party opposing, objecting or consenting to) such use of cash collateral or DIP Financing, and will
not request adequate protection or any other relief in connection therewith (except to the extent
permitted by Section 6.3 hereof) and (b) to the extent the Liens securing the First Lien
Obligations are subordinated or pari passu with such DIP Financing, the Second Lien
Collateral Agent will subordinate its Liens in the Collateral to (x) the Liens securing such DIP
Financing (and all obligations relating thereto), (y) any adequate protection provided to the First
Lien Collateral Agent or the First Lien Secured Parties or (z) any “carve-out” agreed to by the
First Lien Collateral Agent or the First Lien Secured Parties. The Second Lien Collateral Agent on
behalf of the Second Lien Secured Parties, agrees that it will raise no objection to or oppose a
sale or other disposition of any Collateral free and clear of its Liens or other claims under
Section 363 of the Bankruptcy Code if the First Lien Secured Parties have consented to such sale or
disposition of such assets and the Second Lien Collateral Agent and each other Second Lien Secured
Party will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to
any sale supported by the First Lien Secured Parties and will be deemed to have released their
Liens in such assets upon the consummation of the sale.

          6.2 Relief from the Automatic Stay. Until the Discharge of First Lien Obligations has
occurred, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Secured
Parties, agrees that none of them shall (a) seek relief, pursuant to Section 362(d) of the
Bankruptcy Code or otherwise, from or modification of the automatic stay of Section 362(a) of the
Bankruptcy Code or any other stay in any Insolvency or Liquidation Proceeding in respect

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of any part of the Collateral or any proceeds thereof, without the prior written consent of
the First Lien Collateral Agent or (b) oppose, seek to enjoin, object to, or cause or support any
other Person’s objection to, any request by the First Lien Collateral Agent or any other First Lien
Secured Party for relief from or modification of the automatic stay or any other stay in any
Insolvency or Liquidation Proceeding in respect of any part of the Collateral or any proceeds
thereof.

          6.3 Adequate Protection. The Second Lien Collateral Agent, on behalf of itself and
the Second Lien Secured Parties, agrees that none of them shall contest (or support any other
person contesting) (a) any request by the First Lien Collateral Agent or the First Lien Secured
Parties for adequate protection, (b) any objection by the First Lien Collateral Agent or the First
Lien Secured Parties to any motion, relief, action or proceeding based on the First Lien Collateral
Agent or the First Lien Secured Parties claiming a lack of adequate protection or (c) the payment
of interest, fees, expenses or other amounts to the First Lien Collateral Agent or any other First
Lien Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise.
Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation
Proceeding, (i) if the First Lien Secured Parties (or any subset thereof) are granted adequate
protection in the form of additional collateral in connection with any DIP Financing, then the
Second Lien Collateral Agent, on behalf of itself or any of the Second Lien Secured Parties, may
seek or request adequate protection in the form of a Lien on such additional collateral, which Lien
will be subordinated to the Liens securing the First Lien Obligations and such DIP Financing (and
all obligations relating thereto) on the same basis as the other Liens securing the Second Lien
Obligations are so subordinated to the First Lien Obligations under this Agreement and (ii) not in
limitation of Section 6.1, in the event the Second Lien Collateral Agent, on behalf of itself and
the Second Lien Secured Parties, seeks or requests adequate protection in accordance with clause
(i) above in respect of Second Lien Obligations and such adequate protection is granted in the form
of (A) additional collateral, then the Second Lien Collateral Agent, on behalf of itself or any of
the Second Lien Secured Parties, agrees that the First Lien Collateral Agent shall also be granted
a senior Lien on such additional collateral as security for the First Lien Obligations and for any
such DIP Financing provided by the First Lien Secured Parties and that any Lien on such additional
collateral securing the Second Lien Obligations shall be subordinated to the Liens on such
collateral securing the First Lien Obligations and any such DIP Financing provided by the First
Lien Secured Parties (and all obligations relating thereto) and to any other Liens granted to the
First Lien Secured Parties as adequate protection on the same basis as the other Liens securing the
Second Lien Obligations are so subordinated to such First Lien Obligations under this Agreement,
(B) replacement Liens on the Collateral, provided that, as adequate protection for the
First Lien Obligations, the First Lien Collateral Agent, on behalf of the First Lien Secured
Parties, is also granted a security interest in and replacement Lien upon such additional
collateral, which is senior and prior to the security interest and Lien granted to the Second Lien
Collateral Agent and/or the Second Lien Secured Parties, and (C) an administrative expense claim,
provided that, as adequate protection for the First Lien Obligations, the First Lien
Collateral Agent, on behalf of the First Lien Secured Parties, is also granted an administrative
expense claim that is senior and prior to the administrative expense claim granted to the Second
Lien Collateral Agent and/or the Second Lien Secured Parties. The Second Lien Collateral Agent, on
behalf of itself and the other Second Lien Secured Parties, agrees that none of them shall seek or
accept adequate protection in the

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form of cash or otherwise other than pursuant to clause (i) above without the prior written
consent of the First Lien Collateral Agent.

          6.4 No Waiver; Voting Rights. Except as expressly set forth in Section 6.3, nothing
contained herein shall prohibit or in any way limit the First Lien Collateral Agent or any First
Lien Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise to any
action taken by the Second Lien Collateral Agent or any of the Second Lien Secured Parties,
including the seeking by the Second Lien Collateral Agent or any Second Lien Secured Party of
adequate protection or the asserting by the Second Lien Collateral Agent or any Second Lien Secured
Party of any of its rights and remedies under the Second Lien Documents or otherwise. The Second
Lien Collateral Agent (on behalf of itself and the Second Lien Secured Parties) agrees that, in any
Insolvency or Liquidation Proceeding, neither the Second Lien Collateral Agent nor any other Second
Lien Secured Parties shall support or vote for (or join with or support any party in doing so) any
plan of reorganization or liquidation or disclosure statement of the Company or any other Grantor
unless such disclosure statement and plan (x) provide for the Discharge of First Lien Obligations
(including all post-petition interest, fees and expenses as provided in Section 6.7 hereof) on the
effective date of such plan of reorganization, or (y) is otherwise accepted by the class of holders
of the First Lien Obligations voting thereon pursuant to Section 1126(c) of the Bankruptcy Code.
Notwithstanding the foregoing, the Second Lien Secured Parties shall remain entitled to vote their
claims in any such Insolvency or Liquidation Proceeding.

          6.5 Avoidance Issues. If any First Lien Secured Party is required in any Insolvency
or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company
or any other Grantor any amount (a “Recovery”), then such First Lien Secured Party shall be
entitled to a reinstatement of First Lien Obligations with respect to all such recovered amounts.
If any Discharge of First Lien Obligations occurs prior to a Recovery but the First Lien
Obligations are reinstated as a result of such Recovery, the Discharge of First Lien Obligations
shall for all purposes hereunder be deemed not to have occurred and any such obligations shall be
reinstated under Section 5.6. If this Agreement shall have been terminated prior to such Recovery
or any finding of the invalidity of a Lien of the First Lien Collateral Agent, this Agreement shall
be reinstated in full force and effect, and such prior termination shall not diminish, release,
discharge, impair or otherwise affect the obligations of the parties hereto from such date of
reinstatement. Any and all amounts received by and remaining on deposit with the Second Lien
Collateral Agent or received by any Second Lien Secured Party from or in respect of Collateral or
the proceeds thereof on account of the Second Lien Obligations after the termination of this
Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 6.5, be
held in trust for and paid over to the First Lien Collateral Agent for the benefit of the First
Lien Secured Parties, for application to the reinstated First Lien Obligations. This Section 6.5
shall survive termination of this Agreement.

          6.6 Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt
obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor
are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan,
both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the
extent the debt obligations distributed on account of the First Lien Obligations and on account of
the Second Lien Obligations are secured by Liens upon the same

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property, the provisions of this Agreement will survive the distribution of such debt
obligations pursuant to such plan and will apply with like effect to the Liens securing such debt
obligations. Neither the Second Lien Collateral Agent or any Second Lien Secured Party shall
propose or support any plan of reorganization that is inconsistent with the priorities or other
provisions of this Agreement (except to the extent otherwise agreed by the First Lien Collateral
Agent).

