Document:

Exhibit 10.2

 

	
   

  	
  For Bank Use Only

  	
  Reviewed by

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Due
  JANUARY 31, 2010 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Customer # 1842832664

  	
   

  	
  Loan # 26

  

 

TERM NOTE

(For Term Loan Agreement)

 

	
  $500,000.00

  	
   

  	
  MARCH 30, 2009

  

 

FOR
VALUE RECEIVED, the undersigned borrower (the “Borrower”),
promises to pay to the order of U.S. BANK N.A. (the “Bank”),
the principal sum of  FIVE HUNDRED THOUSAND AND NO/100 Dollars ($ 500,000.00).

 

Interest.

 

The
unpaid principal balance will bear interest at an annual rate equal to 2.000%
plus the prime rate announced by the Bank.

 

The
interest rate hereunder will be adjusted each time that the prime rate changes.

 

Payment Schedule.

 

Principal
and interest are payable according to the Payment Schedule Rider attached to
this Note.

 

 

Interest
will be computed for the actual number of days principal is unpaid, using a
daily factor obtained by dividing the stated interest rate by 360.

 

Notwithstanding
any provision of this Note to the contrary, upon any default or at any time
during the continuation thereof (including failure to pay upon maturity), the
Bank may, at its option and subject to applicable law, increase the interest
rate on this Note to a rate of 5% per annum plus the interest rate otherwise
payable hereunder. Notwithstanding the foregoing and subject to applicable law,
upon the occurrence of a default by the Borrower or any guarantor involving
bankruptcy, insolvency, receivership proceedings or an assignment for the
benefit of creditors, the interest rate on this Note shall automatically
increase to a rate of 5% per annum plus the rate otherwise payable hereunder.

 

In
no event will the interest rate hereunder exceed that permitted by applicable
law. If any interest or other charge is finally determined by a court of
competent jurisdiction to exceed the maximum amount permitted by law, the
interest or charge shall be reduced to the maximum permitted by law, and the
Bank may credit any excess amount previously collected against the balance due
or refund the amount to the Borrower.

 

Subject
to applicable law, if any payment is not made on or before its due date, the
Bank may collect a delinquency charge of 5.00% of the unpaid
amount. Collection of the late payment fee shall not be deemed to be a waiver
of the Bank’s right to declare a default hereunder.

 

Without
affecting the liability of any Borrower, endorser, surety or guarantor, the
Bank may, without notice, renew or extend the time for payment, accept partial
payments, release or impair any collateral security for the payment of this
Note, or agree not to sue any party liable on it.

 

This
Term Note constitutes
the Note issued under a Term Loan Agreement dated as of the date hereof
between the Borrower and the Bank, to which Agreement reference is hereby made
for a statement of the terms and conditions under which the loan evidenced
hereby was made and a description of the terms and conditions upon which the
maturity of this Note may be accelerated, and for a description of the
collateral securing this Note.

 

	
  1129A        ©us
  bancorp 2001

  	
  4/06

  

 

 

This
Note is a “transferable record” as defined in applicable law relating to
electronic transactions. Therefore, the holder of this Note may, on behalf of
Borrower, create a microfilm or optical disk or other electronic image of this
Note that is an authoritative copy as defined in such law. The holder of this
Note may store the authoritative copy of such Note in its electronic form and
then destroy the paper original as part of the holder’s normal business
practices. The holder, on its own behalf, may control and transfer such
authoritative copy as permitted by such law.

 

All documents attached hereto, including any
appendices, schedules, riders, and exhibits to this Term Note, are hereby
expressly incorporated by reference.

 

 

The
Borrower hereby acknowledges the receipt of a copy of this Note.

 

 

	
  (Individual
  Borrower)

  	
   

  	
  American
  Wagering, Inc.

