Document:

EXHIBIT
      10.3

     

    THIS
      NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”)
      FOR U.S. FEDERAL INCOME TAX PURPOSES. FOR INFORMATION CONCERNING THE ISSUE
      PRICE, THE AMOUNT OF OID, AND THE YIELD TO MATURITY, PLEASE CONTACT MICHAEL
      O’REILLY, PRESIDENT OF THE COMPANY, AT (631) 289-5500 WHO WILL PROMPTLY MAKE
      THIS INFORMATION AVAILABLE UPON REQUEST.

     

    DEMAND
      NOTE

     

    
      	
              $9,948.00

            	
              Dated
                as of September 3, 2008

            
	 	
              New
                York, New York

            

    

     

    FOR
      VALUE
      RECEIVED, Windswept Environmental Group, Inc., a Delaware corporation (the
      “Maker”),
      promises to pay to Valens U.S. SPV I, LLC (the “Payee”),
      ON
      DEMAND,
      at 335
      Madison Avenue, 10th
      Floor,
      New York, New York 10017, or at such other place as may be designated in writing
      by the holder of this Note, the principal sum of NINE THOUSAND NINE HUNDRED
      FORTY EIGHT DOLLARS ($9,948.00) DOLLARS, together with interest on the unpaid
      principal balance computed from the date hereof at 20% per annum, which sum
      shall be payable in lawful money of the United States of America. Interest
      shall
      be calculated on the basis of the actual number of days elapsed over a year
      of
      360 days.

     

    DEFAULT
      INTEREST.
      In
      addition to any late payment charge which may be due under this Note, if the
      principal indebtedness is not paid in full when due, the Maker shall thereafter,
      pay interest on the principal sum then remaining unpaid from the due date until
      the date on which the principal sum then outstanding is paid in full (whether
      before or after judgment), at a rate per annum (calculated for the actual number
      of days elapsed on the basis of a 360-day year) equal to the rate initially
      payable hereunder plus 4%; provided,
      however,
      that
      such interest rate shall in no event exceed the maximum interest rate which
      the
      Maker may by law pay.

     

    AUTHORITY.
      The
      Maker (and the undersigned representatives of the Maker, if any) represents
      that
      the Maker has full power, authority and legal right to execute and deliver
      this
      Note, and that this Note constitutes a valid and binding obligation of the
      Maker.

     

    DEFINED
      TERMS.
      Whenever used, the singular number shall include the plural, the plural the
      singular, and the words “Payee”
and
      “Maker”
shall
      include, respectively, their respective successors and assigns; provided,
      however,
      that
      the Maker shall in no event or under any circumstance have the right to assign
      or transfer its obligations under this Note or the related documents, in whole
      or in part, to any other person, party or entity.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HEADINGS,
      ETC.
      The
      headings and captions of the numbered paragraphs of this Note are for
      convenience of reference only and are not to be construed as defining or
      limiting, in any way, the scope or intent of the provisions hereof.

     

    ENFORCEABILITY.
      The
      Maker acknowledges that this Note and the Maker's obligations under this Note
      are and shall at all times continue to be absolute and unconditional in all
      respects, and shall at all times be valid and enforceable irrespective of any
      other agreements or circumstances of any nature whatsoever which might otherwise
      constitute a defense to this Note and the obligations of the Maker under this
      Note or the obligations of any other person or party relating to this Note.
      This
      Note and the instruments and documents referred to herein (collectively and
      as
      the same may be amended or otherwise modified from time to time, the
“Documents”)
      set
      forth the entire agreement and understanding of the Payee and the Maker, and
      the
      Maker absolutely, unconditionally and irrevocably waives any and all right
      to
      assert any set-off, counterclaim or crossclaim of any nature whatsoever with
      respect to this Note or the obligations of the Maker hereunder or thereunder,
      or
      the obligations of any other person or party relating hereto or thereto or
      to
      the obligations of the Maker hereunder or thereunder or otherwise in any action
      or proceeding brought by the Payee to collect the Note, or any portion thereof,
      or to enforce, foreclose and realize upon the liens and security interests
      of
      the Payee in any collateral (provided,
      however,
      that
      the foregoing shall not be deemed a waiver of the Maker's right to assert any
      compulsory counterclaim maintained in a court of the United States, or of the
      State of New York if such counterclaim is compelled under local law or rule
      of
      procedure, nor shall the foregoing be deemed a waiver of the Maker’s right to
      assert any claim which would constitute a defense, setoff, counterclaim or
      crossclaim of any nature whatsoever against the Payee in any separate action
      or
      proceeding). The Maker acknowledges that no oral or other agreements,
      conditions, promises, understandings, representations or warranties exist with
      respect to this Note or with respect to the obligations of the Maker under
      this
      Note, except those specifically set forth in this Note and the instruments
      and
      documents being signed concurrently herewith. 

     

    WAIVER.
      The
      Maker waives presentment, demand for payment, notice of dishonor and any or
      all
      notices or demands in connection with the delivery, acceptance, performance,
      default or enforcement of this Note and consents to any or all delays,
      extensions of time, renewals, release of any party to any document related
      to
      this Note and of any available security therefor, and any and all waivers or
      modifications that may be granted or consented to by the Payee with regard
      to
      the time of payment or with respect to any other provisions of any of the
      Documents, and agrees that no such action, delay or failure to act on the part
      of the Payee shall be construed as a waiver by the Payee of, or otherwise
      affect, in whole or in part, its right to avail itself of any remedy with
      respect thereto. No notice to or demand on the Maker shall be deemed to be
      a
      waiver of the obligation of the Maker or of the right of the Payee to take
      further action without further notice or demand as provided in any of the
      Documents.

