Document:

c53368_ex10-47.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.47

EXECUTION VERSION

GUARANTY AGREEMENT

          This GUARANTY AGREEMENT (this “Guaranty”), dated as of January 18, 2008, is executed and delivered by WHITEHALL JEWELERS HOLDINGS, INC., a Delaware corporation (“Guarantor”), in favor of PWJ LENDING II LLC, a Delaware limited liability
company, as administrative agent and collateral agent for the below defined Lenders (in such capacity, together with its successors and assigns, if any, in
such capacity, “Agent”), in light of the following: 

          WHEREAS, Whitehall Jewelers, Inc., a Delaware corporation (“Borrower”), the
Lenders, and Agent are, contemporaneously herewith, entering into that certain Term Loan Credit Agreement, dated as of even date herewith (as amended, restated, modified, renewed or extended from time to time, the “Credit Agreement”);  

          WHEREAS, Borrower is a wholly-owned Subsidiary of Guarantor and, as such, Guarantor will benefit by virtue of the financial
accommodations extended to Borrower by the Lender Group; and 

          WHEREAS, in order to induce the Lender Group to enter into the Credit Agreement and the other Loan Documents and to extend the loans
and other financial accommodations to Borrower pursuant to the Credit Agreement, and in consideration thereof, and in consideration of any loans or other financial accommodations heretofore or hereafter extended by the below defined Lender Group to
Borrower, pursuant to the Loan Documents, Guarantor has agreed to guaranty the Guaranteed Obligations. 

          NOW, THEREFORE, in consideration of the foregoing, Guarantor hereby agrees as follows: 

          1.     Definitions and Construction. 

                 (a)     Definitions.  Capitalized
terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. The following terms, as used in this Guaranty, shall have the following meanings: 

                  “Agent” has the meaning set forth in the preamble to this Guaranty. 

                  “Borrower” has the meaning set forth in the recitals to this Guaranty. 

                  “Credit Agreement” has the meaning set forth in the recitals to this Guaranty.

                  “Guaranteed Obligations” means the Obligations now or hereafter existing under any
Loan Document, whether for principal, interest (including all interest that accrues after the commencement of any insolvency proceeding irrespective of whether a claim therefor is allowed in such case or proceeding), fees, expenses or otherwise, and
any and all expenses (including reasonable counsel fees and expenses) incurred by the Agent or the Lenders (or any of them) in enforcing any rights under this Guaranty.  Without limiting the generality of the foregoing,

Guaranteed Obligations shall include all amounts that constitute part of the Guaranteed Obligations and would be owed by Borrower to the Agent or the Lenders under any Loan Document but for the fact that they are unenforceable or
not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving Borrower or any other guarantor.

                  “Guarantor” has the meaning set forth in the preamble to this Guaranty. 

                  “Guaranty” has the meaning set forth in the preamble to this Guaranty. 

                  “Lender
Group” means, individually and collectively,
each of the Lenders and Agent.

                  “Lenders” means, individually and collectively, each of the lenders identified on the signature pages to the Credit Agreement, and
shall include any other Person made a party to the Credit Agreement in accordance with the provisions of Section 19.1 thereof (together with their respective successors and
assigns).

                  “Record” means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is
retrievable in perceivable form. 

                  “Voidable Transfer” has the meaning set forth in Section 9 of this Guaranty.

                 (b)      Construction.  Unless the context of this Guaranty clearly
requires otherwise, references to the plural include the singular, references to the singular include the plural, the part includes the whole, the terms “includes” and “including” are not limiting, and the term “or”
has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and other similar terms in this Guaranty refer to
this Guaranty as a whole and not to any particular provision of this Guaranty. Section, subsection, clause, schedule, and exhibit references herein are to this Guaranty unless otherwise specified. Any reference in this Guaranty to any agreement,
instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such
alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Neither this Guaranty nor any uncertainty or ambiguity herein shall be construed or resolved against the
Lender Group or Borrower, whether under any rule of construction or otherwise.  On the contrary, this Guaranty has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to
accomplish fairly the purposes and intentions of Guarantor and Agent. Any reference herein to the satisfaction or payment in full of the Guaranteed Obligations shall mean the payment in full in cash of all Guaranteed Obligations other than
contingent indemnification Guaranteed Obligations that, at such time, are allowed by the applicable member of the Lender Group to remain outstanding and are not required to be repaid or cash collateralized pursuant to the provisions of the Credit
Agreement and the full and final termination of any commitment to extend any financial accommodations under the Credit Agreement and any other Loan Document.  Any reference herein to any Person shall be construed to include such Person’s
successors and assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record and any Record transmitted

S-2

shall constitute a representation and warranty as to the accuracy and completeness of the information contained therein. The captions and headings are for convenience of reference only and shall not affect the construction of this
Guaranty. 

          2.     Guaranteed Obligations.  Guarantor hereby irrevocably and unconditionally guaranties
to Agent, for the benefit of the Lender Group, as and for its own debt, until the final and indefeasible payment in full thereof, in cash, has been made, (a) the due and punctual payment of the Guaranteed Obligations, when and as the same shall
become due and payable, whether at maturity, pursuant to a mandatory prepayment requirement, by acceleration, or otherwise; it being the intent of Guarantor that the guaranty set forth herein shall be a guaranty of payment and not a guaranty of
collection; and (b) the punctual and faithful performance, keeping, observance, and fulfillment by Borrower of all of the agreements, conditions, covenants, and obligations of Borrower contained in the Credit Agreement and under each of the other
Loan Documents. 

          3.     Continuing Guaranty.  This Guaranty includes Guaranteed Obligations arising under
successive transactions continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guaranteed Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional
Guaranteed Obligations after prior Guaranteed Obligations have been satisfied in whole or in part. To the maximum extent permitted by law, Guarantor hereby waives any right to revoke this Guaranty as to future Guaranteed Obligations. If such a
revocation is effective notwithstanding the foregoing waiver, Guarantor acknowledges and agrees that (a) no such revocation shall be effective until written notice thereof has been received by Agent, (b) no such revocation shall apply to any
Guaranteed Obligations in existence on the date of receipt by Agent of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof),
(c) no such revocation shall apply to any Guaranteed Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of the Lender Group in existence on the date of such revocation, (d) no payment
by Guarantor, Borrower, or from any other source, prior to the date of Agent’s receipt of written notice of such revocation shall reduce the maximum obligation of Guarantor hereunder, and (e) any payment by Borrower or from any source other
than Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guaranteed Obligations as to which the revocation is effective and which are not, therefore, Guaranteed hereunder, and to the extent so applied
shall not reduce the maximum obligation of Guarantor hereunder. 

          4.     Performance Under this Guaranty.  In the event that Borrower fails to make any payment
of any Guaranteed Obligations, on or prior to the due date thereof, or if Borrower shall fail to perform, keep, observe, or fulfill any other obligation referred to in clause (b) of
Section 2 of this Guaranty in the manner provided in the Credit Agreement or any other Loan Document, Guarantor immediately shall cause, as applicable, such payment in respect of the
Guaranteed Obligations to be made or such obligation to be performed, kept, observed, or fulfilled. 

