Document:

Exhibit 10.2

 

CHANGE IN TERMS AGREEMENT

 

	Principal	Loan Date	Maturity	Loan No	Call / Coll	Account	Officer	Initials
	$15,000,000.00	11-27-2019	07-05-2021	155354101	 	600714	7001	 

 

References in the boxes above are for
Lender's use only and do not limit the applicability of this document to any particular loan or item.

 

Any item above containing "***"
has been omitted due to text length limitations.

 

	Borrower:	
        Bisco Industries, Inc.

        1500 North Lakeview Loop

        Anaheim, CA 92807
	Lender:	
        Citizens Business Bank

        Plaza Business Financial Center

        77 Plaza Square

        Orange, CA 92866

 

	Principal Amount:  $15,000,000.00	Date of Agreement:  November 27, 2019

 

DESCRIPTION OF EXISTING INDEBTEDNESS.
Promissory Note dated July 14, 2016 in the amount of $10,000,000.00, as amended.

 

DESCRIPTION OF CHANGE IN TERMS.

 

1. Effective November 27, 2019, NOTICE:
Under no circumstances will the interest rate on this loan be less than 3.500% per annum or more than the maximum rate allowed
by applicable law.

 

2. The paragraph entitled “INTEREST
RATE OPTIONS” is hereby deleted in its entirety.

 

3. The principal loan amount is hereby
increased to $15,000,000.00.

 

4. The paragraph entitled "LINE
OF CREDIT" is hereby revised as follows:

 

LINE OF CREDIT. This Note evidences
a revolving line of credit. Advances under this Note may be requested either orally or in writing by Borrower or as provided in
this paragraph. Lender may, but need not, require that all oral requests be confirmed in writing. All communications, instructions,
or directions by telephone or otherwise to Lender are to be directed to Lender’s office shown above. The following person
or persons are authorized to request advances and authorize payments under the line of credit until Lender received from Borrower,
at Lender’s address shown above, written notice of revocation of such authority: Glen F. Ceiley, Pres/CEO/CFO/Sec of Bisco
Industries, Inc.; Don Wagner, President /COO of Bisco Industries, Inc.; and Michael Narikawa, Controller & CFE of Bisco Industries,
Inc. HOWEVER, either authorized signer may request an advance together or individually. Borrower agrees to be liable for
all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower’s
accounts with Lender. The unpaid principal owing on this Note at any time may be evidenced by endorsements on this Note or by Lender’s
internal records, including daily computer print-outs.

 

CONTINUING VALIDITY. Except
as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced
or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive
Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing
in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties
all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by
Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If
any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that
this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes
and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension,
modification or release, but also to all such subsequent actions.

 

COUNTERPARTS. This document
may be executed in any number of counterparts and by different parties on separate counterparts, each of which when executed and
delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement.

 

 

PRIOR TO SIGNING THIS AGREEMENT,
BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

 

BORROWER:

 

 

	BISCO INDUSTRIES, INC.	 
	 	 	 	 
	By:	 	/S/
    GLEN F. CEILEY	 
	 	 	Glen F. Ceiley,	 
	 	 	Pres/CEO/CFO/Sec
    of Bisco Industries, Inc.	 
	 	 	 	 
	 	 	 	 
	LENDER:	 
	 	 	 	 
	 	 	 	 
	CITIZENS BUSINESS BANK	 
	 	 	 	 
	By: 	 	/S/	 
	 	 	Authorized OfficerExhibit 10.3

 

COMMERCIAL GUARANTY

 

	Principal	Loan Date	Maturity	Loan No	Call / Coll	Account	Officer	Initials
	$15,000,000.00	11-27-2019	07-05-2021	155354101	 	600714	7001	 

 

References in the boxes above are for
Lender's use only and do not limit the applicability of this document to any particular loan or item.

 

Any item above containing "***"
has been omitted due to text length limitations.

 

	Borrower:	
        Bisco Industries, Inc.

