Document:

EXHIBIT
10.29

SECOND
MODIFICATION AGREEMENT

THIS
SECOND MODIFICATION AGREEMENT (the “Agreement”)  is made and entered into this   30 th   day of March, 2007, by and
between First Keystone Bank (the “Bank”),
chartered under the Laws of the United States of America, having its principal
office at 22 West State Street, Media, Pennsylvania, 19063, Spitz, Inc., a Delaware corporation (the “Borrower”), with
an address of P.O. Box 198, Route 1, Chadds Ford, Pennsylvania, 19317, and Evans & Sutherland Computer Corporation, a Utah
corporation (the “Guarantor”).  The Bank,
Borrower and Guarantor are sometimes herein referred to as a “Party” and
collectively as the “Parties”.

Background

A.            Bank extended to
Borrower a line of credit facility on April 28, 2006, (the “Loan”) in the
maximum principal sum of Three Million Dollars
($3,000,000.00) evidenced by that certain Line of Credit Note (the “Note”)
made by Borrower and delivered to Bank on April 28, 2006.  The Loan is to be advanced pursuant to the
terms of a Line of Credit Agreement between Bank, Borrower and Guarantor dated
April 28, 2006 (the “Line of Credit Agreement”).   All capitalized terms not specifically
defined herein shall have the meanings given such terms as set forth in the
Line of Credit Agreement.

B.            The Parties
entered into that certain First Modification Agreement dated July 28, 2006 (the
“First Modification”), wherein, among other modifications, the parties agreed
to reduce the Maximum Credit Limit to the 
lesser of (i) One Million One Hundred
Thousand Dollars ($1,100,000.00), or (ii) the sum of (a) eighty
(80%) percent of the Borrower’s Qualified Accounts Receivable and (b) fifty
(50%) percent of Borrower’s Qualified Inventory.

C.            On or about April 28, 2006,
Transnational Industries, Inc., a Delaware corporation, sold all of
Transnational’s one hundred percent (100%) ownership interest in and to
Borrower to Guarantor.

D.            The Line of Credit Agreement sets
forth certain financial covenants of the Borrower, including without limitation
a covenant to provide Bank within ninety (90) days following the end of
Borrower’s tax year, current year end audited financial statements including,
without limitation, a balance sheet, income statement and statement of source
and application of funds (collectively the “Audited Financials”), and a
covenant to provide Bank within sixty (60) days of the date the same are due
for filing, copies of Borrower’s Federal Income Tax Returns (the “Tax Returns”).

E.             Guarantor is a publicly traded
company and, pursuant to the Line of Credit Agreement, has agreed to provide to
Bank, within ninety (90) days following the end of Guarantor’s fiscal year and
each fiscal quarter, respectively, Guarantor’s Annual Report on Form 10-K and
quarterly report on Form 10-Q.

 

F.             As a wholly owned
subsidiary of Guarantor, Borrower is no longer required to prepare separate
audited financials or file a separate income tax return and Borrower and
Guarantor have requested that Bank waive the requirement that Audited
Financials and Tax Returns be provided.

G.            As of the date
hereof the outstanding principal balance of the Loan is Seven
Hundred Ninety Nine Thousand Nine Hundred Eighty and 06/100 Dollars
($799,980.06).

H.            Bank has no
obligation to modify the terms of the Loan. Bank is willing to grant Borrower’s
aforementioned request on the terms and conditions set forth in this Agreement.

Agreement

NOW
THEREFORE, in consideration of the sum of One ($1.00) Dollar
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound hereby, the parties
hereto hereby covenant and agree as follows:

1.             The Background
recitals are incorporated herein by reference.

2.             Sections 4.1.6.1
(a) and (b) of the Line of Credit Agreement respecting the requirement that
Borrower provide Audited Financials and Tax Returns to the Bank are deleted in
their entirety.

