1 Exhibit 10.5 SECURITY AGREEMENT THIS SECURITY AGREEMENT is made and delivered as of the 7th day of January, 1997, by HOUTEX METALS COMPANY, INC., a Texas corporation ("Debtor"), to and for the benefit of LASALLE NATIONAL BANK, a national banking...Security Agreement • January 21st, 1997 • Metal Management Inc • Wholesale-misc durable goods • Illinois
AMONGLoan Agreement • January 21st, 1997 • Metal Management Inc • Wholesale-misc durable goods • Illinois
BY AND AMONGMerger Agreement • January 21st, 1997 • Metal Management Inc • Wholesale-misc durable goods • Texas
3- 4 IN WITNESS WHEREOF, the Undersigned has executed this Agreement as of the date first written above.Subordination Agreement • January 21st, 1997 • Metal Management Inc • Wholesale-misc durable goods
GUARANTYGuaranty • January 21st, 1997 • Metal Management Inc • Wholesale-misc durable goods • Illinois
2 (a) Such Guarantor is not in default and no event has occurred that with the passage of time and/or the giving of notice will constitute a default under any agreement to which such Guarantor is a party, the effect of which will impair performance by...Metal Management Inc • January 21st, 1997 • Wholesale-misc durable goods • Illinois
2- 3 then Lender is hereby authorized and empowered, at its option, to declare, without notice or demand of any kind, this Note to be immediately due and payable, whether or not such default be thereafter remedied by the undersigned, and Lender may,...Metal Management Inc • January 21st, 1997 • Wholesale-misc durable goods
1 2 5. In the event that HouTex exercises its Extension Right pursuant to Section 2.7 of the Loan Agreement, MMI does hereby agree to exercise its Extension Right unless either (a) Lender has increased the amount available to HouTex under the HouTex...Letter Agreement • January 21st, 1997 • Metal Management Inc • Wholesale-misc durable goods