        1500 North Lakeview Loop

        Anaheim, CA 92807
	Lender:	
        Citizens Business Bank

        Plaza Business Financial Center

        77 Plaza Square

        Orange, CA 92866

 

	Guarantor:	
        EACO Corporation

        1500 North Lakeview Loop

        Anaheim, CA 92807

 

CONTINUING GUARANTEE OF
PAYMENT AND PERFORMANCE. For good and valuable consideration, Guarantor absolutely and unconditionally guarantees full and
punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge of all Borrower's
obligations under the Note and the Related Documents. This is a guaranty of payment and performance and not of collection, so Lender
can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender's remedies against anyone else obligated
to pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any other guaranty of the Indebtedness.
Guarantor will make any payments to Lender or its order, on demand, in legal tender of the United States of America, in same-day
funds, without set-off or deduction or counterclaim, and will otherwise perform Borrower's obligations under the Note and Related
Documents. Under this Guaranty, Guarantor's liability is unlimited and Guarantor's obligations are continuing.

 

INDEBTEDNESS. The word
"Indebtedness" as used in this Guaranty means all of the principal amount outstanding from time to time and at any one
or more times, accrued unpaid interest thereon and all collection costs and legal expenses related thereto permitted by law, attorneys'
fees, arising from any and all debts, liabilities and obligations of every nature or form, now existing or hereafter arising or
acquired, that Borrower individually or collectively or interchangeably with others, owes or will owe Lender. "Indebtedness"
includes, without limitation, loans, advances, debts, overdraft indebtedness, credit card indebtedness, lease obligations, liabilities
and obligations under any interest rate protection agreements or foreign currency exchange agreements or commodity price protection
agreements, other obligations, and liabilities of Borrower, and any present or future judgments against Borrower, future advances,
loans or transactions that renew, extend, modify, refinance, consolidate or substitute these debts, liabilities and obligations
whether: voluntarily or involuntarily incurred; due or to become due by their terms or acceleration; absolute or contingent; liquidated
or unliquidated; determined or undetermined; direct or indirect; primary or secondary in nature or arising from a guaranty or surety;
secured or unsecured; joint or several or joint and several; evidenced by a negotiable or non-negotiable instrument or writing;
originated by Lender or another or others; barred or unenforceable against Borrower for any reason whatsoever; for any transactions
that may be voidable for any reason (such as infancy, insanity, ultra vires or otherwise); and originated then reduced or extinguished
and then afterwards increased or reinstated.

 

If Lender presently holds
one or more guaranties, or hereafter receives additional guaranties from Guarantor, Lender's rights under all guaranties shall
be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect or invalidate any such other
guaranties. Guarantor's liability will be Guarantor's aggregate liability under the terms of this Guaranty and any such other unterminated
guaranties.

 

CONTINUING GUARANTY.
THIS IS A "CONTINUING GUARANTY" UNDER WHICH GUARANTOR AGREES TO GUARANTEE THE FULL AND PUNCTUAL PAYMENT, PERFORMANCE
AND SATISFACTION OF THE INDEBTEDNESS OF BORROWER TO LENDER, NOW EXISTING OR HEREAFTER ARISING OR ACQUIRED, ON AN OPEN AND CONTINUING
BASIS. ACCORDINGLY, ANY PAYMENTS MADE ON THE INDEBTEDNESS WILL NOT DISCHARGE OR DIMINISH GUARANTOR'S OBLIGATIONS AND LIABILITY
UNDER THIS GUARANTY FOR ANY REMAINING AND SUCCEEDING INDEBTEDNESS EVEN WHEN ALL OR PART OF THE OUTSTANDING INDEBTEDNESS MAY BE
A ZERO BALANCE FROM TIME TO TIME.

