Document:

Exhibit 10.37

 

May 19,
2005

 

[LENDER]

 

Re:                               Corgenix
Medical Corporation (the “Company”)

 

Gentlemen:

 

The
undersigned is an owner of record or beneficially of certain shares of common
stock (“Common Stock”) of the Company or securities convertible into or exchangeable
or exercisable for Common Stock.  The
Company proposes to enter into a financing transaction with [LENDERS] (the “Lenders”)
(the “Transaction”).  The undersigned
recognizes that the Transaction will be of benefit to the undersigned and will
benefit the Company.  The undersigned
acknowledges that the Company and the Lenders are relying on the
representations and agreements of the undersigned contained in this letter
agreement in carrying out the Transaction.

 

In
consideration of the foregoing, the undersigned hereby agrees that the
undersigned will not, (and will use reasonable efforts to cause any immediate
family member of (i) the undersigned or (ii) the undersigned’s
spouse, living in the undersigned’s household not to), without the prior written
consent of the Lenders (which consent may be withheld in their sole
discretion), directly or indirectly, sell, offer, contract or grant any option
to sell (including without limitation any short sale), pledge, transfer,
establish an open “put equivalent position” within the meaning of Rule 16a-1(h) under
the Securities Exchange Act of 1934, as amended, or otherwise dispose of any
shares of Common Stock, options or warrants to acquire shares of Common Stock
(except for any disposition deemed to occur upon the exercise of an option or
warrant held by the undersigned), or securities exchangeable or exercisable for
or convertible into shares of Common Stock currently or hereafter owned either
of record or beneficially (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended) by the undersigned (or such spouse or family
member), or publicly announce an intention to do any of the foregoing, for a
period of six months from the effective date of the initial registration
statement covering shares of Common Stock which may be acquired by the Lenders
in connection with the Transaction.  The
foregoing sentence shall not apply to the transfer of any or all shares of
Common Stock owned by the undersigned, either during his or her lifetime or on
death, by gift, will or intestate succession to the immediate family of the
undersigned or to a trust the beneficiaries of which are exclusively the
undersigned and/or a member or members of his or her immediate family;
provided, however, that in any such case it shall be a condition to such
transfer that the transferee executes and delivers to the Lenders an agreement
stating that the transferee is receiving and holding the Common Stock subject
to the provisions of this letter agreement, and there shall be no further
transfer of such Common Stock except in accordance with this letter
agreement.  The undersigned also agrees
and consents to the entry of stop transfer instructions with the Company’s
transfer agent and registrar against the transfer of shares of Common Stock or
securities convertible into or exchangeable or exercisable for Common Stock
held by the undersigned except in compliance with the foregoing
restrictions.  For purposes of this
paragraph, the term “immediate family” shall have the same meaning as set forth
in Rule 16a-1(e) promulgated under the Securities Exchange Act of
1934, as amended.

 

 

The
undersigned waives any registration rights relating to registration under the
Securities Act of 1933, as amended, of any Common Stock owned either of record
or beneficially by the undersigned.

 

This letter
agreement is irrevocable and will be binding on the undersigned and the
respective successors, heirs, personal representatives and assigns of the
undersigned.

 

	
   

  	
   

  
	
   

  	
  Printed Name
  of Holder

  
	
   

  	
  [To be
  signed by management, insiders and

  MBL]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name
  of Person Signing

  
	
   

  	
   

  
	
   

  	
  (and
  indicate capacity of person signing if signing

  as custodian, trustee, or on behalf of an entity)

  

 

2Exhibit 10.38

 

FORM OF
SUBSIDIARY GUARANTY

 

	
  New York, New York

  	
   

  	
  May 19th, 2005

  

 

