Document:

Guaranty

 Exhibit 10.17 
  
 Guaranty 
  
 For valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and as an inducement to New Age Electronics, Inc. (the
“Supplier”) to extend trade credit and/or other financial accommodations to Buy.com, Inc. (“Company”) in connection with that certain trade agreement or relationship dated as of July 1, 2003 (as at any time amended,
supplemented, renewed or modified, the “Agreement”), the undersigned Scott A. Blum, an adult individual with an address at [***] (“Blum”) and the Scott A. Blum Separate Property Trust U/D/T 8/2/95, a trust having an
address at [***], by and through Scott A. Blum as trustee (the “Trust,” and each of Blum and the Trust being herein referred to individually as a “Guarantor” and collectively as “Guarantors”), hereby jointly and
severally guarantee to the Supplier the full and prompt payment in full of all obligations of the Company to the Supplier arising from or relating to the Agreement, however and whenever arising (the “Indebtedness”), plus all costs and
expenses of the Supplier in enforcing this Guaranty (collectively, the “Liabilities”). The preceding guaranty shall be a continuing, absolute and unconditional guaranty and shall be a guaranty of payment rather than collection. 

 
 This Guaranty shall remain in full force and effect until the irrevocable
payment in full of the Indebtedness and the Liabilities (the “Guaranty Period”) and shall in all respects be a continuing and absolute guaranty which shall remain in full force and effect throughout the Guaranty Period notwithstanding,
without limitation, dissolution, liquidation or insolvency of either or both Guarantor or that at any time or from time to time all of the Liabilities may have been paid in full. Notwithstanding the foregoing, each of the Guarantors may, with
respect to such party, immediately on written notice to the Supplier, terminating this Guaranty with respect to the accrual of any future Liabilities hereunder after the effective date of termination; provided that any such termination shall not
affect the right and power of the Supplier to enforce rights arising, incurred or contracted for prior to the effective date of such termination. Each Guarantor acknowledges that termination right contained in the preceding sentence may constitute a
default under the Agreement. 
  
 Each Guarantor hereby waives:
(i) notice of acceptance of this Guaranty; (ii) notice of the creation of any Indebtedness to which it may apply; (iii) presentment, demand of payment, protest, notice of dishonor or nonpayment of any such liability, suit or taking of
other action by the Supplier; (iv) notice of any adverse change in Company’s financial condition or of any other fact which might increase Guarantors’ risk; and (v) any right either Guarantor may have, by statute or otherwise, to
require the Supplier to institute suit against Company after notice or demand from either Guarantor or to seek recourse first against Company or otherwise, or to realize upon any security for the Indebtedness, as a condition to enforcing
Guarantor’s Liabilities and obligations hereunder. 

	[***] 	Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange
Commission. 

 Each Guarantor acknowledges that the Supplier may at any time and from time to time, without the consent
of, or notice to, either Guarantor, without incurring responsibility to either Guarantor, without impairing or releasing the obligations of either Guarantor hereunder: (i) change the manner, place or terms of the payment of, and/or change or
extend the time of payment of, renew, alter or increase the amount of any of the Indebtedness, and the guaranty herein made shall apply to the Indebtedness as so changed, extended, renewed or altered; (ii) exercise or refrain from exercising
any rights against Company or others or otherwise act or refrain from acting; (iii) consent to or waive any breach of, or any act, omission or default under, the Agreement, or otherwise amend, modify, renew or supplement the Agreement; and
(iv) release, impair or waive the benefits of any security for any of the Indebtedness or any other party liable thereon. 
  
 The obligations of each Guarantor under this Guaranty are absolute and unconditional 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: (i) any action or inaction by the Supplier as contemplated in the preceding paragraph;
or (ii) any invalidity, irregularity or unenforceability of all or any part of the Indebtedness. This Guaranty is a primary obligation of each Guarantor. The Supplier shall not have any obligation whatsoever to seek payment from Company under
this Guaranty. This Guaranty shall be in addition to any other present or future guaranty or other security for the payment, performance and satisfaction of the Indebtedness, shall not be prejudiced or unenforceable by the invalidity of any such
other guaranty or security, and is not conditioned upon or subject to the execution by any other person of this Guaranty or any other guaranty or suretyship agreement. 
  