 

DURATION OF GUARANTY. This Guaranty
will take effect when received by Lender without the necessity of any acceptance by Lender, or any notice to Guarantor or to Borrower,
and will continue in full force until all the Indebtedness incurred or contracted before receipt by Lender of any notice of revocation
shall have been fully and finally paid and satisfied and all of Guarantor's other obligations under this Guaranty shall have been
performed in full. If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing. Guarantor's written notice
of revocation must be mailed to Lender, by certified mail, at Lender's address listed above or such other place as Lender may
designate in writing. Written revocation of this Guaranty will apply only to new Indebtedness created after actual receipt by
Lender of Guarantor's written revocation. For this purpose and without limitation, the term "new Indebtedness" does
not include the Indebtedness which at the time of notice of revocation is contingent, unliquidated, undetermined or not due and
which later becomes absolute, liquidated, determined or due. For this purpose and without limitation, "new Indebtedness"
does not include all or part of the Indebtedness that is: incurred by Borrower prior to revocation; incurred under a commitment
that became binding before revocation; any renewals, extensions, substitutions, and modifications of the Indebtedness. This Guaranty
shall bind Guarantor's estate as to the Indebtedness created both before and after Guarantor's death or incapacity, regardless
of Lender's actual notice of Guarantor's death. Subject to the foregoing, Guarantor's executor or administrator or other legal
representative may terminate this Guaranty in the same manner in which Guarantor might have terminated it and with the same effect.
Release of any other guarantor or termination of any other guaranty of the Indebtedness shall not affect the liability of Guarantor
under this Guaranty. A revocation Lender receives from any one or more Guarantors shall not affect the liability of any remaining
Guarantors under this Guaranty. Guarantor's obligations under this Guaranty shall be in addition to any of Guarantor's obligations,
or any of them, under any other guaranties of the Indebtedness or any other person heretofore or hereafter given to Lender unless
such other guaranties are modified or revoked in writing; and this Guarantor shall not, unless provided in this Guaranty, affect,
invalidate, or supersede any such other guaranty. It is anticipated that fluctuations may occur in the aggregate amount of
the Indebtedness covered by this Guaranty, and Guarantor specifically acknowledges and agrees that reductions in the amount of
the Indebtedness, even to zero dollars ($0.00), shall not constitute a termination of this Guaranty. This Guaranty is binding
upon Guarantor and Guarantor's heirs, successors and assigns so long as any of the Indebtedness remains unpaid and even though
the Indebtedness may from time to time be zero dollars ($0.00). 

     

     

    

GUARANTOR'S AUTHORIZATION
TO LENDER. Guarantor authorizes Lender, either before or after any revocation hereof, without notice or demand and without
lessening Guarantor's liability under this Guaranty, from time to time: (A) prior to revocation as set forth above, to make
one or more additional secured or unsecured loans to Borrower, to lease equipment or other goods to Borrower, or otherwise to extend
additional credit to Borrower; (B) to alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time
for payment or other terms of the Indebtedness or any part of the Indebtedness, including increases and decreases of the rate of
interest on the Indebtedness; extensions may be repeated and may be for longer than the original loan term; (C) to take and hold
security for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive, subordinate, fail or decide not to
perfect, and release any such security, with or without the substitution of new collateral; (D) to release, substitute, agree not
to sue, or deal with any one or more of Borrower's sureties, endorsers, or other guarantors on any terms or in any manner Lender
may choose; (E) to determine how, when and what application of payments and credits shall be made on the Indebtedness; (F) to apply
such security and direct the order or manner of sale thereof, including without limitation, any nonjudicial sale permitted by the
terms of the controlling security agreement or deed of trust, as Lender in its discretion may determine; (G) to sell, transfer,
assign or grant participations in all or any part of the Indebtedness; and (H) to assign or transfer this Guaranty in whole or
in part.

 

