Document:

Exhibit

Exhibit 10.4

THIS INSTRUMENT AND ALL THE OBLIGATIONS, RIGHTS, TERMS AND PROVISIONS HEREUNDER, ARE SUBORDINATED PURSUANT TO, AND SUBJECT IN ALL RESPECTS TO, THE TERMS AND PROVISIONS OF THE AGREEMENT OF SUBORDINATION DATED AS OF AUGUST 28, 2017 AMONG A-MARK PRECIOUS METALS, INC., EACH SUBORDINATE CREDITOR PARTY THERETO AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS AGENT, AS AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME.
GUARANTY
THIS GUARANTY, is entered into as of August 28, 2017, by A-Mark Precious Metals, Inc., (the “Parent Guarantor”), in favor of the Lenders (as defined in the Credit Agreement referred to below) (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Guaranty”). 

RECITALS
WHEREAS, the Lenders have made a term loan (the “Loan”) to Goldline Acquisition Corp. (the “Borrower”), pursuant to the Credit Agreement, dated as of the date hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used but not defined herein shall have the meanings given such terms in the Credit Agreement) among the Borrower and the Lenders.  
WHEREAS, the Parent Guarantor, being the direct parent of the Borrower, acknowledges and agrees that the Parent Guarantor has received and will receive direct and indirect benefits from the extension of the Loan made to the Borrower.  
WHEREAS, the Parent Guarantor wishes to grant the Lenders guaranty and assurance of the payment and performance by the Borrower of all of its present and future Obligations pursuant to the Credit Agreement as set forth herein.  
Accordingly, the parties hereto hereby agrees as follows:
1.Guaranty.
(a)    The Parent Guarantor hereby unconditionally and irrevocably guarantees to the Lenders the full and punctual payment by the Borrower, when due, whether at the stated due date, by acceleration or otherwise, of all Obligations of the Borrower, howsoever created, arising or evidenced, voluntary or involuntary, whether direct or indirect, absolute or contingent now or hereafter existing or owing to the Lenders (collectively, the “Guaranteed Obligations”).  This Guaranty is an absolute, unconditional, continuing guaranty of payment and not of collection of the Guaranteed Obligations and includes Guaranteed Obligations arising from successive transactions which shall either continue such Guaranteed Obligations or from time to time renew such Guaranteed Obligations after the same has been satisfied.  This Guaranty is in no way conditioned upon any attempt to collect from the Borrower or upon any other event or contingency, and shall be binding upon and enforceable against the Parent Guarantor without regard to the validity or enforceability of any document, instrument or agreement evidencing or governing the Obligations or any other agreement or instrument executed in connection therewith or contemplated thereby.  If for any reason the Borrower shall fail or be unable duly and punctually to pay any of the Guaranteed Obligations (including, without limitation, amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), the Parent Guarantor will forthwith pay the same, in cash to the Lenders.  As used herein “Obligations” shall mean all obligations, liabilities and indebtedness of the Borrower to the Lenders under the Credit Agreement and any documents relating thereto, whether now existing or hereafter created, absolute or contingent, direct or indirect, due or not, whether created directly or acquired by assignment or otherwise, including, without limitation, the Loan and the payment and performance of all other obligations, liabilities, and indebtedness of the Borrower to the Lenders under the Credit Documents to which the Borrower is a party, including without limitation all fees, costs, expenses and indemnity obligations thereunder.  
(b)    In the event the Credit Agreement or any other Credit Document shall be terminated as a result of the rejection thereof by any trustee, receiver or liquidating agent of the Borrower or any of their properties in any bankruptcy, insolvency, reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar proceeding, the Parent Guarantor’s obligations hereunder shall continue to the same extent as if such Credit Document had not been so rejected.
(c)    The Parent Guarantor agrees to pay all reasonable costs, expenses (including, without limitation, reasonable and documented attorneys’ fees and disbursements of one counsel to the Lenders) and damages incurred in connection with the enforcement of the Guaranteed Obligations of the Borrower to the extent that such costs, expenses and damages are not paid by the Borrower pursuant to the Credit Documents.
(d)    The Parent Guarantor further agrees that if any payment made by the Borrower or the Parent Guarantor to the Lenders on any Guaranteed Obligation is rescinded, recovered from or repaid by the Lenders, in whole or in part, in any bankruptcy, insolvency or similar proceeding instituted by or against the Borrower or Parent Guarantor, this Guaranty shall continue to be fully applicable to such Guaranteed Obligation to the same extent as though the payment so recovered or repaid had never originally been made on such Guaranteed Obligation regardless of, and, without giving effect to, any discharge or release of the Parent Guarantor’s obligations hereunder granted by the Lenders after the date hereof.
