Document:

Exhibit 10.3

TERM 
NOTE

 

	
  $4,500,000

  	
   

  	
  June 30, 2004

  
	
   

  	
   

  	
  Baltimore, Maryland

  

 

FOR VALUE
RECEIVED, TESSCO Technologies Incorporated, a corporation organized under the
laws of the State of Delaware, CARTWRIGHT COMMUNICATIONS COMPANY, a corporation
organized under the laws of the State of Delaware, TESSCO SERVICE SOLUTIONS,
INC., a corporation organized under the laws of the State of Delaware, TESSCO COMMUNICATIONS
INCORPORATED, a corporation organized under the laws of the State of Delaware, WIRELESS
SOLUTIONS INC., a corporation organized under the laws of the State of
Maryland, and TESSCO BUSINESS SERVICES LLC., a limited liability company
organized under the laws of the State of Delaware (collectively, the “Borrowers”),
jointly and severally promise to pay to the order of SUNTRUST BANK, WACHOVIA
BANK, NATIONAL ASSOCIATION, AND THE OTHER LENDERS FROM TIME TO TIME SIGNATORY
TO THE HEREINAFTER DESCRIBED CREDIT AGREEMENT (collectively, the “Lenders”), in
care of Wachovia Bank, National Association as Administrative Agent pursuant to
the Credit Agreement (in such capacity, the “Agent”) at its place of business
as reported in the schedules to the Credit Agreement, or at such other place as
Agent may designate from time to time in writing, in lawful money of the United
States of America and in immediately available funds, the amount of FOUR
MILLION FIVE HUNDRED THOUSAND DOLLARS AND ZERO CENTS ($4,500,000) or so much
thereof as shall be advanced and remain outstanding pursuant to the Credit
Agreement, together with interest on the balance hereof from time to time, from
the date of this Note through and including the date the entire principal sum
hereof has been paid in full, all upon the following terms and conditions:

 

1.             Credit Agreement.  This Note is issued pursuant to that certain
Credit Agreement dated as even herewith, by and among (a) the Borrowers, (b)
the Lenders, (c) the Agent, as administrative and collateral  agent, and (d) SunTrust Bank, as arrangement
agent (the “Arrangement Agent “). 
Capitalized terms used in this Note and not otherwise defined herein
shall have the meaning ascribed thereto in the Credit Agreement.   This Note is entitled to the benefit of the
Credit Agreement and all of the other Loan Documents referred to therein.

 

2.             Interest Rate.  Subject to the provisions of Sections 4.6(a)
and 4.6(b) of the Credit Agreement, except for any period during which an Event
of Default under the Credit Agreement shall have occurred and be continuing,
the unpaid principal balance of this Note shall bear interest at a floating and
fluctuating per annum rate of interest equal at all times to the sum of the
LIBOR Rate plus 1.75%.  If the provisions
of Section 4.6(a), or 4.6(b) of the Credit Agreement shall apply, so long as no
Event of Default has occurred and is then continuing, the unpaid principal
balance of this Note shall bear interest at a floating and fluctuating per
annum rate of interest equal at all times to the sum of the Prime Rate plus
1.75%.

 

Upon the
occurrence and during the continuance of an Event of Default, the unpaid
principal balance of this Note shall bear interest at a per annum rate of
interest three percent (3%) in excess of the rate otherwise applicable hereto.

 

 

3.             Repayment.  The Borrowers shall repay the principal of
any interest on this Note as follows:

 

(a)                                            Commencing
on August 1, 2004, and on the first day of each month thereafter until this
Note is repaid in full, the Borrower shall make consecutive monthly payments
of  accrued and unpaid interest.

 

(b)                                           Commencing
on August 1, 2004, and continuing on the same day of each month thereafter, up
to and including July 1, 2011, the Borrower shall make eighty-four (84)
consecutive monthly payments of principal. The first eighty-three (83) such
payments shall each be in the amount of $18,750, and the final payment, due on
July 1, 20ll shall be in an amount equal to the unpaid principal balance of
this Note.