  
	
   

  	
   

  	
  Borrower
  Name (Organization)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a
  

  	
  Nevada
  Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Borrower
  Name

  	
  N/A

  	
   

  	
  By
  

  	
  /s/
  Victor J. Salerno, President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name
  and Title 

  	
  Victor
  J. Salerno, President

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Borrower
  Name

  	
  N/A

  	
   

  	
  Name
  and Title

  	
   

  	 

										

 

 

ADDENDUM TO TERM LOAN AGREEMENT AND NOTE

 

This Addendum is made
part of the Term Loan Agreement and Note (the “Agreement”) made and entered
into by and between the undersigned borrower (the “Borrower”) and the
undersigned bank (the “Bank”) as of the date identified below. The warranties,
covenants and other terms described below are hereby added to the Agreement.

 

Irregular
Payment Schedule.  The following payment schedule is hereby added to the Note:

 

Interest is payable
beginning March 31, 2009 and on the same date of each consecutive month
thereafter (except that if a given month does not have such a date, the last
day of such month), plus a final interest payment with the final payment of
principal.

 

Principal is then payable
on the last day of each consecutive month as follows:

 

Principal is then payable
in six (6) installments of $25,000.00 each, beginning March 31, 2009.

 

Principal is then payable
in four (4) installments of $70,000.00 each, beginning September 30, 2009
plus a final payment equal to all unpaid principal on January 31, 2010,
the maturity date.

 

	
  Dated as of 

  	
  March 30,
  2009

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Individual)

  	
   

  	
  (Non-Individual)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Borrower Name N/A

  	
   

  	
  American Wagering, Inc.

  
	
   

  	
   

  	
  a/an

  	
  Nevada Corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
  Borrower Name N/A

  	
   

  	
  Name and Title Victor
  J. Salerno, President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name and Title N/A

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Agreed to:

  
	
   

  	
   

  	
  U.S. BANK N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name and Title Karal A.
  Presley, Vice President

  
							

 

 

ADDENDUM TO TERM LOAN AGREEMENT AND NOTE

 

This Addendum is made
part of the Term Loan Agreement and Note (the “Agreement”) made and entered
into by and between the undersigned borrower (the “Borrower”) and the
undersigned bank (the “Bank”) as of the date identified below. The warranties,
covenants and other terms described below are hereby added to the Agreement.

 

Amended
and Restated Note.  This Amended and Restated Note (this “Note”) is issued as an amendment
and restatement of, but not in payment of, Borrower’s promissory note dated April 17,
2008, payable to the order of the Bank in the original principal amount of
$500,000.00, as amended, supplemented, extended or otherwise modified (the “Original
Note”). If the existing principal balance of the Original Note exceeds the
stated principal amount of this Note, then concurrently with the delivery of
this Note, Borrower shall pay to Bank an amount sufficient to reduce said
principal amount to the stated principal amount of this Note. All interest
accrued but unpaid on the Original Note shall be due and payable in full on the
first interest payment date under this Note. All agreements and documents
evidencing, securing, guarantying and otherwise related to the Original Note or
the indebtedness evidenced thereby, whether or not identified in this Note,
continue in full force and effect, except to the extent that any such agreement
or document may have been wholly or partially released in a writing signed by
the Bank. Any and all references to the Original Note in any agreement or
document are hereby amended to refer to this Note.

 

Amended
and Restated Agreement. This Amended and Restated Agreement (this “Restated Agreement”) is issued as an amendment and restatement of the loan
agreement or credit agreement between Borrower and Bank dated April 17,
2008 pertaining to a loan facility in the original principal amount of
$500,000.00, as amended, supplemented, extended or otherwise modified (the “Original Agreement”). All agreements and documents evidencing, securing,
guarantying and otherwise related to the Original Agreement or the indebtedness
evidenced thereby, whether or not identified in this Restated Agreement,
continue in full force and effect, except to the extent that any such agreement
or document may have been wholly or partially released in a writing signed by
Bank. Any and all references to the Original Agreement in any agreement or
document are hereby amended to refer to this Restated Agreement.