     

    SECURITY
      INTEREST.
      The
      obligations under this Note shall constitute an “Obligation”
as
      such
      term is defined in the Master Security Agreement, dated as of June 30, 2005,
      by
      and among the Maker, Trade-Winds Environmental Group, Inc., North Atlantic
      Laboratories, Inc., Environmental Restoration, Inc., Restorenet, Inc., the
      Payee
      (as assignee of Laurus), Valens Offshore SPV I, Ltd. (as assignee of Laurus)
      and
      PSource Structured Debt Limited (as assignee of Laurus) (as amended, restated,
      modified and/or supplemented from time to time, the “Master
      Security Agreement”)
      and
      shall be secured by liens and the security interests in the Collateral as such
      term is defined in the Master Security Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    AMENDMENTS.
      This
      Note may not be modified, amended, changed or terminated orally, except by
      an
      agreement in writing signed by the Maker and the Payee. No waiver of any term,
      covenant or provision of this Note shall be effective unless given in writing
      by
      the Payee and, if so given by the Payee, shall only be effective in the specific
      instance in which given.

     

    GOVERNING
      LAW.
      This
      Note is and shall be deemed entered into in the State of New York and shall
      be
      governed by and construed in accordance with the laws of the State of New York,
      without regard to principles of conflicts of laws.

     

    REGISTERED
      OBLIGATION.
      This
      Note shall be registered (and such registration shall thereafter be maintained)
      as set forth in the Letter Agreement, dated as of the date hereof, by the Maker,
      Michael O’Reilly, individually, certain subsidiaries of the Maker, the Payee and
      certain affiliates of the Payee (the “Letter
      Agreement”).
      Notwithstanding any document, instrument or agreement relating to this Note
      to
      the contrary, transfer of this Note (or the right to any payments of principal
      or stated interest thereunder) may only be effected by (i) surrender of this
      Note and either the reissuance by the Maker of this Note to the new holder
      or
      the issuance by the Maker of a new instrument to the new holder or (ii)
      registration of such holder as an assignee in accordance with the Letter
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Maker has duly executed this Note the day and year first
      above written.

    

    
      	
              WINDSWEPT
                ENVIRONMENTAL GROUP, INC.

            
	 	 
	
              By:

            	
               
                /s/ Michael O’Reilly

            
	 	
              Name:
                Michael O’Reilly

            
	 	
              Title:
                President

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.3

     

    THIS
      NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”)
      FOR U.S. FEDERAL INCOME TAX PURPOSES. FOR INFORMATION CONCERNING THE ISSUE
      PRICE, THE AMOUNT OF OID, AND THE YIELD TO MATURITY, PLEASE CONTACT MICHAEL
      O’REILLY, PRESIDENT OF THE COMPANY, AT (631) 289-5500 WHO WILL PROMPTLY MAKE
      THIS INFORMATION AVAILABLE UPON REQUEST.

     

    DEMAND
      NOTE

     

    
      	
              $37,737.00

            	
              Dated
                as of September 3, 2008

            
	 	
              New
                York, New York

            

    

     

    FOR
      VALUE
      RECEIVED, Windswept Environmental Group, Inc., a Delaware corporation (the
      “Maker”),
      promises to pay to Valens Offshore SPV I, Ltd. (the “Payee”),
      ON
      DEMAND,
      at 335
      Madison Avenue, 10th
      Floor,
      New York, New York 10017, or at such other place as may be designated in writing
      by the holder of this Note, the principal sum of THIRTY-SEVEN THOUSAND SEVEN
      HUNDRED THIRTY SEVEN DOLLARS ($37,737.00) DOLLARS, together with interest on
      the
      unpaid principal balance computed from the date hereof at 20% per annum, which
      sum shall be payable in lawful money of the United States of America. Interest
      shall be calculated on the basis of the actual number of days elapsed over
      a
      year of 360 days.

     

    DEFAULT
      INTEREST.
      In
      addition to any late payment charge which may be due under this Note, if the
      principal indebtedness is not paid in full when due, the Maker shall thereafter,
      pay interest on the principal sum then remaining unpaid from the due date until
      the date on which the principal sum then outstanding is paid in full (whether
      before or after judgment), at a rate per annum (calculated for the actual number
      of days elapsed on the basis of a 360-day year) equal to the rate initially
      payable hereunder plus 4%; provided,
      however,
      that
      such interest rate shall in no event exceed the maximum interest rate which
      the
      Maker may by law pay.

     

    AUTHORITY.
      The
      Maker (and the undersigned representatives of the Maker, if any) represents
      that
      the Maker has full power, authority and legal right to execute and deliver
      this
      Note, and that this Note constitutes a valid and binding obligation of the
      Maker.

     

    DEFINED
      TERMS.
      Whenever used, the singular number shall include the plural, the plural the
      singular, and the words “Payee”
and
      “Maker”
shall
      include, respectively, their respective successors and assigns; provided,
      however,
      that
      the Maker shall in no event or under any circumstance have the right to assign
      or transfer its obligations under this Note or the related documents, in whole
      or in part, to any other person, party or entity.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HEADINGS,
      ETC.
      The
      headings and captions of the numbered paragraphs of this Note are for
      convenience of reference only and are not to be construed as defining or
      limiting, in any way, the scope or intent of the provisions hereof.

     

    ENFORCEABILITY.
      The
      Maker acknowledges that this Note and the Maker's obligations under this Note
      are and shall at all times continue to be absolute and unconditional in all
      respects, and shall at all times be valid and enforceable irrespective of any
      other agreements or circumstances of any nature whatsoever which might otherwise
      constitute a defense to this Note and the obligations of the Maker under this
      Note or the obligations of any other person or party relating to this Note.
      This
      Note and the instruments and documents referred to herein (collectively and
      as
      the same may be amended or otherwise modified from time to time, the
“Documents”)
      set
      forth the entire agreement and understanding of the Payee and the Maker, and
      the
      Maker absolutely, unconditionally and irrevocably waives any and all right
      to
      assert any set-off, counterclaim or crossclaim of any nature whatsoever with
      respect to this Note or the obligations of the Maker hereunder or thereunder,
      or
      the obligations of any other person or party relating hereto or thereto or
      to
      the obligations of the Maker hereunder or thereunder or otherwise in any action
      or proceeding brought by the Payee to collect the Note, or any portion thereof,
      or to enforce, foreclose and realize upon the liens and security interests
      of
      the Payee in any collateral (provided,
      however,
      that
      the foregoing shall not be deemed a waiver of the Maker's right to assert any
      compulsory counterclaim maintained in a court of the United States, or of the
      State of New York if such counterclaim is compelled under local law or rule
      of
      procedure, nor shall the foregoing be deemed a waiver of the Maker’s right to
      assert any claim which would constitute a defense, setoff, counterclaim or
      crossclaim of any nature whatsoever against the Payee in any separate action
      or
      proceeding). The Maker acknowledges that no oral or other agreements,
      conditions, promises, understandings, representations or warranties exist with
      respect to this Note or with respect to the obligations of the Maker under
      this
      Note, except those specifically set forth in this Note and the instruments
      and
      documents being signed concurrently herewith. 