          6.7 Post-Petition Interest.

          (a) Neither the Second Lien Collateral Agent nor any Second Lien Secured Party shall oppose,
object to or seek to challenge any claim by the First Lien Collateral Agent or any First Lien
Secured Party for allowance in any Insolvency or Liquidation Proceeding of First Lien Obligations
consisting of post-petition interest, fees, premiums, costs or expenses, without regard to the
existence of the Lien of the Second Lien Collateral Agent on behalf of the Second Lien Secured
Parties on the Collateral, and neither the Second Lien Collateral Agent not any other Second Lien
Secured Party shall oppose the positions taken by the First Lien Collateral Agent with respect to
the value of First Lien Collateral. Regardless of whether any such claim for pre- or post-petition
interest, fees, premiums, costs, expenses or other charges is allowed or allowable, and without
limiting the generality of the other provisions of this Agreement, this Agreement is expressly
intended to include and does include the “rule of explicitness” in that this Agreement expressly
entitles the First Lien Secured Parties, and is intended to provide the First Lien Secured Parties
with the right, to receive payment of all post-petition interest, fees, premiums, costs, expenses
or other charges through distributions from the Collateral made pursuant to the provisions of this
Agreement even though such interest, fees, costs, expenses or other charges are not allowed or
allowable against the bankruptcy estate of the Company or any other Grantor under Section 502(b)(2)
or Section 506(b) of the Bankruptcy Code or under any other provision of the Bankruptcy Code or any
other Bankruptcy Law.

          (b) Neither the First Lien Collateral Agent nor any other First Lien Secured Party shall
oppose or seek to challenge any claim by the Second Lien Collateral Agent or any Second Lien
Secured Party for allowance in any Insolvency or Liquidation Proceeding of Second Lien Obligations
consisting of post-petition interest, fees or expenses to the extent of the value of the Lien of
the Second Lien Collateral Agent on behalf of the Second Lien Secured Party on the Collateral
(after taking into account the First Lien Collateral). 

          6.8 Waiver. The Second Lien Collateral Agent shall not object to, oppose,
support any objection or take any other action to impede the right of any First Lien Secured Party
to make an election under Section 1111(b) of the Bankruptcy Code. So long as the rights and
remedies available to the Second Lien Collateral Agent are not impaired thereby, the Second Lien
Collateral Agent, for itself and on behalf of the Second Lien Secured Parties, waives any claim it
may hereafter have against any First Lien Secured Party arising out of the election of any First
Lien Secured Party of the application of Section 1111(b) of the Bankruptcy Code, and/or out of any
cash collateral or financing arrangement or out of any grant of a security interest in connection
with the Collateral in any Insolvency or Liquidation Proceeding.

          6.9 Nature of Obligations; Post-Petition Interest. The Second Lien Collateral Agent,
on behalf of the Second Lien Secured Parties, hereby acknowledges and agrees that (a) the Second
Lien Secured Parties’ claims against the Grantors in respect of the Collateral

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constitute junior claims separate and apart (and of a different class) from the senior claims
of the First Lien Secured Parties against the Grantors in respect of the Collateral, (b) the First
Lien Obligations include all interest that accrues after the commencement of any Insolvency or
Liquidation Proceeding of any Grantor at the rate provided for in the applicable First Lien Loan
Documents governing the same, whether or not a claim for post-petition interest is allowed or
allowable in any such Insolvency or Liquidation Proceeding and (c) this Agreement constitutes a
“subordination agreement” under Section 510(a) of the Bankruptcy Code. To further effectuate the
intent of the parties as provided in the immediately preceding sentence, if it is held that the
claims against the Grantors in respect of the Collateral constitute only one secured claim (rather
than separate classes of senior and junior claims), then the Second Lien Collateral Agent, on
behalf of the Second Lien Secured Parties, hereby acknowledges and agrees that all distributions
pursuant to Section 4.1 and 4.2 hereof or otherwise shall be made as if there were separate classes
of senior and junior secured claims against the Grantors in respect of the Collateral (with the
effect being that, to the extent that the aggregate value of the Collateral is sufficient (for this
purpose ignoring all claims held by the Second Lien Collateral Agent on behalf of the Second Lien
Secured Parties), the First Lien Secured Parties shall be entitled to receive, in addition to
amounts distributed to them in respect of principal, pre-petition interest and other claims, all
amounts owing in respect of post-petition interest at the relevant contract rate in respect of the
claims held by the First Lien Secured Parties before any distribution is made in respect of claims
held by the Second Lien Collateral Agent, on behalf of the Second Lien Secured Parties, with the
Second Lien Collateral Agent, on behalf of the Second Lien Secured Parties, hereby acknowledging
and agreeing to turn over to the holders of the First Lien Obligations all amounts otherwise
received or receivable by them to the extent needed to effectuate the intent of this sentence even
if such turnover of amounts has the effect of reducing the amount of the claim of the Second Lien
Secured Parties).

          6.10 Proofs of Claim. The First Lien Collateral Agent may file proofs of claim and
other pleadings and motions with respect to any First Lien Obligations or the Collateral in any
Insolvency or Liquidation Proceeding. If a proper proof of claim has not been filed in the form
required in such Insolvency or Liquidation Proceeding at least ten (10) days prior to the
expiration of the time for filing thereof on behalf of the Second Lien Obligations, the First Lien
Collateral Agent shall have the right (but not the duty) to file an appropriate claim for and on
behalf of the Second Lien Secured Parties with respect to any of the Second Lien Obligations or any
of the Collateral. In furtherance of the foregoing, the Second Lien Collateral Agent hereby
appoints the First Lien Collateral Agent as its attorney-in-fact, with full authority in the place
and stead of the Second Lien Collateral Agent and full power of substitution and in the name of the
Second Lien Secured Parties or otherwise, to execute and deliver any document or instrument that
the First Lien Collateral Agent is required or permitted to deliver pursuant to this Section 6.10,
such appointment being coupled with an interest and irrevocable.

          6.11 Asset Dispositions in an Insolvency Proceeding. Neither the Second Lien
Collateral Agent nor any other Second Lien Secured Party shall, in an Insolvency or Liquidation
Proceeding or in connection with an Exercise of Remedies, oppose any sale or disposition of any
assets of any Grantor that is supported by the First Lien Secured Parties, and the Second Lien
Collateral Agent and each other Second Lien Secured Party will be deemed to have consented under
Section 363 of the Bankruptcy Code (and otherwise) to any sale supported by the First

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Lien Secured Parties and to have released their Liens on such assets (but not the proceeds of
such sale). Nothing herein shall be construed to in any way limit or impair the right of any Second
Lien Secured Party from exercising a credit bid with respect to the Second Lien Obligations in a
sale or other disposition of Collateral under Section 363 of the Bankruptcy Code, provided
that in connection with and immediately after giving effect to such sale and credit bid there
occurs a Discharge of First Lien Obligations.

          SECTION 7. Reliance; Waivers; Etc.

          7.1 Reliance. Other than any reliance on the terms of this Agreement, the First Lien
Collateral Agent, on behalf of itself and the First Lien Secured Parties, acknowledges that it and
such First Lien Secured Parties have, independently and without reliance on the Second Lien
Collateral Agent or any Second Lien Secured Party, and based on documents and information deemed by
them appropriate, made their own credit analyses and decisions to enter into such First Lien Loan
Documents and be bound by the terms of this Agreement and they will continue to make their own
credit decision in taking or not taking any action under a Credit Agreement or this Agreement. The
Second Lien Collateral Agent, on behalf of itself and the Second Lien Secured Parties, acknowledges
that it and the Second Lien Secured Parties have, independently and without reliance on the First
Lien Collateral Agent or any First Lien Secured Party, and based on documents and information
deemed by them appropriate, made their own credit analysis and decision to enter into each of the
Second Lien Documents and be bound by the terms of this Agreement and they will continue to make
their own credit decision in taking or not taking any action under the Second Lien Documents or
this Agreement.

          7.2 No Warranties or Liability. The First Lien Collateral Agent, on behalf of itself
and the First Lien Secured Parties, acknowledges and agrees that each of the Second Lien Collateral
Agent and the Second Lien Secured Parties have made no express or implied representation or
warranty, including with respect to the execution, validity, legality, completeness, collectibility
or enforceability of any of the Second Lien Documents, the ownership of any Collateral or the
perfection or priority of any Liens thereon. Subject to the limitations appearing herein, the
Second Lien Secured Parties will be entitled to manage and supervise their respective loans and
extensions of credit under the Second Lien Documents in accordance with law and as they may
otherwise, in their sole discretion, deem appropriate. The Second Lien Collateral Agent, on behalf
of itself and the Second Lien Secured Parties, acknowledges and agrees that the First Lien
Collateral Agent and the First Lien Secured Parties have made no express or implied representation
or warranty, including with respect to the execution, validity, legality, completeness,
collectibility or enforceability of any of the First Lien Loan Documents, the ownership of any
Collateral or the perfection or priority of any Liens thereon. The First Lien Secured Parties will
be entitled to manage and supervise their respective loans and extensions of credit under their
respective First Lien Loan Documents in accordance with law and as they may otherwise, in their
sole discretion, deem appropriate. The Second Lien Collateral Agent and the Second Lien Secured
Parties shall have no duty to the First Lien Collateral Agent or any of the First Lien Secured
Parties, and the First Lien Collateral Agent and the First Lien Secured Parties shall have no duty
to the Second Lien Collateral Agent or any of the Second Lien Secured Parties, to act or refrain
from acting in a manner which allows, or results in, the occurrence or continuance of an event of
default or default under any agreements with the Company or any Subsidiary Grantor (including the
First Lien Loan Documents and the

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Second Lien Documents), regardless of any knowledge thereof which they may have or be charged
with.

