Document:

Loan Agreement Addendum between Segmentz, Inc., and Fifth Third Bank

 Exhibit 10.3 
  
 LOAN AGREEMENT 
 ADDENDUM TO SECURITY AGREEMENT 
 DATED NOVEMBER 17, 2004, FROM 
 SEGMENTZ, INC. (“Debtor”) 
 TO FIFTH THIRD BANK 
 (the “Bank”) 
  
 Incorporation and Conflict 
  
 The provisions of this Addendum are hereby made a part of the Security Agreement described above. In the event of a conflict between the terms of this
Addendum and the terms of such Security Agreement, the terms of this Addendum shall control. If the date of signing of this Addendum is later than the date of signing of any other Addendum to such Security Agreement, this Addendum shall supersede
and replace such prior Addendum. 
  
 Additional Provisions

  
 12. Definitions. The following definitions are used
herein: 
  
 “Affiliate” means, as to Debtor, (a) any
person or entity which, directly or indirectly, is in control of, is controlled by or is under common control with, Debtor, or (b) any person who is a director, officer or employee (i) of Debtor or (ii) of any person described in the preceding
clause (a). 
  
 “Current Maturities of Long Term Debt”
means that portion of the principal amount of Long Term Debt which must be repaid during any period of determination thereof. 
  
 “Debt” means the total liabilities of Debtor as defined in accordance with generally accepted accounting principles, consistently applied.

  
 “Debt Service Coverage Ratio” means the ratio of (a)
the sum of Debtor’s net income, for any period of determination thereof, before taxes, depreciation, amortization and interest expense, less distributions, dividends and capital expenditures and other extraordinary items to (b) the sum of the
undersigned’s interest expense, Current Maturities of Long Term Debt and capital lease obligations for such period of determination. 
  
 “Long Term Debt” means indebtedness of Debtor which either by its terms is not payable in full within one year from the date incurred, or the
repayment of which may, at the option of the obligor, be extended for a period of more than one year from the date incurred. 
  
 “Rate Management Agreement” means any agreement, device or arrangement providing for payments which are related to fluctuations of interest
rates, exchange rates, forward rates, or equity prices, including, but not limited to, dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar 

 protection agreements, forward rate currency or interest rate options, puts and warrants, and any agreement pertaining to
equity derivative transactions (e.g., equity or equity index swaps, options, caps, floors, collars and forwards), including without limitation any ISDA Master Agreement between the undersigned and the Bank or any affiliate of Fifth Third Bancorp,
and any schedules, confirmations and documents and other confirming evidence between the parties confirming transactions thereunder, all whether now existing or hereafter arising, and in each case as amended, modified or supplemented from time to
time. 
  
 “Rate Management Obligations” means any and
all obligations of the undersigned to the Bank or any affiliate of Fifth Third Bancorp, whether absolute, contingent or otherwise and howsoever and whensoever (whether now or hereafter) created, arising, evidenced or acquired (including all
renewals, extensions and modifications thereof and substitutions therefore), under or in connection with (i) any and all Rate Management Agreements, and (ii) ( any and all cancellations, buy backs, reversals, terminations or assignments of any Rate
Management Agreement. The term “Liabilities” as defined in section 1 above shall include all Rate Management Obligations. 
  
 “Tangible Net Worth” means Debtor’s Stockholders’ Equity, less the sum of: (a) goodwill, including any amounts, however designated on
a balance sheet of Debtor, representing the excess of the purchase price paid for assets or stock acquired over the value assigned thereto on the books of Debtor; (b) patents, trademarks, trade names, and copyrights; (c) treasury stock; (d) all
receivables from and loans, advances and similar transfers to any Affiliate; and (e) other intangible assets. 
  
 13. Financial Statements. Until the Liabilities are paid in full, Debtor covenants and agrees that it will furnish to the Bank: 
  
 13.1 Within one hundred twenty (120) days after the end of each fiscal year,
a balance sheet and income statement, reconciliation of capital account and source and application of funds as at the end of and for the fiscal year just closed setting forth the corresponding figures of the previous fiscal year in comparative form,
all in reasonable detail and certified by its Chief Financial Officer to be true, accurate and complete, together with the Company’s Form 10-KSB filed with the United States Securities and Exchange Commission for such fiscal year. The financial
statements shall be prepared on an audit basis by independent certified public accountants acceptable to the Bank. Debtor shall notify such independent certified public accountants, in writing, that it is “a primary intent” of Debtor to
have the Bank rely upon the “public accounting services” provided by such independent certified public accountant to Debtor. 
  