     

    WAIVER.
      The
      Maker waives presentment, demand for payment, notice of dishonor and any or
      all
      notices or demands in connection with the delivery, acceptance, performance,
      default or enforcement of this Note and consents to any or all delays,
      extensions of time, renewals, release of any party to any document related
      to
      this Note and of any available security therefor, and any and all waivers or
      modifications that may be granted or consented to by the Payee with regard
      to
      the time of payment or with respect to any other provisions of any of the
      Documents, and agrees that no such action, delay or failure to act on the part
      of the Payee shall be construed as a waiver by the Payee of, or otherwise
      affect, in whole or in part, its right to avail itself of any remedy with
      respect thereto. No notice to or demand on the Maker shall be deemed to be
      a
      waiver of the obligation of the Maker or of the right of the Payee to take
      further action without further notice or demand as provided in any of the
      Documents.

     

    SECURITY
      INTEREST.
      The
      obligations under this Note shall constitute an “Obligation”
as
      such
      term is defined in the Master Security Agreement, dated as of June 30, 2005,
      by
      and among the Maker, Trade-Winds Environmental Group, Inc., North Atlantic
      Laboratories, Inc., Environmental Restoration, Inc., Restorenet, Inc., Valens
      U.S. SPV I, LLC (as assignee of Laurus), the Payee (as assignee of Laurus)
      and
      PSource Structured Debt Limited (as assignee of Laurus) (as amended, restated,
      modified and/or supplemented from time to time, the “Master
      Security Agreement”)
      and
      shall be secured by liens and the security interests in the Collateral as such
      term is defined in the Master Security Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    AMENDMENTS.
      This
      Note may not be modified, amended, changed or terminated orally, except by
      an
      agreement in writing signed by the Maker and the Payee. No waiver of any term,
      covenant or provision of this Note shall be effective unless given in writing
      by
      the Payee and, if so given by the Payee, shall only be effective in the specific
      instance in which given.

     

    GOVERNING
      LAW.
      This
      Note is and shall be deemed entered into in the State of New York and shall
      be
      governed by and construed in accordance with the laws of the State of New York,
      without regard to principles of conflicts of laws.

     

    REGISTERED
      OBLIGATION.
      This
      Note shall be registered (and such registration shall thereafter be maintained)
      as set forth in the Letter Agreement, dated as of the date hereof, by the Maker,
      Michael O’Reilly, individually, certain subsidiaries of the Maker, the Payee and
      certain affiliates of the Payee (the “Letter
      Agreement”).
      Notwithstanding any document, instrument or agreement relating to this Note
      to
      the contrary, transfer of this Note (or the right to any payments of principal
      or stated interest thereunder) may only be effected by (i) surrender of this
      Note and either the reissuance by the Maker of this Note to the new holder
      or
      the issuance by the Maker of a new instrument to the new holder or (ii)
      registration of such holder as an assignee in accordance with the Letter
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Maker has duly executed this Note the day and year first
      above written.

    

    
      	
              WINDSWEPT
                ENVIRONMENTAL GROUP, INC.

            
	 	 
	
              By:

            	
               
                /s/ Michael O’Reilly

            
	 	
              Name:
                Michael O’Reilly

            
	 	
              Title:
                President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.3

     

    THIS
      NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”)
      FOR U.S. FEDERAL INCOME TAX PURPOSES. FOR INFORMATION CONCERNING THE ISSUE
      PRICE, THE AMOUNT OF OID, AND THE YIELD TO MATURITY, PLEASE CONTACT MICHAEL
      O’REILLY, PRESIDENT OF THE COMPANY, AT (631) 289-5500 WHO WILL PROMPTLY MAKE
      THIS INFORMATION AVAILABLE UPON REQUEST.

     

    DEMAND
      NOTE

     

    
      	
              $207,315.00

            	
              Dated
                as of September 3, 2008

            
	 	
              New
                York, New York

            

    

     

    FOR
      VALUE
      RECEIVED, Windswept Environmental Group, Inc., a Delaware corporation (the
      “Maker”),
      promises to pay to PSource Structured Debt Limited (the “Payee”),
      ON
      DEMAND,
      at 335
      Madison Avenue, 10th
      Floor,
      New York, New York 10017, or at such other place as may be designated in writing
      by the holder of this Note, the principal sum of TWO HUNDRED SEVEN THOUSAND
      THREE HUNDRED FIFTEEN DOLLARS ($207,315.00) DOLLARS, together with interest
      on
      the unpaid principal balance computed from the date hereof at 20% per annum,
      which sum shall be payable in lawful money of the United States of America.
      Interest shall be calculated on the basis of the actual number of days elapsed
      over a year of 360 days.

     

    DEFAULT
      INTEREST.
      In
      addition to any late payment charge which may be due under this Note, if the
      principal indebtedness is not paid in full when due, the Maker shall thereafter,
      pay interest on the principal sum then remaining unpaid from the due date until
      the date on which the principal sum then outstanding is paid in full (whether
      before or after judgment), at a rate per annum (calculated for the actual number
      of days elapsed on the basis of a 360-day year) equal to the rate initially
      payable hereunder plus 4%; provided,
      however,
      that
      such interest rate shall in no event exceed the maximum interest rate which
      the
      Maker may by law pay.

     

    AUTHORITY.
      The
      Maker (and the undersigned representatives of the Maker, if any) represents
      that
      the Maker has full power, authority and legal right to execute and deliver
      this
      Note, and that this Note constitutes a valid and binding obligation of the
      Maker.

