Document:

Exhibit 10.8

 

FIRST
AMENDMENT OF LEASE AGREEMENT

 

THIS FIRST AMENDMENT OF LEASE AGREEMENT (this “Amendment”)
made as of the 13th day of May, 2005 by and between MATRIX/AEW NB, LLC, a New
Jersey limited liability company, having an address c/o Matrix Realty, Inc.,
3 Centre Drive, Jamesburg, New Jersey 08831 (“LESSOR”), and SENESCO TECHNOLOGIES, INC. (the “LESSEE”), a Delaware
corporation, having an address at 303 George Street, 4th Floor, New
Brunswick, New Jersey 08901.

 

W
I  T  W  E  S  S  E  T  H:

 

WHEREAS, pursuant
to a certain lease dated as of March 16, 2001 (the “Lease”), LESSOR
leased to LESSEE, and LESSEE hired from LESSOR approximately 1,622 square feet
of space (the “Demised Premises”) located on the fourth (4th) floor of a
building located at Plaza I, 303 George Street, New Brunswick, New Jersey (the “Building”);
and

 

WHEREAS, LESSEE
desires to surrender the Demised Premises to LESSOR, relocate to certain office
space located on the fourth (4th) floor of the Building, which
office space consists of 3,648 rentable square feet, as more particularly
described on Schedule C annexed hereto and made a part hereof (the “Substitute
Demised Premises”), and extend the Term of the Lease; and

 

WHEREAS, LESSOR
is willing to (i) accept LESSEE’S surrender of the Demised Premises, (ii) lease
the Substitute Demised Premises to LESSEE and (iii) extend the Term of the
Lease, subject to the terms and conditions set forth in this Amendment;

 

NOW, THEREFORE,
in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, LESSOR and LESSEE hereby agree as follows:

 

l.              As
of the date hereof the Lease shall be deemed amended as follows:

 

(a)           Promptly
following the execution and delivery of this Amendment by both LESSOR and
LESSEE, LESSOR agrees to perform the Finish Work, as that term is hereinafter
defined, to the Substitute Demised Premises using commercially reasonable diligence.

 

(b)           LESSEE
acknowledges and agrees that neither LESSOR nor any employee, agent or
representative of LESSOR has made any express or implied representations or
warranties with

 

 

respect to the physical condition of the Substitute Demised Premises,
the fitness or quality thereof or any other matter or thing whatsoever with
respect to the Substitute Demised Premises or any portion thereof, and that
LESSEE is not relying upon any such representation or warranty in entering into
this Amendment. Supplementing the foregoing, LESSEE agrees further to accept
possession of the Substitute Demised Premises in its “AS IS” condition as of
the date of this Amendment, except LESSOR shall,
at LESSOR’S sole cost and expense, paint the Substitute Demised
Premises using Building standard paint selected by LESSEE (the “Finish Work”).

 

(c)           For
purposes of this Amendment, the Substitute Demised Premises Commencement Date
shall be the date LESSOR shall complete the Finish Work in the Substitute
Demised Premises. LESSOR shall notify LESSEE of the date LESSOR anticipates completing
the Finish Work (the “Estimated Substitute Demised Premises Commencement
Date” at least fifteen (15) days before the Finish Work in the Substitute
Demised Premises is completed. LESSEE acknowledges and agrees that LESSOR shall
have no liability to LESSEE, if the Substitute Demised Premises Commencement
Date shall be later than the Estimated Substitute Demised Premises Commencement
Date set forth in LESSOR’S notice. LESSEE shall, at LESSEE’S sole cost and
expense, move all of LESSEE’S equipment, furniture and personal property from
the Demised Premises to the Substitute Demised Premises on or before the
Substitute Demised Premises Commencement Date. LESSEE agrees that any
equipment, furniture and personal property placed by LESSEE into the Substitute
Demised Premises prior to the Substitute Demised Premises Commencement Date
shall be done solely at LESSEE’S risk. LESSEE shall be liable to LESSOR in the event
LESSEE, its employees, agents, contractors or subcontractors damage the
Substitute Demised Premises or the Building systems and equipment serving the
Substitute Demised Premises prior to the Substitute Demised Premises
Commencement Date.