3.             Borrower and
Guarantor hereby ratify and affirm all of the terms, conditions and provisions
of the Line of Credit Agreement, the Note, the First Modification, and all
other documents executed and delivered by Borrower or Guarantor in connection
with the Loan, to the extent the same are not otherwise expressly modified
herein.  It is expressly agreed and
understood that except as expressly provided in this Agreement, the terms,
conditions and provisions set forth in the Line of Credit Agreement, the Note,
the First Modification, and all other documents executed and delivered by
Borrower or Guarantor in connection with the Loan shall remain in full force and
effect in accordance with their respective terms, conditions and
provisions.  Without limiting the
generality of the foregoing, nothing in this Agreement shall be construed to:

(i)            impair the validity, perfection
or priority of any lien or security interest securing the Loan;

(ii)           waive or impair any rights,
powers or remedies of Bank under the Line of Credit Agreement, the Note, and
all other documents executed and delivered by Borrower or Guarantor in
connection with the Loan with respect to any defaults thereunder which may
occur;

(iii)         require Bank to hereafter amend or
modify the terms of the Line of Credit Agreement, the Note, or any other
documents executed and delivered by Borrower or Guarantor in connection with
the Loan; or

(iv)          make any other loan or other
extension of credit to Borrower or Guarantor.

In the event of
any inconsistency between the terms of this Agreement and the Line of Credit
Agreement, this Agreement shall govern. 
Borrower and Guarantor each acknowledge that it has

 2
 

 

consulted with
counsel in connection with the negotiation and delivery of this Agreement.  This Agreement shall be construed without
regard to any presumption or rule requiring that it be construed against the
party causing this Agreement or any part of this Agreement to be drafted.

4.             Borrower and
Guarantor hereby acknowledge and agree that no setoff or counterclaim to
Borrower’s and Guarantor’s obligations evidenced by the Line of Credit
Agreement, the Note, and all other documents executed and delivered by Borrower
or Guarantor in connection with the Loan exists, and no agreement has been made
with any person under which any deduction or discount may be claimed, that to
the best of Borrower’s and Guarantor’s knowledge, information and belief, no
Event of Default (as defined in the Line of Credit Agreement) has occurred
which is continuing and no event has occurred which with the passage of time or
the giving of notice or both, could become an Event of Default under the Line
of Credit Agreement.

IN
WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed on the day and year first above written.

	
  

  	
   

  	
  BANK:

  	
   

  	
   

  
	
   

  	
   

  	
  FIRST KEYSTONE BANK

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/ David Ffrench

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BORROWER:

  	
   

  	
   

  
	
   

  	
   

  	
  SPITZ, INC., A Delaware Corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Calvin Eddings

  	
   

  	
  BY: /s/ Paul L. Dailey

  
	
  Witness

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Calvin Eddings

  	
   

  	
  ATTEST: /s/ David H. Bateman

  
	
  Witness

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Corporate Seal]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GUARANTOR:

  	
   

  	
   

  
	
   

  	
   

  	
  EVANS & SUTHERLAND COMPUTER CORPORATION, a
  Utah Corporation

  
	
   

  	
   

  	
   

  
	
  /s/ Calvin Eddings

  	
   

  	
  BY: /s/ David H. Bateman

  
	
  Witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Calvin Eddings

  	
   

  	
  ATTEST: /s/ Paul L. Dailey

  
	
  Witness

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Corporate Seal]

  

 

 3EXHIBIT
10.30

GUARANTY

THIS
GUARANTY is made this 
30
th  day of March, 2007, by  EVANS & SUTHERLAND COMPUTER
CORPORATION,  a Utah
corporation (hereinafter the “Guarantor”).

W I T N E S S E T H:

WHEREAS,
SPITZ, INC., a Delaware corporation
(hereinafter the “Borrower”), has executed and delivered to FIRST KEYSTONE BANK (hereinafter the “Lender”), a Mortgage
Note in the original principal sum of Three Million Two Hundred
Thousand Dollars ($3,200,000.00) (the “Note”) made by Borrower and
Transnational Industries, Inc., a Delaware corporation (“Transnational”) and
delivered to Lender on January 14, 2004, evidencing a loan (the “Loan”) to
finance Borrower’s acquisition of the premises known as Route 1,
Chadds Ford Township, Delaware County, Pennsylvania,  being Folio No. 04-00-00034-02 and
operated by Borrower as its principal business office (the “Real Estate”).  The Loan is further evidenced by that certain
Loan Agreement between Borrower, Transnational and Lender dated January 14,
2004 (the “Loan Agreement”); and

WHEREAS,
the Loan is secured by, among other things, that certain Open-End Mortgage and
Security Agreement dated January 14, 2004 (the “Mortgage”) encumbering the Real
Estate; and

WHEREAS,
on or about April 28, 2006, Transnational sold all of Transnational’s one
hundred percent (100%) ownership interest in and to Borrower to Guarantor; and

