Document:

Ex 10.5

APPENDIX A

Revised
Execution  Copy

AMENDED  AND RESTATED  GENERAL  SECURITY AGREEMENT 
(1999)

In consideration   of  one  or  more  loans,   letters  of  credit  or  other  financial accommodations  made,  issued or extended by Brown Brothers  Harriman  & Co. ("BBH"),  and Meespierson  N.V.,  KBC Bank N.V.,  RZB Finance LLC,  and any other lender (the "Lenders") that may become party to the Amended and Restated Collateral Agency Agreement (1999)  as the same may be amended,  supplemented or otherwise modified from time to time (the "Collateral Agency Agreement"),  dated as of November 30, 1999, among A-Mark Precious Metals, Inc., a New York corporation  formerly known as Spiral Cycle Corp. ("A-Mark"),  the Lenders and BBH, acting in its capacity  as agent for the Lenders (in such capacity I together with its successors in such capacity, the "Agent"),   A-Mark hereby agrees that the Agent and each of the Lenders shall have the rights,  remedies and benefits hereinafter set forth.

A-Mark  pursuant  to the terms of the Restructure  Agreement  (as defined  in the Assumption  Agreement)  has  acquired  all of  the  assets  of  A-Mark  Precious  Metals,  Inc.,  a California corporation  (the "Old A-Mark") and assumed pursuant to the terms of the Assumption Agreement  all  of  the  liabilities  of  Old A-Mark,  including,  without  limitation,   all  Assumed Obligations  owing  to each of the Lenders,  which Liabilities  (as hereinafter  defined)  shall be secured by the Security (as hereinafter defined).

This Agreement amends and restates all prior General Security Agreements among the parties hereto and constitutes the Security Agreement as that term is defined in the Collateral Agency Agreement.   Unless otherwise defined herein all capitalized terms shall have the meaning given each such term in the Collateral Agency Agreement.

The  term  "Liabilities"  shall  include  any  and  all indebtedness,  obligations  and liabilities of any kind of A-Mark to any and all of the Lenders,  now or hereafter existing, arising directly  between  A-Mark  and  any of the  Lenders  or  acquired  outright,  conditionally  or  as collateral security from another by any of the Lenders, absolute or contingent, joint and/or several, secured or unsecured,  due or not due, contractual or tortious,  liquidated or unliquidated,  arising by operation of law or otherwise, direct or indirect, including, but without limiting the generality of the foregoing,  all of the Outstanding Credits, all of the Assumed Obligations, all other present and future indebtedness,  obligations or liabilities of A-Mark to any of the Lenders as a member of any partnership,   syndicate, association or other group,  and whether incurred by A-Mark  as principal,   surety,  indorser,  guarantor,  accommodation  party  or  otherwise,  together  with  all accrued and unpaid interest, fees, commissions, charges and attorneys' fees payable to the Lenders and the Agent and any and all renewals and extensions  or replacements  of all or any of such, indebtedness,  liabilities or obligations,  including, without limitation, all interest, fees and other obligations  accruing  but not paid after the filing by or against A-Mark of a petition under the federal bankruptcy code.  The term "Security" shall mean all personal property and fixtures of A­ Mark, whether now or hereafter existing or now owned or hereafter acquired and wherever located of every kind and description,  tangible or intangible, including, but not limited to the balance of every deposit account of A-Mark with any bank or other depository institution, any other claim of A-Mark against any bank or depository institution, and all money, goods (including equipment, farm products and inventory),  instruments, investment property,  letters of credit as to which A­ Mark is the beneficiary  and proceeds 

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thereof, the proceeds  of any insurance policies payable to A-Mark,  securities,  documents,  documents of title,  chattel  paper,  accounts,  contract  rights, general  intangibles  (including  claims for tax refunds),  commodity  trading  accounts,  credits, claims, demands, precious metals, deposit accounts, cash, coins, any other property,  rights and interests of A-Mark (including, without limitation, all right,  title and interest of A-Mark arising out of any consignment arrangements or any arrangements designated as such), and shall include the cash and non-cash proceeds, products and accessions of and to any thereof.   '

As security  for  the payment of all the Liabilities,  A-Mark hereby grant(s)  and assigns to the Agent, for the ratable benefit of the Lenders,  a security interest in, a general lien upon  and/or  right of set-off  of, the Security.   As further  security for the payment of all the Liabilities, A-Mark hereby assigns and grants to the Agent a security interest in and lien upon, for the ratable benefit of the Lenders (1) any obligation and/or security interests that may arise in favor of A-Mark in connection with any consignment arrangements; any arrangements designated as such, or any other arrangements; and (2) the balance of every deposit account, now or hereafter existing, of A-Mark with each Lender and any other claims of A-Mark against each such Lender, now or hereafter existing, together with right of set-off as to all such balances (all of the forgoing, together with the cash and non-cash proceeds thereof shall be included in the Security).