 13.2 Within sixty (60) days after the end of each fiscal quarter, a balance sheet and income statement, reconciliation of capital account and source and
application of funds as at the end of and for that portion of the fiscal year ending with such quarter setting forth the corresponding figures of the previous fiscal year in comparative form, all in reasonable detail and certified by its Chief
Financial Officer to be true, accurate and complete, together with the Company’s Form 10-QSB filed with the United States Securities and Exchange Commission for such fiscal quarter. The financial statements shall be prepared on a review basis
by an independent certified public accountant acceptable to the Bank. 
  

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 13.3 Within fifteen (15) days after and as of the end of each month, a Borrowing Base Certificate
prepared by the Chief Financial Officer of the Debtor in form and detail satisfactory to the Bank representing and warranting as of such month end the amount of all Eligible Accounts Receivable of Debtor, the calculation of the Borrowing Base and
certifying that no Event of Default then exists, together with a report as of such month end in form and detail satisfactory to the Bank setting forth all of Debtor’s and Express 1, Inc’s accounts receivable as of the end of such month
aged from the date of invoice certified as true and correct by the Chief Financial Officer of Debtor. 
  
 13.4 Promptly, all other information, books and records that the Bank may reasonably request. 
  
 13.5 With each of the statements referred to in 13.1 and 13.2 above, a
certificate signed by the principal financial officer for Debtor, (i) stating he is familiar with all document relating to the Bank and that no Event of Default specified herein, nor any event which upon notice or lapse of time, or both would
constitute such an Event of Default, has occurred, or if any such condition or event existed or exists, specifying it and describing what action Debtor has taken or proposes to take with respect thereto, and (ii) setting forth, in summary form,
figures showing Debtor’s compliance with the financial covenants contained herein; 
  
 13.6 Immediately upon any officer of Debtor obtaining knowledge of any condition or event which constitutes or, after notice or lapse of time or both, would constitute an Event of Default, a certificate of such person
specifying the nature and period of the existence thereof, and what action the undersigned has taken or is taken or proposes to take in respect thereof. 
  
 All of the statements referred to in 13.1 and 13.2 above shall be in conformance with generally accepted accounting principles, consistently applied.

  
 If at any time the undersigned has any additional subsidiaries
which have financial statements that could be consolidated with those of the undersigned under generally accepted accounting principles, the financial statements required by subsections 13.1 and 13.2 above shall be the financial statements of the
undersigned and all such subsidiaries prepared on a consolidated and consolidating basis. 
  
 14. Borrowing Base. The unpaid balance of the $3,500,000 Revolving Note of even date, and all extensions, renewals and replacements thereof, including replacements with a different principal amount (the
“Base Note”), shall not at any time exceed the sum of the following amounts, which sum is hereinafter referred to as the “Borrowing Base”: 80% of Debtor’s “Eligible Accounts Receivable” as defined in section 7.1
above plus 80% of the “Eligible Accounts Receivable” as defined in section 7.1 of the Security Agreement of even date from Express 1, Inc. to the Bank. 
  

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 Notwithstanding any conflicting provisions contained in the Base Note, if at any time the unpaid balance
of the Base Note exceeds the Borrowing Base, Debtor shall immediately pay to the Bank the difference, including all accumulated interest. 
  
 15. Affirmative Covenants. Until the Liabilities are paid in full, Debtor covenants and agrees that it will: 
  
 15.1 Maintain the ratio of Debt to Tangible Net Worth of not more than 1.00
to 1.00 at all times. 
  
 15.2 On the last day of each fiscal
quarter hereafter, maintain a Debt Service Coverage Ratio for the twelve (12) calendar months ending on such date of not less than 1.25 to 1.00. 
  