WHEREAS,
in connection with the origination of a line of credit and the sale by
Transnational of all of Transnational’s interests in and to Borrower, Lender
released Transnational as a co-borrower under the Loan; and

WHEREAS,
the Loan Agreement sets forth certain financial covenants of the Borrower,
including without limitation a covenant to deliver to Lender within ninety (90)
days following the end of Borrower’s fiscal year and each fiscal quarter,
respectively, a copy of the Borrower’s Annual Report on Form 10-KSB and
quarterly report on Form 10-QSB, (the “Financials”), and a covenant to provide
Lender, within thirty (30) days of the date the same are due for filing, copies

 

of Borrower’s
Federal Income Tax Returns (the “Tax Returns”); and

WHEREAS,
Guarantor is a publicly traded company and, pursuant to that certain First
Modification Agreement dated even date herewith (the “First Modification
Agreement”), Guarantor has agreed to provide to Lender Bank, within ninety (90)
days following the end of Guarantor’s fiscal year and each fiscal quarter,
respectively, in each year, Guarantor’s Annual Report on Form 10-K and
quarterly report on Form 10-Q; and

WHEREAS, as
a wholly owned subsidiary of Guarantor, Borrower is no longer required to
prepare separate audited financials or file a separate income tax return and
Borrower and Guarantor have requested that Lender waive the requirement that
Financials and Tax Returns be provided; and

WHEREAS,
Lender has agreed to waive the requirement that Financials and Tax Returns be
provided in consideration, among other things, of the covenants and obligations
made and assumed by Guarantor as herein set forth; and

WHEREAS,
the outstanding principal balance of the Note, together with interest and all
other sums due or to become due thereunder is referred to herein as the “Indebtedness”;
and

WHEREAS,
Guarantor has agreed to make this Guaranty in consideration of the agreement of
Lender to modify the Loan as more fully set forth in the First Modification
Agreement; and

WHEREAS,
in order to induce Lender to enter into the First Modification Agreement, the
Guarantor herein executes this Guaranty.

NOW
THEREFORE, for good and valuable consideration, intending to
be legally bound hereby, Guarantor agrees as follows:

1.             Guaranty
of Performance.  Guarantor
absolutely and unconditionally, jointly and severally, guarantees to Lender the
payment and performance of the conditions of the Note, pursuant to the terms
and conditions set forth therein, together with all reasonable legal and other
expenses of collection, and hereby expressly and unconditionally waives demand,
notice of presentment and non-payment, protest and notice of protest, of the
Note, and agrees that the time for payment thereof may be extended by Lender
without notice to or further consent from the Guarantor.  Guarantor further agrees to pay the full
unpaid principal, interest and other charges due under the Note when owing
immediately upon written notice of an Event of Default as to any

 2
 

 

one or more of the
terms and conditions of the Note, First Modification Agreement, Mortgage, Loan
Agreement or any other document executed by Borrower and/or Guarantor and
delivered to Lender in connection with the Loan (collectively referred to
herein as the “Loan Documents”), it being agreed between the parties hereto
that the full balance when due and owing on the Note shall become due and
payable upon acceleration by the Lender in accordance with the terms of the
Note.

2.             No Waiver.  Any waiver by Lender of an Event of Default
under the Loan Documents, and any failure on the part of Lender to enforce its
rights against Borrower, or its successors or assigns, shall not affect the
absolute and unconditional liability of the Guarantor.  Any extensions of time granted by Lender to
Borrower, or its successors or assigns, shall not release the Guarantor from
its obligations hereunder.

3.             Actions
Not Affecting Guarantor’s Liability.  In addition to (but not in limitation of) all
of the foregoing provisions, Lender may take any of the following actions (with
or without notice to the Guarantor) without affecting the liability of the
Guarantor in any way:

a.             release, exchange, increase or
decrease, or surrender all or any part of the security held by it for the
Indebtedness, or substitute new security for all or any portion thereof,
whether or not the new security shall be equal in value with the security
substituted;

b.             recast, extend or modify all or any
portion of the Indebtedness;

c.             grant waivers, extensions, renewals
or other indulgences under the Note;

d.             modify or amend any of the terms,
provisions or agreements contained in the Note

e.             vary, exchange, release or
discharge, wholly or partially, or delay in or abstain from perfecting or
enforcing any security or guaranty of the Note;

f.              accept partial payment or
performance of the Note from the Borrower; or

g.             compromise or make any settlement
or other arrangement with the Borrower.