At any time and from time to time, in addition to any other action .required to be taken by A-Mark under any of the Facility Documents, upon the demand of the Agent, A-Mark will: (1) deliver and pledge to the Agent, indorsed and/or  accompanied by such instruments of assignment and transfer.in such form and substance as the Agent may request, any and all letters of credit  as to which A-Mark  is the beneficiary,  any and all executed. and undated  drawing statements and any other documents or instruments necessary for a drawing under such letters of credit, and any other instruments, documents and/or chattel paper as the Agent may specify in its demand;   (2)  give,  execute,  deliver and/or  record  any  notice,  statement,  instrument, document,  agreement or other papers that may be necessary or desirable, or that the Agent may request,  in order to create,  preserve, perfect, or validate any security interest granted pursuant hereto or to enable the Agent to exercise and enforce its rights hereunder or with respect to such security interest; (3) keep and stamp or otherwise mark any and all documents and chattel paper and its individual books and records relating to inventory,  accounts and contract rights  in such manner  as the Agent may require;  and (4) permit representatives  of the Agent at any time to inspect  its  inventory  and  to  inspect  and make  abstracts  from  A-Mark's  books  and  records pertaining to inventory, accounts, contract rights, chattel paper, instruments and documents and all other Security.   The right is expressly granted to the Agent, at its discretion,  to file one or more Financing Statements under the Uniform Commercial Code naming A-Mark as debtor and the  Agent  as  secured  party  without  A-Mark's   signature  and indicating  therein  the  types or describing  the items of Security herein specified. A photographic  or other reproduction  of this agreement  shall be sufficient as a financing statement.   Without the prior written consent of the Agent,  A-Mark  will  not  file or  authorize or  permit  to be filed in any jurisdiction  any such financing  or like statement  in which the Agent is not named as the sole secured  party.   With respect to the Security,  or any part thereof, which at  any times shall come into the possession or custody or under  the control of the Agent or any of its agents, associates or correspondents,  for any purpose,  the right is expressly granted to the Agent, at its discretion, to transfer to or register in the name of itself or its nominee any of the Security.   The Agent also shall have the rights: to exchange any of the Security consisting of securities for other property upon any reorganization, recapitalization  or other readjustment and in connection therewith to deposit any of the Security with any committee  or depositary upon such terms as it may determine;  to notify any account debtor or obligor on any Trade Receivable or other account, of any general intangible or on any instrument  of the "terms hereof and to make payment to the Agent; and to exercise  or cause its nominee to exercise all or any powers. with respect to the Security with the same force and effect as an absolute  owner  thereof; all without notice 

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(except for such notice as may be required by applicable law and cannot be waived) and without liability except to account for property actually received by it.   Without limiting the generality of the foregoing, payments, distributions  and/or dividends,  in securities, property or cash, including without limitation dividends representing stock or liquidating dividends or a distribution or return of capital upon or in respect of the security or any part thereof or resulting from any split-up, revision or reclassification of the Security or any part thereof  or received  in exchange for the Security or any part thereof as a result of a merger, consolidation or otherwise, shall be paid directly to and retained by the Agent and the Lenders and held by it until  applied as herein provided,  as additional collateral security pledged under and subject to the terms hereof.  The Agent and the Lenders shall be deemed to have possession of any of the Security in transit to or set.apart for it or any of its agents, associates, or correspondents.

The Agent at its discretion may, whether any of the Liabilities be due, in its name or in the name of A-Mark or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for, or make any compromise or settlement deemed desirable with respect to, any of the Security, but shall be under no obligation to do so, and the Agent or any Lender may extend the time of payment,  arrange for payment in installments,  or otherwise modify the terms  of, or release,  any of the Security, without thereby incurring  responsibility  to, or discharging or otherwise affecting any liability of, A-Mark.   The Agent shall not be required to take any steps necessary to preserve any rights against prior parties to any of the Security and shall have no duty with respect to the Security except to use reasonable care in the custody and preservation of Security in its possession.  The Agent may use or operate any of the Security for the purpose of preserving the Security or its value in the manner and to the extent that the Agent deems appropriate, but the Agent shall be under no obligation to do so.

Anything  herein,  in the Collateral  Agency  Agreement  or  in any other  Facility Document   or  in any  other  agreement  or instrument   executed   in connection   with  the  Liabilities   to the  contrary    notwithstanding,     A-Mark   shall   remain   liable  to  perform   all  of  the  liabilities   and obligations,  if any, assumed by it with respect to the Security and the Agent and Lenders shall not have any obligations  or liabilities with respect to any Security by reason of or arising out of this Agreement,  nor  shall the Agent and/or the Lenders be required or obligated in any manner to perform  or fulfill  any of the obligations of A-Mark under or pursuant to or  in respect of any Security.

A-Mark represents and warrants that: the Chief Executive Office (or Major Executive Office) of A-Mark (if any), and the Security are respectively located at the address(es) set forth in Exhibit  1 to the Collateral Agency Agreement and A-Mark will not change any of such locations without the prior written notice to arid consent of the Agent and the Lenders.

Except for the security interest granted hereby, A-Mark shall keep the Security and proceeds and products thereof free and clear of any security interest, liens or encumbrances of any kind. A-Mark   shall  promptly  pay,  when  due,  all  taxes  and  transportation,   storage  and warehousing charges and fees affecting or arising out of the Security and shall defend the Security against all claims and demands of all person at any time claiming the same or any interest therein adverse to the Agent and Lenders.
A-Mark will not rescind or cancel any indebtedness evidenced by any account or modify any term  thereof or make any adjustment with respect thereto,  or extend or renew the same, or compromise  or settle any dispute, claim, suit or legal proceeding relating thereto, or sell any account or interest therein, without the prior written consent of the Agent and Lenders.