 

(c)                                            If not
sooner paid, the entire unpaid principal balance of the Loan, and all accrued
and unpaid interest thereon, shall be due and payable on July 1, 2011.

 

4.             Computation of Interest.  Interest shall be computed on the basis of a
360 day-year and assessed for the actual number of days elapsed. The rate of
interest payable hereunder shall be adjusted daily based on any change in the Prime
Rate, if applicable.

 

5.             Business Days.  If any payment on this Note becomes due and
payable on a day other than a Business Day, such payment shall be extended to
the next succeeding Business Day and, with respect to payments of principal,
interest thereon shall be payable at the then applicable rate of interest as
herein provided during such extension.

 

6.             Events of Default and Remedies.
Upon the occurrence of an Event of 
Default specified in Sections 11.1(i) or (j) of the Credit Agreement,
the unpaid balance of this Note, together with interest accrued and unpaid
thereon, shall immediately and automatically become due and payable by the
Borrowers to the Agent for the benefit of the Lenders.  Upon the occurrence of any other Event of
Default under the Credit Agreement, or upon the failure of the Borrower to pay
when due in accordance with this Note, the unpaid principal balance of this
Note, or any payment of interest thereon, with the consent of the Required
Lenders, the Agent may, or upon the request of the Required Lenders, the Agent
shall, accelerate the maturity of this Note and declare the unpaid balance of
this Note then outstanding together with interest accrued and unpaid thereon to
be immediately due and payable, then and in that event the entire balance of
this Note then outstanding together with interest accrued and unpaid thereon
shall be jointly and severally immediately due and payable by the Borrowers to
the Agent for the benefit of the Lenders.

 

7.             Waiver of Due Diligence, Etc.
The Borrowers waive diligence, presentment, demand, protest and notice of any
kind except for any notice expressly provided for herein.

 

8.             Prepayment.   Subject to the provisions of the Credit
Agreement, the Borrowers may prepay all or any portion of this Note at any time
or from time to time without premium. All

 

2

 

prepayments shall be applied first to accrued and unpaid interest, fees
and other charges payable in connection with the Loan, then to principal due at
maturity, then to the principal portion of the monthly installments in the
inverse order of their maturity.

 

9.             Late Charge.  If the Borrowers fail to make any payment of
principal, interest, prepayments (except for voluntary prepayments), fees or
any other amount becoming due pursuant to the provisions of the Credit
Agreement or this Note within fifteen days of the date due and payable, the
Borrowers shall pay to the Agent for the benefit of the Lenders, upon demand, a
late charge equal to five percent (5.0%) of the amount of such payment.  Such fifteen-day period shall not be
construed in any way to extend the due date of any such payment.  Late charges are imposed for the purpose of
defraying the Lenders’ expenses incident to the handling of delinquent
payments, and are in addition to, and not in lieu of, the exercise by the Agent
or the Lenders of any rights and remedies hereunder or under applicable laws
and any fees and expenses of any agents or attorneys which the Agent or the
Lenders may employ upon the occurrence of an Event of Default.

 

10.           Manner of Payment.  (a) All payments and prepayments of this
Note, interest thereon and any other amounts payable hereunder shall be paid in
lawful money of the United States of America in immediately available funds
during regular business hours of the Agent at the Agent’s office specified in
the Credit Agreement or at such other place as the Agent may at any time or
from time to time designate in writing to the Borrowers.

 

(b)           The Borrowers have elected to authorize
the Agent to effect payment of sums due under this Note by means of debiting
the Borrowers’ account number 2000013833602. 
This authorization shall not affect the obligation of the Borrowers to
pay such sums when due, without notice, if there are insufficient funds in such
account to make such payment in full on the due date thereof, or if the
auto-debit feature is at any time terminated by the Agent.