 

Financial
Information and Reporting. This provision replaces in its entirety the provision of the Agreement
titled “Financial Information and Reporting”. Financial terms used herein which
are not specifically defined herein shall have the meanings ascribed to them
under generally accepted accounting principles. For any Borrower who does not
have a separate fiscal year end for tax reporting purposes, the fiscal year
will be deemed to be the calendar year. The financial statements and other
information previously provided to Bank or provided to Bank in the future are
or will be complete and accurate and prepared in accordance with generally
accepted accounting principles. There has been no material adverse change in
Borrower’s financial condition since such information was provided to Bank.
Borrower will (i) maintain accounting records in accordance with generally
recognized and accepted principles of accounting consistently applied
throughout the accounting periods involved; (ii) provide Bank with such
information concerning its business affairs and financial condition (including
insurance coverage) as Bank may request; and (iii) without request,
provide to Bank the following financial information, in form and content
acceptable to Bank, pertaining to Borrower:

 

Annual
Financial Statements: Not later than 180 days after the end of each fiscal year, annual
financial statements, audited by a certified public accounting firm acceptable
to Bank.

 

Interim
Financial Statements: Not later than 120 days after the end of each fiscal
quarter, interim financial statements, prepared by Borrower.

 

	
  Dated as of 

  	
  March 30,
  2009

  	
   

  	
  (Non-Individual)

  
	
   

  	
   

  	
   

  
	
  (Individual)

  	
   

  	
  American Wagering, Inc.

  
	
   

  	
   

  	
  a/an Nevada Corporation

  
	
   

  	
   

  	
   

  
	
  Borrower Name n/a

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Victor J. Salerno

  
	
   

  	
   

  	
  Name an Title Victor J.
  Salerno, President

  
	
  Borrower Name n/a

  	
   

  	
   

  
	
   

  	
   

  	
  Agreed to:

  
	
   

  	
   

  	
  U.S. BANK N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name an Title Karal A.
  Presley, VicePresidentExhibit 10.3

 

CONTINUING
GUARANTY (Unlimited)

 

1.     Guarantee. For value received, and to induce U.S. BANK N.A. (the “Bank”) to
extend or continue credit or other financial accommodations now or in the
future to American
Wagering, Inc.  (the “Borrower”), the undersigned (the “Guarantor”) hereby absolutely and unconditionally jointly
and severally guarantees prompt payment of and promises to pay or cause to be
paid to the Bank the Obligations (as hereinafter defined), whether or not the
Obligations are valid and enforceable against the Borrower, whenever the
Obligations become due, whether on demand, at maturity or by reason of
acceleration, or at the time the Borrower or the Guarantor shall become the
subject of any bankruptcy or Insolvency proceeding.

 

As used herein, the term “Obligations” shall mean all loans, drafts, overdrafts,
checks, notes and all other debts, liabilities and obligations of every kind
owing by the Borrower to the Bank, whether direct or Indirect, absolute or
contingent, liquidated or unliquidated whether of the same or a different
nature and whether existing now or in the future, including interest thereon
and all costs, expenses and reasonable attorneys’ fees (including fees of inside
counsel) paid or incurred by the Bank at any time before or after judgment in
attempting to collect any of the foregoing, to realize on any collateral
securing any of the foregoing or this Guaranty, and to enforce this Guaranty.
The definition of “Obligations” also includes the amount of any payments made
to the Bank or another on behalf of the Borrower (including payments resulting
from liquidation of collateral) which are recovered from the Bank by a trustee,
receiver, creditor or other party pursuant to applicable Federal or state law
(the “Surrendered
Payments”). In the event that the Bank makes any
Surrendered Payments (including pursuant to a negotiated settlement), the
Surrendered Payments shall immediately be reinstated as Obligations, regardless
of whether the Bank has surrendered or cancelled this Guaranty prior to
returning the Surrendered Payments.