4.             Direct
Proceedings Against Guarantor. 
This shall be an agreement of suretyship as well as of guaranty.  Liability on this Guaranty shall not be
conditional or contingent upon the pursuance by Lender or anyone else of
whatever remedies it may have against Borrower, or its successors or assigns,
nor shall Lender be required to foreclose, exhaust,

 3
 

 

or in any other
way look for the security which it now has or which it may obtain or in the
future may acquire. Not in limitation of the generality of the foregoing, the
liability of Guarantor hereunder shall remain effective and enforceable even
though Borrower’s liability under the Note may be unenforceable, or recovery
against the Borrower may be barred by the statute of limitations or otherwise,
it being further understood and agreed that Guarantor waives any defense
arising by reason of any disability or other defense of Borrower or by reason
of the cessation from any cause whatsoever of the liability of Borrower.   The obligations and liabilities of Guarantor
hereunder and any other guarantor/surety of the Borrower’s liabilities and
obligations under the Note, the First Modification Agreement, the Mortgage and
other Loan Documents, and all extensions, modifications and/or renewals
thereof, shall be joint and several.

5.             Extensions
or Renewals.  Liability of
the Guarantor hereunder shall be a continuing one and shall extend to any and
all notes or other evidences of indebtedness which may be given in extension,
modification, increase or renewal of the present indebtedness of the Borrower
evidenced by the Note.

6.             Representations
and Warranties  The
Guarantor hereby represents and warrants that:

a.             The Guarantor has no offsets,
counterclaims or defenses against the Indebtedness or this Guaranty, and has
the legal capacity to enter into this Guaranty and to perform Guarantor’s
obligations hereunder.

b.             This Guaranty constitutes the
legal, valid and binding obligation of the Guarantor enforceable against
Guarantor in accordance with its terms.

c.             There is no action, suit,
proceeding, inquiry or investigation, at law or in equity, or before or by any
court, public board or body, pending, or within the knowledge of the Guarantor
threatened, wherein an unfavorable decision, ruling or finding would adversely
affect the validity or enforceability of this Guaranty or any of the Loan
Documents.

d.             Neither the execution and delivery
of this Guaranty, the consummation of the transactions contemplated hereunder
nor the fulfillment of or compliance with the terms and conditions obtained
herein is prevented or limited by, or would be prevented or limited by, or
conflict with, or breach, the terms, conditions or provisions of any law, rule,
regulations, order of any court or governmental agency, or any evidence of
indebtedness, agreement or instrument of

 4
 

 

whatever nature to
which the Guarantor (or any company, corporation or other business entity
controlled by the Guarantor or affiliated with any one of them) is now a party,
or to which the Guarantor or any such entity is bound, or constitutes a default
under any of the foregoing. Such execution, delivery, consummation and
performance will not result in the creation or imposition of any lien, charge
or encumbrance upon any of the property or assets of the Guarantor or any such
entity, except as contemplated in the Loan Documents.

e.             The assumption by the Guarantor of
its obligations hereunder will result in material benefits to the Guarantor.

f.              Neither this Guaranty nor any
other document, certificate or statement furnished to the Lender by or on
behalf of the Borrower or the Guarantor contains any untrue statement of a
material fact or omits to state a material fact necessary in order to make the
statements contained herein and therein not misleading or incomplete.   The financial statements and tax returns of
Guarantor delivered to Lender prior to the date hereof are Guarantor=s most
current financial statements and tax returns available for public distribution
and fully and accurately present the financial condition and income of
Guarantor as of the date thereof, in accordance with generally accepted
accounting principles consistently applied.

g.             As provided in the Loan Agreement,
the proceeds of the Note are to be applied by the Borrower to its business
purposes and no part thereof shall be used for the personal, household or
consumer purposes of the Borrower or the Guarantor.

7.             Compliance
With Loan Documents.  The
Guarantor shall cause the Borrower to fully perform and observe all of the
covenants, agreements and obligations of the Borrower under the Note, First
Modification Agreement, the Mortgage and all other Loan Documents.