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 [LENDERS]
(each a “Lender” and together the “Lenders”) to or for the account of Corgenix
Medical Corporation, a Nevada corporation (“Debtor”), from time to time and at
any time and for other good and valuable consideration and to induce the
Lenders, in their discretion, to purchase such notes, make such loans or
extensions of credit and to make or grant such renewals, extensions, releases
of collateral or relinquishments of legal rights as the Lenders may deem
advisable, the undersigned (and each of them if more than one, the liability
under this Guaranty being joint and several) (jointly and severally referred to
as “Guarantors” or “the undersigned”) unconditionally guaranties to the
Lenders, 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 Debtor to the Lenders and of all
instruments of any nature evidencing or relating to any such obligations and
liabilities upon which Debtor is or may become liable to the Lenders, whether
incurred by Debtor as maker, endorser, drawer, acceptor, guarantor,
accommodation party or otherwise, and whether due or to become due, secured or
unsecured, absolute or contingent, joint or several, and however or whenever
acquired by the Lenders, whether arising under, out of, or in connection with (i) that
certain Securities Purchase Agreement dated as of the date hereof by and
between Debtor and the Lenders (the “Securities Purchase Agreement”) and (ii) each
Related Agreement referred to in the Securities Purchase Agreement, (the
Securities Purchase Agreement and each Related Agreement, as each may be
amended, modified, restated or supplemented from time to time, are collectively
referred to herein as the “Documents”), or any documents, instruments or
agreements relating to or executed in connection with the Documents or any
documents, instruments or agreements referred to therein or otherwise, or any
other indebtedness, obligations or liabilities of Debtor to the Lenders,
whether now existing or hereafter arising, direct or indirect, liquidated or
unliquidated, absolute or contingent, due or not due and whether under,
pursuant to or evidenced by a note, agreement, guaranty, instrument or
otherwise (all of which are herein collectively referred to as 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 Debtor under Title 11,
United States Code, including, without limitation, obligations or indebtedness
of Debtor 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 Securities Purchase Agreement.  In furtherance of the foregoing, the
undersigned hereby agrees as follows:

 

1.                                       No
Impairment.  The Lenders 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 enter into any other agreement with Debtor 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 the Lenders and Debtor or any such other party or person, or make any
election of rights the Lenders 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 instrument shall be effective regardless
of the subsequent incorporation, merger or consolidation of Debtor, or any
change in the composition, nature, personnel or location of Debtor and shall
extend to any successor entity to Debtor, including a debtor in possession or
the like under any Insolvency Law.

 

2.                                       Guaranty
Absolute.  Each of the undersigned
jointly and severally 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 Debtor with respect thereto.  Guarantors hereby knowingly accept the full
range of risk encompassed within a contract of “continuing guaranty” which risk
includes the possibility that Debtor will contract additional indebtedness for
which Guarantors may be liable hereunder after Debtor’s financial condition or
ability to pay its lawful debts when they fall due has deteriorated, whether or
not Debtor has properly authorized incurring such additional indebtedness.  The undersigned acknowledge that (i) no
oral representations, including any representations to extend credit or provide
other financial accommodations to Debtor, have been made by the Lenders to
induce the undersigned to enter into this Guaranty and (ii) any extension
of credit to Debtor shall be governed solely by the provisions of the
Documents.  The liability of each 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 Lenders or their assignees or any
acceptance thereof or any release of any security by the Lenders 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 Debtor, or any action taken with respect to this
Guaranty by any trustee or receiver, or by

 

2

 

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
Lenders 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.

 

3.                                       Waivers.

 

(a)                                  This
Guaranty is a guaranty of payment and not of collection.  The Lenders shall be under no obligation to
institute suit, exercise rights or remedies or take any other action against
Debtor or any other person liable with respect to any of the Obligations or
resort to any collateral security held by them to secure any of the Obligations
as a condition precedent to the undersigned being obligated to perform as
agreed herein and each Guarantor hereby waives any and all rights which it may
have by statute or otherwise which would require the Lenders to do any of the
foregoing.  Each Guarantor further consents
and agrees that the Lenders shall be under no obligation to marshal any assets
in favor of Guarantors, 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 the Lenders, Debtor and/or the
undersigned with respect to the undersigned’s obligations under this Guaranty,
or which Debtor 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)                                 Each
of 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 Debtor’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 the Lenders, the undersigned shall
not be entitled to be subrogated to any of the rights of the Lenders against
Debtor or against any collateral or guarantee or right of offset held by the
Lenders for the payment of the Obligations, nor shall the undersigned seek or
be entitled to seek any contribution or reimbursement from Debtor in respect of
payments made by the undersigned hereunder, until all amounts owing to the
Lenders by Debtor on account of the Obligations are paid in full and the
Lenders’ obligation to extend credit pursuant to the Documents has been
terminated.  If, notwithstanding the
foregoing, any amount shall

 

3

 

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 Lenders’
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
Lenders, 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 Lenders in the exact form received by the
undersigned (duly endorsed by the undersigned to the Lenders, if required), to
be applied against the Obligations, whether matured or unmatured, in such order
as the Lenders may determine, subject to the provisions of the Documents.  Any and all present and future debts and
obligations of Debtor to any of 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 Debtor to the Lenders.

 

(d)                                 Notwithstanding
anything contained herein, nothing shall require Corgenix (UK) Limited to:

 

(i)                                     remove,
or give to the Lenders any priority over the fixed and floating charge in favor
of National Westminster Bank Plc, provided such charge will be fully discharged
within 60 days of the date hereof;

 

(ii)                                  comply
with any of the provisions of the Documents to the extent that compliance with
the Documents would breach any of the laws of England and Wales.