          7.3 No Waiver of Lien Priorities.

          (a) No right of any First Lien Secured Party or the First Lien Collateral Agent to enforce any
provision of this Agreement or any First Lien Loan Document shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company or any other Grantor
or by any act or failure to act by any First Lien Secured Party or the First Lien Collateral Agent,
or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement,
any of the First Lien Loan Documents or any of the Second Lien Documents, regardless of any
knowledge thereof which the First Lien Collateral Agent or any First Lien Secured Party may have or
be otherwise charged with.

          (b) Without in any way limiting the generality of the foregoing paragraph (but subject to the
rights of the Company and the other Grantors under the First Lien Loan Documents) and subject to
the provisions of Section 5.3(b), the First Lien Secured Parties, the First Lien Collateral Agent
and any of them may, at any time and from time to time in accordance with the First Lien Loan
Documents and/or applicable law, without the consent of, or notice to, the Second Lien Collateral
Agent or any Second Lien Secured Party, without incurring any liabilities to the Second Lien
Collateral Agent or any Second Lien Secured Party and without impairing or releasing the Lien
priorities and other benefits provided in this Agreement (even if any right of subrogation or other
right or remedy of the Second Lien Collateral Agent or any Second Lien Secured Party is affected,
impaired or extinguished thereby) do any one or more of the following:

          (i) change the manner, place or terms of payment or change or extend the time of
payment of, or amend, renew, exchange, increase or alter, the terms of any of the First Lien
Obligations or any Lien on any First Lien Collateral or guaranty thereof or any liability of
the Company or any other Grantor, or any liability incurred directly or indirectly in
respect thereof (including any increase in or extension of the First Lien Obligations,
without any restriction as to the amount (subject to Section 5.3(a)), tenor or terms of any
such increase or extension) or otherwise amend, renew, exchange, extend, modify or
supplement in any manner any Liens held by the First Lien Collateral Agent or any of the
First Lien Secured Parties, the First Lien Obligations or any of the First Lien Loan
Documents;

          (ii) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with
in any manner and in any order any part of the First Lien Collateral or any liability of the
Company or any other Grantor to the First Lien Secured Parties or the First Lien Collateral
Agent, or any liability incurred directly or indirectly in respect thereof;

          (iii) settle or compromise any First Lien Obligation or any other liability of the
Company or any other Grantor or any security therefor or any liability incurred directly or
indirectly in respect thereof and apply any sums by whomsoever paid and however realized to
any liability (including the First Lien Obligations) in any manner or order;

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          (iv) make loans and advances to any Grantor or issue, guaranty or obtain letters of
credit for the account of any Grantor or otherwise extend credit to any Grantor, in any
amount and on any terms, whether pursuant to a commitment or as a discretionary advance and
whether or not any default or event of default or failure of condition is then continuing;

          (v) release or discharge any First Lien Obligation or any guaranty thereof or any
agreement or obligation of any Grantor or any other person or entity with respect thereto;
and

          (vi) exercise or delay in or refrain from exercising any right or remedy against the
Company or any security or any other Grantor or any other Person, and elect any remedy and
otherwise deal freely with the Company, any other Grantor or any First Lien Collateral and
any security and any guarantor or any liability of the Company or any other Grantor to the
First Lien Secured Parties or any liability incurred directly or indirectly in respect
thereof.

          (c) The Second Lien Collateral Agent, on behalf of itself and the Second Lien Secured Parties,
also agrees that the First Lien Secured Parties and the First Lien Collateral Agent shall have no
liability to the Second Lien Collateral Agent or any Second Lien Secured Party, and the Second Lien
Collateral Agent, on behalf of itself and the Second Lien Secured Parties, hereby waives any claim
against any First Lien Secured Party or the First Lien Collateral Agent, arising out of any and all
actions which the First Lien Secured Parties or the First Lien Collateral Agent may take or permit
or omit to take with respect to: (a) the First Lien Loan Documents, (b) the collection of the First
Lien Obligations or (c) the foreclosure upon, or sale, liquidation or other disposition of, any
First Lien Collateral. The Second Lien Collateral Agent, on behalf of itself and the Second Lien
Secured Parties, agrees that the First Lien Secured Parties and the First Lien Collateral Agent
have no duty to them in respect of the maintenance or preservation of the First Lien Collateral,
the First Lien Obligations or otherwise.

          (d) The Second Lien Collateral Agent, on behalf of itself and the Second Lien Secured Parties,
agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to
demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling,
appraisal, valuation or other similar right that may otherwise be available under applicable law
with respect to the Collateral or any other similar rights a junior secured creditor may have under
applicable law.

          7.4 Obligations Unconditional. All rights, interests, agreements and obligations of
the First Lien Collateral Agent and the First Lien Secured Parties and the Second Lien Collateral
Agent and the Second Lien Secured Parties, respectively, hereunder (including the Lien Priorities
established hereby) shall remain in full force and effect irrespective of:

          (a) any lack of validity or enforceability of any First Lien Loan Documents or any
Second Lien Documents or the perfection of any liens thereunder, or any setting aside or
avoidance of any Lien;

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          (b) except as otherwise set forth in the Agreement, any change in the time, manner or
place of payment of, or in any other terms of, all or any of the First Lien Obligations or
Second Lien Obligations, or any amendment or waiver or other modification, including any
increase in the amount thereof, whether by course of conduct or otherwise, of the terms of
any First Lien Loan Document or any Second Lien Loan Document;

          (c) any exchange of any security interest in any Collateral or any other collateral, or
any amendment, waiver or other modification, whether in writing or by course of conduct or
otherwise, of all or any of the First Lien Obligations or Second Lien Obligations or any
guarantee thereof;

          (d) the commencement of any Insolvency or Liquidation Proceeding in respect of the
Company or any other Grantor; or

          (e) any other circumstances which otherwise might constitute a defense available to, or
a discharge of, the Company or any other Grantor in respect of the First Lien Obligations,
or of the Second Lien Collateral Agent or any Second Lien Secured Party in respect of this
Agreement.

          7.5 Certain Notices.

          (a) Promptly upon (or as soon as practicable following) the Discharge of First Lien
Obligations, the First Lien Collateral Agent shall deliver written notice confirming the same to
the Second Lien Collateral Agent; provided that the failure to give any such notice shall not
result in any liability of the First Lien Collateral Agent or the First Lien Secured Parties
hereunder or in the modification, alteration, impairment, or waiver of the rights of any party
hereunder.

          (b) Promptly upon the commencement by the First Lien Collateral Agent of any Enforcement
Action, the First Lien Collateral Agent shall notify the Second Lien Collateral Agent of such
action; provided that the failure to give any such notice shall not result in any liability of the
First Lien Collateral Agent or the First Lien Secured Parties hereunder or in the modification,
alteration, impairment, or waiver of the rights of any party hereunder.

          SECTION 8. Miscellaneous.

          8.1 Conflicts. In the event of any conflict between the provisions of this Agreement
and the provisions of the First Lien Loan Documents or the Second Lien Documents, the provisions of
this Agreement shall govern and control.

          8.2 Effectiveness; Continuing Nature of This Agreement; Severability. This Agreement
shall become effective when executed and delivered by the parties hereto. This is a continuing
agreement of lien subordination and the First Lien Secured Parties may continue, at any time and
without notice to the Second Lien Collateral Agent or any Second Lien Secured Party, to extend
credit and lend monies to or for the benefit of the Company or any Grantor constituting First Lien
Obligations in reliance hereon. The Second Lien Collateral Agent, on

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behalf of itself and the Second Lien Secured Parties, hereby waives any right it may have
under applicable law to revoke this Agreement or any of the provisions of this Agreement. The
terms of this Agreement shall survive, and shall continue in full force and effect, in any
Insolvency or Liquidation Proceeding. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. All references to the Company or any other
Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any
receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or
Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect,
(i) with respect to the Second Lien Collateral Agent, the Second Lien Secured Parties and the
Second Lien Obligations, upon the later of (1) (a) the release of all collateral under the
Indenture and (b) the date upon which the obligations under the Indenture terminate if there are no
other Second Lien Obligations outstanding on such date and (2) if there are other Second Lien
Obligations outstanding on such date, the date upon which such Second Lien Obligations terminate
and (ii) subject to Section 5.6, with respect to the First Lien Collateral Agent, the First Lien
Secured Parties and the First Lien Obligations, the date of Discharge of First Lien Obligations,
subject to the rights of the First Lien Secured Parties under Section 6.5.