S-3

          5.     Primary Obligations.  This Guaranty is a primary and original obligation of Guarantor,
is not merely the creation of a surety relationship, and is an absolute, unconditional, and continuing guaranty of payment and performance which shall remain in full force and effect without respect to future changes in conditions.  Guarantor hereby
agrees that it is directly, jointly and severally with any other guarantor of the Guaranteed Obligations, liable to Agent, for the benefit of the Lender Group, that the obligations of Guarantor hereunder are independent of the obligations of
Borrower or any other guarantor, and that a separate action may be brought against Guarantor, whether such action is brought against Borrower or any other guarantor or whether Borrower or any other guarantor is joined in such action. Guarantor
hereby agrees that its liability hereunder shall be immediate and shall not be contingent upon the exercise or enforcement by any member of the Lender Group of whatever remedies they may have against Borrower or any other guarantor, or the
enforcement of any lien or realization upon any security by any member of the Lender Group. Guarantor hereby agrees that any release which may be given by Agent to Borrower or any other guarantor, or with respect to any property or asset subject to
a Lien, shall not release Guarantor. Guarantor consents and agrees that no member of the Lender Group shall be under any obligation to marshal any property or assets of Borrower or any other guarantor in favor of Guarantor, or against or in payment
of any or all of the Guaranteed Obligations. 

          6.     Waivers. 

                  (a)      To the fullest extent permitted by applicable law, Guarantor hereby waives: (i) notice of acceptance hereof; (ii) notice of
any loans or other financial accommodations made or extended under the Credit Agreement, or the creation or existence of any Guaranteed Obligations; (iii) notice of the amount of the Guaranteed Obligations, subject, however, to Guarantor’s
right to make inquiry of Agent to ascertain the amount of the Guaranteed Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of Borrower or of any other fact that might increase Guarantor’s risk
hereunder; (v) notice of presentment for payment, demand, protest, and notice thereof as to any instrument among the Loan Documents; (vi) notice of any Default or Event of Default under any of the Loan Documents; and (vii) all other notices (except
if such notice is specifically required to be given to Guarantor under this Guaranty or any other Loan Documents to which Guarantor is a party) and demands to which Guarantor might otherwise be entitled. 

                 (b)     To the fullest extent permitted by applicable law, Guarantor hereby waives the right by statute or otherwise to require any
member of the Lender Group, to institute suit against Borrower or any other guarantor or to exhaust any rights and remedies which any member of the Lender Group, has or may have against Borrower or any other guarantor. In this regard, Guarantor
agrees that it is bound to the payment of each and all Guaranteed Obligations, whether now existing or hereafter arising, as fully as if the Guaranteed Obligations were directly owing to Agent or the Lender Group, as applicable, by Guarantor.
Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and indefeasibly paid in full in cash, to the extent of any
such payment) of Borrower or by reason of the cessation from any cause whatsoever of the liability of Borrower in respect thereof. 

S-4

                 (c)     To the fullest extent permitted by applicable law, Guarantor hereby waives: (i) any right to assert against any member of the
Lender Group, any defense (legal or equitable), set-off, counterclaim, or claim which Guarantor may now or at any time hereafter have against Borrower or any other party liable to any member of the Lender Group; (ii) any defense, set-off,
counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guaranteed Obligations or any security therefor; (iii) any right or defense
arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group including any defense based upon an election of remedies by any member of the Lender Group; (iv) the benefit of any statute of limitations
affecting Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guaranteed Obligations shall similarly operate to defer or delay the
operation of such statute of limitations applicable to Guarantor’s liability hereunder. 

                 (d)     Until the Guaranteed Obligations have been paid in full in cash, (i) Guarantor hereby postpones and agrees not to exercise
any right of subrogation Guarantor has or may have as against Borrower with respect to the Guaranteed Obligations; (ii) Guarantor hereby postpones and agrees not to exercise any right to proceed against Borrower or any other Person now or hereafter
liable on account of the Obligations for contribution, indemnity, reimbursement, or any other similar rights (irrespective of whether direct or indirect, liquidated or contingent); and (iii) Guarantor hereby postpones and agrees not to exercise any
right it may have to proceed or to seek recourse against or with respect to any property or asset of Borrower or any other Person now or hereafter liable on account of the Obligations. Notwithstanding anything to the contrary contained in this
Guaranty, Guarantor shall not exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and shall not proceed or seek recourse against or with respect to any property or asset of, Borrower or any
other guarantor (including after payment in full of the Guaranteed Obligations) if all or any portion of the Obligations have been satisfied in connection with an exercise of remedies in respect of the capital stock of Borrower or such other
guarantor whether pursuant to the Security Agreement or otherwise. 

                 (e)     If any of the Guaranteed Obligations or the obligations of Guarantor under this Guaranty at any time are secured by a
mortgage or deed of trust upon real property, any member of the Lender Group may elect, in its sole discretion, upon a default with respect to the Guaranteed Obligations or the obligations of Guarantor under this Guaranty, to foreclose such mortgage
or deed of trust judicially or non-judicially in any manner permitted by law, before or after enforcing this Guaranty, without diminishing or affecting the liability of Guarantor hereunder.  Guarantor understands that (i) by virtue of the operation
of anti-deficiency law applicable to nonjudicial foreclosures, an election by any member of the Lender Group to non-judicially foreclose on such a mortgage or deed of trust probably would have the effect of impairing or destroying rights of
subrogation, reimbursement, contribution, or indemnity of Guarantor against Borrower or other guarantors or sureties, and (ii) absent the waiver given by Guarantor herein, such an election would estop any member of the Lender Group from enforcing
this Guaranty against Guarantor. Understanding the foregoing, and understanding that Guarantor is hereby relinquishing a defense to the enforceability of this Guaranty, Guarantor hereby waives any right to assert against any member of the Lender
Group any defense to the enforcement of this Guaranty, whether denominated “estoppel” or otherwise, based on or arising from an

S-5

election by any member of the Lender Group to non-judicially foreclose on any such mortgage or deed of trust.  Guarantor understands that the effect of the foregoing waiver may be that Guarantor may have liability hereunder for
amounts with respect to which Guarantor may be left without rights of subrogation, reimbursement, contribution, or indemnity against Borrower or other guarantors or sureties. 

                 (f)     Without limiting the generality of any other waiver or other provision set forth in this Guaranty, Guarantor waives all
rights and defenses that Guarantor may have if all or part of the Guaranteed Obligations are secured by real property. This means, among other things:

                          (i)     Any member of the Lender Group may collect from Guarantor without first foreclosing on any real or personal property
collateral that may be pledged by Guarantor, Borrower, or any other guarantor. 

                          (ii)     If any member of the Lender Group forecloses on any real property collateral that may be pledged by Guarantor, Borrower or
any other guarantor: 

	(1)	The amount of the Guaranteed Obligations or any obligations
        of any guarantor in respect thereof may be reduced only by the price
        for which that collateral is sold at the foreclosure sale, even if the
      collateral is worth more than the sale price.
	 
	(2)	Agent may collect from Guarantor even if any member
        of the Lender Group, by foreclosing on the real property collateral,
        has destroyed any right Guarantor may have to collect from Borrower or
      any other Guarantor.

                This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have if all or part of the Guaranteed Obligations are secured by real property.

                 (g)     WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS GUARANTY, GUARANTOR WAIVES ALL
RIGHTS AND DEFENSES ARISING OUT OF AN ELECTION OF REMEDIES BY ANY MEMBER OF THE LENDER GROUP, EVEN THOUGH SUCH ELECTION OF REMEDIES, SUCH AS A NONJUDICIAL FORECLOSURE WITH RESPECT TO SECURITY FOR THE Guaranteed OBLIGATIONS, HAS DESTROYED
GUARANTOR’S RIGHTS OF SUBROGATION AND REIMBURSEMENT AGAINST BORROWER BY THE OPERATION OF APPLICABLE LAW. 