As long as this Agreement shall remain in effect, A-Mark agrees that if the Agent or any Lender so demands in writing at any time (1) all proceeds of the Security shall be delivered to the Agent promptly  upon their receipt in a form satisfactory to the Agent,  and (2) all chattel paper, instruments,  and 

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documents pertaining to the Security shall be delivered to the Agent at the time and place and in the manner specified in the Agent's or any Lender's demand, all with such endorsements  as the Agent shall demand.

Upon default hereunder or in connection with any of the Liabilities (whether such default be that of A-Mark,  any of the Guarantors  or of any other party obligated thereon),   A­ Mark shall, at the request of the Agent, assemble the Security at such place or places as the Agent designates in its request,  and, to the extent permitted by applicable law, the Agent shall have the right, with or without legal process and with or without prior notice or demand, to take possession of the Security or any part thereof and to enter any premises for the purpose of taking possession thereof.   The Agent shall have the rights and remedies with respect to the Security of a secured party after default under the Uniform Commercial Code (whether or not such Code is in effect in the jurisdiction  where the rights and remedies are asserted).   In addition,  with respect to the Security, or any part thereof, which shall then be or shall thereafter come into the possession or custody of the Agent or any of its agents, associates or correspondents,  the Agent may sell or cause to be sold in the Borough of Manhattan, New York City, or elsewhere, in one or more sales or parcels,  at such  price as the Agent may deem best, and for cash or on credit or for future delivery,  without assumption of any credit risk, all or any of the Security, at any broker's  board or at public or private sale, in any reasonable manner permissible under the Uniform Commercial Code (except that, to the extent permitted thereunder, A-Mark hereby waives the requirements of said Code), and the Agent or anyone else may be the purchaser of any or all of the Security so sold and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including any equity of redemption,  of A-Mark, any such demand, notice or right and equity being hereby expressly  waived  and released.    A-Mark will pay to the  Agent and the Lenders  all expenses (including reasonable  attorneys'  fees and legal expenses incurred by the Agent and the Lenders) of, or incidental to, the enforcement of any of the provisions hereof or any of the Liabilities, or any actual or 'attempted sale, or any exchange, enforcement, collection, compromise or settlement of any of the Security or receipt of the proceeds thereof,  and for the care of the Security and defending  or  asserting  the rights  and claims of the Agent  in respect  thereof,  by litigation or otherwise,  including expense of insurance; and all such expenses shall be Liabilities within the terms  of this  agreement,  all of which shall be included  in the Liabilities  and secured by the Security.  The Agent, at any time, at its option, may apply the net cash receipts from the Security to the payment of principal of and/or  interest on or as cash collateral for any of the Liabilities, whether  or not then due.   Notwithstanding that the Agent,  whether in its own behalf and/or in behalf of another or others, may continue to hold all or any part of the Security and regardless of the value thereof, A-Mark shall be and remain liable for the payment in full, principal and interest, of any balance of the Liabilities and expenses at any time unpaid.

If at any time the Security shall be unsatisfactory to the Agent, upon the demand of the Agent or any Lender,  A-Mark will furnish such further  security or make such payment on account of the Liabilities as will be satisfactory to the Agent or such Lender, and if A-Mark fails forthwith to furnish such security or to make such payment; or if any petition shall be filed by or against A-Mark under the federal bankruptcy laws or if a decree or order shall be entered for relief by a court  having jurisdiction  of A-Mark in an involuntary bankruptcy  case under the federal bankruptcy  laws, as now or hereafter constituted, or under any other applicable federal or state bankruptcy,   insolvency,  or  other  similar law,  or appointing  a receiver,  liquidator,  assignee, custodian, trustee or sequestrator of A-Mark or for any substantial part of its property, or ordering the reorganization,  dissolution, winding-up or liquidation of its affairs, and the continuance of any such decree or order shall be unstayed and in effect, or any case or other proceeding seeking any such decree or order shall continue undismissed for more than thirty (30) days; or if A-Mark shall take any corporate  action to authorize,  or shall commence a voluntary  case under  the federal bankruptcy laws, as now or hereafter constituted, or seek to take advantage of any other 