     

    DEFINED
      TERMS.
      Whenever used, the singular number shall include the plural, the plural the
      singular, and the words “Payee”
and
      “Maker”
shall
      include, respectively, their respective successors and assigns; provided,
      however,
      that
      the Maker shall in no event or under any circumstance have the right to assign
      or transfer its obligations under this Note or the related documents, in whole
      or in part, to any other person, party or entity.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HEADINGS,
      ETC.
      The
      headings and captions of the numbered paragraphs of this Note are for
      convenience of reference only and are not to be construed as defining or
      limiting, in any way, the scope or intent of the provisions hereof.

     

    ENFORCEABILITY.
      The
      Maker acknowledges that this Note and the Maker's obligations under this Note
      are and shall at all times continue to be absolute and unconditional in all
      respects, and shall at all times be valid and enforceable irrespective of any
      other agreements or circumstances of any nature whatsoever which might otherwise
      constitute a defense to this Note and the obligations of the Maker under this
      Note or the obligations of any other person or party relating to this Note.
      This
      Note and the instruments and documents referred to herein (collectively and
      as
      the same may be amended or otherwise modified from time to time, the
“Documents”)
      set
      forth the entire agreement and understanding of the Payee and the Maker, and
      the
      Maker absolutely, unconditionally and irrevocably waives any and all right
      to
      assert any set-off, counterclaim or crossclaim of any nature whatsoever with
      respect to this Note or the obligations of the Maker hereunder or thereunder,
      or
      the obligations of any other person or party relating hereto or thereto or
      to
      the obligations of the Maker hereunder or thereunder or otherwise in any action
      or proceeding brought by the Payee to collect the Note, or any portion thereof,
      or to enforce, foreclose and realize upon the liens and security interests
      of
      the Payee in any collateral (provided,
      however,
      that
      the foregoing shall not be deemed a waiver of the Maker's right to assert any
      compulsory counterclaim maintained in a court of the United States, or of the
      State of New York if such counterclaim is compelled under local law or rule
      of
      procedure, nor shall the foregoing be deemed a waiver of the Maker’s right to
      assert any claim which would constitute a defense, setoff, counterclaim or
      crossclaim of any nature whatsoever against the Payee in any separate action
      or
      proceeding). The Maker acknowledges that no oral or other agreements,
      conditions, promises, understandings, representations or warranties exist with
      respect to this Note or with respect to the obligations of the Maker under
      this
      Note, except those specifically set forth in this Note and the instruments
      and
      documents being signed concurrently herewith. 

     

    WAIVER.
      The
      Maker waives presentment, demand for payment, notice of dishonor and any or
      all
      notices or demands in connection with the delivery, acceptance, performance,
      default or enforcement of this Note and consents to any or all delays,
      extensions of time, renewals, release of any party to any document related
      to
      this Note and of any available security therefor, and any and all waivers or
      modifications that may be granted or consented to by the Payee with regard
      to
      the time of payment or with respect to any other provisions of any of the
      Documents, and agrees that no such action, delay or failure to act on the part
      of the Payee shall be construed as a waiver by the Payee of, or otherwise
      affect, in whole or in part, its right to avail itself of any remedy with
      respect thereto. No notice to or demand on the Maker shall be deemed to be
      a
      waiver of the obligation of the Maker or of the right of the Payee to take
      further action without further notice or demand as provided in any of the
      Documents.

     

    SECURITY
      INTEREST.
      The
      obligations under this Note shall constitute an “Obligation”
as
      such
      term is defined in the Master Security Agreement, dated as of June 30, 2005,
      by
      and among the Maker, Trade-Winds Environmental Group, Inc., North Atlantic
      Laboratories, Inc., Environmental Restoration, Inc., Restorenet, Inc., Valens
      U.S. SPV I, LLC (as assignee of Laurus), Valens Offshore SPV I, Ltd. (as
      assignee of Laurus) and the Payee (as assignee of Laurus) (as amended, restated,
      modified and/or supplemented from time to time, the “Master
      Security Agreement”)
      and
      shall be secured by liens and the security interests in the Collateral as such
      term is defined in the Master Security Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    AMENDMENTS.
      This
      Note may not be modified, amended, changed or terminated orally, except by
      an
      agreement in writing signed by the Maker and the Payee. No waiver of any term,
      covenant or provision of this Note shall be effective unless given in writing
      by
      the Payee and, if so given by the Payee, shall only be effective in the specific
      instance in which given.

     

    GOVERNING
      LAW.
      This
      Note is and shall be deemed entered into in the State of New York and shall
      be
      governed by and construed in accordance with the laws of the State of New York,
      without regard to principles of conflicts of laws.

     

    REGISTERED
      OBLIGATION.
      This
      Note shall be registered (and such registration shall thereafter be maintained)
      as set forth in the Letter Agreement, dated as of the date hereof, by the Maker,
      Michael O’Reilly, individually, certain subsidiaries of the Maker, the Payee and
      certain affiliates of the Payee (the “Letter
      Agreement”).
      Notwithstanding any document, instrument or agreement relating to this Note
      to
      the contrary, transfer of this Note (or the right to any payments of principal
      or stated interest thereunder) may only be effected by (i) surrender of this
      Note and either the reissuance by the Maker of this Note to the new holder
      or
      the issuance by the Maker of a new instrument to the new holder or (ii)
      registration of such holder as an assignee in accordance with the Letter
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Maker has duly executed this Note the day and year first
      above written.

     

    
      	
              WINDSWEPT
                ENVIRONMENTAL GROUP, INC.