                 (h)     Without limiting the generality of any other waiver or other provision set forth in this Guaranty, Guarantor hereby also
agrees to the following waivers: 

                 (i)     Agent’s right to enforce this Guaranty is absolute and is not contingent upon the genuineness, validity or
enforceability of the Guaranteed Obligations or any of the Loan Documents. Guarantor agrees that Agent’s rights under this Guaranty shall be enforceable even if Borrower had no liability at the time of
execution of the Loan Documents or the Guaranteed

S-6

Obligations are unenforceable in whole or in part, or Borrower ceases to be liable with respect to all or any portion of the Guaranteed Obligations. 

                          (ii)     Guarantor agrees that Agent’s rights under the Loan Documents will remain
enforceable even if the amount secured by the Loan Documents is larger in amount and more burdensome than that for which Borrower is responsible.  The enforceability of this Guaranty against Guarantor shall continue until all sums due under the Loan
Documents have been paid in full and shall not be limited or affected in any way by any impairment or any diminution or loss of value of any security or collateral for Borrower’s obligations under the Loan Documents, from whatever cause, the
failure of any security interest in any such security or collateral or any disability or other defense of Borrower, any other guarantor of Borrower’s obligations under any other Loan Document, any pledgor of collateral for any person’s
obligations to Agent or any other person in connection with the Loan Documents. 

                          (iii)     Guarantor waives the right to require Agent to (A) proceed against
Borrower, any guarantor of Borrower’s obligations under any Loan Document, any other pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Guaranteed Obligations, (B) proceed against or
exhaust any other security or collateral Agent may hold, or (C) pursue any other right or remedy for Guarantor’s benefit, and agrees that Agent may exercise its right under this Guaranty without taking any action against Borrower, any other
guarantor of Borrower’s obligations under the Loan Documents, any pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Guaranteed Obligations, and without proceeding against or exhausting
any security or collateral Agent holds. 

          7.     Releases. Guarantor
consents and agrees that, without notice to or by Guarantor and without affecting or impairing the obligations of Guarantor hereunder, any member of the Lender Group may, by action or inaction, compromise or settle, shorten or extend the Maturity
Date or any other period of duration or the time for the payment of the Obligations, or discharge the performance of the Obligations, or may refuse to enforce the Obligations, or otherwise elect not to enforce the Obligations, or may, by action or
inaction, release all or any one or more parties to, any one or more of the terms and provisions of the Credit Agreement or any of the other Loan Documents or may grant other indulgences to Borrower or any other guarantor in respect thereof, or may
amend or modify in any manner and at any time (or from time to time) any one or more of the Obligations, the Credit Agreement or any other Loan Document (including any increase or decrease in the principal amount of any Obligations or the interest,
fees or other amounts that may accrue from time to time in respect thereof), or may, by action or inaction, release or substitute the Borrower or any guarantor, if any, of the Guaranteed Obligations, or may enforce, exchange, release, or waive, by
action or inaction, any security for the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations, or any portion thereof. 

          8.     No Election.  The
Lender Group shall have the right to seek recourse against Guarantor to the fullest extent provided for herein and no election by any member of the Lender Group to proceed in one form of action or proceeding, or against any party, or on any
obligation, shall constitute a waiver of the Lender Group’s right to proceed in any other form of action or proceeding or against other parties unless Agent, on behalf of the Lender Group, has expressly

S-7

waived such right in writing. Specifically, but without limiting the generality of the foregoing, no action or proceeding by the Lender Group under any document or instrument evidencing the Guaranteed Obligations shall serve to
diminish the liability of Guarantor under this Guaranty except to the extent that the Lender Group finally and unconditionally shall have realized indefeasible payment in full of the Guaranteed Obligations by such action or proceeding. 

          9.     Revival and Reinstatement.  If the incurrence or payment of the Guaranteed Obligations
or the obligations of Guarantor under this Guaranty by Guarantor or the transfer by Guarantor to any member of the Lender Group of any property of Guarantor should for any reason subsequently be declared to be void or voidable under any state or
federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (collectively, a
“Voidable Transfer”), and if the Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its
counsel, then, as to any such Voidable Transfer, or the amount thereof that the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys fees of the Lender Group related thereto, the liability
of Guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made. 

          10.     Financial Condition of Borrower.  Guarantor represents and warrants to the Lender
Group that it is currently informed of the financial condition of Borrower and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations.  Guarantor further represents
and warrants to the Lender Group that it has read and understands the terms and conditions of the Credit Agreement and each other Loan Document. Guarantor hereby covenants that it will continue to keep itself informed of Borrower’s financial
condition, the financial condition of other guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Guaranteed Obligations. 

          11.     Payments; Application. All payments to be made hereunder by Guarantor shall be made
in Dollars, in immediately available funds, and without deduction (whether for taxes or otherwise) or offset and shall be applied to the Guaranteed Obligations in accordance with the terms of the Credit Agreement.

          12.     Attorneys Fees and Costs.  Guarantor agrees to pay, on demand, all attorneys fees and
all other costs and expenses which may be incurred by Agent or the Lender Group in connection with the enforcement of this Guaranty or in any way arising out of, or consequential to, the protection, assertion, or enforcement of the Guaranteed
Obligations (or any security therefor), irrespective of whether suit is brought. 

          13.     Notices.  All notices and other communications hereunder to Agent shall be in writing
and shall be mailed, sent, or delivered in accordance Section 20 of the Credit Agreement. All notices and other communications hereunder to Guarantor shall be in writing and shall be mailed,
sent, or delivered in care of Borrower in accordance with Section 20 of the Credit Agreement. 

S-8

          14.     Cumulative Remedies.  No remedy under this Guaranty, under the Credit Agreement, or
any other Loan Document is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and in addition to any and every other remedy given under this Guaranty, under the Credit Agreement, or any other Loan Document,
and those provided by law.  No delay or omission by the Lender Group or Agent on behalf thereof to exercise any right under this Guaranty shall impair any such right nor be construed to be a waiver thereof.  No failure on the part of the Lender
Group or Agent on behalf thereof to exercise, and no delay in exercising, any right under this Guaranty shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Guaranty preclude any other or further
exercise thereof or the exercise of any other right. 

          15.     Severability of Provisions. Each provision of this Guaranty shall be severable from
every other provision of this Guaranty for the purpose of determining the legal enforceability of any specific provision. 

          16.     Entire Agreement; Amendments.  This Guaranty constitutes the entire agreement between
Guarantor and the Lender Group pertaining to the subject matter contained herein. This Guaranty may not be altered, amended, or modified, nor may any provision hereof be waived or noncompliance therewith consented to, except by means of a writing
executed by Guarantor and Agent, on behalf of the Lender Group.  Any such alteration, amendment, modification, waiver, or consent shall be effective only to the extent specified therein and for the specific purpose for which given. No course of
dealing and no delay or waiver of any right or default under this Guaranty shall be deemed a waiver of any other, similar or dissimilar, right or default or otherwise prejudice the rights and remedies hereunder. 