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applicable federal  or  state  bankruptcy,  insolvency,  or other similar  law, or  apply for  or consent to the appointment  of or taking of possession by a receiver,  liquidator,  assignee, trustee,  custodian or sequestrator  of A-Mark or for any substantial part of its property;  or the making by A-Mark of any assignment  for the benefit of creditors,  or A-Mark shall admit in writing its inability, or be generally unable,  to pay its debts as they become due; or if A-Mark shall suspend the transaction of its usual business,  or be expelled from or suspended by any stock or securities  exchange or
other exchange,  or any proceeding, procedure or remedy supplementary to or in enforcement of judgment  shall be resorted to or commenced against, or with respect to any property of, A-Mark; or  if any  governmental    authority  or any court  at the instance  thereof  shall  take  possession  of any substantial         part   of  the  property   of,  or  assume   control   over  the  affairs   or  operations   of,  or  a receiver   shall  be appointed  of, or of any substantial  part  of the property   of,  or a writ  or order  of attachment    or  garnishment   shall be issued  or made against  any of the property   of, A-Mark;  or if A-Mark   shall be dissolved  or be a party  to any merger  or consolidation   without  the written  consent of  the  Agent  and  the  Lenders  or  there  shall  be  a default  by  A-Mark   under   any  of the  Facility Documents;       thereupon,   unless  and to the extent  that the Agent  shall  with  the  written  consent  of the Lenders   otherwise   elect,  all of the Liabilities   shall become  and be due and payable  forthwith. THE   RIGHTS    OF  THE  AGENT AND LENDERS SET  FORTH IN THE IMMEDIATELY PRECEDING    SENTENCE   ARE WITHOUT   LIMITATION   OF,  AND IN ADDITION  TO, ANY OTHER RIGHT    OF  ANY  LENDER OR THE AGENT ACTING ON BEHALF OF ANY LENDER UNDER ANY  OTHER  FACILITY   DOCUMENT EVIDENCING OR EXECUTED IN  CONNECTION WITH THE  LIABILITIES (INCLUDING   BUT  NOT  LIMITED   TO  ANY RIGHT   OF ACCELERATION  OF PAYMENT  PURSUANT  TO THE PROVISIONS   THEREOF OR ANY RIGHT OF ANY LENDER TO MAKE DEMAND FOR PAYMENT THEREUNDER WITHOUT  REFERENCE  TO ANY PARTICULAR CONDITION  OR EVENT).

The Agent may assign, transfer and/or deliver to any transferee any or all of the Security, and thereafter shall be fully discharged from all responsibility with respect to the security so assigned,  transferred and/or delivered.  Such transferee shall be vested with all the powers and rights  of the Agent hereunder with respect to such Security, but the Agent shall retain all rights and  powers  hereby  given with respect to any of the Security not  so assigned,  transferred  or delivered.    No delay on the part of the Agent in exercising any power or right hereunder  shall operate  as  a waiver  thereof;  nor  shall any  single or  partial  exercise  of  any power  or  right hereunder  preclude other or further exercise thereof or the exercise of any other power or right. The rights,  remedies and benefits herein expressly specified are cumulative and not exclusive of any rights,  remedies or benefits which the Agent or any Lender may otherwise have.   A-Mark hereby  waive(s)  presentment, notice of dishonor and protest of all instruments included in or evidencing  the Liabilities or the Security and any and all other notices and demands whatsoever, whether  or not relating to such instruments.  This Agreement shall remain in full force and effect until  the indefeasible payment in full of all of the Liabilities.   Any notice required under this Agreement  shall be given in the same manner to the addresses or telecopier numbers set forth in the Collateral  Agency Agreement.

In connection with any claim, controversy, action or litigation, among or between the  parties  hereto  arising  out of  or  relating  to this  Agreement,  each  of  the parties  hereto, irrevocably  (a) submits to the non-exclusive jurisdiction  of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, (b) waives any objection to the laying of venue in such courts, (c) waives any claim that any suit, action or proceeding in any such court has been brought in an inconvenient forum, (d) waives the right to object that any such court does not have jurisdiction over the parties hereto, (e) waives the right to trial by jury in any suit, action or proceeding, and (f) in the case of A-Mark, designates the Secretary  of State of the State of New York as 

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its agent for the service of process (provided that A-Mark gives written notice to the Lenders and the Agent, change its designation of agent to a specified person  located in the Borough of Manhattan, provided any such person indicates its, his or her written  consent to act as such agent).

No provision  hereof shall be modified or limited except by a written instrument expressly  referring  hereto and to the provision  so modified or limited executed by A-Mark, the Agent and the Lenders.   This Agreement shall be binding upon the assigns or successors of A­ Mark;   shall  constitute   a  continuing  agreement,   applying  to  all  future  as  well  as  existing transactions,  whether  or not of the character contemplated at the date of this Agreement, and if all transactions  between any Lender and A-Mark shall at any time be terminated or no Liabilities shall be  owing  to  anyone    Lender,  this  Agreement  shall be equally  applicable  to  any new transactions  or Liabilities arising thereafter; and shall be governed by and construed according to the internal laws of the State of New York.  Unless the context otherwise requires,  all terms used herein which are defined in the Uniform Commercial Code shall have the meanings therein stated.

	
		
	A-MARK PRECIOUS METALS, INC.

	a New York Corporation

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	Dated: as of November 30, 1999

6Ex 10.6

APPENDIX D

Execution  Copy

GENERAL  SECURITY  AGREEMENT  OF GUARANTORS
(1999)
    
AMENDED  AND RESTATED  INTERCREDITOR   AGREEMENT (1999) dated as of November 30, 1999 ("this Agreement") which supersedes the Amended and Restated Intercreditor Agreement dated April 28, 1997, as amended by and among BROWN BROTHERS   HARRIMAN  & CO., MEESPIERSON N.V., KBC BANK N.V.; RZB FINANCE LLC, and any other entity that may become a party to this Agreement pursuant to the terms hereof (each individually, a "Lender" and collectively, the "Lenders") and BROWN BROTHERS HARRIMAN  & CO., as agent for itself and the other Lenders (in such capacity, the "Agent").