 

(d)           From and
after the execution and delivery of this Amendment by both parties, LESSEE
shall have access to the Substitute Demised Premises, upon reasonable prior
notice to LESSOR, to install its telephone and computer systems and to otherwise
prepare the Substitute Demised Premises for LESSEE’S occupancy, provided, however,
that LESSEE’S exercise of its rights under this Paragraph 1(d) shall
in no event interfere with or obstruct LESSOR’S maintenance or operation of the
Building or the Premises or LESSOR’S completion of the Finish Work, and LESSOR
shall have the right to restrict or otherwise prohibit LESSEE’S access to the
Substitute Demised Premises prior to the Substitute Demised Premises
Commencement Date, in LESSOR’S sole discretion.

 

2

 

(e)           Section l.l
(af) of the Lease shall be deleted in its entirety and the following shall
be inserted in lieu thereof:

 

“LESSEE’S
Proportionate Share: for all purposes of this Lease, LESSEE’S Proportionate
Share for the period from the date of this Amendment to the Substitute Demised
Premises Commencement Date shall be 1.75%.”

 

(f)            Section l.l
(bj) shall be deleted in its entirety and the following shall be inserted
in lieu thereof:

 

“Termination Date:
shall mean May 31, 2011, or such earlier date upon which the Term may
expire or be terminated pursuant to any of the conditions of this Lease, or any
amendment thereto, or pursuant to law.”

 

(g)           The last sentence of Article 26 shall
be deleted in its entirety and
the following shall be inserted in lieu thereof:

 

“All such notices,
demands, requests, consents, approvals, offers, statements and other
instruments or communications shall be addressed to LESSEE at the Demised
Premises (Plaza I, 303 George Street, New Brunswick, New Jersey 08901, to the
attention of Mr. Joel Brooks), with a copy to Emilio Ragosa, Esq.,
Morgan Lewis & Bockius LLP, 502 Carnegie Center, Princeton, New Jersey
08540, and shall be addressed to LESSOR at the address for LESSOR set forth
above.”

 

(h)           The
following new Article 30 shall be inserted in the Lease:

 

“Article 30

 

Early Termination Option

 

30.1 (a) Notwithstanding anything to the contrary
contained in this Lease, LESSEE shall have the right to terminate this Lease as
of May 31, 2009 (the “Early Termination Date”) provided (i) there
is no default by LESSEE under this Lease as of the giving of LESSEE’s notice
terminating this Lease or as of May 31, 2009, (ii) LESSEE notifies
LESSOR of its election to terminate this Lease by notice given on or before August 31,
2008 (time being of the essence with respect to the giving of such notice) and (iii) LESSEE
pays to LESSOR, simultaneously with the giving of such termination notice, the
Termination Fee as

 

3

 

consideration for the granting of the termination
option. If any of the conditions set forth in the preceding sentence are not
satisfied, then LESSEE shall be deemed to have waived its termination option.
For the purposes of this Paragraph 4, the term “Termination Fee”
shall mean the sum of $39,216.00.

 

(b)           LESSEE’S
failure to notice LESSOR in the required time period shall constitute a waiver
of LESSEE’S right to terminate this Lease.

 

(c)           LESSOR may
reject LESSEE’S election to terminate this Lease if LESSEE is in default of
this Lease at the time of LESSEE’S election to terminate or as of May 31, 2009,
as the case may be. If LESSOR does not reject LESSEE’S election to terminate
this Lease, LESSEE will cure any default that exists under this Lease prior to the
Early Termination Date and LESSEE’S obligation to cure any such default within
the period of time specified in this Lease will survive the Early Termination
Date.

 

(d)         On
or prior to the Early Termination Date, LESSEE will surrender possession of the
Demised Premises LESSOR in accordance with Article 24 of this
Lease, as if the Early Termination Date was the expiration date of this Lease. Upon
termination, LESSOR and LESSEE will be relieved of their obligations under this
Lease with respect to the Demised Premises, except for those accruing prior to
the Early Termination Date.

 

(i)            Schedule B,
Section I of the Lease
shall be deleted in its entirety and the following shall be inserted in lieu
thereof:

 

“The
Basic Rent for the period from the date of this Amendment to the Substitute
Demised Premises Commencement Date shall be $34,062.00 per annum, which sum
shall be prorated for any period less than a year, payable in equal monthly
installments of $2,838.50.”