            
	 	 
	
              By:

            	
               
                /s/ Michael O’Reilly

            
	 	
              Name:
                Michael O’Reilly

            
	 	
              Title:
                PresidentEXHIBIT
        10.4

       

      GUARANTY

       

      
        	
                New
                  York, New York

              	
                September
                  3, 2008

              

      

       

      FOR
        VALUE
        RECEIVED, and in consideration of note purchases from, loans made or to be
        made
        or credit otherwise extended or to be extended by the Purchasers (as defined
        below) to or for the account of Windswept Environmental Group, Inc., a Delaware
        corporation (the “Company”),
        from
        time to time and at any time and for other good and valuable consideration
        and
        to induce the Purchasers, in their discretion, to purchase such notes, make
        such
        loans or other extensions of credit and to make or grant such renewals,
        extensions, releases of collateral or relinquishments of legal rights as
        Valens
        U.S. SPV I, LLC, Valens Offshore SPV I, Ltd., PSource Structured Debt Limited
        (collectively, the “Purchasers”)
        and LV
        Administrative Services, Inc., as agent (the “Agent”
and,
        together with the Purchasers, collectively, the “Creditor
        Parties”)
        may
        deem advisable, the undersigned (“Guarantor”
or
        “the
        undersigned”)
        unconditionally guaranties to the Creditor Parties, their successors, endorsees
        and assigns the prompt payment when due (whether by acceleration or otherwise)
        of all present and future obligations and liabilities of any and all kinds
        of
        the Company to the Creditor Parties arising under, out of, or in connection
        with
        the Demand Notes (as amended, supplemented or otherwise modified from time
        to
        time), as defined in that certain Letter Agreement (the “Letter
        Agreement”,
        and
        together with the Demand Notes and the other documents, instruments and
        agreements executed in connection therewith, the “Documents”),
        dated
        as of the date hereof, by the Company, various subsidiaries of the Company,
        Michael O’Reilly, individually, and the Creditor Parties (the “Obligations”),
        and
        irrespective of the genuineness, validity, regularity or enforceability of
        such
        Obligations, or of any instrument evidencing any of the Obligations or of
        any
        collateral therefor or of the existence or extent of such collateral, and
        irrespective of the allowability, allowance or disallowance of any or all
        of the
        Obligations in any case commenced by or against the Company under Title 11,
        United States Code, including, without limitation, obligations or indebtedness
        of the Company for post-petition interest, fees, costs and charges that would
        have accrued or been added to the Obligations but for the commencement of
        such
        case. Terms not otherwise defined herein shall have the meaning assigned
        such
        terms in the Demand Notes, the Letter Agreement or the Securities Purchase
        Agreement, among the Company and the Purchasers, as assignees of Laurus Master
        Fund, Ltd., dated as of June 30, 2005, as amended, supplemented or otherwise
        modified from time to time, as applicable. 

       

      In
        furtherance of the foregoing, the undersigned hereby agrees as
        follows:

       

      1. No
        Impairment.
        The
        Creditor Parties may at any time and from time to time, either before or
        after
        the maturity thereof, without notice to or further consent of the undersigned,
        extend the time of payment of, exchange or surrender any collateral for,
        renew
        or extend any of the Obligations or increase or decrease the interest rate
        thereon, or any other agreement with the Company or with any other party
        to or
        person liable on any of the Obligations, or interested therein, for the
        extension, renewal, payment, compromise, discharge or release thereof, in
        whole
        or in part, or for any modification of the terms thereof or of any agreement
        between any Creditor Party and the Company or any such other party or person,
        or
        make any election of rights the Creditor Parties may deem desirable under
        the
        United States Bankruptcy Code, as amended, or any other federal or state
        bankruptcy, reorganization, moratorium or insolvency law relating to or
        affecting the enforcement of creditors’ rights generally (any of the foregoing,
        an “Insolvency
        Law”)
        without in any way impairing or affecting this Guaranty. This Guaranty shall
        be
        effective regardless of the subsequent incorporation, merger or consolidation
        of
        the Company, or any change in the composition, nature, personnel or location
        of
        the Company and shall extend to any successor entity to the Company, including
        a
        debtor in possession or the like under any Insolvency Law.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      2. Guaranty
        Absolute.
        Subject
        to Section 5(b) hereof, the undersigned guarantees that the Obligations will
        be
        paid strictly in accordance with the terms of the Documents and/or any other
        document, instrument or agreement creating or evidencing the Obligations,
        regardless of any law, regulation or order now or hereafter in effect in
        any
        jurisdiction affecting any of such terms or the rights of the Company with
        respect thereto. The undersigned acknowledges that (i) no oral representations,
        including any representations to extend credit or provide other financial
        accommodations to the Company, have been made by any Creditor Party to induce
        the undersigned to enter into this Guaranty and (ii) any extension of credit
        to
        the Company shall be governed solely by the provisions of the Documents.
        The
        liability of the undersigned under this Guaranty shall be absolute and
        unconditional, in accordance with its terms, and shall remain in full force
        and
        effect without regard to, and shall not be released, suspended, discharged,
        terminated or otherwise affected by, any circumstance or occurrence whatsoever,
        including, without limitation: (a) any waiver, indulgence, renewal, extension,
        amendment or modification of or addition, consent or supplement to or deletion
        from or any other action or inaction under or in respect of the Documents
        or any
        other instruments or agreements relating to the Obligations or any assignment
        or
        transfer of any thereof, (b) any lack of validity or enforceability of any
        Document or other documents, instruments or agreements relating to the
        Obligations or any assignment or transfer of any thereof, (c) any furnishing
        of
        any additional security to the Creditor Parties or their assignees or any
        acceptance thereof or any release of any security by the Creditor Parties
        or
        their assignees, (d) any limitation on any party’s liability or obligation under
        the Documents or any other documents, instruments or agreements relating
        to the
        Obligations or any assignment or transfer of any thereof or any invalidity
        or
        unenforceability, in whole or in part, of any such document, instrument or
        agreement or any term thereof, (e) any bankruptcy, insolvency, reorganization,
        composition, adjustment, dissolution, liquidation or other like proceeding
        relating to the Company, or any action taken with respect to this Guaranty
        by
        any trustee or receiver, or by any court, in any such proceeding, whether
        or not
        the undersigned shall have notice or knowledge of any of the foregoing, (f)
        any
        exchange, release or nonperfection of any collateral, or any release, or
        amendment or waiver of or consent to departure from any guaranty or security,
        for all or any of the Obligations or (g) any other circumstance which might
        otherwise constitute a defense available to, or a discharge of, the undersigned.
        Any amounts due from the undersigned to the Creditor Parties shall bear interest
        until such amounts are paid in full at the highest rate then applicable to
        the
        Obligations. Obligations include post-petition interest whether or not allowed
        or allowable.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      3. Waivers.