 Notwithstanding any other provision to the contrary herein or in applicable law, the total liability of the Guarantors
hereunder, in aggregate amount and regardless of source, shall be limited in amount to One Million Dollars ($1,000,000.00), and the total recovery by the Supplier hereunder shall be limited to One Million Dollars ($1,000,000.00), regardless of
whether such amounts are collected from one or both Guarantors under simple or multiple remedies. NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY HEREIN OR IN APPLICABLE LAW, IN NO EVENT SHALL ANY PARTY BE LIABLE TO ANY OTHER FOR ANY INDIRECT,
SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, WHETHER BASED ON BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, AND WHETHER OR NOT THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. 
  
 If Company or either Guarantor should dissolve or liquidate, or if a petition
for an order for relief with respect to Company or either Guarantor should be filed by or against Company under any chapter of the Bankruptcy Code (as such term is defined in the Agreement), or if a receiver, trustee or conservator should be
appointed for Company for either Guarantor or any of Company’s or either Guarantor’s property, then, in any such event and whether or not any of the Indebtedness is then due and payable or the maturity thereof has been accelerated or
demand for payment from or performance by Company has been made, (a) the future Liabilities of each Guarantor hereunder shall cease to accrue automatically and (b) the Supplier may without notice to either Guarantor make any or all of the
Liabilities immediately due and payable hereunder and thereafter the Supplier shall be entitled to enforce the Liabilities to the full extent provided hereunder. Nothing herein shall be construed to authorize the Supplier to charge or to collect
from either Guarantor interest or any other amount under the Indebtedness that has not yet accrued, is unearned or subject to rebate or is otherwise not entitled to be collected by the 

  

 2 

 
Supplier from the Company under applicable law, and Guarantor shall in all cases be entitled to assert all defenses available to Company in respect of the
Indebtedness. 
  
 Each Guarantor consents and agrees that, without
notice to or by either Guarantor and without affecting or impairing the Liabilities or other obligations of the Guarantors hereunder, the Supplier may: compromise or settle, extend the period of duration or the time for the payment or discharge or
performance of any of the Indebtedness or increase the amount of any of the Indebtedness; refuse to enforce or release all or any parties to any or all of the Indebtedness or grant other indulgences to Customer in respect thereof; amend or modify in
any manner, or terminate or release, any documents or agreements evidencing, securing or otherwise relating to the Indebtedness (other than this Guaranty); release, surrender, exchange, modify or impair any and all collateral, deposits or other
property at any time securing any of the Indebtedness or on which the Supplier at any time may have a lien; extend the time of payment of any collateral consisting of accounts, notes, chattel paper or other rights to the payment of money; refuse to
enforce its rights, or make any compromise or settlement or agreement therefor, in respect of any and all of such collateral, deposits and property, or with any party to the Indebtedness, or with any other person whatsoever; release or substitute
any one or more of the endorsers or guarantors of the Indebtedness, whether parties to this instrument or not; or exchange, enforce, waive or release any security for any guaranty of the Indebtedness. 
  
 Each Guarantor consents and agrees that the Supplier shall be under no
obligation to marshal any assets in favor of Guarantor or in payment of any or all of the Indebtedness. Each Guarantor further agrees that, if and to the extent the Supplier receives any payment on account of any of the Indebtedness (whether from
Company, a Guarantor or a third party obligor or from the sale or other disposition of any collateral security for the Indebtedness) and such payment or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required to be repaid to a trustee, receiver or any other part under any bankruptcy act, state or federal law, common law or equitable cause, then the part of the Indebtedness intended to be satisfied by such payment shall be revived and
continued in full force and effect as if said payment had not been made. The preceding provisions of this paragraph shall survive the termination or revocation of this Guaranty. 
  
