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GUARANTYANDPLEDGEAGREEMENTTHISAGREEMENTismadeasof______________________,19__,between_________________________("Guarantors")and_________________________("Bank").RECITALS:ReferenceismadetotheNotedatedthisdateexecutedby__________________("Borrower")infavorofBankintheprincipalamountof____________________________Dollars($_______________)(the"Note").TheNoteisissuedpursuanttoaLoanAgreement("LoanAgreement")betweenthesameparties,alsodatedasofthisdate.TheGuarantorsarethesoleshareholdersoftheBorrowerandwillbenefitdirectlybytheexecutionoftheLoanAgreementandadvanceoffundstoBorrower.TheBankisunwillingtoentertheLoanAgreementoradvancefundstoBorrowerunlessGuarantorsexecutethisAgreement.NOWTHEREFORE,forgoodandvaluableconsiderationandtoinducetheBanktoenterintotheLoanAgreementandadvancefundstoBorrower,theGuarantorsagreeasfollows:1.DEFINITIONS.WhenusedinthisGuarantyandPledgeAgreement(the"Agreement")thefollowingtermsshallhavethefollowingmeanings:1.1"Collateral"shallmeanallpropertyandinterestsinpropertyonorinwhichalienorsecurityinterestisorhasbeengrantedbyoneormoreoftheGuarantorstotheBankpursuanttoSection2.2ofthisAgreement;and1.2"Default"shallmeanthehappeningofeitherofthefollowingevents:(a)theoccurrenceofa"Default"assuchtermisdefinedintheLoanAgreement,or(b)theundersignedfailstoperformanycovenantoragreementcontainedinthisAgreementorifanyrepresentationorwarrantycontainedinthisAgreementisfoundtohavebeenuntrue,incompleteormisleadinginanymaterialrespectwhenfurnished;and1.3"Indebtedness"shallmeananyandallindebtedness,obligationsandliabilitiesofanykindoftheBorrowertotheBankarisingoutoftheLoanAgreementortheNoteexecutedbytheBorrowerandmadepayabletotheorderoftheBank.2.GUARANTYANDPLEDGE.2.1Guaranty.TheGuarantorsjointlyandseverallyunconditionallyguaranteethefullandpromptpaymentwhendue,whetheratmaturityorearlier(byreasonofacceleration)andatalltimesthereafter,ofalloftheIndebtednessoftheBorrowertotheBank,andtheundersignedfurtheragreetopayallcostsandexpensesincluding,withoutlimitation,allcourtcostsandattorneys'feesandexpensespaidorincurredinendeavoringtocollectalloranypartoftheIndebtednessfrom,orinprosecutinganyactionagainst,theBorroweroroneormoreoftheGuarantors.2.2PledgeandSecurityInterests.Inaddition,tosecurethepaymentandperformanceoftheBorrower'sIndebtednessandtheGuarantors'obligationsunderthisAgreement,theGuarantorsgranttheBankasecurityinterestin:(a)andpledgestotheBankonehundredpercent(100%)oftheauthorized,issuedandoutstandingcapitalstockoftheBorrower,togetherwithstockpowersendorsedinblank;(b)thebalanceofeveryaccount,noworhereafterexisting,ofoneormoreoftheGuarantorswiththeBank,andallmonies,creditsandotherpropertynoworhereafterheldbytheBank;and(c)allproceedsofthepropertydescribedinthisSection2.2.3.TERMSANDCONDITIONS.SubjecttotheprovisionsoftheLoanAgreement,thebankshallhavetheexclusiverighttodeterminetheapplicationofpaymentsandcredits,ifany,fromtheundersigned,theBorrowerorfromanyotherguarantoroftheIndebtedness.TheBankisauthorized,withoutnoticeordemandandwithoutaffectingtheliabilityofeitheroftheGuarantors,fromtimetotimeto(a)renew,extend,accelerateorotherwisechangethetimeforpaymentof,orothertermsrelatingto,theIndebtedness,orotherwisemodify,amendorchangethetermsoftheTermNote,theLoanAgreement,oranyotheragreement,documentorinstrumentnoworhereafterexecutedbytheBorroweranddeliveredtotheBank;(b)acceptpartialpaymen...