 

2.     Consent to Bank Actions; No Discharge. The Guarantor agrees that the Bank does not
have to take any steps whatsoever to realize upon any collateral securing the
Obligations, or to proceed against the Borrower or any other guarantor or
surety for the Obligations either before or after proceeding against the
Guarantor; and the Guarantor waives any claim of marshalling of assets against
the Bank or any collateral. The Guarantor also agrees that the Bank may do or
refrain from doing any of the following without notice to, or the consent of,
the Guarantor, without reducing or discharging the Guarantor’s liability under
this Guaranty: (i) renew, amend, modify, extend or release any existing or
future Obligations (including making additional advances, or changing the
interest rate or amount, time or manner of payment of any Obligations), and
make additional extensions of credit to the Borrower (which will become
additional Obligations), regardless of when such modifications or additional
extensions of credit are made, and regardless of whether they are similar to or
different from any other Obligations; (ii) amend, supplement and waive
compliance with any of the provisions of documents evidencing or related to any
of the Obligations; (iii) settle, modify, release, compromise or
subordinate any Obligation, any collateral securing any Obligation or this
Guaranty, or the liability of any other party responsible for payment of any
Obligation; and (iv) accept partial payments, and apply any payments and
all other amounts received from the Borrower, from liquidation of any
collateral or from any other guarantor to the Obligations (or any other amounts
due to the Bank) in any manner that the Bank elects. The Guarantor also
expressly agrees that the Guarantor’s liability will not be reduced or
discharged by the Bank’s failure or delay in perfecting (or to continue
perfection of) any security interest, mortgage or other lien on any collateral
securing the Obligations or this Guaranty, or to protect the value or condition
of any such collateral. THE GUARANTOR SPECIFICALLY ACKNOWLEDGES THAT THIS
GUARANTY COVERS ALL EXISTING AND FUTURE OBLIGATIONS OF THE BORROWER TO THE BANK
REGARDLESS OF THE AMOUNT OF THOSE OBLIGATIONS; THAT THE BANK CAN MAKE
ADDITIONAL EXTENSIONS OF CREDIT TO THE BORROWER WITHOUT NOTIFYING THE
GUARANTOR; AND THAT THE BANK CAN DEMAND PAYMENT FROM AND IMPOSE LIABILITY ON
THE GUARANTOR WITHOUT FIRST TRYING TO COLLECT FROM THE BORROWER OR ANY OTHER
GUARANTOR.

 

3.     Waivers. The Guarantor expressly waives all rights of setoff and counterclaims,
as well as diligence in collection or prosecution, presentment, demand of
payment or performance, protest, notice of dishonor, nonpayment or
nonperformance of any Obligation. The Guarantor also expressly waives notice of
acceptance of this Guaranty, and the right to receive all other notices and
demands of any kind relating to the Obligations or this Guaranty. The Guarantor
agrees that any right of subrogation as to payment or enforcement of any
security interest securing the Obligations shall not be enforceable by any
Guarantor until the Bank is paid in full. In addition to, and not in
substitution or lieu of, all of the other waivers and releases contained herein
from the Guarantor, Guarantor hereby specifically, unconditionally and jointly
and severally waives any and all defenses predicated upon: (i) change of
ownership of any collateral covered by any mortgage, deed of trust or security
agreement or other security instrument securing the Obligations; (ii) acquiring
additional collateral; (iii) substitution of different collateral in
exchange or exchanges for part or parts of any original collateral; (iv) sale
or other disposition, either in whole or in part, of any collateral for the
Obligations, without notice to the Guarantor unless otherwise required by
applicable law; (v) the fact that there may be persons other than the
Guarantor solvent and responsible for the payment of the Obligations; (vi) release,
death, dissolution, liquidation or termination of the existence of the Borrower
or any other guarantor; (vii) an election of remedies; or (viii) any
other defenses based on suretyship or impairment of collateral.