          8.3 Amendments; Waivers. No amendment, modification or waiver of any of the
provisions of this Agreement by the Second Lien Collateral Agent or the First Lien Collateral Agent
shall be deemed to be made unless the same shall be in writing signed on behalf of each of the
First Lien Collateral Agent (acting pursuant to the Credit Agreement) and the Second Lien
Collateral Agent (acting in accordance with the Indenture) or its authorized agent and each waiver,
if any, shall be a waiver only with respect to the specific instance involved and shall in no way
impair the rights of the parties making such waiver or the obligations of the other parties to such
party in any other respect or at any other time.

          8.4 Information Concerning Financial Condition of the Company and Its Subsidiaries.
The First Lien Collateral Agent and the First Lien Secured Parties, and the Second Lien Collateral
Agent and the Second Lien Secured Parties, shall each be responsible for keeping themselves
informed of (a) the financial condition of the Company and its Subsidiaries and all endorsers
and/or guarantors of the First Lien Obligations or the Second Lien Obligations and (b) all other
circumstances bearing upon the risk of nonpayment of the First Lien Obligations or the Second Lien
Obligations. The First Lien Collateral Agent and the First Lien Secured Parties shall have no duty
to advise the Second Lien Collateral Agent or any Second Lien Secured Party of information known to
it or them regarding such condition or any such circumstances or otherwise. In the event the First
Lien Collateral Agent or any of the First Lien Secured Parties, in its or their sole discretion,
undertakes at any time or from time to time to provide any such information to the Second Lien
Collateral Agent or any Second Lien Secured Party, it or they shall be under no obligation (w) to
make, and the First Lien Collateral Agent and the First Lien Secured Parties shall not make, any
express or implied representation or warranty, including with respect to the accuracy,
completeness, truthfulness or validity of any such information so provided, (x) to provide any
additional information or to provide any such information on any subsequent occasion, (y) to
undertake any investigation or (z) to disclose any information which,

-27-

 

pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain
confidential or is otherwise required to maintain confidential.

          8.5 Subrogation. The Second Lien Collateral Agent, on behalf of itself and the Second
Lien Secured Parties, hereby waives any rights of subrogation it may acquire as a result of any
payment hereunder until the Discharge of First Lien Obligations has occurred.

          8.6 Application of Payments. All payments received by the First Lien Collateral Agent
or the First Lien Secured Parties may be applied, reversed and reapplied, in whole or in part, to
such part of the First Lien Obligations provided for in the First Lien Loan Documents. The Second
Lien Collateral Agent, on behalf of itself and the Second Lien Secured Parties, assents to any
extension or postponement of the time of payment of the First Lien Obligations or any part thereof
and to any other indulgence with respect thereto, to any substitution, exchange or release of any
security which may at any time secure any part of the First Lien Obligations and to the addition or
release of any other Person primarily or secondarily liable therefor.

          8.7 SUBMISSION TO JURISDICTION; WAIVERS.

          (a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY
BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF
NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF, IN CONNECTION WITH
ITS PROPERTIES AND ON BEHALF OF THE RESPECTIVE SECURED PARTIES IT REPRESENTS, IRREVOCABLY
(A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS;
(B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH
PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.8; AND (D) AGREES THAT
SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE
APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND
BINDING SERVICE IN EVERY RESPECT.

          (b) EACH OF THE PARTIES HERETO, ON BEHALF OF THE RESPECTIVE SECURED PARTIES IT REPRESENTS,
HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND
ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
EACH PARTY HERETO, ON BEHALF OF THE RESPECTIVE SECURED PARTIES IT REPRESENTS, ACKNOWLEDGES THAT
THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS

-28-

 

ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO
RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO, ON BEHALF OF THE RESPECTIVE
SECURED PARTIES IT REPRESENTS, FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS
SECTION 8.7(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION,
THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

          8.8 Notices. All notices to the Second Lien Secured Parties and the First Lien
Secured Parties permitted or required under this Agreement shall also be sent to the Second Lien
Collateral Agent and the First Lien Collateral Agent, respectively. Unless otherwise specifically
provided herein, any notice or other communication herein required or permitted to be given shall
be in writing and may be personally served, faxed, electronically mailed or sent by courier service
or U.S. mail and shall be deemed to have been given when delivered in person or by courier service
and upon receipt of electronic mail, facsimile or four Business Days after deposit in the U.S. mail
(registered or certified, with postage prepaid and properly addressed). For the purposes hereof,
the addresses, fax numbers and email addresses of the parties hereto shall be as set forth below
each party’s name on the signature pages hereto, or, as to each party, at such other address, fax
number and email address, as applicable, as may be designated by such party in a written notice to
all of the other parties.

          8.9 Further Assurances. The First Lien Collateral Agent, on behalf of itself and the
First Lien Secured Parties, and the Second Lien Collateral Agent, on behalf of itself and the
Second Lien Secured Parties, agrees that each of them shall take such further action and shall
execute and deliver such additional documents and instruments (in recordable form, if requested) as
the First Lien Collateral Agent or the Second Lien Collateral Agent may reasonably request to
effectuate the terms of and the lien priorities contemplated by this Agreement.

          8.10 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

          8.11 Binding on Successors and Assigns. This Agreement shall be binding upon the
First Lien Collateral Agent, the First Lien Secured Parties, the Second Lien Collateral Agent, the
Second Lien Secured Parties and their respective successors and assigns. If either of the First
Lien Collateral Agent or the Second Lien Collateral Agent resigns or is replaced pursuant to a
Credit Agreement or the Indenture, as applicable, its successor shall be deemed to

-29-

 

be a party to this Agreement and shall have all of the rights of and be subject to all of the
obligations of this Agreement.

          8.12 Specific Performance. Each of the First Lien Collateral Agent and the Second
Lien Collateral Agent may demand specific performance of this Agreement. The First Lien Collateral
Agent, on behalf of itself and the First Lien Secured Parties, and the Second Lien Collateral
Agent, on behalf of itself and the Second Lien Secured Parties, hereby irrevocably waives any
defense based on the adequacy of a remedy at law and any other defense which might be asserted to
bar the remedy of specific performance in any action which may be brought by any First Lien
Collateral Agent or the Second Lien Collateral Agent, as the case may be.

          8.13 Headings. Section headings in this Agreement are included herein for convenience
of reference only and shall not constitute a part of this Agreement for any other purpose or be
given any substantive effect.

          8.14 Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement or any document or instrument delivered in connection
herewith by facsimile or other electronic means of transmission shall be effective as delivery of a
manually executed counterpart of this Agreement or such other document or instrument, as
applicable.

          8.15 Authorization. By its signature, each Person executing this Agreement on behalf
of a party hereto represents and warrants to the other parties hereto that it is duly authorized to
execute this Agreement.

          8.16 No Third Party Beneficiaries. This Agreement and the rights and benefits hereof
shall inure to the benefit of each of the parties hereto and their respective successors and
assigns and shall inure to the benefit of each of the First Lien Secured Parties and the Second
Lien Secured Parties. No other Person shall have or be entitled to assert rights or benefits
hereunder.

          8.17 Provisions Solely to Define Relative Rights. The provisions of this Agreement
are and are intended solely for the purpose of defining the relative rights of the First Lien
Secured Parties on the one hand and the Second Lien Secured Parties on the other hand. None of the
Company, any other Grantor or any other creditor thereof shall have any rights hereunder. Nothing
in this Agreement is intended to or shall impair the obligations of the Company or any other
Grantor, which are absolute and unconditional, to pay the First Lien Obligations and the Second
Lien Obligations as and when the same shall become due and payable in accordance with their terms.

          8.18 No Agency. Other than Section 5.5 hereof, this Agreement shall not create any
agency relationship between the First Lien Collateral Agent and the Second Lien Collateral Agent.

-30-

 

          8.19 The First Lien Collateral Agent. Each party hereto hereby acknowledges and agrees
that the First Lien Collateral Agent is entering into this Agreement solely in its capacity as
First Lien Collateral Agent under the First Lien Security Documents and not in its individual
capacity. The First Lien Collateral Agent shall not be deemed to owe any fiduciary duty to the
Trustee, the Second Lien Collateral Agent and the holders of the Notes. The First Lien Collateral
Agent undertakes to perform and observe only such covenants and obligations as are specifically set
forth in herein, and no implied covenants or obligations shall be read into this Agreement against
the First Lien Collateral Agent.