 No failure or delay on the part of the Supplier in exercising any right, power or privilege hereunder and no course of,
dealing between the Guarantors, the Supplier or Company shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights, powers and remedies herein expressly provided are cumulative and not exclusive of any rights, powers or remedies which the Supplier would otherwise have under applicable law. No notice to or demand on
either Guarantor in any case shall entitle such Guarantor to any other further notice or demand in a similar or other circumstances or constitute a waiver of the rights of the Supplier to any other or further action in any circumstances without
notice or demand. 
  
 This Guaranty shall be binding upon each
undersigned Guarantor, and upon such Guarantor’s successors and assigns, and shall inure to the benefit of the Supplier and its successors and assigns. Each Guarantor is prohibited from signing his/its rights and/or responsibilities hereunder,
and any such attempted assignment shall be null and void ab initio. 

  

 3 

 
The Supplier may assign his Guaranty to any third party without the prior consent of Guarantor in connection with an assignment of the Agreement; any other
attempted assignment by the Supplier shall be null and void ab initio. 
  
 This Guaranty constitutes the entire agreement between the parties hereto with respect to the matters specifically addressed herein and supersedes any prior guaranty between the parties regarding such matters. This
Guaranty shall not be modified or altered except by a written instrument executed by Guarantor and the Supplier. Each Guarantor and the Supplier acknowledge that the other parties hereto may now have or later enter into business or financial
relations or agreements with Company other than this Guaranty, the Agreement or agreements referenced or incorporated herein or therein and that this Guaranty shall have no effect on such relations or agreements except if and to the extent
specifically referenced herein. 
  
 This Guaranty shall be
governed by the laws of the state of California (exclusive or the choice of law rules thereof). Each Guarantor and the Supplier hereby consent to the jurisdiction of the state and federal courts in the state of California, county of Los Angeles, in
any dispute arising from or in connection with this Guaranty, and each party hereto agrees to commence suit against any other party solely in such courts. Each Guarantor and the Supplier further agree that service of process may be made, in addition
to any other method permitted by law, by certified mail, return receipt requested. 
  
 EACH GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY AND
THE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF GUARANTOR, THE COMPANY, OR THE SUPPLIER. 
  
 If any provision of this Guaranty shall be held to be invalid or unenforceable in whole or in part, then the invalidity or unenforceability of such
provision shall not by held to invalidate any other provision contained herein and all such other provisions shall remain in full force and effect. 
  
 Any notices sent to the Supplier under this agreement must be in writing via certified mail to New Age Electronics, Inc., Attn: Robert Calvo, 21950 Arnold
Center Road, Carson, CA 90810. This Guaranty is signed and delivered as of this 20th day of June, 2003. 
  

	
	
	/s/ Scott A. Blum
	 SCOTT A. BLUM

	
	 Address: [***]

	[***] 	Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange
Commission. 

  

 4 

			
	SCOTT A. BLUM SEPARATE
	PROPERTY TRUST U/D/T 8/2/95
		
	By:	 	 /s/ Scott A. Blum

			
	 Name:
	 	 
	 	 	 Scott A. Blum,

	 	 	 not individually but as Trustee

	
	 Address: [***]

  
 STATE OF CA 
 COUNTY OF ORANGE 
  
 On this 20 day of June    , 2003, before me personally came Scott A. Blum, known to me to be the individual described in and who executed the foregoing Guaranty, and he duly
acknowledged to me that he executed the same. 
  
 My commission expires March 27, 2007. 
  
 (Seal/Stamp) 
  

	
	
	 /s/ Kathleen M. Lassan

	 Notary Public

  
 STATE OF CA 
 COUNTY OF ORANGE 
  
 On this 20 day of June     , 2003, before me personally came Scott A. Blum, not individually but as Trustee of the Scott A. Blum Separate Property Trust U/D/T 8/2/95 (the
“Trust”), known to me to be the individual described in and who executed the foregoing Guaranty, not individually but as Trustee of the Trust and he duly acknowledged to me that he executed the same. 
  