GUARANTOR'S REPRESENTATIONS
AND WARRANTIES. Guarantor represents and warrants to Lender that (A) no representations or agreements of any kind have been
made to Guarantor which would limit or qualify in any way the terms of this Guaranty; (B) this Guaranty is executed at Borrower's
request and not at the request of Lender; (C) Guarantor has full power, right and authority to enter into this Guaranty; (D) the
provisions of this Guaranty do not conflict with or result in a default under any agreement or other instrument binding upon Guarantor
and do not result in a violation of any law, regulation, court decree or order applicable to Guarantor; (E) Guarantor has not and
will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer, or otherwise dispose
of all or substantially all of Guarantor's assets, or any interest therein; (F) upon Lender's request, Guarantor will provide to
Lender financial and credit information in form acceptable to Lender, and all such financial information which currently has been,
and all future financial information which will be provided to Lender is and will be true and correct in all material respects
and fairly present Guarantor's financial condition as of the dates the financial information is provided; (G) no material adverse
change has occurred in Guarantor's financial condition since the date of the most recent financial statements provided to Lender
and no event has occurred which may materially adversely affect Guarantor's financial condition; (H) no litigation, claim, investigation,
administrative proceeding or similar action (including those for unpaid taxes) against Guarantor is pending or threatened; (I)
Lender has made no representation to Guarantor as to the creditworthiness of Borrower; and (J) Guarantor has established adequate
means of obtaining from Borrower on a continuing basis information regarding Borrower's financial condition. Guarantor agrees to
keep adequately informed from such means of any facts, events, or circumstances which might in any way affect Guarantor's risks
under this Guaranty, and Guarantor further agrees that, absent a request for information, Lender shall have no obligation to disclose
to Guarantor any information or documents acquired by Lender in the course of its relationship with Borrower.

 

GUARANTOR'S FINANCIAL STATEMENTS.
Guarantor agrees to furnish Lender with the following:

 

Additional Requirements.

 

Annual Statements. As
soon as available, but in no event later than 120 days after the end of each fiscal year on a consolidating basis, Guarantor’s
balance sheet and income statement for the year ended, audited by a certified public accountant satisfactory to Lender.

 

Interim Statements.
As soon as available, but in no event later than 45 days after the end of each fiscal quarter, Guarantor’s balance sheet
and profit and loss statement for the period ended, prepared by Guarantor.

 

Tax Returns. As soon
as available, but in no event later 30 days after the applicable filing date for the tax reporting period ended, Guarantor’s
Federal and other governmental tax returns, prepared by a tax professional satisfactory to Lender. To include all K-1's, schedules,
and statements.

 

Debt Less Sub Debt/Effective
Tangible Net Worth Ratio. Maintain a maximum ratio of Debt Less Sub Debt / Effective Tangible Net Worth of 1.00 to 1.00, tested
quarterly. Effective (defined as Net Worth plus Subordinated Liability(ies). The words "Tangible Net Worth" means Borrower's
total assets excluding all intangible assets (i.e., goodwill, trademarks, patents, copyrights, organizational expenses, and similar
intangible items, but including leaseholds and leasehold improvements), less total debt.

 

Debt Service Coverage Ratio.
Minimum Debt Coverage Ratio of 1.25 to 1.00 tested annually. Debt Coverage Ratio is defined as: Cash Flow Available to Service
Debt of the Borrower (defined as the sum of Net Income, plus Depreciation and Amortization Expense, plus Interest Expense, less
Distributions to Owners), divided by the sum of Current Maturities of Long Term Debt plus Interest Expense payable by the Borrower.

 

Profitability. Maintain
a minimum net profit of $250,000.00, each fiscal quarter.

 

All financial reports required
to be provided under this Guaranty shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Guarantor
as being true and correct.

 

GUARANTOR'S WAIVERS.
Except as prohibited by applicable law, Guarantor waives any right to require Lender to (A) make any presentment, protest, demand,
or notice of any kind, including notice of change of any terms of repayment of the Indebtedness, default by Borrower or any other
guarantor or surety, any action or nonaction taken by Borrower, Lender, or any other guarantor or surety of Borrower, or the creation
of new or additional Indebtedness; (B) proceed against any person, including Borrower, before proceeding against Guarantor; (C)
proceed against any collateral for the Indebtedness, including Borrower's collateral, before proceeding against Guarantor; (D)
apply any payments or proceeds received against the Indebtedness in any order; (E) give notice of the terms, time, and place of
any sale of the collateral pursuant to the Uniform Commercial Code or any other law governing such sale; (F) disclose any information
about the Indebtedness, the Borrower, the collateral, or any other guarantor or surety, or about any action or nonaction of Lender;
or (G) pursue any remedy or course of action in Lender's power whatsoever.