          17.     Successors and Assigns. This Guaranty shall be binding upon Guarantor and its
successors and assigns and shall inure to the benefit of the successors and assigns of the Lender Group; provided, however,
Guarantor shall not assign this Guaranty or delegate any of its duties hereunder without Agent’s prior written consent and any unconsented to assignment shall be absolutely null and void. In the event of any assignment, participation, or other
transfer of rights by the Lender Group, the rights and benefits herein conferred upon the Lender Group shall automatically extend to and be vested in such assignee or other transferee. 

          18.     No Third Party Beneficiary.  This Guaranty is solely for the benefit of each member
of the Lender Group and each of their respective successors and assigns, and may not be relied on by any other Person. 

S-9

          19.     CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

                   THE VALIDITY OF THIS GUARANTY, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL
BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                  THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS GUARANTY SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL
COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK, PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS
TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.  GUARANTOR AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS
OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 19.

                  GUARANTOR AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.  GUARANTOR AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS SECTION MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

          20.     Counterparts; Telefacsimile Execution. This Guaranty may be executed in any number of
counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Guaranty.  Delivery of an
executed counterpart of this Guaranty by telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Guaranty. Any party delivering an executed counterpart of this Guaranty by telefacsimile
also shall deliver an original executed counterpart of this Guaranty but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Guaranty.

S-10

          21.     Nature of Business.  Guarantor shall not (a) conduct, transact or otherwise engage in
any business or commercial operations (other than those incidental to its ownership of the capital stock of Borrower), (b) incur, create, assume or suffer to exist any Indebtedness (other than pursuant to the Loan Documents), or (c) own, lease,
manage or otherwise operate any properties or assets (including cash, other than the ownership of shares of the capital stock of Borrower). 

[Signature page to follow] 

S-11

          IN WITNESS WHEREOF, the undersigned has executed and delivered this Guaranty as of the date first written above. 

 

	 	WHITEHALL JEWELERS HOLDINGS,
          INC.  

                   a Delaware corporation
	 	 	 	 
	 	By:  	/s/
        Daniel M. Dayoob	 
	 	Title:  	CEO	 

          [Signature Page to Guaranty]Exhibit 10.48

GUARANTOR SECURITY AGREEMENT

          THIS GUARANTOR SECURITY AGREEMENT (this "Agreement"), dated as of January 18, 2008, is made by WHITEHALL
JEWELERS HOLDINGS, INC., a Delaware corporation (together with its successors and assigns, the
"Guarantor") in favor of LASALLE BANK NATIONAL ASSOCIATION (“Lasalle”), in its capacity as the Collateral Agent for the
Agents and the Lenders party to the Credit Agreement (defined below) (in such capacity, the "Collateral Agent"). 

W I T N
E S S E
T H:

          WHEREAS, pursuant to that certain Third Amended and Restated Credit Agreement dated as of January 20, 2007 (as amended or otherwise modified or restated from time to time, the "Credit Agreement") among Whitehall Jewelers, Inc., a Delaware corporation (the "Borrower"), various lending institutions party thereto (such
lending institutions, together with their respective successors and assigns, are collectively referred to as the "Lenders" and individually as a "Lender"), the Collateral Agent, and LaSalle, in its capacity as administrative agent for the Lenders, the Agents and the Lenders have agreed to make loans to, and provide other financial accommodations for
the account of, the Borrower from time to time; and 

          WHEREAS, the Borrower is a wholly-owned Subsidiary of the Guarantor and, as such, the Guarantor will benefit by virtue of the financial accommodations extended to the Borrower by the Agents and the
Lenders;

          WHEREAS, the Guarantor has executed and delivered that certain Guaranty of even date herewith (as amended or otherwise modified from time to time, the "Guaranty") with respect to all of the obligations of the Borrower to the Agents and the Lenders under the Credit Agreement; 

          WHEREAS, as a condition to the Agents and the Lenders maintaining or further extending the loans and other financial accommodations to the Borrower pursuant to the Credit Agreement, and in
consideration thereof, and in consideration of any loans or other financial accommodations heretofore or hereafter extended by the Agents and the Lenders to the Borrower pursuant to the Loan Documents, the Guarantor has agreed to enter into this
Agreement in which the Guarantor grants a valid, enforceable security interest in substantially all of the Guarantor 's assets to secure its obligations under the Guaranty. 

          NOW, THEREFORE, for and in consideration of any loan, advance or other financial accommodation heretofore or hereafter made to the Borrower under or in connection with the Credit Agreement, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

          1.      Definitions; Other Interpretive Provisions. When used herein, (a) the terms Account, Account Debtor, Certificated Security, Chattel Paper,Commercial Tort Claim, Deposit Account, Document, Electronic Chattel Paper, Equipment, Financial Asset, Fixtures, Goods, Health-Care-Insurance Receivable, Inventory, Instrument, Investment Property, Letter-of-Credit Rights, Money, Payment Intangibles, Proceeds, Security, Security
Entitlement, 

Supporting Obligations and Uncertificated Security have the respective meanings
assigned thereto in the UCC (as defined below); (b) capitalized terms which are not otherwise defined have the respective meanings assigned thereto in the Credit Agreement and (c) the following terms have the following meanings (such definitions to
be applicable to both the singular and plural forms of such terms): 

          Assignee Deposit Account shall have the meaning ascribed to such term in Section 4 hereof. 

          Collateral means all property and rights of the Guarantor in which a security interest is granted to the Collateral Agent hereunder. 

          Computer Hardware and Software means all of the Guarantor's rights (including rights as licensee and lessee) with respect to (i) computer and other electronic data
processing hardware, including all integrated computer systems, central processing units, memory units, display terminals, printers, computer elements, card readers, tape drives, hard and soft disk drives, cables, electrical supply hardware,
generators, power equalizers, accessories, peripheral devices and other related computer hardware; (ii) all software and all software programs designed for use on the computers and electronic data processing hardware described in clause (i) above, including all operating system software, utilities and application programs in whatsoever form (source code and object code in
magnetic tape, disk or hard copy format or any other listings whatsoever); (iii) any firmware associated with any of the foregoing; and (iv) any documentation for hardware, software and firmware described in clauses
(i), (ii) and (iii) above, including flow charts, logic diagrams, manuals, specifications, training
materials, charts and pseudo codes. 

          Contract Right means any right of the Guarantor to payment under a contract for the sale or lease of goods or the rendering of services, which right is at the time not
yet earned by performance. 

          Default means the occurrence of any Event of Default
(as defined in the Credit Agreement).

          General Intangibles means all of the Guarantor's "general intangibles" as defined in the UCC and, in any event, includes (without limitation) all of the Guarantor's
trademarks, trade names, patents, copyrights, trade secrets, customer lists, inventions, designs, software, software programs, mask works, goodwill, registrations, licenses, franchises, tax refund claims, guarantee claims, Payment Intangibles,
security interests and rights to indemnification. 

          Intellectual Property means all past, present and future: trade secrets and other proprietary information; trademarks, service marks, business names, Internet domain
names, designs, logos, trade dress, slogans, indicia and other source and/or business identifiers, and the goodwill of the business relating thereto and all registrations or applications for registrations which have heretofore been or may hereafter
be issued thereon throughout the world; copyrights (including copyrights for computer programs and software) and copyright registrations or applications for registrations which have heretofore been or may hereafter be issued throughout the world and
all tangible property embodying the copyrights; unpatented inventions (whether or

- 2 -

not patentable); patent applications and patents; industrial designs, industrial design applications and registered industrial designs; license agreements related to any of the foregoing and income therefrom; books, records,
writings, computer tapes or disks, flow diagrams, specification sheets, source codes, object codes and other physical manifestations, embodiments or incorporations of any of the foregoing; the right to sue for all past, present and future
infringements of any of the foregoing; and all common law and other rights throughout the world in and to all of the foregoing. 