 

11.           Collection Costs.   If this Note is forwarded to an attorney for
collection after maturity hereof (whether by acceleration, declaration,
extension or otherwise), the Borrowers shall pay to the Agent on demand all
costs and expenses of collection including reasonable attorney’s fees.

 

12.           Continuing Validity.  The fact that there may be no amounts outstanding
hereunder at any particular time shall not affect the continuing validity of
this Note.

 

13.           Remedies Cumulative, Etc. The
rights and remedies of the Agent and the Lenders under this Note, the Credit
Agreement and the other Loan Documents shall be cumulative and concurrent and
may be pursued and exercised singularly, successively or concurrently at the
sole discretion of the Agent and the Lenders and may be exercised as often as
the Agent and the Lenders shall deem necessary or desirable, and the nonexercise
by the Agent and the Lenders of any such rights and remedies in any particular
instance shall not in any way constitute a waiver or release thereof in that or
any subsequent instance.

 

14.          Waiver
of Jury Trial.  The Borrowers hereby
voluntarily and intentionally waive any right they may have to a trial by jury
in any action, proceeding or litigation

 

3

 

directly or indirectly arising out of, under
or in connection with this Note, the Credit Agreement or any of the other Loan
Documents.

 

15.           Governing Law. This Note shall
be governed and construed under the laws of the State of Maryland, and each
Borrower hereby irrevocably consents and submits to the jurisdiction and venue
of any state or federal court sitting in the State of Maryland over any suit,
action or judicial proceeding brought to enforce or construe this Note or
arising out of or relating to this Note.

 

{SIGNATURES ON SUCCEEDING PAGE}

 

4

 

IN WITNESS WHEREOF, the Borrowers have caused
this Note to be executed in their names, under their seals and on their behalf
by their duly authorized representatives the day and year first written above.

 

	
  WITNESS/ATTEST:

  	
  TESSCO
  TECHNOLOGIES INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  CARTWRIGHT
  COMMUNICATIONS

  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TESSCO
  SERVICE SOLUTIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  TESSCO
  COMMUNICATIONS

  INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  WIRELESS SOLUTIONS
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
							

 

 

	
   

  	
  TESSCO
  BUSINESS SERVICES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:Exhibit 10.4

 

GUARANTY
AGREEMENT

 

THIS GUARANTY AGREEMENT
(this “Agreement”) is made by TESSCO INCORPORATED, a Delaware corporation (the “Guarantor”)
this 30th day of June, 2004 for the benefit of WACHOVIA BANK, NATIONAL
ASSOCIATION, a national banking association, individually and as agent for the
Lenders from time to time signatory to the Credit Agreement (in such capacity,
the “Agent”).

 

RECITALS

 

Pursuant to a Credit
Agreement of even date herewith by and among (a) TESSCO Technologies
Incorporated, a Delaware corporation (“TESSCO”), Cartwright Communications
Company, a Delaware corporation, TESSCO Service Solutions, Inc., a Delaware
corporation, TESSCO Communications Incorporated, a Delaware corporation,
Wireless Solutions Incorporated, a Maryland corporation, and TESSCO Business
Services, LLC, a Delaware limited liability company, (all of the aforementioned
entities, including TESSCO, being hereinafter called collectively the “Borrowers”);
(b) the Lenders who are or may become a party to the Credit Agreement;  (c) the Agent; and (d) SunTrust Bank, as
Arrangement Agent (as the same may from time to time be amended, restated,
supplemented, or otherwise modified, the “Credit Agreement”), the Lenders have
agreed to make available to the Borrowers a term loan in the principal amount
of up to $4,500,000 (the “Loan”), to proceeds of which will be used to
refinance certain existing indebtedness guaranteed by the Guarantor and secured
by certain real property owned by the Guarantor and located in Baltimore
County, Maryland (the “Property”).