 

Guarantor also waives any and all rights
or defenses arising by reason of (H) any disability or other defense of Borrower, any other guarantor or surety or any other person;
(I) the cessation from any cause whatsoever, other than payment in full, of the Indebtedness; (J) the application of proceeds
of the Indebtedness by Borrower for purposes other than the purposes understood and intended by Guarantor and Lender; (K) any
act of omission or commission by Lender which directly or indirectly results in or contributes to the discharge of Borrower or
any other guarantor or surety, or the Indebtedness, or the loss or release of any collateral by operation of law or otherwise;
(L) any statute of limitations in any action under this Guaranty or on the Indebtedness; or (M) any modification or change in
terms of the Indebtedness, whatsoever, including without limitation, the renewal, extension, acceleration, or other change in
the time payment of the Indebtedness is due and any change in the interest rate, and including any such modification or change
in terms after revocation of this Guaranty on the Indebtedness incurred prior to such revocation. 

     

     

    

Guarantor waives all rights
of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available
to Guarantor by reason of California Civil Code Sections 2787 to 2855, inclusive.

 

Guarantor waives all rights
and any defenses arising out of an election of remedies by Lender even though that the election of remedies, such as a non-judicial
foreclosure with respect to security for a guaranteed obligation, has destroyed Guarantor's rights of subrogation and reimbursement
against Borrower by operation of Section 580d of the California Code of Civil Procedure or otherwise.

 

Guarantor waives all rights
and defenses that Guarantor may have because Borrower's obligation is secured by real property. This means among other things:
(N) Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower.
(O) If Lender forecloses on any real property collateral pledged by Borrower: (1) the amount of Borrower's obligation may be reduced
only by the price for which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale
price. (2) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any
right Guarantor may have to collect from Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Guarantor
may have because Borrower's obligation is secured by real property. These rights and defenses include, but are not limited to,
any rights and defenses based upon Section 580a, 580b, 580d, or 726 of the Code of Civil Procedure.

 

Guarantor understands and
agrees that the foregoing waivers are unconditional and irrevocable waivers of substantive rights and defenses to which Guarantor
might otherwise be entitled under state and federal law. The rights and defenses waived include, without limitation, those provided
by California laws of suretyship and guaranty, anti-deficiency laws, and the Uniform Commercial Code. Guarantor acknowledges that
Guarantor has provided these waivers of rights and defenses with the intention that they be fully relied upon by Lender. Guarantor
further understands and agrees that this Guaranty is a separate and independent contract between Guarantor and Lender, given for
full and ample consideration, and is enforceable on its own terms. Until all of the Indebtedness is paid in full, Guarantor waives
any right to enforce any remedy Guarantor may have against the Borrower or any other guarantor, surety, or other person, and further,
Guarantor waives any right to participate in any collateral for the Indebtedness now or hereafter held by Lender.

 

Guarantor's Understanding
With Respect To Waivers. Guarantor warrants and agrees that each of the waivers set forth above is made with Guarantor's full
knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to
public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall
be effective only to the extent permitted by law or public policy.

 

Right of Setoff. To
the extent permitted by applicable law, Lender reserves a right of setoff in all Guarantor's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Guarantor holds jointly with someone else and all accounts Guarantor
may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would
be prohibited by law. Guarantor authorizes Lender, to the extent permitted by applicable law, to hold these funds if there is a
default, and Lender may apply the funds in these accounts to pay what Guarantor owes under the terms of this Guaranty.

 

Subordination of Borrower's
Debts to Guarantor. Guarantor agrees that the Indebtedness, whether now existing or hereafter created, shall be superior to
any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower becomes insolvent. Guarantor
hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any claim that Lender
may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of the assets of Borrower, through
bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Borrower applicable
to the payment of the claims of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender to the Indebtedness.
Guarantor does hereby assign to Lender all claims which it may have or acquire against Borrower or against any assignee or trustee
in bankruptcy of Borrower; provided however, that such assignment shall be effective only for the purpose of assuring to Lender
full payment in legal tender of the Indebtedness. If Lender so requests, any notes or credit agreements now or hereafter evidencing
any debts or obligations of Borrower to Guarantor shall be marked with a legend that the same are subject to this Guaranty and
shall be delivered to Lender. Guarantor agrees, and Lender is hereby authorized, in the name of Guarantor, from time to time to
file financing statements and continuation statements and to execute documents and to take such other actions as Lender deems necessary
or appropriate to perfect, preserve and enforce its rights under this Guaranty.