2.    Guaranty Continuing, Absolute, Unconditional.  
(a)    The obligations of the Parent Guarantor hereunder shall be continuing, absolute, unlimited and unconditional, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim the Parent Guarantor may have against the Lenders or the Borrower or any other person, and shall remain in full force and effect without regard to, and, to the fullest extent permitted by applicable law, shall not be released, discharged or in any way affected by, any circumstance or condition (whether or not the Parent Guarantor shall have any knowledge or notice thereof) whatsoever which might constitute a legal or equitable discharge or defense.
3.    Waivers.  The Parent Guarantor unconditionally and irrevocably waives, to the fullest extent permitted by applicable law:  (a) notice of any of the matters referred to in Section 2; (b) all notices which may be required by statute, rule of law or otherwise to preserve any rights against the Parent Guarantor hereunder, including, without limitation, notice of the acceptance of this Guaranty, or the creation, renewal, extension, modification or accrual of the Guaranteed Obligations or notice of any other matters relating thereto, any presentment, demand, notice of dishonor, protest, nonpayment of any damages or other amounts payable under the Credit Documents; (c) any requirement for the enforcement, assertion or exercise of any right, remedy, power or privilege under or in respect of the Credit Documents, including, without limitation, diligence in collection or protection of or realization upon the Guaranteed Obligations or any part thereof or any collateral therefor; (d) any requirement of diligence; (e) any requirement to mitigate the damages resulting from a default by the Borrower under the Credit Documents; (f) the occurrence of every other condition precedent to which the Parent Guarantor or the Borrower may otherwise be entitled; (g) the right to require the Lenders to proceed against the Borrower or any other person liable on the Guaranteed Obligations, or to pursue any other remedy in the Lenders’ power whatsoever; (h) the right to have the property of the Borrower first applied to the discharge of the Guaranteed Obligations and (i) until such time that all Guaranteed Obligations have been indefeasibly paid in full, any and all rights it may now or hereafter have under any agreement or at law or in equity (including, without limitation, any law subrogating the Parent Guarantor to the rights of the Lenders) to assert any claim against or seek contribution, indemnification or any other form of reimbursement from the Borrower or any other party liable for payment of any or all of the Guaranteed Obligations for any payment made by the Parent Guarantor under or in connection with this Guaranty or otherwise.  The Lenders may exercise any right or remedy it may have against the Borrower without affecting or impairing in any way the liability of the Parent Guarantor hereunder and the Parent Guarantor waives, to the fullest extent permitted by applicable law, any defense arising out of the absence, impairment or loss of any right of reimbursement, contribution or subrogation or any other right or remedy of the Parent Guarantor against the Borrower, whether resulting from such election by the Lenders or otherwise.  The Parent Guarantor waives any defense arising by reason of any disability or other defense of the Borrower or by reason of the cessation for any cause whatsoever of the liability, either in whole or in part, of the Borrower to the Lenders for the Guaranteed Obligations.  The Parent Guarantor assumes the responsibility for being and keeping informed of the financial condition of the Borrower and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and agrees that the Lenders shall not have any duty to advise the Parent Guarantor of information regarding any condition or circumstance or any change in such condition or circumstance.  The Parent Guarantor acknowledges that the Lenders have not made any representations to the Parent Guarantor concerning the financial condition of the Borrower.
4.    Representations and Warranties.  Parent Guarantor represents and warrants on the date hereof that, (a) Parent Guarantor is a corporation organized under the laws of the State of Delaware and is duly organized, validly existing, and is in good standing under the laws of the jurisdiction of its organization, and (b) the execution, delivery and performance by Parent Guarantor of this Guaranty has been duly authorized by Parent Guarantor, and do not conflict with, and will not result in a violation of, or constitute or give rise to an event of default under (i) any of Parent Guarantor’s organizational documents, (ii) any agreement or other instrument which may be binding upon Parent Guarantor, or (iii) any law or governmental regulation or court decree or order applicable to it or its properties, except where such conflict, violation or event of default would not reasonably be expected to result in a Material Adverse Effect.
5.    Security.  The Guaranteed Obligations are secured by the Collateral as set forth in the Security Agreement.