 

The Borrowers’ obligation to
repay the Loan together with interest thereon is evidenced by the Borrowers’
Term Note of even date herewith in the principal amount of $4,500,000, made
payable to the order of the Lenders in care of the Agent (as the same may from
time to time be amended, restated, supplemented, substituted, or otherwise
modified, the “Note”). The Credit Agreement, the Note, this Agreement, the Deed
of Trust (as hereinafter defined) and all other documents now or hereafter
executed and delivered by the Borrowers, the Guarantor, or any other party or
parties to evidence, secure, or guarantee, or in connection with, the Loan are
hereinafter called collectively the “Loan Documents.” All capitalized terms not
otherwise defined herein shall have the meanings ascribed to such terms in the
Credit Agreement.

 

The obligations of the
Guarantor shall be secured by the collateral described in that certain
Indemnity  Deed of Trust of even date
herewith from the Guarantor to certain trustees of the benefit of the Agent on
behalf of the Lenders (as the same may from time to time be amended, restated,
supplemented or otherwise modified, the “Deed of Trust”)

 

In order to induce the
Lenders to make the Loan available to the Borrowers, the Guarantor has
absolutely, unconditionally and irrevocably agreed to guarantee the repayment
in full of the Loan and all other Obligations of the Borrowers to the Agent and
the Lenders, subject to the terms of this Agreement.

 

NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Guarantor hereby agrees as follows:

 

 

AGREEMENTS

 

1.             Guarantee. 
The Guarantor hereby absolutely, irrevocably and unconditionally
guarantees to the Agent and the Lenders (a) the full and punctual payment when
due (whether at stated maturity, upon acceleration or otherwise) of any and all
present and future indebtedness, liabilities and obligations of every kind and
nature whatsoever of the Borrowers to the Agent and/or the Lenders, howsoever
created, arising or evidenced, whether direct or indirect, absolute or
contingent, joint or several, both now and hereafter existing, or due or to
become due, which obligations arise under, out of, as a result of, or in
connection with, the Credit Agreement, the Note, and the other Loan Documents,
including, without limitation, the unpaid principal balance of the Loan,
together with all accrued and unpaid interest thereon, and (b) the due and
punctual performance of all of the other terms and provisions of the Credit
Agreement, the Note and the other Loan Documents (all such indebtedness,
liabilities and obligations referred to in clauses (a) and (b) above are herein
called the “Obligations”).

 

2.             Absolute Guaranty, Etc.  The guaranty given by the Guarantor hereunder
is a guaranty of payment and performance and not merely of collection and shall
remain in full force and effect until all of the Obligations are indefeasibly
paid in full.  The obligations and
liabilities of the Guarantor under this Agreement are the primary, direct and
immediate obligations of the Guarantor and shall in no way be affected,
limited, impaired, modified or released by, subject to or conditioned upon, and
may be enforced against the Guarantor irrespective of (a) any attempt, pursuit,
enforcement or exhaustion of any rights and remedies the Agent or the Lenders
may at any time have to collect any or all of the Obligations (whether pursuant
to any of the Loan Documents or otherwise) from the Borrowers, from any other
maker, endorser, surety or other guarantor of, or pledgor of collateral and
security for, all or any part of the Obligations (each such other maker,
endorser, surety, guarantor or pledgor an “Obligor” and collectively “Obligors”),
and/or by any resort or recourse to or against any collateral and security for
all or any part of the Obligations, (b) the invalidity, irregularity, lack of
priority or unenforceability, in whole or in part, of any or all of the Loan
Documents, (c) any counter-claim, recoupment, setoff, reduction or defense
(other than payment in full of the Obligations), based on any claim the
Guarantor may now or hereafter have against 
the Agent, the Lenders, the Borrowers or any Obligor, (d) the voluntary
or involuntary liquidation, dissolution, termination, merger, sale or other
disposition of any of the Borrowers’ assets and properties, (e) any
bankruptcy, reorganization, insolvency or similar proceedings for the relief of
debtors under any Federal or state law by or against any of the Borrowers, the
Guarantor or any Obligor, or, any discharge, limitation, modification or
release of liability of any of the Borrowers or any Obligor by virtue of any
such proceedings, (f) any event, circumstance or matter to which the
Guarantor  has consented pursuant to the
provisions of paragraph 3 hereof, and (g) any other event or circumstance
which might otherwise constitute a legal or equitable discharge, release or
defense of a guarantor or surety, whether similar or dissimilar to the
foregoing.