       

      (a)This
        Guaranty is a guaranty of payment and not of collection. The Creditor Parties
        shall be under no obligation to institute suit, exercise rights or remedies
        or
        take any other action against the Company or any other person or entity liable
        with respect to any of the Obligations or resort to any collateral security
        held
        by it to secure any of the Obligations as a condition precedent to the
        undersigned being obligated to perform as agreed herein and the Guarantor
        hereby
        waives any and all rights which it may have by statute or otherwise which
        would
        require the Creditor Parties to do any of the foregoing. Guarantor further
        consents and agrees that the Creditor Parties shall be under no obligation
        to
        marshal any assets in favor of Guarantor, or against or in payment of any
        or all
        of the Obligations. The undersigned hereby waives all suretyship defenses
        and
        any rights to interpose any defense, counterclaim or offset of any nature
        and
        description which the undersigned may have or which may exist between and
        among
        any Creditor Party, the Company and/or the undersigned with respect to the
        undersigned’s obligations under this Guaranty, or which the Company may assert
        on the underlying debt, including but not limited to failure of consideration,
        breach of warranty, fraud, payment (other than cash payment in full of the
        Obligations), statute of frauds, bankruptcy, infancy, statute of limitations,
        accord and satisfaction, and usury. 

       

      (b)The
        undersigned further waives (i) notice of the acceptance of this Guaranty,
        of the
        making of any such loans or extensions of credit, and of all notices and
        demands
        of any kind to which the undersigned may be entitled, including, without
        limitation, notice of adverse change in the Company’s financial condition or of
        any other fact which might materially increase the risk of the undersigned
        and
        (ii) presentment to or demand of payment from anyone whomsoever liable upon
        any
        of the Obligations, protest, notices of presentment, non-payment or protest
        and
        notice of any sale of collateral security or any default of any
        sort.

       

      (c)Notwithstanding
        any payment or payments made by the undersigned hereunder, or any setoff
        or
        application of funds of the undersigned by any Creditor Party, the undersigned
        shall not be entitled to be subrogated to any of the rights of such Creditor
        Party against the Company or against any collateral or guarantee or right
        of
        offset held by such Creditor Party for the payment of the Obligations, nor
        shall
        the undersigned seek or be entitled to seek any contribution or reimbursement
        from the Company in respect of payments made by the undersigned hereunder,
        until
        all amounts owing to the Creditor Parties by the Company on account of the
        Obligations are indefeasibly paid in full and the Purchasers’ obligation to
        extend credit pursuant to the Documents has been irrevocably terminated.
        If,
        notwithstanding the foregoing, any amount shall be paid to the undersigned
        on
        account of such subrogation rights at any time when all of the Obligations
        shall
        not have been paid in full and the Purchasers’ obligation to extend credit
        pursuant to the Documents shall not have been terminated, such amount shall
        be
        held by the undersigned in trust for the Creditor Parties, segregated from
        other
        funds of the undersigned, and shall forthwith upon, and in any event within
        two
        (2) business days of, receipt by the undersigned, be turned over to the Agent
        in
        the exact form received by the undersigned (duly endorsed by the undersigned
        to
        the Agent, if required), to be applied against the Obligations, whether matured
        or unmatured, in such order as the Agent may determine, subject to the
        provisions of the Documents. Any and all present and future debts, obligations
        and liabilities of the Company to the undersigned are hereby waived and
        postponed in favor of, and subordinated to the full payment and performance
        of,
        all present and future debts and Obligations of the Company to the Creditor
        Parties.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      4. Non-Recourse.
        Notwithstanding anything to the contrary contained in this Guaranty, the
        Creditor Parties’ recourse under this Guaranty shall be solely limited to (a)
        the enforcement of the Creditor Parties’ rights under the First Preferred Ship
        Mortgage, in favor of the Agent, as agent for the Purchasers, as the same
        may be
        modified from time to time, and any other documents or instruments in favor
        of
        any Creditor Party pursuant to which the Guarantor grants a security interest
        in
        one or more vessels owned by the Guarantor plus
        (b) any
        and all costs and expenses incurred by any Creditor Party (including, without
        limitation, all reasonable fees and disbursements of counsel) in enforcing
        any
        rights under, and/or defending any action instituted by the undersigned
        challenging the enforcement by any Creditor Party of its rights under this
        Guaranty.

       

      5. Representations
        and Warranties.
        The
        undersigned hereby represents and warrants (all of which representations
        and
        warranties shall survive until all Obligations are indefeasibly satisfied
        in
        full and the Documents have been irrevocably terminated), that:

       

      (a)Legal
        Capacity.
        The
        undersigned has full legal capacity to execute and deliver this Guaranty
        and to
        perform the obligations of the undersigned under this Guaranty.

       

      (b)Legal,
        Valid and Binding Character.
        This
        Guaranty constitutes its legal, valid and binding obligation enforceable
        in
        accordance with its terms, except as enforceability may be limited by applicable
        bankruptcy, insolvency, reorganization, moratorium or other laws of general
        application affecting the enforcement of creditor’s rights and general
        principles of equity that restrict the availability of equitable or legal
        remedies. 

       

      (c)Violations.
        The
        execution, delivery and performance of this Guaranty will not violate any
        requirement of law applicable to the undersigned or any contract, agreement
        or
        instrument to which the undersigned is a party or by which the undersigned
        or
        any of the undersigned’s property is bound or result in the creation or
        imposition of any mortgage, lien or other encumbrance other than in favor
        of the
        Agent, for the ratable benefit of the Creditor Parties, on any of the
        undersigned’s property or assets pursuant to the provisions of any of the
        foregoing.

       

      (d)Consents
        or Approvals.
        No
        consent of any other person or entity (including, without limitation, any
        creditor of the undersigned) and no consent, license, permit, approval or
        authorization of, exemption by, notice or report to, or registration, filing
        or
        declaration with, any governmental authority is required in connection with
        the
        execution, delivery, performance, validity or enforceability of this Guaranty
        by
        the undersigned. 

       

      (e)Litigation.
        No
        litigation, arbitration, investigation or administrative proceeding of or
        before
        any court, arbitrator or governmental authority, bureau or agency is currently
        pending or, to the best of the undersigned’s knowledge, threatened (i) with
        respect to this Guaranty or any of the transactions contemplated by this
        Guaranty or (ii) against or affecting the undersigned, or any of the
        undersigned’s property or assets.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (f)Financial
        Benefit.
        The
        undersigned has derived or expects to derive a financial or other advantage
        from
        each and every loan, advance or extension of credit made under the Documents
        or
        other Obligation incurred by the Company to the Creditor Parties.