PRELIMINARY   STATEMENT

Each Lender has individually extended or will extend credit to A-Mark Precious Metals, Inc., a New York corporation, formerly known as, Spiral Cycle Corp. (the "Company") (each facility for a credit extension being a "Facility" and any writing evidencing, supporting or securing a Facility (including without limitation the Facility Documents) being a "Facility Agree­ment").  The Company has acquired all of the assets of A-Mark Precious Metals, Inc., a California corporation (the "Old Company") and pursuant to the terms of the Assumption Agreement assumed all of the liabilities of the Old Company including, without limitation, all Assumed Obligations owing to each of the Prior Lenders.   The Company as successor to the Old Company has granted the Security as security for each Facility and the Assumed Obligations. The Lenders desire to establish their relative rights concerning the Security and the Guarantor Security as provided in this Agreement. All capitalized terms not defined herein have the meanings set forth in the Amended and Restated Collateral Agency Agreement (1999) dated as of November 30, 1999, as the same may be amended, supplemented or otherwise modified from time to time (the "Collateral Agency Agreement") by and among the Company, the Lenders and the Agent and the Guarantors (as defined therein) to the extent such is binding on the Guarantors.

THEREFORE, in consideration of the premises and the covenants in this Agreement, the Lenders agree as follows:

ARTICLE 1. RANKING OF SECURITY INTERESTS

Section 1.1.   The Obligations.   This Agreement is for the benefit of all present, contingent and future obligations of the Company under each Facility, whether for principal, interest, fees, expenses, indemnification or otherwise including, but not limited to all Assumed Obligations
and all Outstanding Credits (all of the foregoing obligations being the "Obligations").

Section 1.2.  Priorities.Except as provided in Section 3.5 with respect to Excess Obligations, the Security Interest (as defined below) of each Lender will rank equally in priority with the Security Interest of every other Lender, irrespective of the time or order of perfection of Security Interests or order of filing of Financing Statements or the taking of any other steps to perfect any Security  Interests and notwithstanding  any bankruptcy or insolvency proceedings involving the Company.  Except as provided 

in this Agreement, priorities will be determined in accordance with applicable law.  "Security Interest" means any perfected and enforceable security interest or lien of the Agent on behalf of the Lenders, or any Lender, in the Security and in the Guarantor Security, however arising.

ARTICLE 2. REPRESENTATION AND WARRANTIES.

Each of the Lenders hereby represents and warrants to the other Lenders and the
Agent as follows:

Section 2. 1. Legal Capacity;  Organization.    Each party to this Agreement has the full legal capacity  to contract and incur obligations.   Each party is duly organized and validly existing  in its jurisdiction  of organization and is in good standing  in that jurisdiction  and duly qualified in all applicable jurisdictions,  except where the failure to be so qualified would not have a material adverse effect on the party or its business.

Section 2.2.     Authorization.     The execution, delivery and performance of this Agreement by each party to this Agreement have been duly authorized by all necessary action and require no approval, consent, authorization or other action by, and no notice to or filing with, any person or entity, including but not limited to any governmental authority or regulatory body, agency or official.

Section 2.3.   Noncontravention.    The execution, delivery and performance of this Agreement do not contravene, or constitute a default under (i) any applicable law or regulation, (ii) any organizational or constituent document of any party to this Agreement or (iii) any agreement, judgment,  injunction, order or decree or other instrument binding on each party.

Section 2.4.   Bindine  Effect.  TIlls Agreement is a valid and binding agreement of each party to this Agreement, enforceable against such party in accordance with its terms, except as (i) enforceability may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of, general applicability.

Section 2.5.     Guarantor   Security.   Each Guarantor  shall execute and deliver a security agreement and financing statements in favor of the Agent, on behalf of each Lender with respect to the Guarantor Security, subject to this Agreement.

ARTICLE 3. DEFAULT;  ACTIONS IN RESPECT OF THE SECURITY

Section 3.1. Material  Adverse Change.   Each Lender and the Agent shall use its best efforts to notify the other Lenders promptly upon its acquiring knowledge of the occurrence of an event significant and material to any of the Guarantors' or the Company's financial condition or the condition of the Security, or any collateral for the obligations of any of the Guarantors to any Lender, provided that the Agent and each Lender shall not have any liability to any-other Lender or other entity for its failure to make such notification.

Section 3.2.  Making Demand.  Each Lender shall give notice by telecopier to each of the other Lenders promptly after taking any of the following actions (any of such actions, a "Demand"):  (i) making demand to the Guarantors or the Company for payment of any of the Obligations  owed by the Company or the Guarantors to such Lender; (ii) making demand to the Company or the Guarantors for any additional collateral; (iii) any acceleration of the maturity of any such Obligations;  and (iv) any notice by

 a Lender to the Company (or any determination by a Lender's  Credit Committee or Credit Officer) that such Lender will not make further extensions of credit to the Company.