 

3.             Consents, Etc. 
Without notice to, or further consent of, the Guarantor, the Guarantor
hereby consents that the Agent or the Lenders may at any time and from time to
time on one or more occasions: (a) renew, extend, accelerate, subordinate,
increase the amount or change the time or manner of payment or performance of,
or otherwise deal with in any manner satisfactory to the Agent and the Lenders,
any of the terms and provisions of, all or any part of the Obligations, (b)
waive, excuse, release, change, amend, modify or otherwise deal with in any

 

2

 

manner
satisfactory to the Agent and the Lenders any of the provisions of any of the
Loan Documents, (c) release any of all of the Borrowers or any or all of the
Obligors, (d) waive, omit or delay the exercise of any of its powers, rights
and remedies against any of all  of the
Borrowers or all or any of the Obligors or any collateral and security for all
or any part of the Obligations, (e) release, substitute, subordinate, add, fail
to maintain, preserve or perfect any of its liens on, security interests in or
rights to, or otherwise deal with in any manner satisfactory to the Agent or
the Lenders, any collateral and security for all or any part of the
Obligations, (f) apply any payments of all or any of the Obligations received
from the Borrowers, the Guarantor, any Obligor or any other party or source
whatsoever to the Obligations in such order and manner as the Agent or the
Lenders may determine, or (g) take or omit to take any other action, whether
similar or dissimilar to the foregoing which may or might in any manner or to
any extent vary the risk of the Guarantor or otherwise operate as a legal or
equitable discharge, release or defense of the Guarantor under applicable laws.

 

4.             Waivers. 
The Guarantor hereby waives (a) notice of the execution and delivery of
any of the Loan Documents, (b) notice of the creation of any of the
Obligations, (c) notice of the Agent’s and the Lenders’ acceptance of and
reliance on this Agreement, (d) presentment and demand for payment of the
Obligations and notice of non-payment and protest of non-payment of the
Obligations, (e) any notice from the Agent or the Lenders of the financial condition
of the Borrowers regardless of the Agent’s or the Lenders’ knowledge thereof,
(f) demand for observance, performance or enforcement of, or notice of default
under, any of the provisions of this Agreement or any of the Loan Documents,
and all other demands and notices otherwise required by law which the Guarantor
may lawfully waive, except for any notice expressly provided for herein or in
the other Loan Documents, (g) any right or claim to cause a marshalling of the
assets of the Borrowers or the Guarantor or any Obligor, (h) any defense
at law or in equity based on the adequacy or value of the consideration for
this Agreement, and (i) until the Obligations have been indefeasibly paid in
full,  any right or claim the Guarantor
may now or hereafter have against any of all of 
the Borrowers or any Obligor with respect to any payment made by the
Guarantor on account of any of the Obligations, which right or claim arises by
way of subrogation, reimbursement, indemnity or otherwise.

 

5.             General Representations and Warranties.  The Guarantor hereby makes the following
representations and warranties to the Agent and the Lenders:

 

5.1.          Existence, Etc. 
The Guarantor is a corporation duly organized, validly existing, and in
good standing under the laws of the state of Delaware under organizational
identification number 2375037. The Guarantor has full power and authority to
execute, deliver and perform this Agreement and the other Loan Documents to
which the Guarantor is a party.  The
execution, delivery and performance of this Agreement and all other Loan
Documents to which the Guarantor is a party have been duly authorized and
approved by all necessary corporate action by the Guarantor and constitute the
legal, valid and binding obligations of the Guarantor enforceable in accordance
with their terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar state or federal debtor
relief laws from time to time in effect which affect the enforcement of
creditors’ rights in general and the availability of equitable remedies.

