Document:

Exhibit 10.15

 

LIMITED GUARANTY

 

GUARANTY, by NORTHEAST LCD CAPITAL, LLC, a Maine limited liability company (the “Guarantor”), in favor of DANVERSBANK, a Massachusetts savings bank, having a mailing address of One Conant Street, Danvers, Massachusetts 01923 (the “Bank”). In consideration of the Bank’s giving, in its discretion, time, credit or banking facilities or accommodations to LUCID, INC., a New York corporation duly organized by law and having a usual place of business at 2320 Brighton-Henrietta Town Line Road, Rochester, New York (together with its successors, the “Customer”), the Guarantor agrees as follows:

 

1.          LIMITED GUARANTY OF PAYMENT AND PERFORMANCE. Subject to provision #3, below, the Guarantor hereby guarantees to the Bank the full and punctual payment when due (whether at maturity, by acceleration or otherwise), and the performance, of all liabilities, agreements and other obligations arising from or related to a certain Line of Credit Note in the face amount of $5,000,000.00 and dated July 9, 2010 payable by the Customer to the Bank (the “Obligation(s)”). This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment and performance of the Obligations and not of their collectibility only and is in no way conditioned upon any requirement that the Bank first attempt to collect any of the Obligations from the Customer or resort to any security or other means of obtaining their payment. Should the Customer default in the payment or performance of any of the Obligations, the obligations of the Guarantor hereunder shall become immediately due and payable to the Bank, without demand or notice of any nature, all of which are expressly waived by the Guarantor. Payments by the Guarantor hereunder may be required by the Bank on any number of occasions.

 

2.          GUARANTOR’S AGREEMENT TO PAY. The Guarantor further agrees, as the principal obligor and not as a guarantor only, to pay to the Bank, on demand, all costs and expenses (including court costs and legal expenses) incurred or expended by the Bank in connection with the Obligations, this Guaranty and the enforcement thereof, together with interest on amounts recoverable under this Guaranty from the time such amounts become due until payment.

 

3.          LIMITED GUARANTY. The rights of the Bank hereunder are limited to the sums on deposit with the Bank titled to the Guarantor in Account No. 27-411908 with no further recourse available to Bank hereunder against the Guarantor.

 

4.          WAIVERS BY GUARANTOR; BANK’S FREEDOM TO ACT. The Guarantor agrees that the Obligations will be paid and performed strictly in accordance with their respective terms regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Bank with respect thereto. The Guarantor waives presentment, demand, protest, notice of acceptance, notice of Obligations incurred and all other notices of any kind, all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshaling of assets of the Customer, and all suretyship defenses generally. Without limiting the

 

 

generality of the foregoing, the Guarantor agrees to the provisions of any instrument evidencing, securing or otherwise executed in connection with the Obligation(s) and agrees that the obligations of the Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise affected by (i) the failure of the Bank to assert any claim or demand or to enforce any right or remedy against the Customer; (ii) any extensions or renewals of any Obligation; (iii) any rescissions, waivers, amendments or modifications of any of the terms or provisions of any agreement evidencing, securing or otherwise executed in connection with the Obligation(s); (iv) the substitution or release of any entity primarily or secondarily liable for any Obligation; or (v) the adequacy of any rights the Bank may have against any collateral or other means of obtaining repayment of the Obligations; (vi) the impairment of any collateral securing the Obligations, including without limitation the failure to perfect or preserve any rights the Bank might have in such collateral or the substitution, exchange, surrender, release, loss or destruction of any such collateral.

 

5.          UNENFORCEABILITY OF OBLIGATIONS AGAINST CUSTOMER. If for any reason the Customer has no legal existence or is under no legal obligation to discharge any of the Obligations, or if any of the Obligations have become irrecoverable from the Customer by operation of law or for any other reason, this Guaranty shall nevertheless be binding on the Guarantor to the same extent as if the Guarantor at all times had been the principal obligor on the Obligations. In the event that acceleration of the time for payment of the Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Customer, or for any other reason, all such amounts otherwise subject to acceleration under the terms of any agreement evidencing, securing or otherwise executed in connection with any Obligation shall be immediately due and payable by the Guarantor.