Section 3.3..  Foreclosure  Plans.   If a Lender makes a Demand (any Lender that makes  a Demand,  a ("Demanding Lender"), and no other Lender has made a Demand, such Demanding Lender shall formulate a written plan (any such plan, as it may be modified from time to time,  a "Foreclosure Plan") regarding the material steps to be taken in connection with any Enforcement.    If more than one of the Lenders makes Demand, at the time of or immediately following the last such Demand, all of the Demanding Lenders shall consult to formulate and use their best efforts to agree on a Foreclosure Plan (or reformulate and/or re-approve any previous Foreclosure  Plan).    Simultaneously  with  delivering  any  Foreclosure  Plan  to  the  Agent, the Demanding Lender( s) shall deliver copies of such Foreclosure Plan to all Lenders that have not made a Demand.  If all the Demanding Lenders do not agree on a Foreclosure Plan, then each Demanding Lender may formulate its own Foreclosure Plan. The term "Enforcement" shall mean any action to repossess any of the Security or any Guarantor Security, or commence any judicial or non-judicial enforcement  of any of the rights and remedies under the Security Agreement or any security agreement executed by the Guarantors or any other agreement or applicable law in order to foreclose upon, liquidate or otherwise dispose of any of the Security or any Guarantor Security..

Section 3.4.  Enforcement by the Agent.  The Agent shall not be obligated to take action in connection with any Enforcement except the Agent shall take action as specified in each Foreclosure Plan adopted in accordance with Section 3.3. The Agent shall not be required to take any action with respect to any of the Security or any Guarantor Security, that is not specified in a Foreclosure  Plan,  except  as authorized in Sections V(B) (1) and (2) of the Collateral Agency Agreement.  Each Lender agrees that any Foreclosure Plan formulated by it shall be commercially reasonable  and each Lender shall be solely responsible for the contents of any Foreclosure Plan formulated by it.  The Agent shall execute each Foreclosure Plan in a manner consistent with any other then existing  Foreclosure  Plan, but each Lender hereby holds the Agent and its partners, directors, officers, employees and agents harmless from any and all claims relating to the manner in which the Agent effectuates any Foreclosure Plan of such Lender (provided that the Agent shall act in a commercially reasonable manner), including, but not limited to, any claim that the proceeds of any Security or any Guarantor Security, were insufficient due to the action or inaction of the Agent under anyone  or more Foreclosure Plans then in effect, provided, that any such claim is not based upon and does not arise from the gross negligence or willful misconduct of the Agent.

Section 3.5. Priorities After Demand.  (a) From and after the date any Lender sends a notice of Demand (the first such notice is hereinafter called the "First Demand"), any payments received  from  the  Company  or the Guarantors by any Lender,  and any amounts representing proceeds of Security or any Guarantor Security received by the Agent or any Lender, including any amounts received through set-off rights or otherwise, shall be applied to the Obligations (excluding any Excess Obligations) owed to the Lenders pro rata in the ratio (the "Ratio") that the principal of Outstanding Credits (excluding Excess Obligations) owed to each Lender bears to the total principal of such Outstanding Credits (excluding Excess Obligations) owed to all the Lenders as of the date of the notice of the First Demand. The pro rata amounts of such Outstanding Credits for the purpose of calculating the Ratio shall be calculated as of the date of the notice of the First Demand, and the Lenders shall make such dispositions and arrangements as are necessary to give effect to the pro-rata: payout  to  the  Lenders  (including,  without limitation,  purchase  and  sales of participations  in Outstanding Credits).   No Lender shall be entitled to apply any payments by the Company, the Guarantors or any amounts representing proceeds of Security or any Guarantor Security to any Excess Obligations  held by such Lender without the prior written consent of all other Lenders (whether or not such other Lenders are Demanding Lenders).   "Excess Obligations" means the amount of any Collateral Value Over-advance by any Lender existing at the date of the notice of the 

First Demand, plus any interest, fees, commissions, attorney's fees or other amounts owing in respect of such Collateral Value Over-advance.  "Collateral Value Over-advance" means that portion of the principal or face amounts of all Obligations held by a Lender that, at the time such Obligations are incurred, when added to the principal or face amounts of all Obligations shown to be held by all Lenders, are in excess of the Collateral Value, as such Collateral Value and Obligations were shown on the Collateral Report last delivered to such Lender.  No extension, renewal or refinancing of an Obligation that was not a Collateral Value Over-advance shall be deemed to be a Collateral Value
Over-advance.   Notwithstanding  anything to the contrary contained herein, no Collateral Value.
Over-advance shall be deemed to arise from an Obligation to a Lender arising from a loan or other extension of credit which the Lender shall have made after receiving a certificate executed by the Debtor certifying that after giving effect to such loan or extension of credit, the principal and face amount of all Obligations to all Lenders are less than the Collateral Value after giving effect to any changes in the Collateral Value and Obligations subsequent to the date of the most recent Collateral Report delivered to such Lender.
(b)   If the contingent  liability of a Lender in respect of a letter of credit that is outstanding as of the date of the calculation of the Ratio shall thereafter be terminated in whole or in part without full payment by, or further exposure to, such Lender, then the Outstanding Credits shall be appropriately adjusted by eliminating the amount of such terminated contingent liability from the Outstanding Credits to such Lender and from the aggregate Outstanding Credits to all Lenders, and the Ratio and any prior distribution of proceeds of Security shall also be appropriately adjusted.