 15.3 Comply with all applicable federal, state and local laws, ordinances, rules and regulations, including, but not limited to, all environmental laws,
ordinances, rules and regulations, all applicable federal, state and local laws, ordinances, rules and regulations concerning wage payments, minimum wages, overtime laws and payment of withholding taxes, and deliver to the Bank such reports and
information in form satisfactory to the Bank as the Bank may request from time to time to establish compliance with such laws. 
  
 15.4 On or before February 1, 2005: (i) cause all of the assets of Express 1, Inc. to be transferred to Debtor and cause Express 1, Inc. to cease all
business operations; and (ii) cause all of the subsidiaries of Debtor (except for Express 1, Inc. and Dasher Express, Inc.) to be merged into Debtor or dissolved and cease existence. 
  
 16. Negative Covenants. Until the Liabilities are paid in full, Debtor covenants and agrees that it will not:

  
 16.1 Pay, create, incur, assume or have outstanding any
indebtedness for borrowed money except the Liabilities. 
  
 16.2
Merge with or into, or enter into a share exchange, with any other corporation or entity, nor sell, lease, transfer or otherwise dispose of all or any substantial part of its property, assets or business (other than sales of inventory made in the
ordinary course of business). 
  
 16.3 Enter into an agreement
providing for the leasing by it of property, which has been or is to be sold or transferred by it. 
  
 16.4 Pay or declare any dividend, or make any other distribution on account of any shares of any class of its stock, or redeem, purchase, or otherwise
acquire directly or indirectly, any shares of any class of its capital stock, except that Debtor may repurchase not to exceed 80,000 shares of its stock at a maximum purchase price of not to exceed $1.55 per share (provided such repurchase does not
cause an Event of Default under either section 15.1 or section 15.2 above). 
  

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 16.5 Make any loans or advances to, or investments in, other persons, corporations or entities
(including, but not limited to, any Affiliate of Debtor), except investments (i) in bank certificates of deposit and savings accounts; (ii) in obligations of the United States; (iii) in prime commercial paper maturing within ninety (90) days of the
date of acquisition by Debtor; and (iv) made in accordance with Debtor’s Investment Policy adopted by written consent of Debtor’s directors as of May 19, 2004 in the form presented to the Bank. 
  
 16.6 Guarantee or become a surety or otherwise contingently liable for any
obligations of others, except pursuant to the deposit and collection of checks and similar items in the ordinary course of its business. 
  
 17. UCC Reserve. On the date hereof, Debtor will deposit $100,000 with the Bank in a deposit account under the sole control of the Bank (the
“Deposit”). Debtor hereby grants to the Bank a security interest in the Deposit and the deposit account holding the Deposit and such property will be part of the Collateral described in this Security Agreement. Prior to occurrence of an
Event of Default, the Deposit will be returned to Debtor in the event: (i) Debtor obtains terminations or subordinations to the Bank (which terminations and subordinations must be satisfactory to the Bank) of the UCC Financing Statements filed with
the Florida Secured Transaction Registry by Riveria Finance of Texas, Inc. and Rivera Finance No. 200200441017, as amended and by Pedro and Magaly Betancourt No. 200305322093; or (ii) Debtor pays the Liabilities in full, all lines of credit and
other financing facilities provided by the Bank to Debtor are cancelled, and the Bank has no obligation of any kind to extend financing to Debtor. Upon occurrence of an Event of Default, the Bank may, at any time thereafter and prior to the curing
of such default, apply the Deposit to payment of the Liabilities. Debtor hereby represents, warrants and agrees to and with the Bank that the aggregate obligations secured by the security interests evidenced by the UCC Financing Statements described
in this section 17 do not exceed $300,000 on the date hereof and that Debtor will not incur any additional obligations after the date hereof which could be secured by such security interests. 
  

					
	 Date of Signing: November 17, 2004
	 	 SEGMENTZ, INC.