 

4.                                       Security.  All sums at any time to the credit of the
undersigned and any property of the undersigned in the Lenders’ possession or
in the possession of any bank, financial institution or other entity that
directly or indirectly, through one or more intermediaries, controls or is
controlled by, or is under common control with, the Lenders (each such entity,
an “Affiliate”) shall be deemed held by the Lenders or such Affiliate, as the
case may be, as security for any and all of the undersigned’s obligations to
the Lenders and to any Affiliate of the Lenders, no matter how or when arising
and whether under this or any other instrument, agreement or otherwise.

 

5.                                       Representations
and Warranties.  Each of the
undersigned respectively, hereby jointly and severally 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)                                  Corporate
Status. It is a corporation, partnership or limited liability company, as
the case may be, duly organized, validly existing and in good standing under
the laws of its jurisdiction of organization indicated on the signature page hereof
and has full power, authority and legal right to own its property and assets
and to transact the business in which it is engaged.

 

(b)                                 Authority
and Execution.  It has full power,
authority and legal right to execute and deliver, and to perform its
obligations under, this Guaranty

 

4

 

and has taken all
necessary corporate, partnership or limited liability company, as the case may
be, action to authorize the execution, delivery and performance of this
Guaranty.

 

(c)                                  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.

 

(d)                                 Violations.
The execution, delivery and performance of this Guaranty will not violate any
requirement of law applicable to it or any contract, agreement or instrument to
which it is a party or by which it or any of its property is bound or result in
the creation or imposition of any mortgage, lien or other encumbrance other
than to the Lenders on any of its property or assets pursuant to the provisions
of any of the foregoing, which, in any of the foregoing cases, would reasonably
be expected to have, either individually or in the aggregate, a Material
Adverse Effect.

 

(e)                                  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 it, except
to the extent that the failure to obtain any of the foregoing would not
reasonably be expected to have, either individually or in the aggregate, a
Material Adverse Effect.

 

(f)                                    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 its knowledge, threatened (i) with
respect to this Guaranty or any of the transactions contemplated by this
Guaranty or (ii) against or affecting it, or any of its property or
assets, which, in each of the foregoing cases, if adversely determined, would
reasonably be expected to have a Material Adverse Effect.

 

(g)                                 Financial
Benefit.  It 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
Debtor to the Lenders.

 

6.                                       Acceleration.

 

(a)                                  If
any breach of any covenant or condition or other event of default shall occur
and be continuing under any agreement made by Debtor or any of the undersigned
to the Lenders, or either Debtor or any of the undersigned should at any time
become insolvent, or make a general assignment, or if a proceeding in or

 

5

 

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 the Lenders’ possession,
or otherwise, any and all Obligations shall for purposes hereof, at the Lenders’
option, be deemed due and payable without notice notwithstanding that any such
Obligation is not then due and payable by Debtor.

 

(b)                                 Each
of the undersigned will promptly notify the Lenders 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 Lenders shall have the right to accelerate
such undersigned’s obligations hereunder.

 

7.                                       Payments
from Guarantors.  The Lenders, 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 reasonable expenses for legal services of
every kind) relating or incidental to the enforcement or protection of the
rights of the Lenders 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 each of the undersigned’s successors and assigns,
until all of the Obligations have been paid in full and the Lenders’ 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 or corporations 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 any undersigned under this Guaranty.

 

10.                                 Recapture.  Anything in this Guaranty to the contrary
notwithstanding, if the Lenders receive 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 Lenders, the
undersigned’s obligations to the Lenders shall be reinstated and this Guaranty
shall

 

6

 

remain
in full force and effect (or be reinstated) until payment shall have been made
to the Lenders, which payment shall be due on demand.

 

11.                                 Books
and Records.  The books and records
of the Lenders showing the account between the Lenders and Debtor 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
the Lenders 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 the Lenders 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 Lenders or allowed them by law or other agreement shall be
cumulative and not exclusive of any other, and may be exercised by the Lenders
at any time and from time to time.

 

13.                                 Waiver
of Jury Trial. EACH OF THE UNDERSIGNED DOES HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED ON OR WITH RESPECT TO THIS GUARANTY OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR RELATING OR INCIDENTAL HERETO.  THE UNDERSIGNED DOES HEREBY CERTIFY THAT NO
REPRESENTATIVE OR AGENT OF THE LENDERS HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT THE LENDERS WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THIS
WAIVER OF RIGHT TO JURY TRIAL PROVISION.