 My commission expires March 27, 2007. 
  
 (Seal/Stamp) 
  

	
	
	 /s/ Kathleen M. Lassan

	 Notary Public

	[***]	Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange
Commission. 

  

 5Guaranty and Suretyship Agreement

 Exhibit 10.18 
  
 GUARANTY AND SURETYSHIP AGREEMENT 
  
 THIS GUARANTY AND SURETYSHIP AGREEMENT is executed as of the last date written below by Scott A. Blum, an adult individual
with an address at 65 Enterprise Aliso Viejo, CA 92656 (“Blum”) and Scott A. Blum Separate Property Trust U/D/T 8/2/95, a trust having an address at 65 Enterprise Aliso Viejo, CA 92656, by and through Scott A. Blum as trustee (the
“Trust”) (Blum and the Trust are each individually referred to herein as a “Guarantor” and collectively as “Guarantors”), for the benefit of American Express Travel Related Services Company, Inc., a
New York corporation with an address at 90 Hudson Street, Suite 6, Jersey City, NJ 07302 (“AmEx”). 
  
 BACKGROUND 
  
 WHEREAS, AmEx has agreed to provide certain credit accommodations to Buy.com, Inc, (the “Company”), all as more fully set forth in a certain Terms and Conditions For American Express Card Acceptance (the
Company’s obligations thereunder, the “Original Obligations”); and 
  
 WHEREAS, in order to induce AmEx to extend such credit accommodations to the Company, Blum has agreed to execute and deliver, and the Trust has agreed to execute and deliver, this Guaranty and Suretyship Agreement
(this “Guaranty”). 
  
 NOW, THEREFORE,
incorporating the Background herein, and in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, each Guarantor hereby
covenants and agrees as follows: 
  
 I. Guaranty. Each Guarantor hereby
unconditionally guarantees to AmEx, its successors and assigns, and becomes surety for (a) the prompt payment of all sums due and owing to AmEx (or its successors and assigns) by the Company now existing or hereafter arising under the Original
Obligations, and all costs and expenses incurred by AmEx (or its successors and assigns) in respect of the enforcement thereof, and (b) the prompt and complete compliance with and performance by each Guarantor of all its representations,
warranties, covenants, agreements and other non-payment obligations to AmEx (or its successors and assigns) under this Guaranty (all of the matters referred to in parts (a) and (b) are hereinafter individually referred to as an “Guarantied
Obligation” and collectively referred to as the “Guarantied Obligations”). Without limiting the generality of the foregoing, the Guarantied Obligations shall include the obligation to reimburse AmEx for any payment made to
AmEx on the Guarantied Obligations or on the Original Obligations that is later determined to be a preference or preferential transfer in a valid proceeding commenced by or against the Company, or the Guarantors, under Title 11 of the United States
Bankruptcy Code (or any similar or equivalent state statute) and as a result thereof is ordered refunded by AmEx by a court of competent jurisdiction and is so refunded. 
  
 II. Joint and Several Liability. Each Guarantor acknowledges and agrees that the Guarantied Obligations hereunder are joint and
several liabilities of such Guarantors. 
  
 III. Limitation of Liability.
Notwithstanding any other provision to the contrary herein or in applicable law, including without limitation the provisions allowing AmEx to commence multiple suits or pursue multiple remedies, the total liability of the Guarantors 

 hereunder, in aggregate amount and regardless of source, shall be limited in amount to ONE MILLION FIVE HUNDRED THOUSAND
DOLLARS ($1,500,000.00) plus any expenses for which the Guarantors are liable under Section VII herein, and the total recovery by AmEx hereunder shall be limited to ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000.00) plus any expenses for
which the Guarantors are liable under Section VII, regardless of whether such amounts are collected from one or both Guarantors under single or multiple remedies. NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY HEREIN OR IN APPLICABLE LAW, IN NO
EVENT SHALL ANY PARTY BE LIABLE TO ANY OTHER FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, WHETHER BASED ON BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, AND WHETHER OR NOT THAT PARTY HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGE. 
  