8.             Waiver of
Subrogation.  The
Guarantor waives and relinquishes any right of subrogation or other right of
reimbursement, contribution or indemnification from the Borrower or the Borrower’s
estate and any other right or payment from the Borrower or the Borrowers>
estate, arising out of or on account of any sums paid or agreed to be paid by
Guarantor under this Guaranty, whether any such right is reduced to judgment,
liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,
undisputed, secured, or unsecured.  The
provisions of this subparagraph are made for the express benefit of Borrower as
well as Lender and may be enforced independently by Borrower and Lender.

 

 

 5

 

9.             Event of
Default.  Any one or more
of the following shall constitute an “Event of Default” hereunder:

a.             Failure of the Guarantor to make
any payments or perform Guarantor’s obligations pursuant to the terms hereof,
provided, however, Lender shall, in accordance with the terms of the Loan
Agreement, give to Guarantor all notices of default under the Loan, and
Guarantor shall have the same opportunity to cure, if any, as are applicable
with respect to the Borrower under the Loan Documents with any applicable cure
period running concurrently with any cure period applicable to Borrower.

b.             If any representation or warranty
made by the Guarantor pursuant to or in connection with this Guaranty or any
report, certificate, financial statement or other instrument or document
furnished by the Guarantor hereunder shall prove to be false or misleading in
any material respect.

c.             After the giving of any applicable
notice and expiration of any applicable cure period, the occurrence of an event
of default under the Note, the First Modification Agreement, the Mortgage or
any of the other Loan Documents.

10.           Remedies.  Lender shall provide Guarantor with notice of
the occurrence of any Event of Default in accordance with the Notice provisions
contained in the Note.  If any one or
more Events of Default shall occur under this Guaranty,  then in each case, the Lender shall have all
rights and remedies, including, but not limited to, the right to (i) cause all
amounts payable hereunder and pursuant to the Note to be immediately due and
payable, whereupon the same shall become immediately due and payable; (ii) take
any other action available either in law or in equity to enforce performance or
collect any amounts due or thereafter to become due under this Guaranty, the
Note, the First Modification Agreement, the Mortgage or other Loan Documents
and exercise all rights and remedies of the Lender thereunder; or (iii) enforce
the observance of any of the covenants or obligations of the Guarantor under
this Guaranty, Note, Loan Agreement, First Modification Agreement, Mortgage or
any other Loan Document.

11.           Indemnification. 
The Guarantor shall defend, hold harmless, and indemnify the Lender from
and against any and all claims, liabilities, judgments, liens, losses, damages,
costs, expenses, attorneys fees, and consultants fees incurred by or imposed
upon the Lender relating to any obligations on the part of the Borrower as set
forth in an Environmental Indemnity 

 6
 

 

Agreement dated
January 14, 2004.

12.           Costs of Suit. 
This Guaranty shall include all reasonable attorneys> fees, expenses,
and disbursements incurred by Lender in the collection or enforcement of
payment or performance by Borrower of any obligation of Borrower to Lender, and
in the collection or enforcement of payment or performance by Guarantor
hereunder.

13.           Forbearance. 
Neither the failure nor any delay on the part of Lender to exercise any
right, remedy, power or privilege under this Guaranty (a “Right”) shall operate
as a waiver thereof, nor shall any single or partial exercise of any Right
preclude any other or further exercise of the same or of any other Right, nor
shall any waiver of any Right with respect to any occurrence be construed as a
waiver of such Right with respect to any other occurrence.  No waiver shall be effective unless it is in
writing and is signed by the party asserted to have granted such waiver.

14.           Warrant of Borrowers Agreements and Representations.  The Guarantor further unconditionally
guarantees to the same effect as above stated, the proper performance of any
and all agreements, representations, warranties and undertakings given to
Lender by Borrower in connection with the Loan by way of collateral security.

15.           Bankruptcy.  This
Guaranty shall be a continuing Guaranty and (whether or not Guarantor shall
have any notice or knowledge of any of the following) the liability and
obligation of Guarantor hereunder shall be absolute and unconditional and shall
remain in full force and effect without regard to, and shall not be released,
discharged, or in any way impaired by any bankruptcy, insolvency,
reorganization arrangement, or similar proceeding relating to Borrower or any
co-Guarantor, or their properties.