          Liabilities means all of the "Guaranteed Obligations" (as defined in the Guaranty).

          Non-Tangible Collateral means, collectively, the Guarantor's Accounts, Contract Rights and General Intangibles. 

          Organization I.D. Number means, with respect to the Guarantor, the number assigned to the Guarantor by the applicable governmental unit or agency with which
certificate of formation or other organizational document in respect of the Guarantor was filed. 

          Supplemental Documentation means all agreements, instruments, documents, financing statements, warehouse receipts, bills of lading, notices of assignment of accounts,
schedules of accounts assigned, mortgages and other written matter necessary or reasonably requested by the Collateral Agent to perfect and maintain perfected the Collateral Agent's and the Agents’ and Lenders' security interest in the
Collateral. 

          Type of Organization means, with respect to the Guarantor, the kind or type of entity of the Guarantor, such as a corporation or limited liability company. 

          UCC means the Uniform Commercial Code as in effect in the State of New York from time to time. 

          Unless otherwise expressly provided herein, references to agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments and other
modifications thereto, but only to the extent such amendments and other modifications are not prohibited by the terms of any Loan Document. The term "including" is not limiting and means "including, without limitation". 

          2.      Grant of Security Interest. As security for the payment of all Liabilities, the Guarantor hereby assigns to the Collateral Agent for the
benefit of the Agents and the Lenders and grants to the Collateral Agent for the benefit of the Agents and the Lenders, a continuing security interest in all of the following whether now or hereafter existing or acquired, regardless of where
located, including, without limitation: 

          All of the Guarantor's:

	
(i)	
Accounts, including Health Care Insurance
    Receivables; 
  
	 
	(ii)	
Certificated Securities; 
  
	 	 
	(iii)	Chattel Paper, including Electronic Chattel Paper; 

- 3 -

	
(iv)	
Computer Hardware and Software and all rights with respect thereto, including, any and all licenses, options, warranties, service contracts, program services, test rights, maintenance rights, support rights,
improvement rights, renewal rights and indemnifications, and any substitutions, replacements, additions or model conversions of any of the foregoing;

  
	 
	
(v)	
Contract Rights;

  
	 
	
(vi)	
Commercial Tort Claims;

  
	 
	
(vii)	
Deposit Accounts;

  
	 
	
(viii)	
Documents;

  
	 
	
(ix)	
Financial Assets;

  
	 
	
(x)	
General Intangibles, including Payment Intangibles and Software;

  
	 
	
(xi)	
Goods (including all of its Equipment, Fixtures and Inventory) and all embedded software, accessions, additions, attachments, improvements, substitutions and replacements thereto and therefor;

  
	 
	
(xii)	
Instruments;

  
	 
	
(xiii)	
Intellectual Property;

  
	 
	
(xiv)	
Investment Property;

  
	 
	
(xv)	
Money (in every jurisdiction whatsoever);

  
	 
	
(xvi)	
Letter of Credit Rights;

  
	 
	
(xvii)	
Security Entitlements;

  
	 
	
(xviii)	
Supporting Obligations;

  
	 
	
(xix)	
Uncertificated Securities; and

  
	 
	
(xx)	
to the extent not included in the foregoing, other personal property of any kind or description;

  
	 

together with all books, records, writings, data bases, information and other property relating to, used or useful in connection with, or evidencing, embodying, incorporating or referring to any of the foregoing, and all Proceeds,
products, offspring, rents, issues, profits and returns of and from any of the foregoing; provided that to the extent that the provisions of any lease or license of Computer Hardware and
Software or Intellectual Property expressly prohibit (which prohibition is enforceable 

- 4 -

under applicable law) the assignment thereof, and the grant of a security interest therein, the Guarantor's rights in such lease or license shall be excluded from the foregoing assignment and grant for so long as such prohibition
continues, it being understood that upon request of the Collateral Agent, the Guarantor will in good faith use reasonable efforts to obtain consent from the applicable lessor or licensor for
the creation of a security interest in favor of the Collateral Agent in the Guarantor's rights under such lease or license. 

          3.      Warranties. The Guarantor represents and warrants that: (i) no financing statement (other than any which names the Collateral Agent as
secured party and may have been filed under this Agreement or in connection with any Permitted Encumbrances covering any of the Collateral is on file in any public office; (ii) the Guarantor is and will be the lawful owner of all Collateral, free of
all liens, claims, security interests and encumbrances whatsoever, other than the security interest granted hereunder and Permitted Encumbrances, with full power and authority to execute this Agreement and perform the Guarantor's obligations
hereunder, and to subject the Collateral to the security interest granted hereunder; (iii) all information with respect to Collateral and Account Debtors set forth in any schedule, certificate or other writing at any time heretofore or hereafter
furnished by the Guarantor to the Collateral Agent is and will be true and correct in all material respects as of the date furnished; (iv) the Guarantor's state of organization, Type of Organization, Organization I.D. Number, the Guarantor's chief
executive office and principal place of business are as set forth on Schedule I hereto (and the Guarantor has not changed its state of incorporation or organization, nor maintained its chief
executive office and principal place of business at any other location at any time after (5) five years prior to the date of this Agreement); (v) each other location where the Guarantor maintains a place of business or stores or maintains any
Collateral or any books and records, including, but not limited to, computer programs, printouts and the materials and records concerning the Collateral is set forth on Schedule II hereto;
(vi) the Guarantor's exact legal name is as set forth on the signature pages of this Agreement, and except as set forth on Schedule III hereto, the Guarantor is not now known and during the five years preceding the date hereof has not previously
been known by any trade name; (vii) except as set forth on Schedule III hereto, during the five years preceding the date hereof the Guarantor has not been known by any legal name different
from those set forth on the signature pages of this Agreement nor has the Guarantor been the subject of any merger or other corporate or organizational reorganization; (viii) Schedule IV
hereto contains a complete listing of the Guarantor's Intellectual Property which is subject to registration statutes and is material to the Guarantor's business; (ix) the Guarantor is a corporation duly organized, validly existing and in good
standing under the laws of the state of its organization; (x) the execution and delivery of this Agreement and the performance by the Guarantor of its obligations hereunder are within the Guarantor's corporate powers, have been duly authorized by
all necessary corporate action, have received all necessary governmental approval (if any shall be required), and do not and will not contravene or conflict with any provision of law or of the Certificate of Incorporation or bylaws of the Guarantor
or of any material agreement indenture, instrument or other document, or any material judgment, order or decree, which is binding upon the Guarantor; (xi) this Agreement is a legal, valid and binding obligation of the Guarantor, enforceable in
accordance with its terms, except that the enforceability of this Agreement may be limited by bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws now or 

- 5 -

hereafter in effect relating to creditors' rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law); and (xii) the Guarantor is in compliance with the
requirements of all applicable laws (including the provisions of the Fair Labor Standards Act), rules, regulations and orders of every governmental authority, the non-compliance with which would reasonably be expected to result in a material adverse
effect on the business, assets or financial condition or the Guarantor; (xiii) Schedule V hereto contains a complete listing of all of the Guarantor's Instruments, Investment Property,
Letter of Credit Rights, Chattel Paper, Documents and Commercial Tort Claims; (xiv) except as set forth on Schedule VI hereto, the Guarantor has no tangible Collateral located outside of the
United States; (xv) Schedule VII hereto contains a complete listing of the Guarantor's tangible Collateral located with any bailee, warehousemen or other third parties; (xvi) Schedule VIII hereto contains a complete listing of all of the Guarantor's Collateral which is subject to certificate of title statutes; and (xvii) Schedule IX hereto contains a complete listing of all of the Guarantor's Deposit Accounts and other bank accounts, including locations and applicable account numbers. 