          8.20 The Second Lien Collateral Agent. Each party hereto hereby acknowledges and
agrees that the Second Lien Collateral Agent is entering into this Agreement solely in its capacity
as Second Lien Collateral Agent under the Second Lien Security Documents and not in its individual
capacity. The Second Lien Collateral Agent shall not be deemed to owe any fiduciary duty to the
First Lien Administrative Agent, First Lien Collateral Agent and the other First Lien Lenders. The
Second Lien Collateral Agent undertakes to perform and observe only such covenants and obligations
as are specifically set forth in herein, and no implied covenants or obligations shall be read into
this Agreement against the Second Lien Collateral Agent.

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          IN WITNESS WHEREOF, the parties hereto have executed this Intercreditor Agreement as of the
date first written above.

	 	 	 	 	 
	 	First Lien Collateral Agent

REGIONS BANK,

as First Lien Collateral Agent

 	 
	 	By:  	/s/ Robin Ingari
 	 
	 	 	Name:  	Robin Ingari 	 
	 	 	Title:  	Sr. Vice President 	 
	 

	 	 	 	 	 

	 

	 	Address:
	 	100 Congress Avenue, Suite 1700
	 

	 	 	 	Austin, Texas 78701
	 
	 	 	 	 
	 

	 	Attention:
	 	Robin Ingari, Senior Vice President
	 
	 	 	 	 
	 

	 	Facsimile Number:
	 	(512) 226-0241

S-1

 

	 	 	 	 	 
	 	

Second Lien Collateral Agent

U.S. BANK NATIONAL ASSOCIATION,

as Second Lien Collateral Agent

 	 
	 	By:  	/s/ Brad Hounsel
 	 
	 	 	Name:  	Brad Hounsel 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 

	 

	 	Address:
	 	14241 Dallas Parkway, Suite 490
	 

	 	 	 	Dallas, Texas 75254
	 
	 	 	 	 
	 

	 	Attention:
	 	Corporate Trust Services,
	 

	 	 	 	Brad Hounsel, Vice President
	 
	 	 	 	 
	 

	 	Facsimile
	 	Number: (972) 789-9605

S-2

 

	 	 	 	 	 
	 	ACKNOWLEDGED AND AGREED:

PENSON WORLDWIDE, INC.,

as the Company

 	 
	 	By:  	/s/ Daniel P. Son
 	 
	 	 	Name:  	Daniel P. Son 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 

	 

	 	Address:
	 	1700 Pacific Avenue, Suite 1400
Dallas, Texas 75201
	 
	 	 	 	 
	 

	 	Attention:
	 	Chief Executive Officer
	 
	 	 	 	 
	 

	 	Facsimile Number:
	 	(214) 765-1164
	 
	 	 	 	 
	 

	 	With a copy to:
	 	General Counsel
	 

	 	Facsimile Number:
	 	(214) 217-5096

S-3

 

	 	 	 	 	 
	 	SAI HOLDINGS, INC.,

as a Subsidiary Grantor

 	 
	 	By:  	/s/ Daniel P. Son
 	 
	 	 	Name:  	Daniel P. Son 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 

	 

	 	Address:
	 	1700 Pacific Avenue, Suite 1400
	 

	 	 	 	Dallas, Texas 75201
	 
	 	 	 	 
	 

	 	Attention:
	 	Executive Vice President
	 
	 	 	 	 
	 

	 	Facsimile Number:
	 	(214) 765-1164
	 
	 	 	 	 
	 

	 	With a copy to:
	 	General Counsel
	 
	 	 	 	 
	 

	 	Facsimile Number:
	 	(214) 217-5096

S-4

 

	 	 	 	 	 
	 	PENSON HOLDINGS, INC.,

as a Subsidiary Grantor

 	 
	 	By:  	/s/ Daniel P. Son
 	 
	 	 	Name:  	Daniel P. Son 	 
	 	 	Title:  	Vice Chairman 	 
	 

	 	 	 	 	 

	 

	 	Address:
	 	1700 Pacific Avenue, Suite 1400
	 

	 	 	 	Dallas, Texas 75201
	 
	 	 	 	 
	 

	 	Attention:
	 	President
	 
	 	 	 	 
	 

	 	Facsimile Number:
	 	(214) 765-1164
	 
	 	 	 	 
	 

	 	With a copy to:
	 	General Counsel
	 
	 	 	 	 
	 

	 	Facsimile Number:
	 	(214) 217-5096

S-5exv10w8

Exhibit 10.8

Amended and Restated Guaranty

     THIS AMENDED AND RESTATED GUARANTY AGREEMENT (this agreement, together with all amendments and
restatements and Joinders, this “Guaranty Agreement”), dated as of May 6, 2010, is made by each of
the signatories hereto and each other Person who becomes a party hereto pursuant to
Section 23 (including any permitted successors and assigns, collectively, the “Guarantors”
and each a “Guarantor”) in favor of REGIONS BANK, in its capacity as Administrative Agent (as
defined in the Credit Agreement described below), for the benefit of each Creditor (Administrative
Agent in such capacity, “Administrative Agent”).

BACKGROUND.

     Penson Worldwide, Inc., a Delaware corporation (the “Borrower”), the Administrative Agent, and
the lenders party thereto previously executed that certain Amended and Restated Credit Agreement
dated as of May 1, 2009 (such agreement, together with all amendments prior to the date of this
Agreement, the “Existing Credit Agreement”).

     In connection with the Existing Credit Agreement, the Guarantors and the Administrative Agent
executed that certain Guaranty Agreement dated as of May 1, 2009 (such agreement, together with all
amendments prior to the date of this Agreement, the “Existing Guaranty”) to guarantee the
obligations described therein.

     The Borrower, the Administrative Agent, and the lenders party thereto are now entering into
that certain Second Amended and Restated Credit Agreement dated as of the date hereof (as may be
amended, restated, supplemented or modified from time to time, the “Credit Agreement”).

     It is a condition precedent to the effectiveness of the Credit Agreement that each Guarantor
shall have executed and delivered this Guaranty Agreement.

     It is the intention of the parties hereto to ratify and confirm the obligations of each
Guarantor pursuant to the Existing Guaranty, as amended and restated hereby.

     Each Guarantor is a Subsidiary of the Borrower, and each Guarantor will derive substantial
direct and indirect benefit from the making of the Loans and the issuance of Letters of Credit to
the Borrower under the Credit Agreement.

AGREEMENT.

     NOW, THEREFORE, in consideration of the premises set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order
to induce Creditors to (a) make the Loans and issue Letters of Credit under the Credit Agreement
and to extend other credit and financial accommodations under the Loan Documents, each Guarantor
hereby agrees with Administrative Agent, for the benefit of Creditors, as follows:

     1. Defined Terms.

          (a) As used herein, the following terms have the following meaning:

 

 

     “Creditor” or “Creditors” means (a) Administrative Agent, (c) Lenders, (d) the Letter of
Credit Issuer, and (e) any Related Party to whom any indemnification obligation is owed by any Loan
Party pursuant to any Loan Document.

     “Joinder” means a Guaranty Joinder in substantially the form of Exhibit A.

     “Permitted Liens” means Liens permitted by Section 7.01 of the Credit Agreement.

     “Release Date” means the date on which all of the conditions set forth in
Section 9.10(a)(i) (other than in respect of inchoate obligations) of the Credit Agreement
have been satisfied.

          (b) Unless otherwise defined herein, terms herein shall have the meanings given to them in the
Credit Agreement.

          (c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Guaranty Agreement shall refer to this Guaranty Agreement as a whole and not to any particular
provision of this Guaranty Agreement, and section and paragraph references are to this Guaranty
Agreement unless otherwise specified.

          (d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

     2. Guarantee.

          (a) Subject to the provisions of Section 3, each of the Guarantors hereby, jointly and
severally, unconditionally and irrevocably, guarantees to Administrative Agent, for the benefit of
Creditors and their respective successors, endorsees, transferees and assigns, the prompt and
complete payment and performance by the Borrower when due (whether at the stated maturity, by
acceleration or otherwise) of the Obligations.

          (b) Each Guarantor further agrees to pay or reimburse Administrative Agent and each of the
Creditors for all their respective reasonable costs and expenses (including, without limitation,
the fees and disbursements of any counsel to Administrative Agent and any of the Creditors) which
may be paid or incurred by any of such Persons in enforcing or preserving any rights under this
Guaranty Agreement, including, without limitation, any rights with respect to, or collecting, any
or all of the Obligations and/or enforcing any rights with respect to, or collecting against, such
Guarantor under this Guaranty Agreement. With respect to each Guarantor, this Guaranty Agreement
shall remain in full force and effect until the earlier to occur of (i) the Release Date, and
(ii) the release of this Guaranty Agreement as to such Guarantor in accordance with
Section 2(f) (the “Guaranty Termination Date”).