 

6.          SUBROGATION; SUBORDINATION. Until the payment and performance in full of all Obligations and any and all obligations of the Customer to any affiliate of the Bank, the Guarantor shall not exercise any rights against the Customer arising as a result of payment by the Guarantor hereunder, by way of subrogation or otherwise, and will not prove any claim in competition with the Bank or its affiliates in respect of any payment hereunder in bankruptcy or insolvency proceedings of any nature; the Guarantor will not claim any set-off or counterclaim against the Customer in respect of any liability of the Guarantor to the Customer; and the Guarantor waives any benefit of and any right to participate in any collateral which may be held by the Bank or any such affiliate. The payment of any amounts due with respect to any indebtedness of the Customer now or hereafter held by the Guarantor is hereby subordinated to the prior payment in full of the Obligations, provided that so long as no default in the payment or performance of the Obligations has occurred and is continuing, or no demand for payment of any of the Obligations has been made that remains unsatisfied, the Customer may make, and the Guarantor may demand and accept, any scheduled payments of principal of and interest on such subordinated indebtedness in the amounts, at the rates and on the dates specified in such instruments, securities or other writings as shall evidence such subordinated indebtedness. The Guarantor agrees that after the occurrence of any default in the payment or performance of the Obligations and after demand by Bank of the Customer, the Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of the Customer to the Guarantor until the Obligations shall have been paid in full. If, notwithstanding the foregoing sentence, the

 

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Guarantor shall collect, enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected, enforced and received by the Guarantor as trustee for the Bank and be paid over to the Bank on account of the Obligations without affecting in any manner the liability of the Guarantor under the other provisions of this Guaranty.

 

7.          SECURITY; SET-OFF. The Guarantor grants to the Bank, as security for the full and punctual payment and performance of the Guarantor’s obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantor now or hereafter held by the Bank and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Bank to the Guarantor or subject to withdrawal by the Guarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Bank is hereby authorized at any time and from time to time, without notice to the Guarantor (any such notice being expressly waived by the Guarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantor under this Guaranty.

 

8.          FURTHER ASSURANCES. Intentionally Deleted.

 

9.          TERMINATION; REINSTATEMENT. This Guaranty shall remain in full force and effect until the Bank is given written notice of the Guarantor’s intention to discontinue this Guaranty, notwithstanding any intermediate or temporary payment or settlement of the whole or any part of the Obligations. No such notice shall be effective unless received and acknowledged by an officer of the Bank at its head office or at the branch of the Bank where this Guaranty is given. No such notice shall affect any rights of the Bank or of any affiliate hereunder including, without limitation, the rights set forth in Sections 4 and 6, with respect to the Obligation. This Guaranty shall continue to be effective or be reinstated, notwithstanding any such notice, if at any time any payment made or value received with respect to the Obligation is rescinded or must otherwise be returned by the Bank upon the insolvency, bankruptcy or reorganization of the Customer, or otherwise, all as  though such payment had not been made or value received.

 

10.        SUCCESSORS AND ASSIGNS. This Guaranty shall be binding upon the Guarantor, its successors and assigns, and shall inure to the benefit of and be enforceable by the Bank and its successors, transferees and assigns. Without limiting the generality of the foregoing sentence, the Bank may assign or otherwise transfer the Obligations, or sell participations in any interest therein, to any other person or entity, and such other person or entity shall thereupon become vested, to the extent set forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof granted to the Bank herein.

 

11.        AMENDMENTS AND WAIVERS. No amendment or waiver of any provision of this Guaranty nor consent to any departure by the Guarantor therefrom shall be effective unless the same shall be in writing and signed by the Bank. No failure on the part of the Bank to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.