 

5.2.          Litigation. 
There is no litigation or proceeding pending or, to the knowledge of the
Guarantor, threatened before any court or administrative agency which would

 

3

 

be
reasonably likely to materially and adversely affect the financial condition or
operations of the Guarantor or the authority of the Guarantor to enter into, or
the validity or enforceability of, this Agreement or any of the other Loan
Documents executed and delivered by the Guarantor.

 

5.3.          No Conflicting Agreements or Laws.  There is (a) no provision of the Guarantor’s
organizational documents and no provision of any existing encumbrance, contract
or agreement binding on the Guarantor or affecting its property, and (b) no law
binding upon the Guarantor or affecting any of its property, which would
conflict with or in any way prevent the execution, delivery or performance of
the terms of this Agreement by the Guarantor or of any of the other Loan
Documents executed and delivered by the Guarantor, or which would be in default
or violated as a result of such execution, delivery or performance by the
Guarantor.

 

5.4.          Approvals.  No
authorizations, approvals or consents of (other than those heretofore obtained
and in full force and effect), and no filings or registrations with (other than
those heretofore obtained and in full force and effect), any governmental or
regulatory authority or agency are necessary for the execution, delivery or
performance by the Guarantor of the Loan Documents or for the validity or
enforceability of any of the Loan Documents.

 

5.5.          Taxes, Etc. 
The Guarantor has filed all United States Federal and state tax returns
and all other tax returns that are required to be filed by it and has paid all
taxes due pursuant to such returns or pursuant to any assessment received by
the Guarantor, except such taxes, the payment of which is not yet due, or which
if due, is not yet delinquent or is being contested in good faith or which has
not been finally determined.

 

5.6.          Compliance with Laws, Etc.  The Guarantor is not in violation of any
applicable Federal, state or local law, statute, rule, regulation or ordinance,
the noncompliance with which would have a material adverse affect on the
Guarantor, and has not received any notice of, and is not the subject of, any
investigation or complaint alleging that the Guarantor or any of its property
or assets is in violation of any such law, statute, rule, regulation or ordinance.

 

5.7.          Solvency.  As
of the Closing Date, and after giving effect to the Loan, the Guarantor will,
to the best of its knowledge, be solvent.

 

6.             Covenants. 
The Guarantor covenants and agrees with the Agent that so long as any of
the Obligations shall be outstanding, the Guarantor shall comply with each and
every covenant in the Credit Agreement 
applicable to the Borrowers and 
their Subsidiaries, all as though such covenants were set forth in full
herein.

 

7.             Default. 
The occurrence of any one or more of the following events shall
constitute an Event of Default under the provisions of this Agreement, and the
term “Event of Default” as used in this Agreement shall mean the occurrence of
any one or more of the following events: 
(a) the failure of  the Guarantor
to promptly pay or perform, within any applicable grace or cure period,  all or any part of the Obligations to be paid
or performed by the Guarantor under the provisions of paragraph 1 of this
Agreement, (b) any representation or warranty made herein or any financial
statement or other information furnished by 
the Guarantor pursuant hereto shall prove to be false or misleading in
any material adverse respect on the date as of which made or furnished,
(c) the failure of the Guarantor to observe, perform and comply with any
of the covenants set forth in this Agreement (provided, however, that, to the
extent that

 

4

 

any
such covenant is incorporated herein by reference to the Credit Agreement, a
Default shall be deemed to have occurred as a result of the violation of any
such covenant only upon the expiration of the notice or cure period, if any,
provided with respect to such covenant in the Credit Agreement) or (d) the
occurrence of a default under the Note, the Credit Agreement, or  any of the other Loan Documents, and the same
is not cured within applicable grace or cure periods, if any.