          (c) Each Guarantor agrees that the Obligations may at any time and from time to time exceed
the amount of the liability of such Guarantor hereunder without impairing this Guaranty Agreement
or affecting the rights and remedies of Administrative Agent or any Creditor hereunder.

2

 

          (d) No payment or payments made by the Borrower, any of the Guarantors, any other guarantor or
any other Person or received or collected by Administrative Agent or any Creditor from the
Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from time to time in
reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or
otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such
payment or payments, other than payments made by such Guarantor in respect of the Obligations or
payments received or collected from such Guarantor in respect of the Obligations, remain liable for
the Obligations outstanding until the Guaranty Termination Date, subject to Section 3
below.

          (e) Each Guarantor agrees that all payments under this Guaranty Agreement shall be made to
Administrative Agent for the benefit of Creditors. Notwithstanding the preceding sentence if, at
any time any Guarantor shall make any payment to any Creditor on account of its liability
hereunder, it will notify Administrative Agent in writing that such payment is made under this
Guaranty Agreement for such purpose and promptly forward such payment, together with any necessary
endorsement, to Administrative Agent.

          (f) The Guaranty Agreement shall be released as to a specific Guarantor in accordance with the
terms of Section 9.10(b) of the Credit Agreement.

     3. Fraudulent Transfer Limitation. Anything in this Guaranty Agreement to the contrary
notwithstanding, the obligations of each Guarantor hereunder shall be limited to a maximum
aggregate amount equal to the largest amount that would not render its obligations hereunder
subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the
United States Code or any applicable provisions of comparable Law (collectively, the “Fraudulent
Transfer Laws”), in each case after giving effect to all other liabilities of such Guarantor,
contingent or otherwise, that are relevant under the Fraudulent Transfer Laws (specifically
excluding, however, any liabilities of such Guarantor in respect of intercompany indebtedness to
other Loan Parties or Affiliates of other Loan Parties to the extent that such indebtedness would
be discharged in an amount equal to the amount paid or property conveyed by such Guarantor under
the Loan Documents) and after giving effect as assets to the value (as determined under the
applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation or contribution
of such Guarantor pursuant to (a) applicable Law or (b) any agreement providing for an equitable
allocation among such Guarantor and other Loan Parties of obligations arising under the Loan
Documents.

     4. Right of Contribution. The Guarantors desire to allocate among themselves, in a fair and
equitable manner, their obligations arising under this Guaranty Agreement. Accordingly, in the
event any payment or distribution is made by any Guarantor under this Guarantee (a “Funding
Guarantor”) that exceeds its Fair Share (as defined below), that Funding Guarantor shall be
entitled to a contribution from each of the other Guarantors in the amount of such other
Guarantor’s Fair Share Shortfall (as defined below), with the result that all such contributions
will cause each Guarantor’s Aggregate Payments (as defined below) to equal its Fair Share. “Fair
Share” means, with respect to a Guarantor as of any date of determination, an amount equal to
(a) the ratio of (i) the Adjusted Maximum Amount (as defined below) with respect to such Guarantor
to (ii) the aggregate of the Adjusted Maximum Amounts with respect to all Guarantors, multiplied by
(b) the aggregate amount paid or distributed on or before such

3

 

date by all Funding Guarantors under this Guarantee in respect of the obligations guaranteed.
“Fair Share Shortfall” means, with respect to a Guarantor as of any date of determination, the
excess, if any, of the Fair Share of such Guarantor over the Aggregate Payments of such Guarantor.
“Adjusted Maximum Amount” means, with respect to a Guarantor, the maximum aggregate amount of the
obligations of such Guarantor under this Guaranty Agreement, determined in accordance with
Section 3; provided that solely for purposes of calculating the “Adjusted
Maximum Amount” with respect to any Guarantor for purposes of this Section 4, the assets or
liabilities arising by virtue of any rights to or obligations of contribution hereunder shall not
be considered as assets or liabilities of such Guarantor. “Aggregate Payments” means, with respect
to a Guarantor as of any date of determination, the aggregate amount of all payments and
distributions made on or before such date by such Guarantor in respect of this Guaranty Agreement
(including, without limitation, in respect of this Section 4). The amounts payable as
contributions hereunder shall be determined as of the date on which the related payment or
distribution is made by the applicable Funding Guarantor. The allocation among Guarantors of their
obligations as set forth in this Section 4 shall not be construed in any way to limit the
liability of any Guarantor hereunder.

     5. Right of Set-off. In addition to any rights and remedies Administrative Agent and of the
Creditors provided by Law (including, without limitation, other rights of set-off), each Guarantor
hereby irrevocably authorizes Administrative Agent and each Creditor at any time and from time to
time without prior notice to such Guarantor or any other Guarantor, any such notice being expressly
waived by each Guarantor to the extent not prohibited by applicable Law, upon any amount becoming
due and payable by such Guarantor hereunder (whether at the stated maturity of the Obligations, by
acceleration or otherwise) to set off and appropriate and apply against such amount, to the extent
not prohibited by applicable law any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured at
any time held or owing by such Creditor (or any branch or agency thereof) to or for the credit or
the account of Administrative Agent or such Guarantor, whether or not Administrative Agent or such
Creditor has made any demand for payment. Administrative Agent and each Creditor shall notify such
Guarantor (and each Creditor shall notify Administrative Agent) promptly of any such set-off and
the application made by Administrative Agent or such Creditor, provided that, to the extent not
prohibited by applicable law, the failure to give such notice shall not affect the validity of such
set-off and application.

     6. No Subrogation, Contribution, Reimbursement or Indemnity. Notwithstanding anything to the
contrary in this Guaranty Agreement, until the Obligations (other than inchoate Obligations) have
been paid, each Guarantor hereby agrees not to assert any rights which may have arisen in
connection with the guarantees contained in this Guaranty Agreement to be subrogated to any of the
rights (whether contractual, under the United States Bankruptcy Code (or similar action under any
successor law or under any comparable Law), including Section 509 thereof, under any other
Bankruptcy Law, under common law or otherwise) of Administrative Agent and any of the Creditors
against the Borrower or against Administrative Agent and any Creditor for the payment of the
Obligations; provided, however, that each Guarantor shall be entitled to make any
filings or take other actions as such Guarantor may reasonably deem necessary to preserve any
claims it may have against the Borrower. Each Guarantor, until the Obligations (other than
inchoate Obligations) have been paid, hereby agrees not to assert any

4

 

contractual, common law, statutory and other rights of reimbursement, contribution,
exoneration or indemnity (or any similar right) from or against the Borrower or any other Person
which may have arisen in connection with the guarantees contained in this Guaranty Agreement. If
any amount shall be paid by or on behalf of the Borrower to any Guarantor on account of any of the
rights postponed in this Section 6, such amount shall be held by such Guarantor in trust,
segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor,
be turned over to Administrative Agent in the exact form received by such Guarantor (duly indorsed
by such Guarantor to Administrative Agent, if required), to be applied against the Obligations,
whether matured or unmatured, as provided in the Credit Agreement. The provisions of this
Section 6 shall survive the termination of the guarantees contained in this Guaranty
Agreement.

     7. Amendments, etc. with Respect to the Obligations: Waiver of Rights. Each Guarantor shall
remain obligated hereunder notwithstanding that, without any reservation of rights against any
Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any
of the Obligations made by Administrative Agent or any Creditor may be rescinded by such party and
any of the Obligations continued, and the Obligations, or the liability of any other party upon or
for any part thereof, or any collateral security or guarantee therefor or right of offset with
respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended,
modified, accelerated, compromised, waived, surrendered or released, and the Credit Agreement, any
other Loan Documents, or any other documents executed and delivered in connection therewith may be
amended, modified, supplemented or terminated, in whole or part, from time to time, and any
collateral security, guarantee or right of offset at any time existing for the payment of the
Obligations may be sold, exchanged, waived, surrendered or released. Each Guarantor hereby
knowingly, intentionally and specifically waives any rights it may have at law or in equity to
repudiate or abrogate or otherwise disclaim or limit its obligations hereunder as a result of any
of the foregoing. Neither Administrative Agent nor any Creditor shall have any obligation to
protect, secure, perfect or insure any Lien at any time held by or for it as security for the
Obligations or for this Guaranty Agreement or any property subject thereto, and each Guarantor
hereby knowingly, intentionally and specifically waives any rights it otherwise may have at law or
in equity in the event of any failure by Administrative Agent or any Creditor to so protect,
secure, perfect or insure any such Lien. When making any demand hereunder against any of the
Guarantors, Administrative Agent or any Creditor may, but shall be under no obligation to, make a
similar demand on the Borrower or any other Guarantor or guarantor, and any failure by
Administrative Agent or any Creditor to make any such demand or to collect any payments from the
Borrower or any such other Guarantor or guarantor or any release of the Borrower or such other
Guarantor or guarantor shall not relieve any of the Guarantors in respect of which a demand or
collection is not made or any of the Guarantors not so released of their several obligations or
liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied,
or as a matter of law, of Administrative Agent or any Creditor against any of the Guarantors. For
the purposes hereof, “demand” shall include the commencement and continuance of any legal
proceedings.