 

Miscellaneous Provisions.
The following miscellaneous provisions are a part of this Guaranty:

 

AMENDMENTS. This Guaranty,
together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth
in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and signed by the party
or parties sought to be charged or bound by the alteration or amendment.

 

ARBITRATION. Guarantor
and Lender agree that all disputes, claims and controversies between them whether individual, joint, or class in nature, arising
from this Guaranty or otherwise, including without limitation contract and tort disputes, shall be arbitrated pursuant to the financial
services rules of J.A.M.S. or its successor in effect at the time the claim is filed, upon request of either party. No act to take
or dispose of any Collateral shall constitute a waiver of this arbitration agreement or be prohibited by this arbitration agreement.
This includes, without limitation, obtaining injunctive relief or a temporary restraining order; invoking a power of sale under
any deed of trust or mortgage; obtaining a writ of attachment or imposition of a receiver; or exercising any rights relating to
personal property, including taking or disposing of such property with or without judicial process pursuant Article 9 of the Uniform
Commercial Code. Any disputes, claims, or controversies concerning the lawfulness or reasonableness of any act, or exercise of
any right, concerning any Collateral, including any claim to rescind, reform, or otherwise modify any agreement relating to the
Collateral, shall also be arbitrated, provided however that no arbitrator shall have the right or the power to enjoin or restrain
any act of any party. Borrower and Guarantor and Lender agree that in the event of an action for judicial foreclosure pursuant
to California Code of Civil Procedure Section 726, or any similar provision in any other state, the commencement of such an action
will not constitute a waiver of the right to arbitrate and the court shall refer to arbitration as much of such action, including
counterclaims, as lawfully may be referred to arbitration. Judgment upon any award rendered by any arbitrator may be entered in
any court having jurisdiction. Nothing in this Guaranty shall preclude any party from seeking equitable relief from a court of
competent jurisdiction. The statute of limitations, estoppel, waiver, laches, and similar doctrines which would otherwise be applicable
in an action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an arbitration proceeding
shall be deemed the commencement of an action for these purposes. The Federal Arbitration Act shall apply to the construction,
interpretation, and enforcement of this arbitration provision.

 

ATTORNEYS' FEES; EXPENSES. Guarantor
agrees to pay upon demand all of Lender's costs and expenses, including Lender's attorneys' fees and Lender's legal expenses,
incurred in connection with the enforcement of this Guaranty. Lender may hire or pay someone else to help enforce this Guaranty,
and Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses include Lender's attorneys' fees and legal
expenses whether or not there is a lawsuit, including attorneys' fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services.
Guarantor also shall pay all court costs and such additional fees as may be directed by the court.

     

     

    

CAPTION HEADINGS. Caption
headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this
Guaranty.

 

GOVERNING LAW. This Guaranty
will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of
California without regard to its conflicts of law provisions.

 

CHOICE OF VENUE. If
there is a lawsuit, Guarantor agrees upon Lender's request to submit to the jurisdiction of the courts of Orange County, State
of California.

 

INTEGRATION. Guarantor
further agrees that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the opportunity to be
advised by Guarantor's attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor's intentions and parol evidence
is not required to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all losses,
claims, damages, and costs (including Lender's attorneys' fees) suffered or incurred by Lender as a result of any breach by Guarantor
of the warranties, representations and agreements of this paragraph.

 

INTERPRETATION. In
all cases where there is more than one Borrower or Guarantor, then all words used in this Guaranty in the singular shall be deemed
to have been used in the plural where the context and construction so require; and where there is more than one Borrower named
in this Guaranty or when this Guaranty is executed by more than one Guarantor, the words "Borrower" and "Guarantor"
respectively shall mean all and any one or more of them. The words "Guarantor," "Borrower," and "Lender"
include the heirs, successors, assigns, and transferees of each of them. If a court finds that any provision of this Guaranty is
not valid or should not be enforced, that fact by itself will not mean that the rest of this Guaranty will not be valid or enforced.
Therefore, a court will enforce the rest of the provisions of this Guaranty even if a provision of this Guaranty may be found to
be invalid or unenforceable. If any one or more of Borrower or Guarantor are corporations, partnerships, limited liability companies,
or similar entities, it is not necessary for Lender to inquire into the powers of Borrower or Guarantor or of the officers, directors,
partners, managers, or other agents acting or purporting to act on their behalf, and any indebtedness made or created in reliance
upon the professed exercise of such powers shall be guaranteed under this Guaranty.