6.    Parties.  This Guaranty shall inure to the benefit of the Lenders and their respective heirs, successors and permitted assigns or transferees as provided in the Credit Agreement, and shall be binding upon the Parent Guarantor and its successors and assigns.  Parent Guarantor may not delegate any of the Parent Guarantor’s duties under this Guaranty without the prior written consent of the Majority Lenders.
7.    Notices.  Any notice shall be given in the manner, to the addresses and with the effect set forth in Section 7.01 of the Credit Agreement.
8.    Right to Deal with the Borrower.  At any time and from time to time, without terminating, affecting or impairing the validity of this Guaranty or the obligations of the Parent Guarantor hereunder, the Lenders may deal with the Borrower in the same manner and as fully as if this Guaranty did not exist and shall be entitled, among other things, to grant the Borrower, without notice or demand and without affecting the Parent Guarantor’s liability hereunder, such extension or extensions of time to perform, renew, compromise, accelerate or otherwise change the time for payment of or otherwise change the terms of indebtedness or any part thereof contained in or arising under any Credit Document or any other document evidencing Obligations of the Borrower to the Lenders, or to waive any obligation of the Borrower to perform, any act or acts as the Lenders may reasonably deem advisable.
9.    GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.  THIS GUARANTY AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATED TO OR IN CONNECTION WITH THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, THE RELATIONSHIP OF THE PARTIES HERETO AND THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST THE PARENT GUARANTOR AND RELATED TO OR IN CONNECTION WITH THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO HEREBY WAIVE AND AGREE NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT THE PARTIES HERETO ARE NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THAT THIS GUARANTY OR ANY DOCUMENT OR ANY INSTRUMENT REFERRED TO HEREIN OR THE SUBJECT MATTER THEREOF MAY NOT BE LITIGATED IN OR BY SUCH COURTS.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO AGREE (I) NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT AND (II) NOT TO ASSERT ANY COUNTERCLAIM, IN ANY SUCH SUIT, ACTION OR PROCEEDING UNLESS SUCH COUNTERCLAIM COULD NOT, BY REASON OF ANY APPLICABLE FEDERAL OR STATE PROCEDURAL LAWS, BE INTERPOSED, PLEADED OR ALLEGED IN ANY OTHER ACTION.  THE PARTIES HERETO AGREE THAT SERVICE OF PROCESS MAY BE MADE UPON THE PARTIES BY CERTIFIED OR REGISTERED MAIL TO THE ADDRESS FOR NOTICES SET FORTH IN THIS GUARANTY OR ANY METHOD AUTHORIZED BY THE LAWS OF NEW YORK.  THE PARTIES HERETO IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, THE CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
10.    Miscellaneous.  
(a)     If any term of this Guaranty or any application hereof shall be invalid or unenforceable, the remainder of this Guaranty and any other application of such term shall not be affected thereby.  
(b)    Any term of this Guaranty may be amended, waived, discharged or terminated only by an instrument in writing signed by the Parent Guarantor and the Majority Lenders.  
(c)    No notice to or demand on the Parent Guarantor shall be deemed to be a waiver of the obligations of the Parent Guarantor or of the right of the Lenders to take further action without notice or demand as provided in this Guaranty.  No course of dealing between the Parent Guarantor and the Lenders shall change, modify or discharge, in whole or in part, this Guaranty or any obligations of the Parent Guarantor hereunder.  No waiver of any term, covenant or provision of this Guaranty shall be effective unless given in writing by the Majority Lenders and if so given shall only be effective in the specific instance in which given.  
(d)     The headings in this Guaranty are for purposes of reference only and shall not limit or define the meaning hereof.  
(e)    No delay or omission by the Lenders in the exercise of any right under this Guaranty shall impair any such right, nor shall it be construed to be a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise of any other right.
(f)    This Guaranty embodies the entire agreement and understanding among Parent Guarantor and the Lenders with respect to its subject matter and supersedes all prior conflicting or inconsistent agreements, consents and understandings relating to such subject matter.  Each of the parties hereto acknowledges and agrees that there is no oral agreement with respect to the subject matter hereof among Parent Guarantor and the Lenders which has not been incorporated in this Guaranty.
(g)    This Guaranty may be executed in counterparts (and by different parties hereto on 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 Guaranty by facsimile or other means of electronic transmission shall be effective as delivery of a manually executed counterpart of this Guaranty.
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IN WITNESS WHEREOF, the undersigned has executed and delivered this Guaranty as of the day and year first above written.
PARENT GUARANTOR:

A-MARK PRECIOUS METALS, INC. 
 

By:  /s/ Gregory N. Roberts_______________
Name: Gregory N. Roberts
Title:  Chief Executive OfficerExhibit

Exhibit 10.5

AGREEMENT OF SUBORDINATION
Agreement of Subordination dated as of August 28, 2017 (this “Agreement”) by and among Goldline Acquisition Corp., a Delaware corporation (hereinafter called the “Debtor”), each of the undersigned creditors under the caption “SUBORDINATE CREDITORS” (together with their respective heirs, and permitted successors and assigns in such capacity, each, a “Subordinate Creditor” and collectively, the “Subordinate Creditors”), and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as administrative agent (together with its successors and assigns in such capacity, the “Agent”) on behalf of and for the ratable benefit of itself in such capacity, and the other Secured Parties (as defined in the Credit Agreement, as defined below).  The Agent and the other Secured Parties are collectively referred to as the “Senior Creditors.”  
WITNESSETH:
WHEREAS, A-Mark Precious Metals, Inc., a Delaware corporation (the “Parent”) has entered into an Uncommitted Credit Agreement dated as of March 31, 2016 (as amended, modified or supplemented from time to time, the “Credit Agreement”) with the financial institutions named therein or from time to time party thereto (collectively, the “Lenders”) and Coöperatieve Rabobank U.A., New York Branch as Administrative Agent for the Lenders; capitalized terms used herein are being used as defined in the Credit Agreement, unless otherwise defined herein;
WHEREAS, the Debtor is a wholly-owned Subsidiary of the Parent and under the terms of the Credit Agreement the Parent has agreed to restrict the ability of its Subsidiaries (including, without limitation, the Debtor) to incur Indebtedness; 
WHEREAS, the Debtor has outstanding on the date hereof obligations, liabilities and indebtedness to the Subordinate Creditors evidenced by one or more promissory notes dated as of the date hereof pursuant to a credit agreement dated as of the date hereof (the “Subordinate Credit Agreement”) and agreements executed in connection therewith (as each may be amended, supplemented and otherwise modified from time to time, collectively with the Subordinate Credit Agreement (but excluding this Agreement) referred to herein as the “Subordinated Loan Documents”) (such obligations, liabilities and indebtedness and all interest heretofore or hereafter accrued thereon, and all other claims which the Subordinate Creditors now have or may hereafter have or acquire against the Debtor pursuant to the Subordinated Loan Documents are hereafter collectively called the “Subordinate Debt”); and
WHEREAS, the execution and delivery of this Agreement is required under the Credit Agreement to permit the incurrence by the Debtor of the Subordinate Debt.
NOW, THEREFORE, in order to induce the Agent and the Lenders to continue to consider requests for Credit Extensions under and pursuant to the Credit Agreement, the Debtor and each Subordinate Creditor hereby agree with the Agent for the benefit of the Senior Creditors as follows:
1.(a)    No Subordinate Debt shall be paid or purchased by or on behalf of the Debtor or any Subsidiary thereof, and no payment on account thereof shall be received, accepted or retained 

by any Subordinate Creditor; nor shall any Subordinate Creditor assign or grant a security interest in or otherwise transfer the Subordinate Debt to any Person (other than the Agent) or permit any Person (other than (x) for the avoidance of doubt, the Subordinated Creditors in respect of the filing of UCC financing statements naming the Debtor as the debtor therein and (y) the Agent) to file any UCC financing statement relating thereto; nor shall any Subordinate Creditor exercise any right or remedy to enforce or collect any Subordinate Debt, in each case unless and until (i) the Parent has paid and satisfied in full all of the Obligations (including, without limitation, any interest, fees and other amounts accruing after the commencement of a bankruptcy case, whether or not a claim therefor could be made by any Senior Creditor in such bankruptcy case) (such Obligations being hereinafter collectively called the “Senior Liabilities”) and (ii) all Revolving Line Portions shall have terminated and the Lenders have no further obligations to consider making Credit Extensions (the preceding clauses (i) and (ii) collectively referred to herein as the “Satisfaction of Senior Liabilities”), provided, however, that notwithstanding anything to the contrary contained herein, the Debtor will be permitted to pay, and the Subordinate Creditors will be permitted to receive and retain (x) regularly scheduled payments of interest on the Subordinate Debt (but not any prepayment or advance payment on account of such interest) and (y) payment of the principal balance of the Subordinate Debt on the scheduled maturity date thereof (but not any prepayment or advance payment on account of such principal), in each case (under clauses (x) and (y) above), so long as prior to making such payment, and after giving effect to such payment, no Default or Event of Default under the Credit Agreement shall have occurred and be continuing and the Parent shall be in pro forma compliance with Section 7 of the Credit Agreement, provided, further, that if the Debtor shall default on payment of the principal amount of the Subordinate Debt on the scheduled maturity date thereof, so long as no Default or Event of Default shall have occurred and be continuing, the Subordinate Creditors shall be permitted to enforce their rights and remedies to enforce or collect the Subordinate Debt, subject to the terms and provisions of this Agreement.
Any payment of interest or principal on the Subordinate Debt made as permitted by this Section 1 is hereinafter called a “Permitted Payment”.

(b)    This Agreement shall be applicable before and after the filing of any proceeding by or against the Debtor of the type described in Section 8.1(h) or 8.1(i) of the Credit Agreement, and the parties agree to effect the allocative purposes of this Agreement if such proceeding occurs.  All references in this Agreement to the Debtor shall be deemed to apply to the Debtor as a debtor-in-possession and to a trustee for the Debtor in any such proceeding
(c)    Until the Satisfaction of Senior Liabilities has occurred, none of the Subordinate Creditors shall (1) challenge, dispute, object to or contest the validity, enforceability, perfection or priority of the Senior Liabilities or the Agent’s first priority perfected Lien in any Collateral, or (2) challenge, dispute, object to, contest, seek to delay or interfere with any other right or remedy by any Senior Creditor (including, without limitation, any collection, sale or foreclosure of any Collateral). 
(d)    Until the Satisfaction of Senior Liabilities has occurred, no Subordinate Creditor shall institute or join in the institution of any involuntary case or proceeding against the 