 

2.             Effective
as of the Substitute Demised Premises Commencement Date, the Lease is hereby
amended as follows:

 

(a)           LESSEE
shall surrender the Demised Premises (leased by LESSEE prior to the Substitute
Demised Premises Commencement Date) to LESSOR in accordance with the provisions
of this Paragraph 2 (a) and Article 24 of the Lease on
the Substitute Demised Premises Commencement Date, and the Substitute Demised
Premises shall be referred to as the Demised Premises commencing

 

4

 

on the Substitute Demised Premises Commencement Date. For purposes of
this Amendment, the Surrender Date shall be defined as the day when the
following two (2) conditions have been fully satisfied: (i) LESSEE
has quit, surrendered and delivered to LESSOR actual and exclusive possession
of the Demised Premises and (ii) the Demised Premises are empty, vacant,
broom clean, in good order and condition and free of all occupants, liens and
property required to be removed in accordance with Article 24 of
the Lease. If the Surrender Date fails to occur on or before the date which is
ten (10) days after the Substitute Demised Premises Commencement Date,
LESSEE shall pay to LESSOR double the Basic Rent applicable to the Demised
Premises for each day between the Substitute Demised Premises Commencement Date
and the Surrender Date. LESSEE understands that after the Substitute Demised
Premises Commencement Date, all or a part of the Demised Premises (leased by
LESSEE prior to the Substitute Demised Premises Commencement Date) may be
subject to certain rights of occupancy held by other parties and that any
retention of possession by LESSEE beyond the Substitute Demised Premises
Commencement Date may cause significant hardship on LESSOR and on parties to
whom certain rights of occupancy for all or any part of the Demised Premises
may have been granted. In connection with the foregoing, LESSEE shall defend,
indemnify and hold LESSOR harmless against all liabilities, damages and
expenses sustained by reason of any such retention of possession beyond the
Substitute Demised Premises Commencement Date. Nothing contained in this
Paragraph shall be construed as a consent by LESSOR to the occupancy or
possession by LESSEE of the Demised Premises beyond the Substitute Demised
Premises Commencement Date and LESSOR, after the Substitute Demised Premises
Commencement Date, shall also be entitled to consequential damages and to the
benefit of all legal remedies that now may be in force or may be hereafter
enacted for summary possession of the Demised Premises.

 

(b)           Sections
1.1 (b), (c), and (d) shall be deleted in their entirety.

 

(c)           Section 1.1
(q) shall be deleted in its entirety and the following shall be inserted in
lieu thereof:

 

“Demised Premises:
the portion of the fourth (4th) floor of the Building as more particularly
shown on Schedule c attached hereto, consisting of approximately
3,648 rentable square feet.”

 

(d)           Section l.1
(af) shall be deleted in its entirety and the following shall be inserted
in lieu thereof:

 

“LESSEE’S
Proportionate Share: for all purposes of this Lease, it is agreed to be
1.75% up to and

 

5

 

including May 17, 2006; provided however, for the
period beginning on May 18, 2006 through the Termination Date it shall be
3.94%.

 

(e)           Section 2.6
of the Lease shall be deleted in its entirety.

 

(f)            Schedule B,
Section I of the Lease shall be deleted in its entirety and the
following shall be inserted in lieu thereof:

 

“(i)          The
Basic Rent for the period from the Substitute Demised Premises Commencement
Date to May 17, 2006 shall be $34,062.00 per annum, which sum shall be
prorated if such period is less than a year, payable in equal monthly
installments of $2,838.50;

 

(ii)           The
Basic Rent for the period beginning on May 18, 2006 and ending on May 31,
2007 shall be $76,608.00, which sum shall be prorated if such period is lees
than a year, payable in equal monthly installments of $6,384.00;

 

(iii)          The
Basic Rent for the period beginning on June 1, 2007 and ending on May 31,
2008 shall be $77,520.00, payable in, equal monthly installments of $6,460.00;

 

(iv)          The Basic Rent for the period
beginning on June 1, 2008 and ending on May 31, 2009 shall be $78,432.00
payable in equal monthly installments of $6,536.00;

 

(v)           The
Basic Rent for the period beginning on June 1, 2009 and ending on May 31,
2010 shall be $79,344.00 payable in equal monthly installments of $6,612.00;
and

 

(vi)          The
Basic Rent for the period beginning on June 1, 2010 and ending on May 31,
2011 shall be $80,256.00 payable in equal monthly installments of $6,688.00.”

 

(g)          Schedule C
and Schedule C-l of the Lease shall be deleted in their entirety
and the Schedule C attached hereto shall be substituted in lieu
thereof.