			
	 	 	 By:
	 	  

	 	 	 	 	 Andrew J. Norstrud

	 	 	 Its:
	 	 Chief Financial Officer

  
 KZLIB:468501.7\069089-00167

 11/17/04 
  

 5Continuing Guaranty between Express 1, Inc., and Fifth Third Bank

 Exhibit 10.4 
  
 CONTINUING GUARANTY 
  
 1. Promise to Pay. For value received, the undersigned hereby absolutely and unconditionally guarantees to Fifth Third Bank, a Michigan
banking corporation (the “Bank”), the full and prompt payment or performance of the following in accordance with the terms of this Guaranty: any and all indebtedness, obligations, promises, debts and liabilities of every kind and nature of
Segmentz, Inc. (the “Debtor”) to the Bank however evidenced, whether now existing or hereafter created or arising, whether direct or indirect, absolute or contingent, joint or several and however owned, held or acquired by the Bank,
whether through discount, overdraft, purchase, direct loan or as collateral or otherwise and any and all indebtedness, obligations or liabilities for which Debtor would otherwise be liable to the Bank were it not for the invalidity, irregularity or
unenforceability of them by reason of any bankruptcy, insolvency or other law or order of any kind, or for any other reason (hereinafter collectively the “Indebtedness”). The undersigned also agrees to pay all costs and expenses including,
but not limited to, reasonable attorney’s fees incurred by the Bank in endeavoring to collect the Indebtedness or any part thereof and in enforcing this Guaranty or realizing upon any collateral for the Indebtedness or this Guaranty (including
participating or taking action in any bankruptcy or other insolvency proceeding of the Debtor or the undersigned). 
  
 2. Extent of Liability. If the Debtor fails to pay all or any part of the Indebtedness when due, whether by default or maturity, the undersigned
immediately upon the demand of the Bank will pay to the Bank the amount due and unpaid by the Debtor as if such amount constituted the direct and primary obligation of the undersigned. The Bank shall not be required prior to any such demand on or
payment by the undersigned to make any demand upon or pursue or exhaust any of its rights or remedies against the Debtor or any other person obligated with respect to the Indebtedness (“Obligor”) or to pursue or exhaust any of its rights
or remedies with respect to any collateral for the Indebtedness or this Guaranty. Upon the death, incompetency, dissolution, liquidation or insolvency (however evidenced) of the Debtor, or the institution of bankruptcy or receivership proceedings
against or by the Debtor, all of the Indebtedness then existing shall, at the option of the Bank and without notice to the Debtor or the undersigned, immediately become due and payable by the undersigned. The Bank may enforce this Guaranty against
the undersigned without any obligation to resort to the Debtor for the payment or to any other guarantor or any collateral, security, liens or other rights or remedies of the Bank. This is a continuing guaranty of payment and not of collection and
remains effective whether the Indebtedness is from time to time reduced and later increased or entirely extinguished and later reincurred. The undersigned delivers this Guaranty based solely on the undersigned’s independent investigation of (or
decision not to investigate) the financial condition of the Debtor and is not relying on any information furnished by the Bank. The undersigned assumes full responsibility for obtaining any further information concerning the Debtor’s financial
condition, the status of the Indebtedness or any other matter which the undersigned may deem necessary or appropriate now or later. The undersigned knowingly accepts the full range of risk encompassed in this Guaranty, which risk includes, without
limit, the possibility that the Debtor may incur Indebtedness to the Bank after the financial condition of the Debtor, or the Debtor’s ability to pay debts as they mature, has deteriorated. 

 The undersigned agrees to pay the Indebtedness to the Bank in accordance with the terms of each
instrument and document evidencing the Indebtedness regardless of whether such terms are held to be unenforceable, void or of no effect against the Debtor or any other Obligor. Without limiting the generality of the foregoing, the undersigned will
not assert, plead or enforce against the Bank any defense of waiver, release, discharge in bankruptcy, statute of limitations, res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or
unenforceability that may be available to the Debtor or any other Obligor, or any setoff available to the Debtor or any other Obligor against the Bank, whether or not on account of a related transaction. The undersigned shall be liable for any
deficiency remaining after foreclosure of or realization upon any security for all or part of the Indebtedness, whether or not the liability of the Debtor or any other Obligor for the deficiency is discharged pursuant to statute, judicial decision
or otherwise. 
  