16.           Waiver of Notice and Defense.  The Guarantor hereby consents to all of the
terms and provisions of the Note, as the same may be from time to time amended
or modified. The Guarantor hereby irrevocably waives:

a.             Notice of acceptance of this
Guaranty and notice that the Note has been accepted by the Lender in reliance
hereon;

b.             Notice of any amendment or any
change in the terms of the Note or any of the other Loan Documents or any other
present or future agreement relating directly or indirectly thereto;

 7
 

 

c.             Notice of any default under the
Note or any other Loan Document, or any other present or future agreement
relating directly or indirectly thereto;

d.             Demand for performance or
observance of and enforcement of any provisions of the Note, the First
Modification Agreement, the Mortgage or any other Loan Document or any pursuit
or exhaustion of any rights or remedies against the Borrower thereunder, or any
other obligor who becomes liable in any manner for any of the Indebtedness, and
any requirement of diligence or promptness on the part of the Lender in
connection therewith;

e.             Diligence, presentment, protest,
notice of dishonor and notice of default in the payment of any amount at any
time payable by the Borrower under or in connection with the Note;

f.              The benefit of any statute of
limitations affecting its liability hereunder or the enforcement thereof, and
agrees that any payment of any indebtedness or other act which shall toll any
statute of limitations applicable to the Note shall similarly operate to toll
such statute of limitations applicable to Guarantor’s liability hereunder; or

g.             The benefit of laws exempting
property from levy or execution.

17.           Successors and Assigns. 
The parties hereto agree that this Guaranty shall bind and inure to the
benefit of the Lender and its successors and assigns.

18.           Governing Law. 
This Guaranty shall be governed by the substantive law of the
Commonwealth of Pennsylvania.

19.           Assignment. Lender may assign this Guaranty in whole or
in part to a party to whom the Note is assigned.

20.           Set-Off.  In
addition to all liens upon, and rights of set-off against the monies,
securities, or other property of Guarantor given to Lender by law, Lender shall
have a lien upon and a right of set-off against all monies, securities and
other property of Guarantor now or hereafter in the possession of Lender. Every
such lien and right of set-off may be exercised without demand upon or notice
to Guarantor, no lien or right of set-off shall be deemed to have been waived
by any act or conduct on the part of Lender, or by any neglect to exercise such
right of set-off or to enforce such lien, or by any delay in so doing, and
every right of set-off and lien shall continue in full force and effect until
such right of set-off or lien is specifically waived or

 8
 

 

released by an
instrument in writing executed by Lender.

21.           Subordination of Indebtedness.  Any indebtedness of Borrower now or hereafter
held by Guarantor is hereby subordinated to this Guaranty, the Note, the
Mortgage and the First Modification Agreement. Any such indebtedness of
Borrower to Guarantor is assigned to Lender as security for this Guaranty and
the Note and, if upon an Event of Default under this Guaranty, Lender so
requests, shall be collected, enforced and received by Guarantor as trustee for
Lender and be paid over to Lender on account of the amounts due under the Note
but without reducing or affecting in any manner the liability of Guarantor
under the other provisions of this Guaranty. Any such notes now or hereafter
evidencing such indebtedness of Borrower to Guarantor shall be marked with a
legend that the same are subject to this agreement and, if Lender so requests,
shall be delivered to Lender.

22.           Intent of Language. 
Reference to the Guarantor shall mean each Guarantor named above. The
obligations of the Guarantor hereunder shall be joint and several. When such
interpretation is appropriate, all words in the singular used herein shall
include the plural, and all words in the masculine shall also mean the
feminine, as the case may be.

23.           Severability.  If
any term, provision, covenant or condition hereof should be held by a court of
competent jurisdiction to be invalid, void or unenforceable, all other
provisions, covenants and conditions hereof not held invalid, void or
unenforceable shall continue in full force and effect and shall in no way be
affected, impaired or invalidated thereby.

24.           No Set-Off.  The
Guarantor shall make all payments required hereunder, free of any deductions,
and without abatement, deduction, or setoff.

CONFESSION OF JUDGMENT

25.           THE FOLLOWING SECTION SETS FORTH
WARRANTS OF ATTORNEY FOR ANY ATTORNEY TO CONFESS JUDGMENTS AGAINST
GUARANTOR.  IN GRANTING THESE WARRANTS OF
ATTORNEY TO CONFESS JUDGMENTS AGAINST GUARANTOR, GUARANTOR HEREBY KNOWINGLY,
INTENTIONALLY, VOLUNTARILY, AND UNCONDITIONALLY WAIVE(S) ANY AND ALL RIGHTS
GUARANTOR MAY HAVE TO PRIOR NOTICE AND AN OPPORTUNITY FOR HEARING UNDER THE
RESPECTIVE CONSTITUTIONS AND LAWS OF THE COMMONWEALTH OF PENNSYLVANIA AND THE
UNITED STATES OF AMERICA.