 

(h)         Schedule D
and Schedule E of the Lease shall be deleted in their entirety.

 

6

 

3.             LESSEE
represents to LESSOR that LESSEE has not dealt with any real estate broker or
sales representative in connection with this Amendment. For purposes of this
Amendment, the phrase “real estate broker or sales representative” shall be
deemed to include any finder/consultant retained by LESSEE, but whose fees are
to be paid by LESSOR. LESSEE agrees to indemnify and hold harmless LESSOR,
LESSOR’S managing agent, and the respective directors, officers, employees, members
and partners of the foregoing entities, or of any partner of the foregoing
entities, from and against any threatened or asserted claims, liabilities, losses
or judgments (including reasonable attorneys’ fees and disbursements) by any
real estate broker or sales representative (other than those set forth above)
based on alleged contacts between such broker or sales representative and
LESSEE which have resulted in allegedly providing such broker or sales
representative with the right to claim a commission or finder’s fee in
connection with this Amendment. The provisions of this Article shall
survive the expiration or sooner termination of this Lease.

 

4.             LESSEE represents
that the undersigned corporate officer of the LESSEE corporation has been duly
authorized on behalf of the LESSEE corporation to enter into this Amendment in accordance
with the terms, covenants and conditions set forth herein, and upon LESSOR’S
request, LESSEE shall deliver evidence, in form and substance satisfactory to
LESSOR, to the foregoing effect.

 

5.             Except
as expressly provided in this Amendment, all of the terms and conditions of the
Lease shall remain unmodified and shall continue in full force and effect, and
are hereby ratified and confirmed. Capitalized terms used in this Amendment,
but not defined herein, shall have the meaning ascribed to such terms in the
Lease.

 

6.             This
Amendment may not be changed orally and shall be binding upon and inure to the
benefit of the parties hereto and their respective successors, permitted assigns
and legal representatives.

 

7.             If any
provision of this Amendment shall be held invalid or unenforceable according to
law, the remaining provisions herein shall not be affected thereby and shall continue
in full force and effect.

 

7

 

IN WITNESS WHEREOF, the parties have executed this Lease as of the date
first above written.

 

 

	
  WITNESS:

  	
  LESSOR:

  
	
   

  	
   

  
	
  (SEAL)

  	
  MATRIX/AEW NB, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
  BY: Taylor/Epstein Investment

  Fund, LLC, its Manager

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Felicia Arias

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Donald M. Epstein

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Donald M. Epstein

  
	
   

  	
   

  	
   

  	
  Title:   Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ATTEST:

  	
  LESSEE:

  
	
   

  	
   

  	
   

  	
   

  
	
  (SEAL)

  	
  SENESCO TECHNOLOGIES, INC. 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Arlene M. Hanley

  	
   

  	
  By:

  	
  /s/ Joel Brooks

  	
   

  
	
  Secretary

  	
   

  	
  Name:

  	
  Joel Brooks

  
	
   

  	
  Title:

  	
  CFO

  	
   

  
									

 

8

 

SCHEDULE C 

 

SUBSTITUTE DEMISED
PREMISES

 

9

 

 

SCHEDULE-C

 

 

COMMENCEMENT
DATE AGREEMENT

 

THIS
COMMENCEMENT DATE AGREEMENT (this “Agreement”), made as of
the 14 day of June, 2005,
Matrix/AEW NB, LLC (“LESSOR”),
having an address at c/o Matrix Realty, Inc., Forsgate Drive, CN 4000, Cranbury,
New Jersey 08512, and Senesco Technologies, Inc. (“LESSEE”),
having an address at Plaza I, 303 George Street, New Brunswick, New Jersey
08901.

 

WITNESSETH:

 

WHEREAS,
pursuant to a certain Lease Agreement dated as of March 16,
2001, LESSOR leased to LESSEE, and LESSEE hired
from LESSOR, the Demised Premises
and pursuant to a certain First Amendment to Lease Agreement dated as of May 13,
2005 (said lease agreement and amendment, being hereinafter collectively
referred to as the “Lease”) LESSOR leased
to LESSEE, and LESSEE hired from LESSOR, the Substitute Demised Premises and

 

WHEREAS,
LESSOR and LESSEE now
desire to memorialize the Substitute Demised Premises Commencement Date and the
Termination Date;

 

NOW,
THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, LESSOR and
LESSEE hereby agree as follows:

 

The Substitute
Demised Premises Commencement Date is June 9, 2005 and the Termination
Date is May 31, 2011, or such earlier date upon which the Term may expire
or be terminated or be extended pursuant to any of the conditions of the Lease
or pursuant to law, or extended per any such provision provided in the lease.