          4.      Collections, Etc. Until such time as the Collateral Agent shall notify the Guarantor of the revocation of such power and authority, the
Guarantor (a) may, in the ordinary course of its business, at its own expense, sell, lease or furnish under contracts of service any of the Inventory normally held by the Guarantor for such purpose, use and consume, in the ordinary course of its
business, any raw materials, work in process or materials normally held by the Guarantor for such purpose, and use, in the ordinary course of its business, the cash proceeds of Collateral and other money which constitutes Collateral (b) will, at its
own expense, endeavor to collect, as and when due, all amounts due under any of the Non-Tangible Collateral, including the taking of such action with respect to such collection as the Collateral Agent may reasonably request or, in the absence of
such request, as the Guarantor may deem advisable, and (c) may grant, in the ordinary course of business, to any party obligated on any of the Non-Tangible Collateral, any rebate, refund or allowance to which such party may be lawfully entitled, and
may accept, in connection therewith, the return of Goods, the sale or lease of which shall have given rise to such Non-Tangible Collateral. The Collateral Agent, however, may, at any time that a Default exists and is continuing, whether before or
after any revocation of such power and authority or the maturity of any of the Liabilities, notify an Account Debtor or any other Person obligated on Collateral to make payment or otherwise render performance to or for the benefit of the Collateral
Agent and enforce by suit or otherwise the obligations of an Account Debtor or any other Person obligated on Collateral and exercise the rights of the Guarantor with respect to the obligation of the Account Debtor or any other Person obligated on
Collateral to make payment or otherwise render performance to the Guarantor, and with respect to any property that secures the obligations of the Account Debtor or other Person obligated on the Collateral. In connection with the exercise of such
rights and remedies, the Collateral Agent may surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder or evidenced thereby.
Upon the request of the Collateral Agent during the existence and continuance of a Default, the Guarantor will, at its own expense, notify any or all parties obligated on any of the Non-Tangible Collateral to make payment to the Collateral Agent of
any amounts due or to become due thereunder. 

          Upon request by the Collateral Agent during the existence and continuance of a Default, the Guarantor will forthwith, upon receipt, transmit and deliver to the Collateral Agent, 

- 6 -

in the form received, all cash, checks, drafts and other instruments or writings for the payment of money (properly endorsed, where required, so that such items may be collected by the Collateral Agent) which may be received by
the Guarantor at any time in full or partial payment or otherwise as proceeds of any of the Collateral. Except as the Collateral Agent may otherwise consent in writing, any such items which may be so received by the Guarantor will not be commingled
with any other of its funds or property, but will be held separate and apart from its own funds or property and upon express trust for the Collateral Agent until delivery is made to the Collateral Agent. The Guarantor will comply with the terms and
conditions of any consent given by the Collateral Agent to the Guarantor pursuant to the foregoing sentence. 

          During the existence and continuance of a Default, all items or amounts which are delivered by the Guarantor to the Collateral Agent on account of partial or full payment or otherwise as proceeds of
any of the Collateral shall be deposited to the credit of a deposit account of the Guarantor with the Collateral Agent (or another financial institution selected by the Collateral Agent) over which the Collateral Agent has sole dominion and control
(each an "Assignee Deposit Account"), as security for payment of the Liabilities. The Guarantor shall not have any right to withdraw any funds deposited in the applicable Assignee Deposit Account. The Collateral Agent may, from time to time, in its
discretion, and shall upon request of the Guarantor made not more than once in any week, apply all or any of the then balance, representing collected funds, in the Assignee Deposit Account toward payment of the Liabilities, whether or not then due,
in such order of application as the Collateral Agent may determine pursuant to the terms of the Credit Agreement, and the Collateral Agent may, from time to time, in its discretion, release all or any of such balance to the Guarantor. 

          The Collateral Agent (or any designee of the Collateral Agent) is authorized to endorse, in the name of the Guarantor, any item, howsoever received by the Collateral Agent, representing any payment on
or other Proceeds of any of the Collateral. 

          5.      Certificates, Schedules and Reports. The Guarantor will from time to time, as the Collateral Agent may request, deliver to the Collateral
Agent updates of those schedules, certificates and reports with respect to all or any of the Collateral at the time subject to the security interest hereunder contemplated. Any such schedule, certificate or report shall be executed by a duly
authorized officer of the Guarantor and shall be in such form and detail as the Collateral Agent may specify; provided that any
schedule in the form and with the detail of the schedules delivered on the date hereof shall be deemed acceptable to the Collateral Agent. The Guarantor shall immediately notify the Collateral Agent of the occurrence of any event causing any loss or
depreciation in the value of its Inventory or other Goods which is material to the Guarantor, and such notice shall specify the amount of such loss or depreciation. 

          6.      Agreements of The Guarantor. The Guarantor (a) will, upon request of the Collateral Agent, execute and deliver to the Collateral Agent or
authorize the recordation of such financing statements, amendments thereto, and other documentation including, but not limited to, Supplemental Documentation (and pay the cost of filing or recording the same in all public offices reasonably deemed
appropriate by the Collateral Agent) and do such other acts and things (including, delivery to the Collateral Agent of any Documents, Instruments or Certificated Securities which constitute Collateral), all as the Collateral Agent deems necessary in
order to establish and maintain a valid attached and first priority perfected security interest (subject to 