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Debtor or any Subsidiary thereof under the Bankruptcy Code or any other bankruptcy, insolvency, reorganization or similar law of any jurisdiction.  
(e)    Until the Satisfaction of Senior Liabilities has occurred, no Subordinate Creditor shall (i) forgive, cancel or discharge, or permit to be converted into any evidence of equity or ownership, any of the Subordinate Debt; (ii) subordinate all or part of the Subordinate Debt to any indebtedness other than the Senior Liabilities; (iii) amend any document evidencing the Subordinate Debt (x) to change the scheduled maturity date of any portion of the Subordinate Debt to an earlier date, (y) without the prior written consent of the Agent (which consent shall not be unreasonably withheld, conditioned or delayed), in a manner which materially and adversely affects the Senior Creditors or (z) otherwise in a manner inconsistent with this Agreement; or (iv) object to the forbearance by the Senior Creditors from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Collateral. 
(f)    The Senior Creditors may at all times, in their sole discretion, exercise any and all powers and rights, including, without limitation, the right to foreclose or otherwise realize upon any Collateral subject to its security interest, in such order and in such manner as they shall determine in their sole business judgment, all without the necessity of obtaining any consent or approval of any other party. 
2.    Each of the Debtor and each Subordinate Creditor as to itself (and not the other Subordinate Creditors) severally warrants and represents to the Senior Creditors that such Subordinate Creditor has not made any prior transfer or assignment of the Subordinate Debt or any interest therein; and that such Subordinate Creditor has not assigned or granted a security interest in the Subordinate Debt nor permitted any other Person to file any financing statement in relation thereto (other than, for the avoidance of doubt, the filing of UCC financing statements by the Subordinate Creditors naming the Debtor as the debtor therein).  Each Subordinate Creditor waives any and all notice of the acceptance of this agreement or the creation, renewal, extension or accrual, present or future, of any of the Senior Liabilities, or of the reliance of the Senior Creditors on this Agreement.  Each Subordinate Creditor consents that, without notice to or further consent by any Subordinate Creditor, the liability of the Parent or of any other party for or upon the Senior Liabilities may from time to time, in whole or in part, be renewed, extended, modified, accelerated, compounded or released by the Senior Creditors, as they may deem advisable, that any collateral and/or security interest for the Senior Liabilities (or any of them), may from time to time, in whole or in part, be exchanged, sold or surrendered by the Senior Creditors, as they may deem advisable, and that any deposit, balance or balances to the credit of the Parent may, from time to time, in whole or in part, be surrendered or released by the Senior Creditors, as they may deem advisable, all without impairing or in any way affecting the subordination contained in this Agreement. 
3.    Each Subordinate Creditor hereby transfers and assigns to the Agent for the ratable benefit of the Senior Creditors and grants to the Agent for the ratable benefit of the Senior Creditors a present and continuing security interest in all of the Subordinate Debt.  Such security interest shall secure all of the Subordinate Creditors’ obligations hereunder.  Each Subordinate Creditor and Debtor hereby agree that after the occurrence and during the continuance of any “Event of Default” under Section 6.01(e) of the Subordinate Credit Agreement, the Agent shall have full right, in its 

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own name or in the name of the Subordinate Creditors, to collect and enforce the Subordinate Debt by legal actions, to file proof of claim in bankruptcy, reorganization, arrangement or other liquidation proceedings, and to vote in any such proceeding.  The Agent and each of its officers and employees are hereby irrevocably constituted attorneys in fact for the Subordinate Creditors for the purpose of such enforcement, and in connection with such enforcement, for the purpose of endorsing, in the name of the Subordinate Creditors, any instrument for the payment of money relating to the Subordinate Debt.  Each Subordinate Creditor will receive as trustee for the Agent, and pay to the Agent forthwith upon receipt thereof, any amounts which such Subordinate Creditor may receive from the Debtor on account of the Subordinate Debt (other than Permitted Payments) prior to the Satisfaction of Senior Liabilities.   
4.    Each of the Subordinate Creditors and the Debtor represents and agrees that each of the Subordinated Loan Documents does and shall contain on its face the following legend:  
“THIS INSTRUMENT AND ALL THE OBLIGATIONS, RIGHTS, TERMS AND PROVISIONS HEREUNDER, ARE SUBORDINATED PURSUANT TO, AND SUBJECT IN ALL RESPECTS TO, THE TERMS AND PROVISIONS OF THE AGREEMENT OF SUBORDINATION DATED AS OF AUGUST 28, 2017 AMONG GOLDLINE ACQUISITION CORP., EACH SUBORDINATE CREDITOR PARTY THERETO AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS AGENT, AS AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME.”
5.    The terms “Debtor” and “Subordinate Creditors” as used throughout this Agreement shall include the individual, company, association, partnership, limited liability company or corporation named herein as the Debtor and any Subordinate Creditor, respectively, and (a) any Person which is a successor, individual or individuals, company, association, partnership, limited liability company or corporation to which all or substantially all of the business or assets of the Debtor or any Subordinate Creditor, as the case may be, shall have been transferred, (b) in the case of the Debtor or any Subordinate Creditor which is a partnership or limited liability company, any new partnership or limited liability company which shall have been created by reason of the admission of any new partner or partners, member or members therein or the dissolution of any existing partnership or limited liability company by the death, resignation or other withdrawal of any partner or member, and (c) in the case of a corporate or limited liability company Debtor or Subordinate Creditor, any other entity, corporation or limited liability company into, with, or by which the Debtor or any Subordinate Creditor, as the case may be, shall have been merged, consolidated, reorganized, purchased or absorbed.
6.    The Debtor agrees to render to the Agent upon demand, from time to time, statements of the Subordinate Debt and will give the Agent access to its books for the purpose of examining the state of the accounts of the Subordinate Creditors with the Debtor. 
7.    This Agreement shall be binding on the Debtor and the Subordinate Creditors and their heirs, personal representatives, executors, trustees, successors and assigns and shall inure to the benefit of the Senior Creditors and their respective successors and assigns.  Neither the Debtor nor any Subordinate Creditor shall assign any of its rights or obligations under this Agreement, 