 IV. Guarantee of Payment. This is a
guarantee of and surety for payment and performance, and not of collection. Each Guarantor acknowledges and agrees that all payments by such Guarantor hereunder shall be made in immediately available funds and in lawful money of the United States of
America to AmEx at the office of AmEx set forth herein or at such other location as AmEx shall specify in written notice to such Guarantor. All payments by each Guarantor under this Guaranty shall be made by the Guarantor solely from such
Guarantor’s own funds. Each and every default by either the Company or a Guarantor in the performance of the Original Obligations or the Guarantied Obligations shall be and give rise to a separate cause of action hereunder, and separate suits
may be brought hereunder as each cause of action arises. 
  
 V. Guaranty
Period. This Guaranty shall remain in full force and effect until the irrevocable payment in full of the Original Obligations and the Guarantied Obligations (“Guaranty period”). Notwithstanding the foregoing, each Guarantor may,
with respect to such Guarantor, on not less than thirty (30) days written notice to AmEx, terminate this Guaranty with respect to the accrual of any future Guarantied Obligations hereunder. Each Guarantor acknowledges that the events described
in the preceding sentence may constitute events of default under the Original Obligations. 
  
 VI. Performance. In the event that there occurs any Event of Default hereunder, then immediately following such Event of Default each Guarantor shall pay, comply with and perform such of the Guarantied
Obligations as directed by AmEx, irrespective of whether the Guarantied Obligations directed by AmEx to be paid, complied with and performed by such Guarantor are those which give rise to the Event of Default. 
  
 VII. Indemnification. Each Guarantor shall fully indemnify and save AmEx harmless from
and against any and all costs, suits, claims, losses and expenses (including reasonable attorneys’ fees and expenses) which AmEx may incur in enforcing this Guaranty after and directly relating to an Event of Default. 
  
 VIII. Set-Off. In the event that there occurs any Event of Default, each Guarantor
hereby authorizes AmEx at any time or from time to time, without notice to either Guarantor or to any other person, to immediately set off and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by
AmEx to or for the credit or the account of a Guarantor against the Guarantied Obligations. 
  
 IX. Waiver. Each Guarantor hereby waives any legal requirements that AmEx make any demand upon, or institute any action or proceedings at law or in equity against, the Company 

 or any other person or entity in respect of any Original Obligation, or resort to or seek to realize upon any security
held by AmEx against the Original Obligations, as a condition precedent to bringing an action against such Guarantor upon this Guaranty. In connection with any such action or proceeding, each Guarantor waives the right to any stay of execution. All
remedies afforded to AmEx by reason of this Guaranty are separate and cumulative remedies and no one of such remedies, whether exercised by AmEx or not, shall be deemed to be an exclusion of any of the other remedies available to AmEx or limit or
prejudice any other legal or equitable remedy which AmEx may have with respect to this Guaranty or otherwise. 
  
 X. No Release. The Guarantors shall not be released (a) by any act or circumstance which might, but for this section, be deemed a legal or equitable discharge of a surety, or (b) by reason of any
waiver, extension, amendment, modification, forbearance or delay or other act or omission, of AmEx, or its failure to proceed promptly or otherwise, or (c) by reason of any action taken or omitted or circumstance in connection with the Original
Obligations and/or Guarantied Obligations which might vary the risk or liability or affect the rights or remedies of the Guarantors, or (d) by reason of the alteration, extension, modification, release or cancellation of any of the terms,
covenants and provisions contained in this Guaranty, or (e) by reason of any further dealings between AmEx and the Company, or (f) by the commencement, existence or completion of any proceeding against the Guarantors, the Company or
otherwise related to the collection of the Original Obligations and/or the Guarantied Obligations, or (g) any release of any person or entity primarily or secondarily obligated for or with respect to any of the Original Obligations and/or the
Guarantied Obligations. The Guarantor hereby expressly waives and surrenders any defenses to its liability hereunder based upon any of the foregoing acts, omissions, agreements or waivers of AmEx, it being the purpose and intent of the parties
hereto that the obligations of the Guarantors hereunder are absolute and unconditional and without right of set off or deduction, provided that each Guarantor shall be entitled to assert as defenses to the Guarantied Obligations all defenses
available to Company in respect of the Original Obligations. No release or waiver by AmEx of rights hereunder shall be effective unless in writing and signed by AmEx. 
  