       

      6. Acceleration.

       

      (a)If
        any
        breach of any covenant, condition or other provision or other Event of Default
        shall occur and be continuing under the Documents, or either the Company
        or any
        of the undersigned should at any time become insolvent, or make a general
        assignment, or if a proceeding in or under any Insolvency Law shall be filed
        or
        commenced by, or in respect of, any of the undersigned, or if a notice of
        any
        lien, levy, or assessment is filed of record with respect to any assets of
        any
        of the undersigned by the United States of America or any department, agency,
        or
        instrumentality thereof, or if any taxes or debts owing at any time or times
        hereafter to any one of them becomes a lien or encumbrance upon any assets
        of
        the undersigned in any Creditor Party’s possession, or otherwise, any and all
        Obligations shall for purposes hereof, at the Creditor Parties’ option, be
        deemed due and payable without notice notwithstanding that any such Obligation
        is not then due and payable by the Company.

       

      (b)Each
        of
        the undersigned will promptly notify the Agent of any default by such
        undersigned in its respective performance or observance of any term or condition
        of any agreement to which the undersigned is a party if the effect of such
        default is to cause, or permit the holder of any obligation under such agreement
        to cause, such obligation to become due prior to its stated maturity and,
        if
        such an event occurs, the Creditor Parties shall have the right to accelerate
        such undersigned’s obligations hereunder.

       

      7. Payments
        from Guarantors.
        The
        Creditor Parties, in their sole and absolute discretion, with or without
        notice
        to the undersigned, may apply on account of the Obligations any payment from
        the
        undersigned or any other guarantors, or amounts realized from any security
        for
        the Obligations, or may deposit any and all such amounts realized in a
        non-interest bearing cash collateral deposit account to be maintained as
        security for the Obligations.

       

      8. Costs.
        The
        undersigned shall pay on demand, all costs, fees and expenses (including
        expenses for legal services of every kind) relating or incidental to the
        enforcement or protection of the rights of the Creditor Parties hereunder
        or
        under any of the Obligations.

       

      9. No
        Termination.
        This is
        a continuing irrevocable guaranty and shall remain in full force and effect
        and
        be binding upon the undersigned, and the undersigned’s heirs, administrators,
        executors, successors and assigns, until all of the Obligations have been
        indefeasibly paid in full and the Purchasers’ obligation to extend credit
        pursuant to the Documents has been irrevocably terminated. If any of the
        present
        or future Obligations are guarantied by persons, partnerships, corporations
        or
        other entities in addition to the undersigned, the death, release or discharge
        in whole or in part or the bankruptcy, merger, consolidation, incorporation,
        liquidation or dissolution of one or more of them shall not discharge or
        affect
        the liabilities of the undersigned under this Guaranty. The death of the
        undersigned shall not effect a termination of this Guaranty. Upon the
        indefeasible payment and/or other satisfaction in full of the Obligations
        by the
        Company or otherwise, the Agent shall promptly thereafter take all such action
        as shall be necessary to release its security interest under the First Preferred
        Ship Mortgage and this Guaranty shall, simultaneously with such release,
        be
        deemed terminated and of no further force and effect.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      10. Recapture.
        Anything in this Guaranty to the contrary notwithstanding, if any Creditor
        Party
        receives any payment or payments on account of the liabilities guaranteed
        hereby, which payment or payments or any part thereof are subsequently
        invalidated, declared to be fraudulent or preferential, set aside and/or
        required to be repaid to a trustee, receiver, or any other party under any
        Insolvency Law, common law or equitable doctrine, then to the extent of any
        sum
        not finally retained by the Creditor Parties, the undersigned’s obligations to
        the Creditor Parties shall be reinstated and this Guaranty shall remain in
        full
        force and effect (or be reinstated) until payment shall have been made to
        the
        Creditor Parties, which payment shall be due on demand.

       

      11. Books
        and Records.
        The
        books and records of the Agent showing the account between the Creditor Parties
        and the Company shall be admissible in evidence in any action or proceeding,
        shall be binding upon the undersigned for the purpose of establishing the
        items
        therein set forth and shall constitute prima facie proof thereof.

       

      12. No
        Waiver.
        No
        failure on the part of any Creditor Party to exercise, and no delay in
        exercising, any right, remedy or power hereunder shall operate as a waiver
        thereof, nor shall any single or partial exercise by any Creditor Party of
        any
        right, remedy or power hereunder preclude any other or future exercise of
        any
        other legal right, remedy or power. Each and every right, remedy and power
        hereby granted to the Creditor Parties or allowed it by law or other agreement
        shall be cumulative and not exclusive of any other, and may be exercised
        by the
        Creditor Parties at any time and from time to time.

       

      13. WAIVER
        OF JURY TRIAL.
        THE
        UNDERSIGNED DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
        APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
        OF
        THE JUDICIAL SYSTEM AND OF ARBITRATION, THE UNDERSIGNED HERETO WAIVES ALL
        RIGHTS
        TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY
        DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY CREDITOR
        PARTY, AND/OR THE UNDERSIGNED ARISING OUT OF, CONNECTED WITH, RELATED OR
        INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH
        THIS
        GUARANTY, ANY DOCUMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      14. GOVERNING
        LAW; JURISDICTION.
        THIS
        GUARANTY CANNOT BE CHANGED OR TERMINATED ORALLY, AND SHALL BE GOVERNED BY
        AND
        CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
        APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD
        TO
        PRINCIPLES OF CONFLICTS OF LAWS. THE UNDERSIGNED HEREBY CONSENTS AND AGREES
        THAT
        THE STATE OR FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW
        YORK
        SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES
        BETWEEN THE UNDERSIGNED, ON THE ONE HAND, AND ANY CREDITOR PARTY, ON THE
        OTHER
        HAND, PERTAINING TO THIS GUARANTY OR ANY OF THE DOCUMENTS OR TO ANY MATTER
        ARISING OUT OF OR RELATED TO THIS GUARANTY OR ANY OF THE DOCUMENTS; PROVIDED,
        THAT
        THE UNDERSIGNED ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE
        TO BE
        HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW
        YORK;
        AND FURTHER PROVIDED,
        THAT
        NOTHING IN THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE THE CREDITOR
        PARTIES FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER
        JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR
        ANY
        OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT
        ORDER IN FAVOR OF ANY CREDITOR PARTY. THE UNDERSIGNED EXPRESSLY SUBMITS AND
        CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED
        IN ANY
        SUCH COURT, AND THE UNDERSIGNED HEREBY WAIVES ANY OBJECTION WHICH IT MAY
        HAVE
        BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM
        NON CONVENIENS.
        THE
        UNDERSIGNED HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND
        OTHER
        PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH
        SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED
        MAIL
        ADDRESSED TO THE UNDERSIGNED IN ACCORDANCE WITH SECTION 18 AND THAT SERVICE
        SO
        MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF THE UNDERSIGNED’S ACTUAL
        RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER
        POSTAGE PREPAID.