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without the prior written consent of the Agent, and any purported assignment without such consent shall be void and of no force or effect. 
8.    The Agent is hereby authorized to execute and file with or without the signature of any Subordinate Creditor financing statements covering all or any part of the Subordinate Debt and property which are assigned to the Agent under Section 3 of this Agreement on behalf of and at the expense of the Debtor.
9.    This Agreement is a continuing agreement and shall remain in full force and effect until the earlier of: (i) the indefeasible repayment in full of the Subordinate Debt by the Permitted Payments, or (ii) Satisfaction of Senior Liabilities. 
10.    The Secured Creditors may enforce any remedy with respect to this Agreement or any security therefor whether or not the Secured Creditors shall have first pursued their remedies in respect of the Senior Liabilities.  Each Subordinate Creditor hereby waives all presentment for payment, protest and notice of non-payment and protest of negotiable instruments to which such Subordinate Creditor may be a party.  The Debtor hereby agrees to pay the Agent, on demand, all expenses of any kind, including reasonable and documented counsel fees, which the Agent may incur in enforcing any of its rights hereunder; provided, however, such expenses of the Agent incurred in connection with an enforcement action as between or among the Senior Creditors and any Subordinate Creditor shall be paid by such Subordinate Creditor to the extent that such Subordinate Creditor shall have been determined by a final non-appealable judgment of a court of competent jurisdiction to have breached its obligations hereunder. 
11.    EACH OF THE SUBORDINATE CREDITORS AND THE DEBTOR WAIVES THE RIGHT TO INTERPOSE ANY COUNTERCLAIM OR OFFSET AGAINST THE AGENT OR THE OTHER SENIOR CREDITORS OF ANY NATURE AND DESCRIPTION IN ANY LITIGATION ARISING OUT OF OR RELATING TO THE SUBORDINATE DEBT OR THIS AGREEMENT.
12.    Prior to the Satisfaction of the Senior Liabilities, in the event that the Debtor makes an assignment for the benefit of creditors, or any proceedings are commenced by or against the Debtor under any bankruptcy, reorganization, readjustment of debt, arrangement, dissolution, receivership, liquidation or insolvency law or statute now or hereafter in effect, then and in any such event and at any time thereafter, each Subordinate Creditor shall, upon the written request of the Agent, prove, enforce, and endeavor to obtain payment of all Subordinate Debt at the time existing, and will turn over to the Agent in precisely the form received any payment or distribution of any kind or character which shall be payable upon or with respect to any such Subordinate Debt for application to the payment of any Senior Liabilities at the time existing.  In the event that any Subordinate Creditor shall fail to take the action requested by the Senior Creditors, the Senior Creditors may, as attorney in fact for such Subordinate Creditor, take such action on behalf of such Subordinate Creditor, but for the use and benefit of the Senior Creditors, and each Subordinate Creditor hereby appoints the Senior Creditors as attorney in fact for such Subordinate Creditor to demand, sue for, collect and receive every such payment and distribution and give acquittance therefor and to file claims and to take such other proceedings in the Senior Creditors’ own names or in the name of such Subordinate Creditor or otherwise and to vote, give consent and take any 