 

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12.        NOTICES. All notices and other communications called for hereunder shall be made in writing and, unless otherwise specifically provided herein, shall be deemed to have been duly made or given when delivered by hand or mailed first class mail postage prepaid or, in the case of telegraphic or telexed notice, when transmitted, answer back received, addressed as follows: if to the Guarantor, at the address set forth beneath its signature hereto, and if to the Bank, at One Conant Street, Danvers, Massachusetts 01923, or at such address as either party may designate in writing.

 

13.        GOVERNING LAW; CONSENT TO JURISDICTION. This Guaranty is intended to take effect as a sealed instrument and shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts. The Guarantor agrees that any suit for the enforcement of this Guaranty may be brought in the courts of the Commonwealth of Massachusetts or any federal court sitting therein and consents to the non-exclusive jurisdiction of such court and to service of process in any such suit being made upon the Guarantor by mail at the address specified in Section 12 hereof. The Guarantor hereby waives any objection that it/he/she may now or hereafter have to the venue of any such suit or any such court or that such suit was brought in an inconvenient court.

 

14.        MISCELLANEOUS. This Guaranty constitutes the entire agreement of the Guarantor with respect to the matters set forth herein. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and this Guaranty shall be in addition to any other guaranty of the Obligations. The invalidity or unenforceability of any one or more sections of this Guaranty shall not affect the validity or enforceability of its remaining provisions. Captions are for the ease of reference only and shall not affect the meaning of the relevant provisions. The meanings of all defined terms used in this Guaranty shall be equally applicable to the singular and plural forms of the terms defined.

 

15.        JURY WAIVER. THE BANK (BY ITS ACCEPTANCE HEREOF) AND THE GUARANTOR AGREE THAT NEITHER OF THEM, INCLUDING ANY ASSIGNEE OR SUCCESSOR SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION PROCEDURE BASED UPON, OR ARISING OUT OF, THIS GUARANTY, ANY RELATED INSTRUMENTS, ANY COLLATERAL OR THE DEALINGS OR THE RELATIONSHIP BETWEEN OR AMONG ANY OF THEM, NEITHER THE BANK NOR THE GUARANTOR SHALL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY DISCUSSED BY THE BANK AND THE GUARANTOR, AND THESE PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS. NEITHER THE BANK NOR THE GUARANTOR HAS AGREED WITH OR REPRESENTED TO THE OTHER THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

 

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IN WITNESS WHEREOF, the Guarantor has executed and delivered this Guaranty, or caused this Guaranty to be executed and delivered by its duly authorized officer, as a sealed instrument as of this 9th day of July, 2010.

 

	
 
    	
 
    	
NORTHEAST LCD CAPITAL, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ [ILLEGIBLE]
    	
 
    	
By
    	
/s/ C. Wesley Crowell
    
	
Witness
    	
 
    	
 
    	
C.   WESLEY CRowell, its Manager
    
	
 
    	
 
    	
 
    	
Thereunto duly authorized
    
	
 
    	
 
    	
 
    	
and not individually
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    	
c/o Bergen &   Parkinson, LLC
    
	
 
    	
 
    	
 
    	
62 Portland Road,   Suite 25
    
	
 
    	
 
    	
 
    	
Kennebunk, Maine 04043
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
STATE OF MAINE
    	
 
    	
 
    	
 
    
	
YORK, ss.
    	
 
    	
 
    	
          July 9,   2010
    
					

 

 

Then personally appeared the above named C. Wesley Crowell as Manager of Northeast LCD Capital, LLC and acknowledged the foregoing instrument to be his free act and deed in said capacity.

 

 

	
 
    	
 
    	
Before me,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ [ILLEGIBLE]
    
	
 
    	
 
    	
Notary public
    

 

ROBIN A. JOHNSON

Notary Public, [ILLEGIBLE]

My Commission Expires December [ILLEGIBLE], 2011

 

5Exhibit 10.16

 

PLEDGE AND SECURITY AGREEMENT

 

(Deposit Accounts/Certificates of Deposit)

 