 XI. Consent to Amendment. Each Guarantor irrevocably consents to the terms and conditions of, and waives any and all notice of, the
creation, amendment, modification, renewal, extension or accrual of any of the Original Obligations or the Guarantied Obligations or of the reliance by AmEx upon this Guaranty; provided, however, that no creation, amendment, modification,
renewal, extension or accrual of any of the Original Obligations or the Guarantied Obligations or any reliance by AmEx upon this Guaranty shall in any manner alter or affect the provisions of Section III herein. The Original Obligations, and each of
them, shall conclusively be deemed to have been created, contracted, or incurred in reliance upon this Guaranty. 
  
 XII . Waiver of Notice. Each Guarantor hereby waives notice of acceptance of this Guaranty by AmEx and any rights of or to presentment, demand, protest, notice of
protest and of dishonor, notices of default and all other notices relative to this Guaranty now or hereafter provided by any agreement of the Company, each Guarantor or AmEx or any statute or rule of law. 
  
 XIII. Waiver of Subrogation. Each Guarantor irrevocably waives, without any notice,
each right of subrogation, indemnification, reimbursement or contribution, and each similar right, against Company heretofore or hereafter arising in connection with this Agreement or any of the Original Obligations until AmEx receives full and
final payment of the Original Obligations. 

 XIV. Benefit to Guarantor. Each Guarantor hereby represents and acknowledges that the financial accommodations are
and will be of direct interest, benefit and advantage to such Guarantor. 
  
 XV.
Absolute and Unconditional Guaranty. This Guaranty shall be a continuing, absolute and unconditional guaranty regardless of the validity, regularity, enforceability or legality of (a) any of the Guarantied Obligations, (b) any
collateral securing the Guarantied Obligations, (c) any guaranty with respect to the Guarantied Obligations, or (d) any term of any document evidencing or relating to any of the Guarantied Obligations. In the event that for any reason one
or more of the provisions of this Guaranty or its application to any person or circumstance shall be held to be invalid, illegal or unenforceable in any respect or to any extent, such provisions shall nevertheless remain valid, legal and enforceable
in all such other respects and to such extent as may be permissible. In addition, any such invalidity, illegality, or unenforceability shall not affect any other provision hereof, but this Guaranty shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein. 
  

	XVI.	Representations. Each Guarantor hereby represents and warrants to AmEx that on the date hereof: 

  
 (a) Such Guarantor has full right, power and authority to enter into and perform this Guaranty. 
  
 (b) The execution, delivery and performance by such Guarantor of this
Guaranty has been duly authorized by all required action on the part of such Guarantor. 
  
 (c) This Guaranty has been duly authorized, executed and delivered by such Guarantor and is the legal, valid and binding obligation of such Guarantor enforceable in accordance with its terms. 
  
 (d) The execution, delivery and performance by such Guarantor of this
Guaranty does not and will not conflict with or constitute a breach or default under, (i) any material commitment, agreement or other instrument to which such Guarantor is a party or by which such Guarantor is bound, or (ii) any existing
law, rule, regulation, ordinance, judgment, order, decree or other legal requirement to which such Guarantor is subject or by which any of its properties are bound; nor will the execution, delivery and performance by such Guarantor of this Guaranty
result in the creation or imposition of any encumbrance of any nature whatsoever upon any of the properties of such Guarantor. 
  