 

NOTICES. Any notice
required to be given under this Guaranty shall be given in writing, and, except for revocation notices by Guarantor, shall be effective
when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally
recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered
mail postage prepaid, directed to the addresses shown near the beginning of this Guaranty. All revocation notices by Guarantor
shall be in writing and shall be effective upon delivery to Lender as provided in the section of this Guaranty entitled "DURATION
OF GUARANTY." Any party may change its address for notices under this Guaranty by giving formal written notice to the other
parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Guarantor agrees to keep
Lender informed at all times of Guarantor's current address. Unless otherwise provided or required by law, if there is more than
one Guarantor, any notice given by Lender to any Guarantor is deemed to be notice given to all Guarantors.

 

NO WAIVER BY LENDER.
Lender shall not be deemed to have waived any rights under this Guaranty unless such waiver is given in writing and signed by Lender.
No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right.
A waiver by Lender of a provision of this Guaranty shall not prejudice or constitute a waiver of Lender's right otherwise to demand
strict compliance with that provision or any other provision of this Guaranty. No prior waiver by Lender, nor any course of dealing
between Lender and Guarantor, shall constitute a waiver of any of Lender's rights or of any of Guarantor's obligations as to any
future transactions. Whenever the consent of Lender is required under this Guaranty, the granting of such consent by Lender in
any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such
consent may be granted or withheld in the sole discretion of Lender.

 

SUCCESSORS AND ASSIGNS.
Subject to any limitations stated in this Guaranty on transfer of Guarantor's interest, this Guaranty shall be binding upon and
inure to the benefit of the parties, their successors and assigns.

 

WAIVE JURY. To the extent
permitted by applicable law, Lender and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim
brought by either Lender or Guarantor against the other.

 

COUNTERPARTS. This
document may be executed in any number of counterparts and by different parties on separate counterparts, each of which when executed
and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same
agreement.

 

Definitions. The following
capitalized words and terms shall have the following meanings when used in this Guaranty. Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the
singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial Code:

 

BORROWER. The word
"Borrower" means Bisco Industries, Inc. and includes all co-signers and co-makers signing the Note and all their successors
and assigns.

 

GAAP. The word "GAAP"
means generally accepted accounting principles.

 

GUARANTOR. The word
"Guarantor" means everyone signing this Guaranty, including without limitation EACO Corporation, and in each case, any
signer's successors and assigns.

 

GUARANTY. The word
"Guaranty" means this guaranty from Guarantor to Lender.

 

INDEBTEDNESS. The word
"Indebtedness" means Borrower's indebtedness to Lender as more particularly described in this Guaranty.

 

LENDER. The word "Lender"
means Citizens Business Bank, its successors and assigns.

 

NOTE. The word "Note"
means and includes without limitation all of Borrower's promissory notes and/or credit agreements evidencing Borrower's loan obligations
in favor of Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of and substitutions
for promissory notes or credit agreements.

 

RELATED DOCUMENTS. The words "Related
Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security
agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents,
whether now or hereafter existing, executed in connection with the Indebtedness.

     

     

    

EACH UNDERSIGNED GUARANTOR
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT
THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE
UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED "DURATION OF GUARANTY". NO FORMAL ACCEPTANCE BY LENDER
IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY IS DATED NOVEMBER 27, 2019.

 

	GUARANTOR:	 
	 	 	 	 
	 	 	 	 
	EACO
    CORPORATION	 
	 	 	 	 
	By:	 	 	 
	 	 	Glen F. Ceiley,
    CEO/CFO/Secretary	 
	 	 	of EACO Corporation

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