PLEDGE AND SECURITY AGREEMENT made by NORTHEAST LCD CAPITAL, LLC, a Maine limited liability company (the “Pledgor”) in favor of DANVERSBANK (“Lender”). In consideration of the agreement of the Lender to extend credit in the form of a Line of Credit in the face amount of $5,000,000.00 evidenced by a Line of Credit Note (the “Note”) dated July 9, 2010 from LUCID, INC., a New York corporation (“the Borrower”) payable to the Lender and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgor hereby agrees for the benefit of the Lender as follows:

 

1.     Pledge. As collateral security for the prompt and complete payment and performance when due of all of the Pledgor’s obligations under that certain Limited Guaranty of even date (the “Limited Guaranty”) of the Obligation(s) (as defined herein), the Pledgor hereby pledges, assigns, transfers and delivers to Lender and does hereby grant to Lender a continuing security interest in and first priority lien on the Collateral (as defined herein).

 

2.     Collateral. The term “Collateral” shall mean and include the following: (a) the following certificates of deposit or deposit accounts: (check if applicable)

 

	
x   
    	
all amounts contained in the following accounts:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Account No.
    	
Depository
    	
Danversbank
    
	
 
    	
Account No.
    	
Depository
    	
 
    
	
 
    	
Account No.
    	
Depository
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
o   
    	
the following certificates of deposit:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
No.
    	
issued by
    	
 
    
	
 
    	
No.
    	
issued by
    	
 
    
	
 
    	
No.
    	
issued by
    	
 
    
	
 
    	
No.
    	
issued by
    	
 
    

 

and all certificates of deposit issued upon expiration thereof as a result of a roll over thereof; and

 

(b) all income now or hereafter earned therefrom and all investments now or hereafter made therewith; and (c) all proceeds and products of any one or more of the foregoing whether now existing or arising at any time in the future.

 

3.     Obligations. The term “Obligations” shall mean all obligations of the Borrower and/or Pledgor to Lender, arising from or related to the Note and/or Limited Guaranty.

 

4.     Warranties and Representations. Pledgor warrants and represents to, and agrees with, Lender that:

 

(a)   Pledgor is (at the time Pledgor acquires an interest in the Collateral) and shall be the owner of the Collateral free and clear of all pledges, liens, security interests and other encumbrances of every nature whatsoever (except in favor of Lender);

 

 

(b)   Pledgor has the full right, power and authority to pledge the Collateral and to grant the security interest in the Collateral as herein provided;

 

(c)   the execution, delivery and performance of this Pledge and Security Agreement by the Pledgor will not result in the violation of any mortgage, indenture, material contract, instrument, material agreement, judgment, decree, order, statute, rule or regulation to which the Pledgor is subject or by which he or any of his property is bound;

 

(d)   Pledgor shall not suffer or permit any lien or encumbrance to exist on or with respect to the Collateral except in favor of Lender;

 

(e)   this Agreement constitutes the legal, valid and binding obligation of the Pledgor in accordance with the terms hereof and has been duly authorized, executed and delivered; and

 

(f)    there is no material litigation or administrative proceeding now pending or to the best of the Pledgor’s knowledge threatened against the Pledgor which if adversely decided would materially affect the ability of the Pledgor to pay or perform his obligations hereunder.

 

5.     Unconditional Obligations. Pledgor hereby consents to the extension, renewal, amendment, modification or recasting from time to time of the Obligations, or of any instrument, document or agreement evidencing or securing any of the same, and Pledgor specifically waives any notice of the creation or existence of any of such Obligations and of any such extension, renewal, amendment, modification or recasting. Pledgor also agrees that the Lender may enforce its rights as against Pledgor, Borrower, the Collateral, or as against any other party liable for the Obligations, or as against any other collateral given for any of the Obligations, in any order or in such combination as the Lender may in its sole discretion determine, and Pledgor hereby expressly waives all suretyship defenses and defenses in the nature thereof, agrees to the release or substitution of any Collateral or otherwise, waives any defense based upon the invalidity or unenforceability of any other document or agreement evidencing any of the Obligations of Pledgor or Borrower to Lender.