 

4.     Financial Information. The Guarantor warrants that all financial
information previously provided to the Bank was accurate when given, and that
no material adverse change has occurred in the Guarantor’s financial status
since such information was given to the Bank. The Guarantor agrees to provide
to the Bank from time to time upon request any information regarding the
Guarantor’s financial condition which the Bank reasonably requests; and without
request, the Guarantor will provide annual financial statements in form and
content satisfactory to the Bank within 60 days of the end of each year.

 

5.     Borrower’s Financial Condition. The Guarantor warrants and represents to the
Bank that (i) the Guarantor is sufficiently knowledgeable and experienced
in financial and business matters to evaluate and understand the risks assumed
in connection with the execution of this Guaranty; (ii) the Guarantor has
had the opportunity to examine the records, reports, financial statements, and
other information relating to the financial condition of the Borrower; (iii) the
Guarantor has relied solely upon Investigations of the Borrower’s financial
condition conducted by the Guarantor or the Guarantor’s authorized
representative in deciding to execute this Guaranty; and (iv) the
Guarantor, or its authorized representative, shall continue to independently
review, monitor and investigate, the financial condition of the Borrower while
this Guaranty is  in effect. The
Guarantor
specifically relieves the Bank of any duty, obligation or responsibility of any
nature whatsoever to advise the Guarantor of any change in the Borrower’s
financial condition.

 

                6.     Collateral; Setoff. The Guarantor grants to the Bank a security
interest in all property in which the Guarantor has an ownership interest which
is now or in the future in the possession of the Bank to secure payment under
this Guaranty. The Guarantor hereby authorizes the Bank, without further notice
to anyone, to charge any account of the Guarantor for the amount of any and all
Obligations due under this Guaranty, and grants the Bank a contractual right to
set off (without
notice or demand) amounts due
hereunder against all depository account balances, cash and other property now
or hereafter in the possession of the Bank and the right to refuse to allow
withdrawals from any account (collectively “Setoff”). This Guaranty is also secured by any and all security interests,
pledges, mortgages/deeds of trust (unless securing only a specific obligation
other than this Guaranty) or liens now or hereafter in

 

6/08

 

 

existence granted to the Bank to secure indebtedness of the Guarantor to
the Bank, including without limitation as described in the following documents:

 

7.     Duration of Guaranty; Revocation; Continuing
Obligations. This is a
continuing Guaranty and shall not be revoked by death, dissolution, merger,
bankruptcy, incompetency or insolvency of the Guarantor. This Guaranty shall
remain in full force and effect with respect to the Guarantor until the Bank
receives written notice from the Guarantor revoking this Guaranty as to the
Guarantor. In the event that this Guaranty is revoked by the Guarantor, said
revocation shall have no effect on the continuing liability of the Guarantor to
guarantee unconditionally the prompt payment of all Obligations which are
contracted or incurred before the revocation becomes effective, including such
prior Obligations which are subsequently renewed, modified or extended after
the revocation becomes effective, as well as all extensions of credit made
after revocation pursuant to commitments made prior to such revocation.
Revocation of this Guaranty by any Guarantor shall not relieve any other
Guarantor of any liability hereunder after the effective date of such
revocation.

 

8.     Acceleration of Obligations; Successors; Multiple Guarantors. If the Guarantor shall die or cease to exist,
become the subject of any incompetency proceedings, become the
subject of any bankruptcy or insolvency proceedings, or fail to comply with the
terms of this Guaranty, any document securing this guaranty or any related
document, the Guarantor’s liability hereunder to pay the Obligations shall
become immediately due and payable whether or not the Obligations are then due
and payable by the Borrower or any other guarantor. This Guaranty shall inure
to the benefit of the Bank, its successors and assigns and of the holder and
owner of any of the Obligations, and shall be binding on heirs, executors,
administrators, successors and assigns of the Guarantor. If there is more than
one Guarantor, the liability of the Guarantors shall be joint and several, and
the reference to the “Guarantor” shall be deemed to refer to all Guarantors.