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other steps with regard thereto, all as the Senior Creditors may deem necessary or advisable for the enforcement of this Agreement; and each Subordinate Creditor will execute and deliver to the Agent such other and further powers of attorney, assignments or other instruments as may be requested by the Senior Creditors in order to enable the Senior Creditors to enforce any and all claims upon or with respect to the Subordinate Debt at the time existing and to collect and receive any and all payments or distributions which may be payable or deliverable at any time upon or with respect to such Subordinate Debt.  Without limiting the foregoing, in the event that the Debtor makes an assignment for the benefit of creditors, or any proceedings are commenced by or against the Debtor under any bankruptcy, reorganization, readjustment of debt, arrangement, dissolution, receivership, liquidation or insolvency law or statute now or hereafter in effect,  any payment or distribution of assets of the Debtor of any kind or character, whether in cash, property or securities, by set‐off or otherwise, to which any Subordinate Creditor would be entitled in respect of the Subordinate Debt but for the provisions of this Agreement, including any such payment or distribution that may be payable or deliverable by reason of the payment of any indebtedness subordinated to the Subordinate Debt, shall be paid by the liquidating trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the Senior Creditors (and each Subordinated Creditor hereby authorizes each such payor to pay over to the Agent, upon demand by the Senior Creditors, all such payments or distributions without the necessity of any inquiry as to the status or balance of the Senior Liabilities, and without further notice to or consent of any Subordinate Creditor) (and in furtherance of the foregoing, in the event the Debtor is subject to any bankruptcy, reorganization, readjustment of debt, arrangement, dissolution, receivership, liquidation, insolvency or similar proceeding, with the result that the Debtor is excused from the obligation to pay all or part of the interest, fees, expenses or other amounts otherwise payable in respect of the Senior Liabilities during the period subsequent to the commencement of such proceeding, each Subordinate Creditor agrees that all or such part of such interest, fees, expenses or other amounts, as the case may be, shall be payable out of, and to that extent diminish and be at the expense of, reorganization dividends or distributions in respect of the Subordinate Debt).    
13.    This Agreement shall be construed in accordance with and governed by the law of the State of New York, without regard to principles of conflicts of laws.  Each of the Debtor and the Subordinate Creditors hereby agrees that any legal action or proceeding against the Debtor and/or the Subordinate Creditors with respect to this Agreement may be brought in the courts of the State of New York in The City of New York or of the United States of America for the Southern District of New York and appellate courts from any thereof, and, by execution and delivery hereof, each of the Debtor and the Subordinate Creditors accepts and consents to, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts and agrees that such jurisdiction shall be exclusive, unless waived by the Agent in writing, with respect to any action or proceeding brought by it against the Agent or any Lender and any questions relating to usury.  Each of the Debtor and the Subordinate Creditors agrees that Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York shall apply to this Agreement and, to the maximum extent permitted by law, waive any right to stay or to dismiss any action or proceeding brought before said courts on the basis of forum non conveniens.  Nothing herein shall limit the right of the Agent to bring proceedings against either the Debtor or the Subordinate Creditors in any other jurisdiction. Each of the Debtor and the Subordinate Creditors irrevocably consents to 

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the service of process in any such legal action or proceeding by personal delivery or by the mailing thereof by the Agent by registered or certified mail, return receipt requested, postage prepaid, to its addresses specified in the records of the Agent, such service of process by mail to be deemed effective on the fifth day following such mailing.  Each of the Debtor and the Subordinate Creditors agrees that a final judgment in any such legal action or proceeding shall be conclusive and may be enforced in any manner provided by law.  
14.    AFTER REVIEWING THIS PROVISION SPECIFICALLY WITH ITS RESPECTIVE COUNSEL, EACH OF THE DEBTOR, THE SUBORDINATE CREDITORS AND THE AGENT HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS THE DEBTOR, THE SUBORDINATE CREDITORS OR THE AGENT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE DEBTOR, ANY SUBORDINATE CREDITOR OR ANY SENIOR CREDITOR WITH RESPECT TO THIS AGREEMENT.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDERS TO EXTEND CREDIT TO THE DEBTOR.
15.    This Agreement contains the entire agreement between the parties relating to the subject matter hereof, who have made no representations, warranties or promises, express or implied, relating to the subject matter hereof other than those contained herein.  No change, modification, waiver or discharge of any of the obligations of the Debtor or of the Subordinate Creditors hereunder shall be effective unless in writing, signed by the Debtor, the Subordinate Creditors and the Agent. 
16.    All payments made by the Subordinate Creditors hereunder shall be made to the Senior Creditors free and clear of, and without deduction or withholding for, any and all present and future taxes, levies, duties or withholdings of any kind which may be owing by the Subordinate Creditors with respect to such payments or, if any deduction or withholding for any such taxes, levies, duties or withholdings from any amount payable hereunder shall be legally required, such amount shall be increased as may be necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional amounts payable under this paragraph), the Senior Creditors shall receive an amount equal to the amount which would have been received had no such deductions or withholdings been required.  Without prejudice to the survival of any other agreement of the Subordinate Creditors hereunder, the agreements and obligations of the Subordinate Creditors contained in this Section shall survive the Satisfaction of Senior Liabilities. 
17.    Each Subordinate Creditor as to itself and not any other Subordinate Creditor hereby represents, warrants and acknowledges as follows: (a) such Subordinate Creditor is an individual with a residence as reflected on its signature page hereto; (b) such Subordinate Creditor has the capacity to execute, deliver and perform this Agreement, and such execution, delivery and performance do not contravene any law or regulation or contractual restriction binding on or affecting such Subordinate Creditor, and do not result in or require the creation of any lien, security interest or other charge or encumbrance upon or with respect to any of such Subordinate Creditor’s properties; (c) any authorization or approval or other action by, or notice to or filing with, any 