 3. Waivers and Powers of the Bank. The
undersigned waives: (i) and postpones any and all rights (whether by subrogation, indemnity, reimbursement, or otherwise) to recover from the Debtor any amounts paid by the undersigned pursuant to this Guaranty until such time as Bank has been fully
and irrevocably paid the entire Indebtedness and no such payment (or any part thereof) is subject to any actual or potential claim for recovery, return or disgorgement as a preference or otherwise; (ii) any notice of the Debtor incurring any of the
Indebtedness; and (iii) presentment, demand, protest or notice of dishonor, non-payment or other default with respect to any of the Indebtedness or any collateral therefore. The undersigned hereby grants to the Bank full power in its discretion and
without notice to the undersigned to deal in any manner with the Indebtedness and any guarantor or any collateral, including but not limited to the following powers: 
  
 A. To change any terms of any of the Indebtedness, including the rate of interest and to grant any extension
or renewal of the Indebtedness and any other indulgence with respect thereto and to effect any release, compromise or settlement of the Indebtedness; 
  
 B. To forebear or enter into any agreement to forebear from taking any action with respect to any of the Indebtedness or with respect to
any guarantor or any collateral and to change the terms of any agreement to forebear; 
  
 C. To forebear for calling for additional collateral to secure any of the Indebtedness or any other obligation of the Debtor to the Bank;

  
 D. To consent to the substitution, exchange
or release of any one of the undersigned (if more than one) and any other guarantors or all or any part of any collateral securing the Indebtedness whether or not any new collateral or guaranties, if any, received by the Bank as a result of any such
substitution, exchange or release, shall be of the same or of a different character or value than the collateral or guarantees surrendered by the Bank; 
  

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 E. If the Indebtedness is not paid when due, whether by default, demand or maturity or if
there is a default in the performance of any obligation with respect to the collateral, to realize on all or part of the collateral as a whole or in such parcels or subdivided interest as the Bank may elect at any public or private sales for cash or
on credit for future delivery without demand, advertisement or notice of the time or place of sale or any adjournment thereof (the undersigned hereby waives any such demand, advertisement and notice to the extent permitted by law), or by foreclosure
or otherwise or to forebear from realizing thereon as the Bank, in its discretion, deems proper and to purchase all or any part of any collateral for its own account at any such sale or foreclosure. 
  
 The obligations of the undersigned hereunder shall not be released,
discharged or in any way affected nor shall the undersigned have any rights or recourse against the Bank by reason of any action the Bank may take or omit to take under the foregoing powers. The undersigned unconditionally and irrevocably waives
each and every defense and setoff of any nature which, under principles of guaranty or otherwise, would operate to impair or diminish in any way the obligation of the undersigned under this Guaranty, and acknowledges that each such waiver is by this
reference incorporated into each security agreement, collateral assignment, pledge and/or other document from the undersigned now or later securing this Guaranty and/or the Indebtedness, and acknowledges that as of the date of this Guaranty no such
defense or setoff exists. 
  
 The obligations of the undersigned
hereunder shall not be released, discharged or in any way affected by reason of the fact that a valid lien on any of the collateral may not be conveyed to or created in favor of the Bank; nor by reason of the fact that any of the collateral may be
subject to equities or defenses or claims in favor of others or may be invalid or defective in any way; nor by reason of the fact that any of the Indebtedness may be invalid or unenforceable for any reason; nor by reason of the fact that the value
of any of the collateral or the financial condition of the Debtor, any obligor or any guarantor may not have been correctly estimated or may have changed or may hereafter change; nor by reason of any deterioration, waste or loss by fire, theft or
otherwise of any collateral unless caused by the willful act or willful failure to act of the Bank; nor by any other circumstances which might otherwise constitute a legal or equitable discharge of a surety or guarantor. 
  
 The undersigned agrees that no security now or later held by the Bank for the
payment of any Indebtedness, whether from the Debtor, any guarantor, or otherwise, and whether in the nature of a security interest, pledge, lien, assignment, setoff, suretyship, guaranty, indemnity, insurance or otherwise, shall affect in any
manner the unconditional obligation of the undersigned under this Guaranty, and the Bank, in its sole discretion, without notice to the undersigned, may release, exchange, enforce and otherwise deal with any security without affecting in any manner
the unconditional obligation of the undersigned under this Guaranty. The undersigned acknowledges and agrees that the Bank has no obligation to acquire or perfect any lien on or security interest in any assets, whether real or personal, to secure
payment of the Indebtedness, and the undersigned is not relying upon any assets in which the Bank has or may have a lien or security interest for payment of the Indebtedness. 
  