- 7 -

Permitted Encumbrances entitled to priority under applicable law) in the Collateral (free of all other liens, claims and rights of third parties whatsoever, other than Permitted Encumbrances) to secure payment of the Liabilities
and the Guarantor hereby irrevocably authorizes the Collateral Agent at any time, and from time to time, to file in any jurisdiction any initial financing statements and amendments thereto that (i) indicate the Collateral (y) as all assets of the
Guarantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC of the jurisdiction wherein such financing statement or amendment is filed, or (z) as being
of an equal or lesser scope or within greater detail, and (ii) contain any other information required by Section 5 of Article 9 of the UCC of the jurisdiction wherein such financing statement or amendment is filed regarding the sufficiency or filing
office acceptance of any financing statement or amendment, including (A) whether the Guarantor is an organization, the Type of Organization and the Organization ID Number issued to the Guarantor and (B) in the case of a financing statement filed as
a fixture filing or indicating Collateral to be extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates, the Guarantor further ratifies and affirms its authorization for any financing
statements and/or amendments thereto, filed by the Collateral Agent in any jurisdiction prior to the date of this Agreement; (b) unless such Inventory or other Collateral is in transit in the ordinary course of business and remains insured at all
times, will keep all its Inventory and other tangible Collateral at, and will not maintain any place of business at any location other than, its address(es) shown on Schedules I and
II hereto or at such other addresses of which the Guarantor shall have given the Collateral Agent not less than 10 days' prior written notice; (c) will keep its records concerning the
Non-Tangible Collateral in such a manner as will enable the Collateral Agent or its designees to determine at any time the status of the Non-Tangible Collateral; (d) will furnish the Collateral Agent such information concerning the Guarantor, the
Collateral and, to the extent in its possession and not subject to confidentiality agreements, the Account Debtors as the Collateral Agent may from time to time reasonably request; (e) will permit the Collateral Agent and its designees, from time to
time, on reasonable notice and at reasonable times and intervals during normal business hours (or at any time without notice during the existence of a Default) to inspect the Guarantor's Inventory and other Goods, and to inspect, audit and make
copies of and extracts from all records and other papers in the possession of the Guarantor pertaining to the Collateral and the Account Debtors, and will, upon request of the Collateral Agent during the existence of a Default, deliver to the
Collateral Agent all of such records and papers; provided, however, that with respect to the foregoing, the Guarantor, prior to the
occurrence and continuance of a Default, shall only reimburse the Collateral Agent for the cost and expense associated with one field examination and one fixed asset appraisal during each calendar year; (f) will, upon request of the Collateral
Agent, stamp on its records concerning the Collateral, and add on all Chattel Paper and Instruments constituting a portion of the Collateral, a notation, in form satisfactory to the Collateral Agent, of the security interest of the Collateral Agent
hereunder; (g) except for the sale or lease of Inventory in the ordinary course of its business, will not sell, lease, assign or create or permit to exist any Lien on any Collateral other than Permitted Encumbrances; (h) will at all times keep all
of its Inventory and other Goods insured under policies maintained with reputable, financially sound insurance companies against loss, damage, theft and other risks to such extent as is customarily maintained by companies similarly situated,
including, but not limited to marine cargo insurance, acceptable to the Collateral Agent, and cause all such policies to provide that loss thereunder shall be payable to the Collateral Agent as its interest may appear (it being 

- 8 -

understood that (A) so long as no Default shall be continuing, the Collateral Agent shall deliver any proceeds of such insurance which may be received by it to the Guarantor and (B) whenever a Default shall be continuing, the
Collateral Agent may apply any proceeds of such insurance which may be received by it toward payment of the Liabilities, whether or not due, in such order of application as the Collateral Agent may determine pursuant to the terms of the Credit
Agreement), and such policies or certificates thereof shall, if the Collateral Agent so requests, be deposited with or furnished to the Collateral Agent; (i) will take such actions as are reasonably necessary to keep its Equipment in good repair and
condition and in good working order, ordinary wear and tear excepted; (j) will promptly pay when due all license fees, registration fees, taxes, assessments and other charges which may be levied upon or assessed against the ownership, operation,
possession, maintenance or use of its Equipment and other Goods; (k) will, upon the reasonable request of the Collateral Agent, (i) with respect to any certificate of title evidencing Equipment owned by the Guarantor, on and after the date on which
the Guarantor owns more than $100,000 of Equipment in the aggregate evidenced or covered by certificates of title, cause to be noted on the applicable certificate, the security interest of the Collateral Agent in the Equipment covered thereby,
and (ii) deliver the applicable certificates to the Collateral Agent or its designee; (l) will take all steps reasonably necessary to protect, preserve and maintain all of its rights in the Collateral; (m) except as listed on Schedule VI, will keep
all of the tangible Collateral in the United States; (n) will promptly notify the Collateral Agent in writing upon acquiring or otherwise obtaining any Collateral after the date hereof consisting of (1) Deposit Accounts, (2) Investment Property, if
the aggregate amount or value of Investment Property acquired by the Guarantor after the date hereof exceeds $250,000, (3) Letter-of-Credit Rights if the aggregate amount or value of Letter-of-Credit Rights acquired by the Guarantor after the
date hereof exceeds $250,000, or (4) Electronic Chattel Paper if the aggregate amount or value of Electronic Chattel Paper acquired by the Guarantor after the date hereof exceeds $250,000, and, upon the reasonable request of the Collateral
Agent subsequent to the Collateral Agent's receipt of the aforementioned notice, will promptly execute such other documents, and do such other acts or things deemed appropriate by the Collateral Agent to deliver to the Collateral Agent control with
respect to such Collateral; (o) will promptly notify the Collateral Agent in writing upon acquiring or otherwise obtaining any Collateral after the date hereof consisting of Documents or Instruments if the aggregate amount or value of Documents or
Instruments acquired by the Guarantor after the date hereof exceeds $250,000, and, upon the request of the Collateral Agent, will promptly execute such other documents, and do such other acts or things deemed appropriate by the Collateral Agent
to deliver to the Collateral Agent possession of such Documents which are negotiable and Instruments, and, with respect to nonnegotiable Documents, to have such nonnegotiable Documents issued in the name of the Collateral Agent; (p) with respect to
Collateral in the possession of a third party, other than Certificated Securities and Goods covered by a Document, will use its commercially reasonable best efforts to obtain an acknowledgment from the third party that it is holding the Collateral
for benefit of the Collateral Agent; (q) will promptly notify the Collateral Agent in writing upon incurring or otherwise obtaining a Commercial Tort Claim after the date hereof against any third party, and, upon the request of the Collateral Agent,
will promptly enter into an amendment to this Agreement and do such other acts or things deemed appropriate by the Collateral Agent to give the Collateral Agent a security interest in such Commercial Tort Claim; (r) further agrees to take other
action reasonably requested by the Collateral Agent to insure the attachment, perfection of, and the ability of the Collateral Agent to enforce, the security interests in any and 

- 9 -

all of the Collateral including, without limitation, (i) executing, delivering and, where appropriate, filing financing statements and amendments relating thereto under the UCC, to the extent, if any, that the Guarantor's
signature thereon is required therefor, (ii) complying with any provision of any statute, regulation or treaty of the United States as to any Collateral if compliance with such provision is a condition to attachment, perfection or priority of, or
ability of the Collateral Agent to enforce, the security interests in such Collateral, (iii) obtaining governmental and other third-party consents and approvals, including without limitation, any consent of any licensor, lessor or other Person
obligated on Collateral, (iv) using commercially reasonable best efforts, obtaining waivers from mortgagees and landlords in form and substance satisfactory to the Collateral Agent, and (v) taking all actions required by the UCC in effect from time
to time or by other law, as applicable in any relevant UCC jurisdiction, or by other law as applicable in any foreign jurisdiction, (s) will not change its state of incorporation or organization or Type of Organization; (t) will not change its legal
name without providing the Collateral Agent with at least 30 days' prior written notice; and (u) will reimburse the Collateral Agent for all expenses, including reasonable attorney's fees and charges, incurred by the Collateral Agent in seeking to
collect or enforce any rights in respect of the Guarantor's Collateral. 

          Any reasonable expenses incurred in protecting, preserving or maintaining any Collateral shall be borne by the Guarantor. Whenever a Default shall be existing, the Collateral Agent shall have the
right to bring suit to enforce any or all of the Intellectual Property or licenses thereunder, in which event the Guarantor shall at the request of the Collateral Agent do any and all lawful acts and execute any and all proper documents required by
the Collateral Agent in aid of such enforcement and the Guarantor shall promptly, upon demand, reimburse and indemnify the Collateral Agent for all costs and expenses (including reasonable attorney's fees) incurred by the Collateral Agent in the
exercise of its rights under this Section 6. Notwithstanding the foregoing, the Collateral Agent shall have no obligation or liability regarding the Collateral or any thereof by reason of,
or arising out of, this Agreement. 