 

8.             Rights and Remedies.  Upon the occurrence of an Event of Default
specified in Sections 11.1(i) or 11.1(j) of the Credit Agreement, the unpaid
principal amount of the Obligations then outstanding  (whether matured or unmatured and regardless
of whether any portion of such Obligations are then due and payable by the
Borrowers or any Obligor) shall immediately become due and payable without
further action of any kind and without presentment, demand, protest or notice
of any kind (except such notice rights as are expressly provided herein or in
the other Loan Documents, which are not waived) all of which are hereby expressly
waived by the Guarantor.  If any other
Event of Default shall occur hereunder, then in each and every such case, with
the consent of the Required Lenders, the Agent may, or upon the request of the
Required Lenders, the Agent shall declare the unpaid principal amount of the
Obligations  (whether matured or
unmatured and regardless of whether any portion of such Obligations are then
due and payable by the Borrowers or any Obligor) to be immediately due and
payable, whereupon the same shall forthwith become due and payable by the
Guarantor, without presentment, demand, protest or notice of any kind, all of
which the Guarantor hereby expressly waives. 
Upon the occurrence and during the continuation of any Event of Default,
the Agent may at any time and from time to time exercise any powers, rights and
remedies available to the Agent under the provisions of this Agreement and
applicable laws to enforce and collect the obligations and liabilities of the
Guarantor hereunder, all such powers, rights and remedies being cumulative and
enforceable alternatively, successively or concurrently.  The Guarantor shall  pay to the Agent on demand the amount of any
and all costs and expenses, including, without limitation, court costs and
reasonable attorney’s fees and expenses, paid or incurred by or on behalf of
the Agent in exercising any such powers, rights and remedies, together with
interest thereon from the date due until paid in full at the default rate
described in the Credit Agreement.  Each
and every Event of Default hereunder shall give rise to a separate cause of
action hereunder, and separate actions may be brought hereunder as each cause
of action arises.  No failure or delay by
the Agent or the Lenders in one or more instances to require strict performance
by the Guarantor of any of the provisions hereof or to exercise any powers,
rights or remedies available to it under the provisions of this Agreement or
applicable laws shall operate as a waiver thereof or preclude the Agent or the
Lenders at any later time or times from demanding strict performance thereof or
exercising any such powers, rights or remedies. 
No conduct, custom or course of dealing shall be effective to waive,
amend, modify or release this Agreement. 
No modification or waiver of any of the provisions of this Agreement
shall be effective unless it is in writing and signed by the Agent, and any
such waiver shall be effective only in the specific instance and for the
specific purpose for which it is given.

 

9.             Notices.  Any notice, request, demand or other
communication with respect to this Agreement shall be deemed sufficient if in
writing and mailed by certified mail, postage prepaid, return receipt
requested, if to the Guarantor at 11126 McCormick Road, Hunt Valley, Maryland
21031-4302, Attention: Robert C. Singer, Senior Vice President and Chief
Financial Officer, and if to the Agent at 7 St. Paul Street, 2nd Floor,
Baltimore, Maryland 21202, Attention: Lucy Campbell, with a copy to each of the
Lenders at the addresses provided for in the Credit

 

5

 

Agreement, or to such other address as either party shall designate by
written notice to the other sent in accordance with this Agreement.  Notwithstanding anything in any of the Loan
Documents to the contrary, any notice or other communication which is mailed
shall not be deemed given until the day after such notice or other
communication has been mailed.