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 No release or discharge of any one or more of the undersigned or modification of this Guaranty as to any
of the undersigned (if there be more than one) shall release or discharge any other of the undersigned unless and until all of the Indebtedness shall have been fully paid. 
  
 4. Payments on the Indebtedness. All payments received from the Debtor or on account of the Indebtedness from any
other source shall be taken and applied as payment in gross and this Guaranty shall apply to and secure any ultimate balance which shall remain owing to the Bank. The Bank shall have the exclusive right to determine how, when and what application of
payments and credits, if any, shall be made on the Indebtedness. 
  
 5. Termination. Any of the undersigned may terminate their obligation under this Guaranty as to future Indebtedness (except as provided below) by (and only by) delivering written notice of termination to an officer of the Bank and
receiving from an officer of the Bank written acknowledgement of delivery; provided, however, the termination shall not be effective until the opening of business on the fifth (5th) day (“effective date”) following written acknowledgement
of delivery. Any termination shall not affect in any way the unconditional obligations of the remaining guarantor(s), whether or not the termination is known to the remaining guarantor(s). Any termination shall not affect in any way the
unconditional obligations of the terminating guarantor(s) as to any Indebtedness existing at the effective date of termination or any Indebtedness created after that pursuant to any commitment or agreement of the Bank or pursuant to any credit
facility provided to the Debtor by the Bank existing at the effective date of termination (whether advances or readvances by the Bank after the effective date of termination are optional or obligatory), or any modifications, extensions or renewals
of any of this Indebtedness, whether in whole or in part, and as to all of this Indebtedness and modifications, extensions or renewals of it, this Guaranty shall continue effective until the same shall have been fully paid. The Bank has no duty to
give notice of termination by any guarantor(s) to any remaining guarantor(s). The undersigned shall indemnify the Bank against all claims, damages, costs and expenses, including, without limit, attorney fees, incurred by the Bank in connection with
any suit, claim or action against the Bank arising out of any modification or termination of Debtor’s credit facilities by the Bank or any refusal by the Bank to extend additional credit in connection with the termination of this Guaranty.

  
 6. Security. The liability of the undersigned under
this Guaranty is secured by all items now or hereafter deposited in any account of any of the undersigned with the Bank and by all proceeds of such items (cash or otherwise); by all account balances of any of the undersigned now or hereafter with
the Bank; by all property of any of the undersigned now or hereafter in the possession of the Bank; and by any other collateral, rights and properties described in each and every mortgage, security agreement, pledge, assignment and other security or
collateral agreement which has been or will hereafter be executed by any of the undersigned to or for the benefit of the Bank (all herein collectively called the “Guaranty Collateral”). Any Guaranty Collateral or the proceeds thereof may
be applied to satisfy the liability of the undersigned under this Guaranty. 
  
 7. Sale/Assignment: The undersigned acknowledges that the Bank has the right to sell, assign, transfer, negotiate, or grant participations in all or any part of the Indebtedness and any related obligations,
including, without limit, this Guaranty, without notice to the undersigned and that the Bank may disclose any documents and information which the Bank now has or later 
  

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 acquires relating to the undersigned or to the Borrower in connection with such sale, assignment, transfer, negotiation,
or grant. The undersigned agrees that the Bank may provide information relating to this Guaranty or relating to the undersigned to the Bank’s parent, affiliates, subsidiaries and service providers. 
  