       

      15. Understanding
        With Respect to Waivers and Consents.
        The
        Guarantor warrants and agrees that each of the waivers and consents set forth
        in
        this Guaranty is made voluntarily and unconditionally after consultation
        with
        outside legal counsel and with full knowledge of its significance and
        consequences, with the understanding that events giving rise to any defense
        or
        right waived may diminish, destroy or otherwise adversely affect rights which
        such Guarantor otherwise may have against the Company, any Creditor Party
        or any
        other person or entity or against any collateral. If, notwithstanding the
        intent
        of the parties that the terms of this Guaranty shall control in any and all
        circumstances, any such waivers or consents are determined to be unenforceable
        under applicable law, such waivers and consents shall be effective to the
        maximum extent permitted by law.

       

      16. Severability.
        To the
        extent permitted by applicable law, any provision of this Guaranty which
        is
        prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
        be ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof, and any such prohibition or
        unenforceability in any jurisdiction shall not invalidate or render
        unenforceable such provision in any other jurisdiction.

       

      17. Amendments,
        Waivers.
        No
        amendment or waiver of any provision of this Guaranty nor consent to any
        departure by the undersigned therefrom shall in any event be effective unless
        the same shall be in writing executed by the undersigned directly affected
        by
        such amendment and/or waiver and the Agent.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      18. Notice.
        All
        notices, requests and demands to or upon the undersigned, shall be in writing
        and shall be deemed to have been duly given or made (a) when delivered, if
        by
        hand, (b) three (3) days after being sent, postage prepaid, if by
        registered or certified mail, (c) when confirmed electronically, if by
        facsimile, or (d) when delivered, if by a recognized overnight delivery service
        in each event, to the numbers and/or address set forth beneath the signature
        of
        the undersigned.

       

      19. Successors.
        Each
        Creditor Party may, from time to time, without notice to the undersigned,
        sell,
        assign, transfer or otherwise dispose of all or any part of the Obligations
        and/or rights under this Guaranty. Without limiting the generality of the
        foregoing, each Creditor Party may assign, or grant participations to, one
        or
        more banks, financial institutions or other entities all or any part of any
        of
        the Obligations. In each such event, the Creditor Parties, their Affiliates
        and
        each and every immediate and successive purchaser, assignee, transferee or
        holder of all or any part of the Obligations shall have the right to enforce
        this Guaranty, by legal action or otherwise, for its own benefit as fully
        as if
        such purchaser, assignee, transferee or holder were herein by name specifically
        given such right. The Creditor Parties shall have an unimpaired right to
        enforce
        this Guaranty for its benefit with respect to that portion of the Obligations
        which the Creditor Parties have not disposed of, sold, assigned, or otherwise
        transferred.

       

      20. Joinder.
        It is
        understood and agreed that any person or entity that desires to become a
        Guarantor hereunder, or is required to execute a counterpart of this Guaranty
        after the date hereof pursuant to the requirements of any Document, shall
        become
        a Guarantor hereunder by (x) executing a joinder agreement in form and substance
        satisfactory to the Agent, (y) delivering supplements to such exhibits and
        annexes to such Documents as the Agent shall reasonably request and/or as
        may be
        required by such joinder agreement and (z) taking all actions as specified
        in
        this Guaranty as would have been taken by the Guarantor had it been an original
        party to this Guaranty, in each case with all documents required above to
        be
        delivered to the Agent and with all documents and actions required above
        to be
        taken to the reasonable satisfaction of the Agent.

       

      21. Release.
        Nothing
        except indefeasible payment in full of the Obligations shall release the
        undersigned from liability under this Guaranty.

       

      22. Remedies
        Not Exclusive.
        The
        remedies conferred upon the Creditor Parties in this Guaranty are intended
        to be
        in addition to, and not in limitation of any other remedy or remedies available
        to the Creditor Parties.

       

      [REMAINDER
        OF THIS PAGE IS BLANK.

      SIGNATURE
        PAGE IMMEDIATELY FOLLOWS] 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, this Guaranty has been executed by the undersigned as of
        the
        date and year here above written.

      

      
        	
                /s/
                  Michael O’Reilly

              
	
                Michael
                  O’Reilly, Individually

              
	 
	
                Address:

              
	
                35
                  Tuthill Pt. Rd.

              
	
                East
                  Moriches, New York 11940

              

      

       

      STATE
        OF
        New York         
      )

                                                        
          ): ss.:

      COUNTY
        OF
        Suffolk        
        )

       

      On
        the
        3rd day of September, 2008, before me personally came Michael O’Reilly to me
        known, who being by me duly sworn, did depose and say that he has read the
        foregoing instrument and is fully familiar with the contents thereof; that
        he
        signed his name thereto of his own free will and volition.

      

      
        	
                Mary
                  E. Dunn

              
	
                Notary
                  Public

              

      

       

      Mary
        E.
        Dunn

      Notary
        Public, State of New York

      No.
        01DU6190448

      Qualified
        In Suffolk County

      Commission
        Expires 07/28/2012

      
        
          
          

        

        
          9

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