 

IN
WITNESS WHEREOF, the parties hereto have signed this
Commencement Date Agreement as of the date first above written:

 

	
   

  	
  LESSOR:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald M. Epstein

  	
   

  
	
   

  	
   

  
	
   

  	
  Title

  	
  Manager

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LESSEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Joel Brooks

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  CFOExhibit 10.1

 

SECOND AMENDMENT TO LOAN AND
SECURITY AGREEMENT

 

THIS SECOND AMENDMENT TO
LOAN AND SECURITY AGREEMENT (this “Agreement”) is made and entered into as of
the 30th day of June, 2005, among FCC, LLC, d/b/a First
Capital, a Florida limited liability company (“Lender”), PAWNMART, INC., a Nevada corporation (“Borrower”), and XPONENTIAL, INC., a Delaware corporation (“Parent”; Borrower
and Parent are sometimes referred to herein individually as an “Obligor” and
collectively as the “Obligors”).

 

W I  T  N  E
S  S  E  T  H:

 

WHEREAS, Obligors and Lender are parties to that
certain Loan and Security Agreement dated as of June 17, 2004 (as amended,
restated, modified or supplemented from time to time, the “Loan Agreement”);
and

 

WHEREAS, Obligors have requested that Lender agree
to amend the Loan Agreement in certain respects; and

 

WHEREAS, Lender has agreed to do so on the terms and
conditions set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing
premises, and other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, the parties hereto hereby agree
as follows:

 

1.             Definitions.  All capitalized terms used herein and not
otherwise expressly defined herein shall have the respective meanings given to
such terms in the Loan Agreement.

 

2.             Securities Account.  Lender hereby releases its security
interest in securities account number 1192-1233 maintained by Wachovia
Securities (“Wachovia”) for Parent (the “Securities Account”), and Lender also
releases its security interest in all cash, stocks, bonds, mutual fund shares
and other assets held in the Securities Account.  Lender agrees to promptly notify Parent and
Wachovia in writing that the Account Control Agreement among Lender, Wachovia
and Parent with respect to the Securities Account is terminated.

 

3.             Collection Days.  The Loan Agreement is amended by deleting Item 4 of the Schedule to the
Loan Agreement and inserting the following in lieu thereof:

 

4.             Collection Days:  One Business Day

 

4.             Cap-Ex Facility.

 

(a)           In
addition to the loans made from time to time by Lender to Borrower pursuant to Section 2(a) of
the Loan Agreement (the “Revolving Loans”), Lender agrees, subject to the terms
and conditions hereof and the terms and conditions of the Loan Agreement
(including Section 2(e)(ii)), to make advances to Borrower from time to
time from the date hereof and prior to the termination of the Loan Agreement in
order to finance Borrower’s purchase of Equipment (each such advance, a “Cap-Ex
Loan”).  Lender shall have no obligation
to make a Cap-Ex Loan if, after giving effect to such requested Cap-Ex Loan,
the outstanding principal balance of the Cap-Ex Loans would exceed
$250,000.  Borrower’s obligation to repay
the Cap-Ex Loans shall be secured by the Collateral, and the Cap-Ex Loans shall
constitute “Obligations” under the Loan Agreement.  The Cap-Ex Loans shall bear interest at a
rate per annum equal to the Prime Rate plus 1.50%.  At Lender’s option while

 

 

a Default exists, the then-applicable default
margin set forth in the Loan Agreement shall be added to the interest rate
otherwise applicable to the Cap-Ex Loans.

 

(b)           Borrower
shall repay the Cap-Ex Loans in monthly installments of principal, together
with all accrued interest thereon, on the first day of each calendar month beginning on the first such date following the
making of the initial Cap-Ex Loan, such monthly installments to be in amounts
sufficient to fully amortize the then-outstanding aggregate principal balance
of the Cap-Ex Loans over an assumed term ending on the fifth anniversary of the
date hereof, and Borrower shall make a final payment of all outstanding
principal and interest with respect to the Cap-Ex Loans on the date on which
the Loan Agreement terminates for any reason (including acceleration of the
Obligations by Lender).  If Lender makes any additional Cap-Ex Loan(s)
after the initial Cap-Ex Loan, the amount of each monthly installment will be
increased so that the remaining payments will fully amortize the aggregate
outstanding principal balance of the Cap-Ex Loans by the fifth anniversary of
the date hereof.  Lender may make a
Revolving Loan for the account of Borrower in order to pay any principal or
interest payment due with respect to a Cap-Ex Loan.