 8. Other Guarantors: If any Indebtedness is guaranteed by two or more
guarantors, the obligation of the undersigned shall be joint and several as to all guarantors, whether the guarantees are executed together or separately, and may be enforced at the option of the Bank against each or any number of guarantors. The
Bank, in its sole discretion, may release any one or more of the guarantors for any consideration which it deems adequate, and may fail or elect not to prove a claim against the estate of any bankrupt, insolvent, incompetent or deceased guarantor;
and after that, without notice to any guarantor, the Bank may extend or renew any or all Indebtedness and may permit the Debtor to incur additional Indebtedness, without affecting in any manner the unconditional obligation of the remaining
guarantors. The undersigned acknowledges that the effectiveness of this Guaranty is not conditioned on any or all of the Indebtedness being guaranteed by anyone else. 
  
 9. Reinstatement: Notwithstanding any prior revocation, termination, surrender or discharge of this Guaranty (or of
any lien, pledge or security interest securing this Guaranty) in whole or in part, the effectiveness of this Guaranty, and of all liens, pledges and security interests securing this Guaranty, shall automatically continue or be reinstated in the
event that any payment received or credit given by the Bank in respect of the Indebtedness is returned, disgorged or rescinded under any applicable state or federal law, including, without limitation, laws pertaining to fraudulent transfer,
bankruptcy or insolvency, in which case this Guaranty, and all liens, pledges and security interests securing this Guaranty, shall be enforceable against the undersigned as if the returned, disgorged or rescinded payment or credit had not been
received or given by the Bank, and whether or not the Bank relied upon this payment or credit or changed its position as a consequence of it. In the event of continuation or reinstatement of this Guaranty and the liens, pledges and security
interests securing it, the undersigned agrees upon demand by the Bank, to execute and deliver to the Bank those documents which the Bank determines are appropriate to further evidence (in the public records or otherwise) this continuation or
reinstatement, although the failure of the undersigned to do so shall not affect in any way the reinstatement or continuation. If the undersigned does not execute and deliver to the Bank upon demand such documents, the Bank and each Bank officer is
irrevocably appointed (which appointment is coupled with an interest) the true and lawful attorney of the undersigned (with full power of substitution) to execute and deliver such documents in the name and on behalf of the undersigned. 

 
 10. Miscellaneous. All persons signing this Guaranty on behalf of a
corporation, partnership, trust or other entity warrant to the Bank that they are duly and properly authorized to execute this Guaranty. Nothing in this Guaranty shall waive or restrict any right of the Bank granted in any other document or by law.
No delay on the part of the Bank in the exercise of any right or remedy shall operate as a waiver. No single or partial release by the Bank of any right or remedy shall preclude any other future exercise of that right or remedy or the exercise of
any other right or remedy. No waiver or indulgence by the Bank of any default shall be effective unless in writing and signed by the Bank. Nor shall a waiver on one occasion be construed as a bar to or waiver of that right on any future occasion.
Any reference to the Bank shall include any 
  

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 assignee or holder of all or any part of the Indebtedness. Each and every immediate and successive assignee, transferee
or holder of all or any part of the Indebtedness shall have the right to enforce this Guaranty by suit or otherwise for the benefit of such assignee, transferee or holder as fully as if such assignee, transferee or holder were specifically named
herein, provided that the Bank shall have an unimpaired right to enforce this Guaranty for its benefit as to so much of the Indebtedness as it has not assigned or transferred. This Guaranty shall bind the respective heirs, personal representatives,
successors and assigns of the undersigned. The undersigned agrees that any action against them for enforcement of this Guaranty may be brought by the Bank in any federal, municipal or state court in Michigan having jurisdiction of the subject
matter; the undersigned consent to personal jurisdiction over them by such courts; and they consent to venue in such courts. This Guaranty was executed in Michigan and is governed by Michigan law. Any married woman executing this Guaranty
acknowledges that she binds and intends to bind her individual estate hereby. 
  
 11. JURY TRIAL WAIVER. THE UNDERSIGNED AND BANK ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO
CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS GUARANTY OR THE
INDEBTEDNESS. 
  
 Date of Signing: November 17, 2004 
  

					
	WITNESSES:	 	Guarantor:
		
	  

	 	EXPRESS I, INC.
			
	  

	 	By:	 	  

			
	 	 	Its:	 	  

		
	 	 	Guarantor’s Address:
		
	 	 	429 Post Road
	 	 	Buchanan, Michigan 49107

  
 KZLIB:468530.1\069089-00167

  

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