          7.      Default. Upon the occurrence of a Default, the Guarantor hereby irrevocably makes, constitutes and appoints the Collateral Agent (and all
Persons designated by the Collateral Agent for the purpose) as the Guarantor's true and lawful attorney (and agent-in-fact) to sign the name of the Guarantor on any Supplemental Documentation and to deliver any Supplemental Documentation to such
Persons as the Collateral Agent, in its sole discretion, may elect. The Guarantor agrees that a carbon, photographic, or other reproduction of this Agreement or of a financing statement is sufficient as a financing statement if sufficient under
applicable law. Whenever a Default shall be existing and continuing, the Collateral Agent may exercise from time to time any right or remedy available to it under applicable law. The Guarantor agrees, in case of the continuance of a Default, (i) to
assemble, at its expense, all its Inventory and other Goods (other than Fixtures) at a convenient place or places acceptable to the Collateral Agent, and (ii) at the Collateral Agent's request, to execute all such documents and do all such other
things which may be necessary or desirable in order to enable the Collateral Agent or its nominee to be registered as owner of the Intellectual Property with any competent registration authority. Any notification of intended disposition of any of
the Collateral required by law shall be deemed reasonably and properly given if given at least ten days before such disposition. Any proceeds of any disposition by the Collateral Agent of any of the Collateral pursuant to this Section 7 may be applied by the Collateral Agent to payment of expenses in connection with the 

- 10 -

Collateral, including reasonable attorney's fees and charges (including time charges of attorneys who are employees of the Collateral Agent), and any balance of such proceeds may be applied by the Collateral Agent toward the
payment of such of the Liabilities, and in such order of application, as the Collateral Agent may from time to time elect. 

          8.      General. Beyond the safe custody thereof the Guarantor agrees that the Collateral Agent shall have no duties concerning the custody and
preservation of any Collateral in its possession (or in the possession of any agent or bailee) or with respect to any income thereon or the preservation of rights against prior parties or any other rights pertaining thereto. The Collateral Agent
shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property. The Collateral Agent shall
not be liable or responsible for any loss or damage to any of the Collateral, or for any diminution in the value thereof by reason of the act or omission of any warehouseman, carrier, forwarding agency, consignee or other agent or bailee selected by
the Collateral Agent in good faith. 

          Any notice from the Collateral Agent to the Guarantor, if mailed, shall be deemed given five days after the date mailed, postage prepaid, addressed to the Guarantor either at the Guarantor's address
shown on Schedule I hereto or at such other address as the Guarantor shall have specified in writing to the Collateral Agent as its address for notices hereunder. 

          The Guarantor agrees to pay all expenses, including reasonable attorney's fees and charges paid or incurred by the Collateral Agent in endeavoring to collect the Liabilities of the Guarantor, or any
part thereof, and in enforcing this Agreement against the Guarantor, and such obligations will themselves be Liabilities. 

          No delay on the part of the Collateral Agent in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by the Collateral Agent of any right or remedy
shall preclude other or further exercise thereof or the exercise of any other right or remedy. 

          This Agreement shall remain in full force and effect until all Liabilities have been paid in full and all Commitments have terminated. If at any time all or any part of any payment theretofore applied
by the Collateral Agent to any of the Liabilities is or must be rescinded or returned by the Collateral Agent for any reason whatsoever (including the insolvency, bankruptcy or reorganization of the Guarantor), such Liabilities shall, for the
purposes of this Agreement, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence, notwithstanding such application by the Collateral Agent, and this Agreement shall continue to be effective or
be reinstated, as the case may be, as to such Liabilities, all as though such application by the Collateral Agent had not been made. Upon the termination of this Agreement and indefeasible payment in full of all Liabilities, the Liens and security
interests created by this Agreement in and upon the Collateral shall be released and terminated, and in connection therewith, the Collateral Agent shall, at the request and expense of the Guarantor, execute and promptly deliver to the Guarantor such
documents and instruments evidencing such termination as the Guarantor may reasonably request and will assign, transfer and deliver to the Guarantor, without recourse and without representation or warranty, such of 

- 11 -

the Collateral as may then be in the possession of the Collateral Agent (or, in the case of any partial release of Collateral, such of the Collateral so being released as may be in its possession). 

          This Agreement shall be construed in accordance with and governed by the laws of the State of New York applicable to contracts made and to be performed entirely within such State, except to the extent
that the UCC provides for the application of the law of a different jurisdiction, subject, however, to the applicability of the UCC of any jurisdiction in which any Goods of the Guarantor may be located at any given time. Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

          The rights and privileges of the Collateral Agent hereunder shall inure to the benefit of its successors and assigns. 

          This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, and each such counterpart shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile shall be equally as effective as delivery of a manually executed counterpart of this Agreement. Any party
delivering an executed counterpart of this Agreement by telefacsimile shall also deliver a manually executed counterpart of this Agreement, but the failure to deliver a manually executed counterpart shall not affect the validity, enforceability, and
binding effect of this Agreement. 

          At any time after the date of this Agreement, one or more additional Persons may become parties hereto by executing and delivering to the Collateral Agent a counterpart of this Agreement together with
supplements to the Schedules hereto setting forth all relevant information with respect to such party as of the date of such delivery. Immediately upon such execution and delivery (and without any further action), each such additional Person will
become a party to, and will be bound by all the terms of, this Agreement. 

          ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED ON A NON-EXCLUSIVE BASIS IN THE COURTS OF THE
STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE COLLATERAL AGENT'S OPTION, IN THE COURTS OF
ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. THE GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. THE GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE EXTENT PERMITTED BY APPLICABLE LAW TO THE SERVICE OF PROCESS BY 

- 12 -

REGISTERED MAIL, POSTAGE PREPAID, TO THE ADDRESS SET FORTH ON SCHEDULE I HERETO (OR SUCH OTHER ADDRESS AS IT SHALL HAVE SPECIFIED IN WRITING TO THE
COLLATERAL AGENT AS ITS ADDRESS FOR NOTICES HEREUNDER) OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. THE GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO
ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN  BROUGHT IN AN INCONVENIENT FORUM. 

          THE GUARANTOR AND THE COLLATERAL AGENT HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT
AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND EACH AGREES
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

[SIGNATURE PAGE FOLLOWS]

- 13 -

(Guarantor Security Agreement Signature Page)

          IN WITNESS WHEREOF, this Guarantor Security Agreement has been duly executed as of the day and year first above written. 

Guarantor:

	WHITEHALL JEWELERS HOLDINGS, INC., 

       a
    Delaware corporation 
	 	 
	 	 
	
By:   	/s/
      Edward A. Dayoob
	
Name:   	Edward
      A. Dayoob
	
Its:   	CEO

(Guarantor Security Agreement Signature Page)

          IN WITNESS WHEREOF, this Guarantor Security Agreement has been duly executed as of the day and year first above written. 

Collateral Agent:

	LASALLE BANK NATIONAL
          ASSOCIATION, 

as the Collateral Agent
    for the Agents and the Lenders 
	 	 
	 	 
	By:  	/s/
        Jeff Ryan
	Name:  	Jeff
      Ryan
	Its:  	VP

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]