 

14.                                 Governing
Law; Jurisdiction; Amendments. THIS INSTRUMENT CANNOT BE CHANGED OR
TERMINATED ORALLY AND SHALL BE GOVERNED, CONSTRUED AND INTERPRETED AS TO
VALIDITY, ENFORCEMENT AND IN ALL OTHER RESPECTS IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK WITHOUT HAVING EFFECT TO PRINCIPLES OF CONFLICTS OF
LAWS.  EACH OF THE UNDERSIGNED EXPRESSLY
CONSENTS TO THE JURISDICTION AND VENUE OF THE SUPREME COURT OF THE STATE OF NEW
YORK, COUNTY OF NEW YORK, AND OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK FOR ALL PURPOSES IN CONNECTION HEREWITH.  ANY JUDICIAL PROCEEDING BY THE UNDERSIGNED
AGAINST THE LENDERS INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER OR CLAIM IN
ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED HEREWITH SHALL BE BROUGHT ONLY
IN THE SUPREME COURT OF THE STATE OF NEW YORK, COUNTY OF NEW YORK OR THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK.  THE UNDERSIGNED FURTHER CONSENTS THAT ANY
SUMMONS, SUBPOENA OR OTHER PROCESS OR PAPERS (INCLUDING, WITHOUT LIMITATION,
ANY NOTICE OR MOTION OR OTHER APPLICATION TO EITHER OF THE AFOREMENTIONED
COURTS OR A JUDGE THEREOF) OR ANY NOTICE IN CONNECTION WITH ANY PROCEEDINGS
HEREUNDER, MAY BE SERVED INSIDE OR OUTSIDE OF

 

7

 

THE
STATE OF NEW YORK OR THE SOUTHERN DISTRICT OF NEW YORK BY REGISTERED OR
CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY PERSONAL SERVICE PROVIDED A
REASONABLE TIME FOR APPEARANCE IS PERMITTED, OR IN SUCH OTHER MANNER AS MAY BE
PERMISSIBLE UNDER THE RULES OF SAID COURTS. 
EACH OF THE UNDERSIGNED WAIVES ANY OBJECTION TO JURISDICTION AND VENUE
OF ANY ACTION INSTITUTED HEREON AND SHALL NOT ASSERT ANY DEFENSE BASED ON LACK
OF JURISDICTION OR VENUE OR BASED UPON FORUM NON
CONVENIENS.

 

15.                                 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.

 

16.                                 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 each of the undersigned directly affected by such amendment and/or
waiver and the Lenders.

 

17.                                 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.

 

18.                                 Successors.  The Lenders 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, the Lenders 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
Lenders, 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 Lenders shall have an unimpaired right to
enforce this Guaranty for their benefit with respect to that portion of the
Obligations which the Lenders have not disposed of, sold, assigned, or
otherwise transferred.

 

19.                                 Becoming
a Guarantor.  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
Lenders, (y) delivering supplements to such exhibits and annexes to such
Documents as the Lenders shall reasonably request and (z)

 

8

 

taking
all actions as specified in this Guaranty as would have been taken by such
Guarantor had it been an original party to this Guaranty, in each case with all
documents required above to be delivered to the Lenders and with all documents
and actions required above to be taken to the reasonable satisfaction of the
Lenders.

 

20.                                 Release.  Nothing except cash payment in full of the
Obligations shall release any of the undersigned from liability under this
Guaranty.

 

21.                                 Limitation
of Obligations under this Guaranty. 
Each Guarantor and the Lenders (by their acceptance of the benefits of
this Guaranty) hereby confirm that it is their intention that this Guaranty not
constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy
Code, the Uniform Fraudulent Conveyance Act or any similar Federal or state
law.  To effectuate the foregoing
intention, each Guarantor and the Lenders (by their acceptance of the benefits
of this Guaranty) hereby irrevocably agree that the Obligations guaranteed by
such Guarantor shall be limited to such amount as will, after giving effect to
such maximum amount and all other (contingent or otherwise) liabilities of such
Guarantor that are relevant under such laws and after giving effect to any
rights to contribution pursuant to any agreement providing for an equitable
contribution among such Guarantor and the other Guarantors (including this
Guaranty), result in the Obligations of such Guarantor under this Guaranty in
respect of such maximum amount not constituting a fraudulent transfer or
conveyance.

 

[REMAINDER OF THIS
PAGE IS BLANK.

SIGNATURE PAGE IMMEDIATELY FOLLOWS.]

 

9

 

IN WITNESS WHEREOF, this Guaranty has been executed by the undersigned
this          day of May, 2005.

 

	
   

  	
   

  	
  CORGENIX, INC., a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CORGENIX
  (UK) LTD., a corporation

  organized under the Companies Act 1985 of

  England and Wales

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HEALTH-OUTFITTERS.COM,
  INC.,

  a Colorado corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
  Facsimile:

  

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]