 

6.     Defaults; Remedies. Upon Borrower’s or Pledgor’s failure to pay or perform any of its Obligations hereunder or under any of the documents evidencing the Obligations when due, or upon the occurrence of a default or Event of Default as defined in any of such documents, the Lender may, at its option, from time to time, and notwithstanding any waiver or condonation at that time or at any other time, exercise any one or more of the rights and remedies of a secured party afforded by the Uniform Commercial Code, as from time to time in effect in the Commonwealth of Massachusetts, or afforded by the other statutory or decisional law of the Commonwealth of Massachusetts, or granted to the Lender under the terms of this Agreement or any other document evidencing or securing the Obligations, and Lender is hereby authorized to redeem the Collateral and apply the proceeds thereof, net of any penalties, to the outstanding Obligations. Without limiting the generality of the foregoing, the Pledgor expressly agrees that in any such event, the Lender, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or on the Pledgor or any other person (all and each of which demands, advertisements and/or notices are hereby expressly waived, forthwith collect, receive, appropriate and realize on the Collateral, or any part thereof, and forthwith sell, assign, give option or options to purchase, contract to sell or otherwise dispose of and deliver the Collateral, or any part thereof, in one or more units, parcels, or lots at one or more public or private sales, at any of the Lender’s offices or elsewhere, on such terms and conditions as it may deem advisable and at such prices as it may deem appropriate, for cash or on credit or for future delivery without assumption of any credit risk, with the right to the Lender upon any such sale or sales, public or private, to purchase the whole or any part of said Collateral so sold. Any purchaser at any such sale or sales shall acquire the property sold absolutely free from any claim or right on the part of Pledgor, and Pledgor

 

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hereby waives (to the extent permitted by applicable law) all rights, redemptions, stays and appraisal rights which Pledgor now has, or may at any time in the future have, under any rule of law or statute now existing or hereafter enacted. The net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care, safekeeping or otherwise of any and all of the Collateral or in any way relating to the rights of the Lender hereunder, including reasonable attorneys’ fees and legal expenses, shall be applied to the payment of the Obligations in such order as the Lender may determine, and, after all of the Obligations have been paid in full and after payment of any other amount required by any provision of law, including (without limitation) any section of the Uniform Commercial Code, the balance (if any) of such proceeds shall be remitted to the Pledgor or as otherwise required by a court of competent jurisdiction. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands against the Lender arising out of the retention or sale of the Collateral unless resulting from such Lender’s willful misconduct. The Pledgor agrees that the Lender need not give more than ten (10) days’ notice (which notice shall be deemed given on the earlier of mailing or receipt) of the time and place of any public sale. or of the time after which a private sale or other intended disposition is to take place and that such notice is reasonable notification of such matters. No notification need be given to the Pledgor if he has signed after default a statement renouncing or modifying any right to notification of sale or other intended disposition. The Lender may, without notice or publication, adjourn any public or private sale, or cause such sale to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which such sale is so adjourned. Pledgor shall remain liable for any deficiency if the net proceeds of any sale or disposition of the Collateral are insufficient to pay all Obligations.

 

7.     Replacement Upon Expiration. Not later than ten (10) days prior to the expiration of any certificate of deposit comprising a portion of the Collateral, Pledgor shall provide written instruction to Lender specifying the term of the certificate of deposit to be issued in replacement of the expiring certificate of deposit, and Lender will use reasonable efforts to obtain a certificate of deposit for such term. In the event timely notice is not given by Pledgor, Lender is hereby authorized and directed by Pledgor to obtain a certificate of deposit for the same term as the expiring certificate at the then prevailing rates offered by the issuing institution.

 

8.     Expenses. Expenses of enforcing the Lender’s rights hereunder including, but not limited to, preparation for sale, selling or the like and Lender’s reasonable attorneys’ fees and other expenses shall be payable by Pledgor and shall be secured hereby.

 

9.     Lender’s Obligations. In no event shall the Lender be liable with respect to, or on account of, the Collateral, except for the safekeeping thereof; the Lender shall specifically have no obligation to enforce any rights under any instruments or documents which may be included in the Collateral; and Lender shall have no duty as to the preservation of rights against prior parties or any other rights pertaining thereto.