 

9.     Severability; Prior Agreements; Amendment. Invalidity of any provision of this Guaranty
shall not affect the validity of any other provision. This Guaranty, the
collateral documents securing this Guaranty and the documents evidencing the
Obligations contain the entire agreement of the parties regarding this matter;
and any prior representations, promises or agreements (whether oral or written)
which are not a part of this Guaranty or the documents described above are not
enforceable. The terms of this Guaranty may not be altered, amended or waived
except by another written agreement signed by the Guarantor and the Bank.
Unless specifically limited in scope this Guaranty shall not surpersede any
earlier guaranty of the Guarantor in which the Bank has an interest nor shall
any later guaranty supersede this Guaranty. The effect of any earlier or later
guaranty shall be cumulative with this Guaranty.

 

10.   Copies; Entire Agreement; Modification. The Guarantor hereby acknowledges the receipt
of a copy of this Guaranty. This Guaranty is a “transferable record” as defined
in applicable law relating to electronic transactions. Therefore, the holder of
this Guaranty may, on behalf of Guarantor, create a microfilm or optical disk
or other electronic image of this Guaranty that is an authoritative copy as
defined in such law. The holder of this Guaranty may store the authoritative
copy of such Guaranty in its electronic form and then destroy the paper
original as part of the holder’s normal business practices. The holder, on its
own behalf, may control and transfer such authoritative copy as permitted by
such law.

 

IMPORTANT:
READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY
BECAUSE ONLY THOSE TERMS IN WRITING, EXPRESSING CONSIDERATION AND SIGNED BY THE
PARTIES ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS
WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. THE TERMS OF THIS AGREEMENT MAY ONLY
BE CHANGED BY ANOTHER WRITTEN AGREEMENT. THIS NOTICE SHALL ALSO BE EFFECTIVE
WITH RESPECT TO ALL OTHER CREDIT AGREEMENTS NOW IN EFFECT BETWEEN GUARANTOR AND
THE BANK. A MODIFICATION OF ANY OTHER CREDIT AGREEMENTS NOW IN EFFECT BETWEEN
GUARANTOR AND THE BANK, WHICH OCCURS AFTER RECEIPT BY GUARANTOR OF THIS NOTICE,
MAY BE MADE ONLY BY ANOTHER WRITTEN INSTRUMENT. ORAL OR IMPLIED
MODIFICATIONS TO SUCH CREDIT AGREEMENTS ARE NOT ENFORCEABLE AND SHOULD NOT BE
RELIED UPON.

 

11.   Governing Law; Jurisdiction. This
Guaranty shall be governed by the internal laws of the State of Nevada, except to the extent superseded by Federal law. THE GUARANTOR HEREBY CONSENTS
TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITUATED IN THE
COUNTY OR FEDERAL JURISDICTION OF THE BANK’S BRANCH WHERE THE LOAN WAS
ORIGINATED, AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, WITH REGARD
TO ANY ACTIONS, CLAIMS, DISPUTES OR PROCEEDINGS RELATING TO THIS GUARANTY, THE
COLLATERAL, ANY RELATED DOCUMENT, OR ANY TRANSACTIONS ARISING THEREFROM, OR
ENFORCEMENT AND/OR INTERPRETATION OF ANY OF THE FOREGOING. Nothing herein shall
affect the Bank’s right to serve process in any manner permitted by law, or
limit the Bank’s right to bring proceedings against the Guarantor in the
competent courts of any other jurisdiction or jurisdictions.