     8. Guaranty Agreement Absolute and Unconditional. Each Guarantor waives any and all notice of
the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of
reliance by Administrative Agent or any Creditor upon this Guaranty Agreement or acceptance of this
Guaranty Agreement, and the Obligations, and any of them, shall

5

 

conclusively be deemed to have been created, contracted or incurred, or renewed, extended,
amended or waived, in reliance upon this Guaranty Agreement; and all dealings between the Borrower
and any of the Guarantors, on the one hand, and Administrative Agent and the Creditors, on the
other hand, likewise shall be conclusively presumed to have been had or consummated in reliance
upon this Guaranty Agreement. Each Guarantor knowingly, intentionally and specifically waives
diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon
the Borrower or any of the Guarantors with respect to the Obligations. Each Guarantor understands
and agrees that this Guaranty Agreement shall be construed as a continuing, absolute and
unconditional guarantee of payment without regard to, and hereby irrevocably waives any defenses it
may now or hereafter have in any way relating to, the following: (a) the validity, regularity or
enforceability of the Credit Agreement, any other Loan Document, any of the Obligations or any
other collateral security therefor or guarantee or right of offset with respect thereto at any time
or from time to time held by or for Administrative Agent or any Creditor, (b) any defense, set-off
or counterclaim (other than a defense of payment or performance) which may at any time be available
to or be asserted by the Borrower against Administrative Agent or any Creditor, or (c) any other
circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor)
which constitutes, or might be construed to constitute, an equitable or legal discharge of the
Borrower for the Obligations, or of such Guarantor under this Guaranty Agreement, in bankruptcy or
in any other instance, including, without limitation, any diminution in value, for whatever reason,
of any of the collateral security for the Obligations. When pursuing its rights and remedies
hereunder against any Guarantor, Administrative Agent or a Creditor may, but shall be under no
obligation to, pursue such rights and remedies as it may have against the Borrower or any other
Person or against any collateral security or guarantee for the Obligations or any right of offset
with respect thereto (and each Guarantor hereby knowingly, intentionally and specifically waives
any right it may have to require Administrative Agent or a Creditor to do so), and any failure by
Administrative Agent or any Creditor to pursue such other rights or remedies or to collect any
payments from the Borrower or any such other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the Borrower or any such
other Person or any such collateral security, guarantee or right of offset, shall not relieve such
Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of Administrative Agent or Creditors
against such Guarantor. This Guaranty Agreement shall remain in full force and effect and be
binding in accordance with and to the extent of its terms upon each Guarantor and the successors
and assigns thereof, and shall inure to the benefit of Administrative Agent and Creditors, and
their respective successors, endorsees, transferees and assigns, until the Guaranty Termination
Date.

     9. Reinstatement. This Guaranty Agreement shall continue to be effective, or be reinstated,
as the case may be, if at any time payment, or any part thereof, of any of the Obligations is
rescinded or must otherwise be restored or returned by Administrative Agent or any Creditor upon
the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any
Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of,
or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its
property, or otherwise, all as though such payments had not been made.

6

 

     10. Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to
Administrative Agent without set-off or counterclaim in Dollars and immediately available funds at
the office of Administrative Agent set forth in the Credit Agreement.

     11. Representations and Warranties. Each Guarantor hereby represents and warrants to
Administrative Agent and each Creditor that:

          (a) such Guarantor is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization and has the power and authority and the legal right to own and
operate its property, to lease the property such Guarantor operates and to conduct the business in
which such Guarantor is currently engaged, except to the extent that failure to do so would not
reasonably be expected to have a Material Adverse Effect;

          (b) such Guarantor has the power and authority and the legal right to execute and deliver, and
to perform its obligations under, this Guaranty Agreement, and has taken all necessary action to
authorize the execution, delivery and performance of this Guaranty Agreement;

          (c) this Guaranty Agreement has been duly executed and delivered by such Guarantor and
constitutes the legal, valid and binding obligation of such Guarantor enforceable against such
Guarantor in accordance with its terms, except as enforceability may be limited by applicable
Bankruptcy Laws and general equitable principles (whether considered in a proceeding in equity or
at law);

          (d) the execution, delivery and (subject to Section 2.6 of the Pledge Agreement) performance
of this Guaranty Agreement will not (i) contravene the terms of such Guarantor’s Organization
Documents, (ii) violate any Law, (iii) be in conflict with, result in a breach of, constitute
(alone or with notice or lapse of time or both) a default under or give rise to any right to
accelerate any material obligation under any Contractual Obligation of such Guarantor or (iv) will
not result in, or require, the creation or imposition of any Lien on any of the properties of such
Guarantor, or any revenues, income or profits therefrom, whether now owned or hereafter acquired,
pursuant to any order, injunction, writ or decree of a Governmental Authority or any arbitral award
to which such Guarantor is subject or Contractual Obligation of such Guarantor (other than
Permitted Liens);

          (e) no action, consent or authorization of, registration or filing with, notice to or other
act by or in respect of, any Governmental Authority or any other Person (including, without
limitation, any shareholder or any Affiliate of such Guarantor) is required to be obtained or made
by such Guarantor in connection with the execution, delivery, performance, validity or
enforceability of this Guaranty Agreement other than such as have been obtained or made and are in
full force and effect;

          (f) other than disclosed in public filings, if any, or provided to the Administrative Agent
and the Lenders in writing, no material litigation is pending or, to the knowledge of such
Guarantor, threatened by or against such Guarantor or against any of such Guarantor’s properties,
revenues, income or profits therefrom with respect to this Guaranty Agreement or any of the
transactions contemplated hereby;

7

 

          (g) as of the date on which this representation and warranty is made or deemed made, each of
the Guarantors is Solvent, both before and after giving effect to the transactions contemplated by
the Loan Documents consummated on such date and to the incurrence of all Indebtedness and other
obligations incurred on such date in connection with the Loan Documents; and

          (h) each of the other representations and warranties contained in Article V of the
Credit Agreement, insofar as such representations and warranties are applicable to such Guarantor,
is true and correct in all material respects.

     Each Guarantor agrees that the foregoing representations and warranties shall be deemed to
have been made by such Guarantor on the date of each Credit Extension under any Loan Document on
and as of such date of such Credit Extension as though made hereunder on and as of such date.

     All representations and warranties made hereunder shall survive the execution and delivery
hereof. Such representations and warranties have been or will be relied upon by Administrative
Agent and each Creditor, regardless of any investigation made by Administrative Agent or any
Creditor or on their behalf and notwithstanding that Administrative Agent or any Creditor may have
had notice or knowledge of any Default at the time of any credit extension, and shall continue in
full force and survive the Guaranty Termination Date.

     12. Covenants. Each Guarantor hereby covenants and agrees with Administrative Agent and each
Creditor that, from and after the date of this Guaranty Agreement and until the occurrence of the
Guaranty Termination Date, such Guarantor shall not take, and shall refrain from taking, any action
that would result in a breach or violation of any of the covenants of the Borrower contained in the
Credit Agreement.

     13. Authority of Administrative Agent. Each Guarantor acknowledges that the rights and
responsibilities of Administrative Agent under the Guaranty Agreement with respect to any action
taken by Administrative Agent or the exercise or non-exercise by Administrative Agent of any
option, right, request, judgment or other right or remedy provided for herein or resulting or
arising out of this Guaranty Agreement shall, as among Administrative Agent and the other Creditors
be governed by the Credit Agreement and by such other agreements with respect thereto as may exist
form time to time among them, but, as between Administrative Agent and such Guarantor,
Administrative Agent shall be conclusively presumed to be acting as agent for the other Creditors
with full and valid authority so to act or refrain from acting, and no Guarantor shall be under any
obligation, or entitlement, to make any inquiry respecting such authority.

     14. Notices. All notices and other communications provided for hereunder shall be effectuated
in the manner provided for in the Credit Agreement; provided that if a notice or communication
hereunder is sent to a Guarantor, said notice shall be addressed to such Guarantor, in care of the
Borrower.

     15. Counterparts. This Guaranty Agreement may be executed by one or more of the Guarantors on
any number of separate counterparts (including by facsimile or attachment to electronic
transmission), and all of said counterparts taken together shall be deemed to constitute

8

 

one and the same instrument. A set of the counterparts of this Guaranty Agreement signed by
all the Guarantors shall be lodged with Administrative Agent.