 

(c)           Borrower shall comply with the following
procedures in requesting Cap-Ex Loans:

 

(i)            Borrower shall make each request for
a Cap-Ex Loan to Lender in writing no later than 11:00 a.m. eastern time
on the Business Day which is one Business Day prior to the Business Day on
which Borrower wishes to receive the applicable Cap-Ex Loan.  Requests for Cap-Ex Loans shall specify the
date of the requested Cap-Ex Loan, the amount thereof and a description of the
Equipment to be acquired with the proceeds thereof (including the total
purchase price therefor), together with such other information as Lender may
reasonably request.

 

(ii)           Each Cap-Ex Loan shall be in an
amount of at least $10,000, and no Cap-Ex Loan shall exceed 75% of the cost of
the Equipment to be acquired with the proceeds thereof, net of taxes, shipping
costs, installation costs and other “soft costs”.

 

(d)           Parent
hereby acknowledges and agrees that its guaranty set forth in Section 15
of the Loan Agreement applies to the Cap-Ex Loans as well as the Revolving
Loans and other Obligations.

 

5.             Representations and Warranties.  Each Obligor hereby restates, ratifies, and
reaffirms each and every term, condition representation and warranty heretofore
made by it under or in connection with the execution and delivery of the Loan
Agreement, as amended hereby, and the other Loan Documents, as fully as though
such representations and warranties had been made on the date hereof and with
specific reference to this Agreement and the Loan Documents.

 

6.             No Other Amendment.  Except as set forth herein, the Loan
Agreement shall be and remain in full force and effect as originally written,
and shall constitute the legal, valid, binding and enforceable obligation of
Obligors to Lender.

 

7.             Lender’s Costs.  In consideration of the accommodations made by
Lender hereunder, Borrower agrees to pay to Lender on demand all costs and
expenses of Lender in connection with the preparation, execution, delivery and
enforcement of this Agreement and the other Loan Documents and any other
transactions contemplated hereby and thereby, including, without limitation,
the reasonable fees and out-of-pocket expenses of legal counsel to Lender.

 

2

 

8.             No Default.  To induce Lender to enter into this
Agreement, each Obligor hereby represents and warrants that, as of the date
hereof, and after giving effect to the terms hereof, there exists no Default
under the Loan Agreement or any of the other Loan Documents.

 

9.             Counterparts.  This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which, when so executed and delivered, shall be deemed to be an original and
all of which counterparts, taken together, shall constitute but one and the
same instrument.

 

10.           Successors and Assigns.  This Agreement shall be binding upon and
inure to the benefit of the successors and permitted assigns of the parties
hereto.

 

11.           Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Georgia, other than its
laws respecting choice of law.

 

IN WITNESS WHEREOF, Borrower, Parent and Lender have
caused this Agreement to be duly executed as of the date first above written.

 

	
   

  	
  PAWNMART, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert W. Schleizer

  	
   

  
	
   

  	
  Name:

  	
  Robert W. Schleizer

  	
   

  
	
   

  	
  Title:

  	
  CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  XPONENTIAL, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert W. Schleizer

  	
   

  
	
   

  	
  Name:

  	
  Robert W. Schleizer

  	
   

  
	
   

  	
  Title:

  	
  CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FCC, LLC, d/b/a First Capital

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evan G. Jones

  	
   

  
	
   

  	
  Name:

  	
  Evan G. Jones

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
										

 

Each
of the undersigned acknowledges the foregoing and agrees that his respective
Validity and Support Agreement in favor of Lender dated as of June 17,
2004 remains in full force and effect, subject to no right of offset, claim or
counterclaim.

 

	
   /s/ Robert W. Schleizer

  	
   

  
	
  ROBERT W. SCHLEIZER

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   /s/ Dwayne A. Moyers

  	
   

  
	
  DWAYNE A. MOYERS

  	
   

  
	
   

  

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]