 

12. Waiver of Jury Trial. TO THE EXTENT PERMITTED BY LAW,
THE GUARANTOR AND THE BANK HEREBY JOINTLY AND SEVERALLY WAIVE ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY, ALL
DOCUMENTS RELATING TO THIS GUARANTY, THE OBLIGATIONS HEREUNDER OR ANY
TRANSACTION ARISING HEREFROM OR CONNECTED HERETO. THE GUARANTOR AND THE BANK
EACH REPRESENTS TO THE OTHER THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND
VOLUNTARILY GIVEN.

 

	
  Dated:

  	
  MARCH 30,
  2009

  	
   

  	
  N/A

  
	
   

  	
   

  	
   

  	
  Guarantor
  Name (Organization)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a

  	
   

  
	
  (Individual
  Guarantor)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/
  Victor J. Salerno

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Guarantor
  Name

  	
  Victor
  J. Salerno

  	
   

  	
  Name
  and Title

  	
  N/A

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/
  Terina M. Salerno

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Guarantor
  Name

  	
  Terina
  M. Salerno

  	
   

  	
  Name
  and Title

  	
  N/A

  
										

 

PURPOSE
AND CONSENT. Each
Guarantor who is married or in a registered domestic partnership represents
that this obligation is incurred in the interest of his or her marriage, domestic partnership or family. The spouse or
domestic partner of each Guarantor who has not signed above as a Guarantor
consents to the Guarantor entering into this Guaranty, but said spouse or
domestic partner of each Guarantor is not a party to this Guaranty.

 

	
  N/A

  	
   

  	
  Date:

  	
   

  
	
  Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  N/A

  	
   

  	
  Date:

  	
   

  
	
  Guarantor’s
  Spouse or Registered Domestic Partner

  	
   

  	
   

  

 

 

ADDENDUM TO CONTINUING
GUARANTY (UNLIMITED)

 

This
Addendum is made part of the Continuing Guaranty (Unlimited) (the “Agreement”)
made and entered into by and between the undersigned guarantor (the “Guarantor”)
and the undersigned bank (the “Bank”) as of the date identified below. The
warranties, covenants and other terms described below are hereby added to the
Agreement.

 

Financial
Information and Reporting. Financial terms used
herein which are not specifically defined herein shall have the meanings
ascribed to them under generally accepted accounting principles. For any
Guarantor who does not have a separate fiscal year end for tax reporting
purposes, the fiscal year will be deemed to be the calendar year. Guarantor
warrants that all financial information previously provided to Bank or provided
to Bank in the future is or will be complete and accurate and prepared in
accordance with generally accepted accounting principles and that no material
adverse change has occurred in Guarantor’s financial condition since such
information was provided to Bank. Guarantor covenants and agrees that while the
Agreement is in effect, Guarantor shall provide to Bank from time to time upon
request any information regarding Guarantor’s financial condition which Bank
reasonably requests; and without request, Guarantor will provide to Bank the
following financial information, in form and content acceptable to Bank:

 

Annual
Financial Statements: Not later than 120 days after
the end of each fiscal year, annual personal financial statements, prepared by
Guarantor.

 

Tax
Returns: Not later than 15 days after the deadline (or
extended deadline if Guarantor provides evidence to Bank of such extension) for
filing such returns, copies of filed federal tax returns, and state returns if
applicable, including all supporting schedules.

 

	
  Dated as of 

  	
  March 30, 2009

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Individual)

  	
   

  	
  (Non-Individual)

  
	
   

  	
   

  	
   

  
	
  /s/
  Victor J. Salerno

  	
   

  	
  na

  
	
  Gurantor Name Victor J. Salerno

  	
   

  	
  a/an
  na

  
	
   

  	
   

  	
   

  
	
  /s/ Terina M. Salerno

  	
   

  	
  By:

  	
   

  
	
  Gurantor Name Terina M. Salerno

  	
   

  	
  Name
  and Title n/a

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name
  and Title n/a

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Agreed
  to:

  
	
   

  	
   

  	
  U.S.
  BANK N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name
  and Title Karal A. Presley, Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]