     16. Severability. Any provision of the Guaranty Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     17. Integration. This Guaranty Agreement and the other Loan Documents represent the agreement
of each Guarantor with respect to the subject matter hereof and there are no promises or
representations by Administrative Agent or any Creditor relative to the subject matter hereof not
reflected herein.

     18. Amendments in Writing; No Waiver; Cumulative Remedies.

          (a) None of the terms or provisions of this Guaranty Agreement may be waived, amended,
supplemented or otherwise modified except in accordance with the provisions of the Credit
Agreement.

          (b) Neither Administrative Agent nor any Creditor shall by any act (except by a written
instrument pursuant to this Section 18), delay, indulgence, omission or otherwise be deemed
to have waived any right or remedy hereunder or to have acquiesced in any default or in any breach
of any of the terms and conditions hereof. No failure to exercise, nor delay in exercising, on the
part of Administrative Agent or any Creditor, any right, power of privilege hereunder shall operate
as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder
shall preclude any other or further exercise thereof or the exercise of any other right, power of
privilege. A waiver by Administrative Agent or any Creditor of any right or remedy hereunder on
any one occasion shall not be construed as a bar to any right or remedy which Administrative Agent
or such Creditor would otherwise have on any future occasion.

          (c) The rights and remedies herein provided are cumulative, may be exercised singly or
concurrently and are not exclusive of any other rights or remedies provided by Law.

     19. Section Headings. The section headings used in this Guaranty Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into
consideration in the interpretation hereof.

     20. Successors and Assigns. This Guaranty Agreement shall be binding upon the successors and
assigns of each Guarantor and shall inure to the benefit of Administrative Agent and Creditors and
their respective successors and assigns; provided, that no Guarantor may assign any of its
rights or obligations under this Guaranty Agreement without the prior written consent of
Administrative Agent and any such purported assignment shall be null and void.

     21. GOVERNING LAW; WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND SERVICE OF PROCESS.

9

 

          (a) THIS GUARANTY
AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF TEXAS APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE;
PROVIDED, THAT ADMINISTRATIVE AGENT AND EACH CREDITOR SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL
LAW.

          (b) EACH GUARANTOR, ADMINISTRATIVE AGENT AND EACH CREDITOR IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF TEXAS SITTING IN DALLAS COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT
OF TEXAS, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS GUARANTY AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH
GUARANTOR, ADMINISTRATIVE AGENT AND EACH CREDITOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL
CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH TEXAS STATE
COURT OR, TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH
GUARANTOR, ADMINISTRATIVE AGENT AND EACH CREDITOR, AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION
OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY AGREEMENT SHALL AFFECT
ANY RIGHT THAT ADMINISTRATIVE AGENT OR ANY CREDITOR MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS GUARANTY AGREEMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE
COURTS OF OR ANY JURISDICTION.

          (c) EACH GUARANTOR, ADMINISTRATIVE AGENT AND EACH CREDITOR, IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT IN ANY COURT REFERRED TO IN SECTION 21(b). EACH GUARANTOR, ADMINISTRATIVE
AGENT AND EACH CREDITOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT NOT PROHIBITED BY
APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT. THIS SECTION 21 SHALL SURVIVE THE TERMINATION OF THIS
GUARANTY AGREEMENT, AND ANY SATISFACTION AND DISCHARGE OF EACH GUARANTOR BY VIRTUE OF ANY PAYMENT,
COURT ORDER, OR LAW.

     22. Waiver of Right to Trial by Jury. EACH GUARANTOR, ADMINISTRATIVE AGENT AND EACH CREDITOR
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
ARISING UNDER THIS GUARANTY AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR

10

 

HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH GUARANTOR,
ADMINISTRATIVE AGENT AND EACH CREDITOR HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO
THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
THIS SECTION 22 SHALL SURVIVE THE TERMINATION OF THIS GUARANTY AGREEMENT, AND ANY
SATISFACTION AND DISCHARGE OF EACH GUARANTOR BY VIRTUE OF ANY PAYMENT, COURT ORDER, OR LAW.

     23. Additional Guarantors. Any Person who was not a “Guarantor” under this Guaranty Agreement
at the time of initial execution hereof shall become a “Guarantor” hereunder if required pursuant
to the terms of the Loan Documents by executing and delivering to Administrative Agent a Joinder.
Such Person shall also deliver such items to Administrative Agent in connection with the execution
of such Joinder as required by the terms of the Loan Documents and this Guaranty Agreement. Any
such Person shall thereafter be deemed a “Guarantor” for all purposes under this Guaranty
Agreement.

     24. Loan Document. This Guaranty Agreement is a Loan Document.

     25. Amendment and Restatement. This Guaranty Agreement is an amendment and restatement of,
but not a release or novation of, the Existing Guaranty. Each Guarantor ratifies and confirms its
obligations pursuant to the Existing Guaranty, as amended and restated by this Guaranty Agreement.

     26. ENTIRE AGREEMENT. THIS AGREEMENT AND EACH RELATED AGREEMENT REPRESENT THE FINAL AGREEMENT
AMONG 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 AMONG THE PARTIES.

The Remainder of This Page Is Intentionally Left Blank.

11

 

     IN WITNESS WHEREOF, each of the undersigned has caused this Guaranty Agreement to be duly
executed and delivered by its duly authorized officer as of the day and year first written above.

	 	 	 	 	 
	 	SAI HOLDINGS, INC.

 	 
	 	By:  	/s/ Daniel P. Son
 	 
	 	 	Name:  	Daniel P. Son 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	PENSON HOLDINGS, INC.

 	 
	 	By:  	/s/ Daniel P. Son
 	 
	 	 	Name:  	Daniel P. Son 	 
	 	 	Title:  	Vice Chairman 	 

Amended and Restated Guaranty — Signature Page 

 

 

	 	 	 	 	 

Exhibit A

Guaranty Joinder

     THIS GUARANTY JOINDER dated                     , to the Amended and Restated Guaranty dated as of
May 6, 2010 (such agreement, together with all amendments and restatements, the “Guaranty
Agreement”), is made by the parties thereto (collectively, the “Guarantors”) in favor of Regions
Bank, as Administrative Agent (in such capacity, the “Administrative Agent”).

BACKGROUND.

     Capitalized terms not otherwise defined herein have the meaning specified in the Guaranty
Agreement. The Guaranty Agreement provides that additional parties may become Guarantors under the
Guaranty Agreement by execution and delivery of this form of Joinder. Pursuant to the provisions
of Section 23 of the Guaranty Agreement, the undersigned is becoming a Guarantor under the
Guaranty Agreement. The undersigned desires to become a Guarantor under the Guaranty Agreement in
order to induce Creditors to continue to make and maintain financial accommodations under the Loan
Documents.

AGREEMENT.

     NOW, THEREFORE, in consideration of the premises set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order
to induce Creditors to continue to make and maintain financial accommodations under the Loan
Documents, the undersigned hereby agrees with Administrative Agent, for the benefit of Creditors,
as follows:

     1. Joinder. In accordance with the Guaranty Agreement, the undersigned hereby becomes a
Guarantor under the Guaranty Agreement with the same force and effect as if it were an original
signatory thereto as a Guarantor and the undersigned hereby (a) agrees to all the terms and
provisions of the Guaranty Agreement applicable to it as a Guarantor thereunder and (b) represents
and warrants that the representations and warranties made by it as a Guarantor thereunder are true
and correct on and as of the date hereof. Each reference to a “Guarantor” in the Guaranty
Agreement shall be deemed to include the undersigned.

     2. Representations and Warranties. The undersigned hereby makes each representation and
warranty set forth in Section 11 of the Guaranty Agreement to the same extent as each other
Guarantor.

     3. Notices. All communications and notices hereunder shall be in writing and given as
provided in the Guaranty Agreement.

     4. Governing Law. THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF TEXAS APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH
STATE; PROVIDED, THAT ADMINISTRATIVE AGENT AND EACH CREDITOR SHALL RETAIN ALL RIGHTS ARISING UNDER
FEDERAL LAW.

 

 

     5. Full Force of Guaranty Agreement. Except as expressly supplemented hereby, the Guaranty
Agreement remains in full force and effect in accordance with its terms.

     6. Counterparts. This Joinder may be executed in any number of counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract.

The Remainder of This Page Is Intentionally Left Blank.

2

 

IN WITNESS WHEREOF, the undersigned has caused this Joinder to be duly executed and delivered by
its officer thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Print Name:	  	 
	 	 	Print Title:	 	 

Joinder
Agreement (Guaranty Agreement) — Signature Page

 

 

	 	 	 	 	 
	ACCEPTED BY:

REGIONS BANK, as Administrative Agent

 	 	 
	By:  	 	 	 
	 	Print Name:	  	 	 
	 	Print Title:	 	 	 

Joinder
Agreement (Guaranty Agreement) — Signature Page

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