 9
 

 

UPON THE
OCCURRENCE OF AN EVENT OF DEFAULT, GUARANTOR HEREBY AUTHORIZES ANY ATTORNEY OF
ANY COURT OF RECORD IN PENNSYLVANIA, OR ELSEWHERE, TO APPEAR FOR GUARANTOR IN
ANY ACTION BROUGHT ON THIS GUARANTY, AND TO CONFESS JUDGMENT AGAINST GUARANTOR
FOR ALL PRINCIPAL AND INTEREST AND ALL OTHER SUMS THEN DUE PURSUANT TO THE
TERMS OF THE NOTE, FIRST MODIFICATION AGREEMENT, LOAN AGREEMENT, AND SUCH OTHER
LOAN DOCUMENTS, OR ANY OF THEM, AND FOR COSTS OF SUIT AND AN ATTORNEY’S
COMMISSION OF THE LESSER OF THE ACTUAL FEES INCURRED, OR TEN PERCENT (10%) OF
THE AMOUNT CONFESSED, TOGETHER WITH INTEREST ON ANY JUDGMENT OBTAINED BY LENDER
AT THE RATE OF INTEREST SPECIFIED IN THE NOTE AFTER DEFAULT, INCLUDING INTEREST
AT THAT RATE FROM AND AFTER THE DATE OF ANY SHERIFF’S SALE UNTIL ACTUAL PAYMENT
IS MADE BY THE SHERIFF TO LENDER OF THE FULL AMOUNT DUE LENDER, AND FOR SO
DOING THIS SHALL BE A GOOD AND SUFFICIENT WARRANT.  GUARANTOR WAIVES AND RELINQUISHES ALL ERRORS,
DEFECTS, AND IMPERFECTIONS IN THE ENTRY OF JUDGMENT AS AFORESAID, OR IN ANY
PROCEEDING PURSUANT THERETO, AND ALL BENEFITS UNDER ANY LAW OR RULE OF COURT
RELATING TO A STAY OF EXECUTION OR EXEMPTING ANY PROPERTY FROM LEVY OR SALE
UNDER EXECUTION.  THE AUTHORITY HEREIN
GRANTED TO CONFESS JUDGMENT SHALL NOT BE EXHAUSTED BY ANY EXERCISE THEREOF BUT
SHALL CONTINUE FROM TIME TO TIME AND AT ALL TIMES UNTIL ALL OBLIGATIONS OF
BORROWER TO LENDER HAVE BEEN FULLY DISCHARGED.

	
  

  	
   

  	
  /s/ DHB

  	
   

  	
   

  
	
   

  	
   

  	
  (Initials of Officer of Guarantor)

  	
   

  

 

 10

 

WAIVER OF JURY TRIAL

26.           GUARANTOR HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT GUARANTOR MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH, THIS GUARANTY, OR THE BORROWER=S OBLIGATIONS UNDER THE NOTE,
THE FIRST MODIFICATION AGREEMENT, THE LOAN AGREEMENT, ANY OTHER DOCUMENT OR
INSTRUMENT RELATING HERETO OR THERETO, ANY OTHER TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE BORROWER OR THE GUARANTOR IN
CONNECTION HEREWITH OR THEREWITH.  THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO MAKE THE LOAN EVIDENCED BY
THE NOTE.

	
  

  	
   

  	
  /s/ DHB

  	
   

  	
   

  
	
   

  	
   

  	
  (Initials of Officer of Guarantor)

  

 

IN
WITNESS WHEREOF, Guarantor has executed and sealed this
Guaranty the day and year first above written.

	
  WITNESS:

  	
  GUARANTOR:

  	
   

  	
   

  	
   

  
	
   

  	
  EVANS & SUTHERLAND COMPUTER

  CORPORATION, a Utah Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Calvin Eddings

  	
  BY: /s/ David H. Bateman

  
	
  Witness

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Calvin Eddings

  	
  ATTEST: /s/ Paul L. Dailey

  
	
  Witness

  	
   

  	
   

  	
   

  	
   

  
						

 

 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]