 

10.           Consent to Jurisdiction.  The Guarantor irrevocably (a) consents and
submits to the jurisdiction and venue of any state or federal court sitting in
the State of Maryland over any suit, action or proceeding arising out of or
relating to this Agreement or any of the Loan Documents, (b) waives, to the
fullest extent permitted by law, any objection that the Guarantor may have to
the venue of any such suit, action or proceeding, or that any such suit, action
or proceeding has been brought in an inconvenient forum, and (c) consents to
the service of process in any such suit, action or proceeding by the mailing of
copies of such process to the Guarantor by certified or registered mail at the
Guarantor’s address set forth herein for the purpose of giving notice.

 

11.           WAIVER OF JURY TRIAL.  THE GUARANTOR, THE AGENT AND THE LENDERS
HEREBY VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT ANY OF THEM MAY HAVE TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THE OBLIGATIONS AND LIABILITIES OF
THE GUARANTOR HEREUNDER, THE OBLIGATIONS, THIS AGREEMENT OR ANY OF THE LOAN
DOCUMENTS.

 

12.           Continuing Agreement.  This Agreement shall be a continuing one and
shall be binding upon the Guarantor regardless of how long before or after the
date hereof any of the Obligations were or are incurred, and all representations,
warranties, covenants, undertakings, obligations, consents, waivers and
agreements of the Guarantor herein shall survive the date of this Agreement and
shall continue in full force and effect until all Obligations have been
indefeasibly paid in full and no commitments therefor are outstanding.  This Agreement shall continue to be
effective, or be reinstated, as the case may be, if at any time any payment, or
any part thereof, of any of the Obligations or of any of the obligations and
liabilities of the Guarantor hereunder is rescinded or must otherwise be
restored or returned by the Agent upon the insolvency, bankruptcy,
receivership, dissolution, liquidation or reorganization of the Borrowers or
the Guarantor or any Obligor, or upon or as a result of the appointment of a
receiver, intervener or conservator of, or trustee or similar officer for,  the Borrowers or the Guarantor or any Obligor
or any substantial part of the property of the Borrowers or the Guarantor or
any Obligor, or otherwise, all as though such payment had not been made and
irrespective of whether such payment is returned to the party who originally
made it or to some other party.

 

13.           Miscellaneous. 
All amounts payable by the Guarantor hereunder to the Agent shall be
paid in lawful money of the United States of America in good funds at the Agent’s
address set forth herein for the purpose of giving notice or to such other
place as the Agent or other holder of this Agreement may from time to time
designate.  The Lenders may, without
notice to or consent of the Guarantor, assign or transfer all or any part of
the Obligations upon and subject to the terms and conditions set forth in the
Credit Agreement, and this Agreement will inure to the benefit of any such
Lender’s permitted assignee or transferee; provided, that such Lender shall
continue to have the unimpaired right to enforce this Agreement as to that part
of the Obligations such Lender has not assigned or transferred.  The invalidity, illegality or

 

6

 

unenforceability
of any provision of this Agreement shall not affect the validity, legality or
enforceability of any other provisions of this Agreement which shall remain
effective.  This Agreement and the rights
and obligations of the parties hereunder shall be construed and interpreted in
accordance with the laws of the State of Maryland, both in interpretation and
performance.  Time is of the essence in
connection with all obligations of the Guarantor hereunder.  This Agreement may be executed in any number
of duplicate originals or counterparts, each of such duplicate originals or
counterparts shall be deemed to be an original and all taken together shall
constitute but one and the same instrument. 
Paragraph and subparagraph headings in this Agreement are included
herein for convenience of reference only, and shall not be deemed to affect the
meaning or construction of any of the provisions hereof.  This Agreement shall be jointly and severally
binding upon the Guarantor and its successors, assigns, heirs, personal
representatives, executors, administrators and estate and shall inure to the
benefit of the Agent, the Lenders and their successors and assigns.

 

7

 

IN WITNESS WHEREOF, the Guarantor has executed and delivered this
Guaranty Agreement under  seal as of the
day and year first written above.

 

	
  WITNESS/ATTEST:

  	
  TESSCO INCORPORATED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (Seal)

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]