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Governmental Authority or regulatory body required for the due execution, delivery or performance by such Subordinate Creditor of this Agreement has been duly obtained or made and is in full force and effect, and copies of such authorizations, approvals, notices and filings have been furnished to the Agent; (d) this Agreement has been duly executed and delivered by such Subordinate Creditor and is the legal, valid and binding obligation of such Subordinate Creditor enforceable against such Subordinate Creditor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or  by general equitable principles (whether enforcement is sought by proceedings in equity or at law); (e) such Subordinate Creditor is not subject to any Law which limits such Subordinate Creditor’s ability to execute, deliver and perform such Subordinate Creditor’s obligations under this Agreement; (f) there are no conditions precedent to the effectiveness of this Agreement as to such Subordinate Creditor that have not been satisfied or waived; (g) there is no pending or, to the best knowledge of such Subordinate Creditor, threatened action or proceeding affecting such Subordinate Creditor before any court, arbitrator or governmental agency, which purports to affect the legality, validity or enforceability of this Agreement; (h) such Subordinate Creditor has made an independent investigation of the Debtor and of the financial condition of the Debtor; and (i) none of the Senior Creditors have made any representations or warranties as to the income, expense, operation, finances or any other matter or thing affecting the Debtor nor has any Senior Creditor made any representations or warranties as to the amount or nature of the Senior Liabilities of the Debtor, nor has any  Senior Creditor or any officer, agent or employee of any Senior Creditor or any representative thereof, made any other oral representations, agreements or commitments of any kind or nature, and such Subordinate Creditor hereby expressly acknowledges that no such representations or warranties have been made and such Subordinate Creditor expressly disclaims reliance on any such representations or warranties. 
18.    NO CLAIM MAY BE MADE BY THE SUBORDINATE CREDITORS AGAINST ANY SENIOR CREDITOR OR THE AFFILIATES, DIRECTORS, PARTNERS, OFFICERS, EMPLOYEES, ATTORNEYS OR AGENTS OF THE SENIOR CREDITORS FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES OR, TO THE FULLEST EXTENT PERMITTED BY LAW, FOR ANY PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM OR CAUSE OF ACTION (WHETHER BASED ON CONTRACT, TORT, STATUTORY LIABILITY, OR ANY OTHER GROUND) BASED ON, ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OBLIGATIONS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH SUBORDINATE CREDITOR HEREBY WAIVES, RELEASES AND AGREES NEVER TO SUE UPON ANY CLAIM FOR ANY SUCH DAMAGES, WHETHER SUCH CLAIM NOW EXISTS OR HEREAFTER ARISES AND WHETHER OR NOT IT IS NOW KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.
19.    All amounts payable to the Senior Creditors hereunder or otherwise recovered by the Agent hereunder shall be applied in accordance with Section 8.2 of the Credit Agreement to the same extent as if such amounts payable hereunder were proceeds of Collateral.  
20.    The Agent hereby notifies each of the Subordinate Creditors that pursuant to the requirements of the USA Patriot Act, the Agent is required to obtain, verify and record information 

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that identifies such Subordinate Creditor, which information includes the name and address of such Subordinate Creditor and other information that will allow the Agent to identify such Subordinate Creditor in accordance with the Patriot Act.  “USA Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (as amended).  
21.    The provisions of this Agreement are solely for the purpose of defining the relative rights of the Senior Creditors, on the one hand, and the Subordinate Creditors, on the other, against the Debtor and its assets, and nothing herein is intended to or shall impair or limit, as between the Debtor and the Subordinate Creditors, the obligations of the Debtor, which are absolute and unconditional, to pay to the Subordinate Creditors under the Subordinate Debt.
22.    This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile or email transmission of signature pages hereto), and all of said counterparts taken together shall be deemed to constitute one and the same agreement.  

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IN WITNESS WHEREOF, this instrument has been duly executed by the undersigned as of the day and year first above written.

GOLDLINE ACQUISITION CORP., as the Debtor

By:      /s/ Gregory N. Roberts    
Name:     Gregory N. Roberts
Title:    Executive Chairman

[Signature Page to Parent Subordination Agreement]

COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Agent

By:      /s/ Paul Moisselin    
Name:    Paul Moisselin
Title:    Vice President
By:     /s/ Jan Hendrik de Graaff    
Name:    Jan Hendrik de Graaff
Title:    Managing Director

[Signature Page to Parent Subordination Agreement]

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