(c) If all or any portion of the amounts received (''Net Realizations") by any Lender pursuant  to  the  Facility  Documents  is held  to  constitute  a preference  under any applicable bankruptcy or similar laws, or if for any other reason any Lender is required to refund or disgorge part or all of any Net Realizations or otherwise pay part or all of any Net Realization to any person or entity not a Lender (the amount of such refund, disgorgement  or payment being referred to hereinafter as "Refunded Net Realizations"), then for all purposes hereunder Net Realizations shall be deemed  to exclude such Refunded Net Realizations and the allocation of Net Realizations provided for hereunder shall be rescinded and the amount thereof restored to such Lender by the other Lenders to the extent necessary to compensate such Lender for such refund, disgorgement or payment made by it, but Without interest thereon.

Section 3.6.  Delivery of Proceeds of the Security.   If at any time, after the date of the notice of the First Demand, any Lender or the Agent shall receive any payment in respect of the Obligations or any proceeds of Security or any collateral for the obligations of the Guarantors to any Lender in contravention of the priorities specified in Section 3.5, such Lender or the Agent shall hold such proceeds in trust for the Agent on behalf of the Lenders and shall promptly deliver the same to the Agent for application by the Agent on behalf of the Lenders in accordance with Section 3.5.

Section 3.7     Participations.    If any Lender shall obtain a payment on account of any Obligations of the Company to such Lender (after the earlier of (x) notice of First Demand or (y) occurrence of a default under any Facility Document) (a) through a banker's lien, right of set-off or counterclaim, (b) from any security for such Obligations or the obligations of the Guarantors other than the Security or any Guarantor Security, (c) from the Guarantors or any other guarantors or surety of such Obligations or the obligations of the Guarantors, (d) pursuant to any subordination agreement or other credit support document, or (e) through a payment, including, without limitation, a regularly scheduled payment of an Obligation, or an obligation of the Guarantors, such Lender (the "Purchasing Lender") shall, after payment of actual out-of-pocket costs (including,without limitation reasonable attorneys' fees) incurred by the Purchasing Lender in obtaining such payment, promptly purchase from the other Lenders 

an undivided participating interest in the outstanding Obligations (including undrawn letters of credit) owing to such other Lenders in such amount as will insure that all Lenders  share such payment (after deducting such expenses) in accordance with the Ratio, provided that if all or any portion of such payment received and so distributed by the Purchasing Lender is thereafter rescinded or otherwise restored or recovered, each of the other Lenders which shall so share such payment shall by repurchase of the participating interest theretofore sold or other equitable adjustments, return its share of that payment to the Purchasing Lender together with its ratable  share of any interest payable by the Purchasing Lender on the amount recovered.   The outstanding Obligations in which such participating interest shall be purchased shall be, to the extent possible, outstanding Obligations which have the same terms and conditions as the Obligations paid pursuant to clauses (a) through (e) above, including, without limitation, obligor, maturity, collateral and guaranties.

ARTICLE   4. REMEDIES

Section 4.1.   Lender  Default.   If a Lender defaults in the payment to any other Lender or the Agent of any amount when due under this Agreement which default continues for more than three (3) business days, then such Lender will not be entitled to receive any payments otherwise payable to it under this Agreement so long as such default remains in effect and will pay to the  Agent  interest  on the amount due at a rate per annum equal to the Federal  funds rate, calculated on the basis of a year of 360 days and for actual days elapsed, for the period from the date the payment is due to the date of payment in full.

Section 4.2.   Remedies Cumulative.   The remedies and other rights of the parties under this Agreement are cumulative and in addition to any other remedies or rights the parties may have under any other agreement or under applicable law.

ARTICLE   5. MISCELLANEOUS

Section 5.1.  Amendments  and Waivers.  No amendment or waiver of, or consent to any departure from, any provision of this Agreement, or any Facility Document will be effective unless it is in writing and signed by all parties to this Agreement, and then the waiver or consent will' be effective only in the specific instance and for the specific purpose for which given.  No failure on the part of a party to exercise, and no delay in exercising, any right under this Agreement will operate as a waiver or preclude any other or further exercise of the right or the exercise of any other
right.

Section 5.2.   Notices.  Except as otherwise provided, all notices shall be deemed effective and shall be given in the same manner and sent to each party at the address or telecopier number  set forth in Section X (B) of the Collateral Agency Agreement,  as from time-to-time amended.

Section  5.3.    Effective  Date;  Successors  and  Assigns.     This Agreement  shall become effective when it shall have been executed by each of the Lenders and the Agent, thereafter shall be binding  on and will be for the benefit of each Lender, the Agent and their respective successors  and assigns.  Without limiting the generality of any of the foregoing, a Lender may, subject to the rights of each Lender under this Agreement, assign, sell participations in or otherwise transfer its rights under this Agreement or the Facility Documents to any other person or entity, and the other person  or entity will upon notice to all other  Lenders then become vested  with all the rights granted to the Lender  in this Agreement  and the Facility  Documents  or otherwise  provided,  any such transferee   that becomes   a party to the Collateral  Agency  Agreement  and this Agreement   agrees to be bound  by the  terms 

 thereof  and  hereby.   Notwithstanding    the foregoing,   the  Lenders  hereby consent  to  the  assignment   by Meespierson  N.V.,  New  York  Agency  ("MP"),  to a wholly-owned subsidiary  (the "Ml'  Subsidiary")  of all of MP's  rights  and obligations  under this Agreement  and the other  Facility   Documents.      Upon  delivery   by  MP  and  the  MP  Subsidiary   of  notice  of  such assignment  to the Agent  and the other Lenders,  which notice provides  that the MP Subsidiary  agrees to be bound  by all of the terms and conditions  of this Agreement  and each other  Facility  Document to the extent  applicable to the MP Subsidiary,  the MP Subsidiary shall become  a party  hereto and shall be bound  by all of the terms  and conditions  hereof  to the extent  applicable  to such entity; and MP shall have no further  obligations  or liabilities  hereunder  or thereunder,  all without  the necessity of executing any  amendment hereto  or thereto.