 

10.   Further Assurances. Pledgor agrees to execute such other instruments as the Lender may deem reasonably necessary or desirable to effectuate the purposes of this Pledge and Security Agreement.

 

11.   No Transfers of Collateral. Pledgor agrees that until Pledgor is entitled to a return of the Collateral, or so much thereof as remains, he shall not, without the express prior written consent of the Lender, transfer the Collateral or any interest therein or enter into any agreement for the transfer of such Collateral, or permit or suffer any other liens, whether or not junior to the lien created hereby, to be created or to exist with respect to the Collateral.

 

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12.   No Wavier; Remedies Cumulative. The Lender shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder and no waiver shall be valid unless in writing, signed by the Lender and then only to the extent therein set forth. A waiver of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that the Lender would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising, on the part of any Lender, any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise or any other right, power or privilege. The rights and remedies hereunder provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights and remedies provided by law.

 

13.   Severability. Any provision of this Pledge and Security Agreement that 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.

 

14.   Notices. Except as otherwise specified herein, all notices, requests, demands or other communications to or on the Pledgor or the Lender shall be in writing and shall be given or made to the party to which such notice is required or permitted to be given or made at the address set forth below or at such other address as any party hereto may hereafter specify to the other in writing, and (unless otherwise specified herein) shall be deemed delivered on receipt if delivered by hand, or three (3) business days after mailing, and all mailed notices shall be by registered or certified mail, postage prepaid.

 

15.   Amendments: Successors and Assigns: Governing Law. None of the terms or provisions of this Pledge and Security Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed by the Lender and Pledgor. This Pledge and Security Agreement and all obligations of the Pledgor hereunder shall be binding on the respective successors and assigns of the Pledgor and shall, together with the rights and remedies of the Lender hereunder, inure to the benefit of the Lender and its respective successors and assigns. This Pledge and Security Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the Commonwealth of Massachusetts.

 

16.   Jurisdiction; Waiver of Trial by Jury. For purposes of any action or proceeding involving this Agreement, Pledgor hereby expressly submits to the jurisdiction of all federal and state courts located in the Commonwealth of Massachusetts and consents that any order, process, notice of motion or other application to or by any of said courts or a judge thereof may be served within or without such court’s jurisdiction by registered mail or by personal service, provided a reasonable time for appearance is allowed (but not less than the time otherwise afforded by any law or rule), and waives any right to contest the appropriateness of any action brought in any such court based upon lack of personal jurisdiction, improper venue or forum  non  conveniens. PLEDGOR AND LENDER EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

 

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This Pledge and Security Agreement has been executed and delivered as an instrument under seal as this 9th day of July, 2010.

 

	
 
    	
 
    	
NORTHEBAST LCD CAPITAL,   LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ [ILLEGIBLE]
    	
 
    	
By
    	
/s/ C. Wesley Crowell
    
	
Witness
    	
 
    	
 
    	
C.   Wesley Crowell, its Manager
    
	
 
    	
 
    	
 
    	
Thereunto duly authorized
    
	
 
    	
 
    	
 
    	
and not individually
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    	
c/o Bergen & Parkinson,   LLC
    
	
 
    	
 
    	
 
    	
62 Portland Road, Suite 25
    
	
 
    	
 
    	
 
    	
Kennebunk, Maine 04043
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
STATE OF MAINE
    	
 
    	
 
    	
 
    
	
YORK, ss.
    	
 
    	
 
    	
July 9, 2010
    
					

 

 

Then personally appeared the above named C. Wesley Crowell as Manager of Northeast LCD Capital, LLC and acknowledged the foregoing instrument to be his free act and deed in said capacity.

 

 

	
 
    	
 
    	
Before me,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ [ILLEGIBLE]
    
	
 
    	
 
    	
Notary Public
    

 

ROBIN A. JOHNSON

Notary Public, [ILLEGIBLE]

My Commission Expires December  [ILLEGIBLE], 2011

 

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