Section    5.4      No  Representations or Warranties By Agent.   The Lenders acknowledge that they are entering into this Agreement and the Facility Documents in reliance upon their own independent investigation of the financial condition and creditworthiness of the Company or the Guarantors and they will, independent and without reliance on the Agent, and based on such documents and information as they shall deem appropriate at the time, continue to make their own analysis and decision in taking or not taking action under this Agreement.  The Agent shall not be required to keep the Lenders informed as to the performance of the Company or the Guarantors or observance by the Company or the Guarantors of any terms or conditions set forth in any Facility Documents,  other  than those provided for herein,  or to inspect the properties  or books of the Company or the Guarantors.  The Agent shall not have any duty or responsibility to provide the Lenders with any credit or other information concerning the affairs, financial condition, or business of the Company or the Guarantors that may come into the possession of the Agent, other than that which is provided  for herein.  The Lenders agree and acknowledge to the Agent that the Agent makes no representations or warranties about the creditworthiness of the Company or the Guarantors or with respect to the legality, validity, accuracy, sufficiency, or enforceability of this Agreement, the Facility Documents, or any other matter relating to any of the foregoing.

Section 5.5. Information.   Each Lender upon the written request of another Lender. shall from time to time furnish each other Lender with a statement of Outstanding Credits, including but not limited to the outstanding unpaid amount of any loans and all open letters of credit issued for the Company's  account as of the date of such statement.

Section  5.6.    Captions.    The captions  or headings in this  Agreement  are for convenience only and are not to affect the interpretation or construction of this Agreement.

Section 5.7.   Counterparts.    This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this agreement by signing any such counterpart.

    

Section   5.8.      Governing Law.     This  Agreement    is  governed   by,  and  is to  be construed   in accordance with, the internal laws of New York.

Section 5.9.  Additional  Parties.   Subject to the provisions of Section 5.3 hereof, any entity that is not a party to this agreement initially may, with the consent of the Lenders (which consent shall not be unreasonably withheld), become a party hereto by executing an amendment to this Agreement which amendment shall also be duly executed by the Agent and the Lenders.

Section 5.10. Jurisdiction and Venue: Service of Process Appointment of Agent. The Agent and each Lender hereby consents to the nonexclusive jurisdiction over its person, of the United Stated District Court for the Southern District of the State of New York or any state court of competent jurisdiction  in the County of New York and the City of New York and agrees that such court shall be a proper forum for any action or suit brought by any of the Agent or the Lenders with respect to this Agreement or any matter inany way connected with or related to this Agreement. The Agent and each Lender hereby waive trial by jury in any such action.

per pro BROWN BROTHERS HARRIMAN & CO.
for itself as a Lender and as Agent

Section  5.8.    Governing   Law.   This Agreement  is governed by, and is to be construed in accordance with, the internal laws of New York.

Section 5.9.   Additional  Parties.   Subject to the provisions of Section 5.3 hereof, any entity that is not a party to this agreement initially may, with the consent of the Lenders (which consent shall not be unreasonably withheld), become a party hereto by executing an amendment to this Agreement which amendment shall also be duly executed by the Agent and the Lenders.

Section 5.10. Jurisdiction  and Venue: Service of Process Appointment  of Agent. The Agent and each Lender hereby consents to the nonexclusive jurisdiction over its person, of the United Stated District Court for the Southern District of the State of New York or any state court of competent jurisdiction  in the County of New York and the City of New York and agrees that such court shall be a proper forum for any action or suit brought by any of the Agent or the Lenders with respect to this Agreement or any matter in any way connected with or related to this Agreement. The Agent and each Lender hereby waive trial by jury in any such action.

per pro BROWN BROTHERS HARRIMAN & CO.
for itself as a Lender and as Agent

    

Section  5.8.    Governing  Law.   This Agreement  is governed by, and is to be construed in accordance with, the internal laws of New York.

Section 5.9.   Additional Parties.   Subject to the provisions of Section 5.3 hereof, any entity that is not a party to this agreement initially may, with the consent of the Lenders (which consent shall not be unreasonably withheld), become a party hereto by executing an amendment to this Agreement which amendment shall also be duly executed by the Agent and the Lenders.

Section 5.10. Jurisdiction and Venue: Service of Process Appointment  of Agent. The Agent and each Lender hereby consents to the nonexclusive jurisdiction over its person, of the United Stated District Court for the Southern District of the State of New York or any state court of competent jurisdiction  in the County of New York and the City of New York and agrees that such court shall be a proper forum for any action or suit brought by any of the Agent or the Lenders with respect to this Agreement or any matter in any way connected with or related to this Agreement. The Agent and each Lender hereby waive trial by jury in any such action.

per pro BROWN BROTHERS HARRIMAN & CO.
for itself as a Lender and as Agent

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