 (e) There are no proceedings pending, or to the knowledge of such Guarantor threatened, against or affecting such Guarantor in any court or before any
governmental authority or arbitration board or tribunal which involve the possibility of materially and adversely affecting the properties or condition (financial or otherwise) of such Guarantor or the ability of such Guarantor to perform
Guarantor’s obligations and undertakings under this Guaranty. Such Guarantor is not in default with respect to any material order of any court, governmental authority or arbitration board or tribunal. 
  
 (f) Neither the nature of such Guarantor nor any of Guarantor’s
properties, nor any relationship between any of such persons and any other person, nor any circumstance in connection with the offer, issue, delivery or guaranty of the Guarantied Obligations is such as to 

 require a consent, approval or authorization of, or filing, registration or qualification with, any governmental
authority on the part of such Guarantor as a condition to the execution and delivery by such Guarantor of this Guaranty. 
  
 (g) AmEx has been provided with a Declaration of Trust for the Trust (the “Declaration of Trust”), together with any and all amendments or
modifications thereto, a true, correct and complete copy of which is attached hereto as Exhibit “A,” and all parties that are required to execute and deliver this Guaranty under the Declaration of Trust have done so. 
  
 XVII. Covenants. 
  
 (a) Each Guarantor agrees to and shall notify AmEx immediately if the value
of the assets held by the Trust are less than 125% of all debts (determine in accordance with GAAP) owed by the Trust to third parties, including AmEx. 
  
 (b) Each Guarantor agrees to and shall provide AmEx with a copy of any amendment or modification of the Declaration of Trust within five business days of
the execution of said amendment or modification. 
  
 XVIII. Events of Default. The following shall each be an event of default (“Event of Default”) under this Guaranty: 
  
 (a) The Guarantors shall fail to immediately pay to AmEx any amount or perform any Guarantied Obligation under the terms of this Guaranty. 
  
 (b) Either Guarantor shall apply for or consent to the appointment of a
receiver, trustee or liquidator of such Guarantor, or any of such Guarantor’s assets, admit in writing such Guarantor’s inability to pay debts as they mature, make a general assignment for the benefit of creditors, be adjudicated a
bankrupt, insolvent or file a voluntary petition in bankruptcy, or a petition or an answer seeking reorganization or an agreement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or
liquidation, law or statue, or an answer admitting the material allegations of a petition filed against it in any proceeding under any such law, or if action shall be taken by such Guarantor for the purpose of effecting any of the foregoing.

  
 (c) Any order, judgment or decree shall be entered by any
court of competent jurisdiction, approving a petition seeking reorganization of all or a substantial part of the assets of either Guarantor, or appointing a receiver, sequestrator, trustee or liquidator of either Guarantor or any such
Guarantor’s property, and such order, judgment or decree shall continue unstayed and in effect for any period of sixty (60) days. 
  
 (d) Either Guarantor experiences a material and adverse change in such Guarantor’s net worth. 
  
 (e) Any representation made herein proves to be materially false or
misleading. 
  
 (f) Either Guarantor breaches any of his/its
covenants or obligations (other than the Guarantied Obligations) set forth herein, and such default shall continue for five (5) days after notice thereof from AmEx. 

 XIX. Remedies. In addition to any rights granted hereunder, AmEx shall have all the rights and remedies granted by
applicable law, all of which shall be cumulative and concurrent, and shall be in addition to every other such right or remedy. 
  
 XX. Notices. All notices required to be given to any of the parties hereunder shall be in writing, to such party at its address net forth below: 
  

			
	 Blum:
	  	Scott A. Blum
	 	  	C/o Tom Ko, V.P.
	 	  	ThinkTank LLC
	 	  	65 Enterprise
	 	  	Aliso Viejo, CA 92656
		
	 Trust:
	  	Trustee,
	 	  	Scott A. Blum Separate Property Trust
	 	  	C/o Tom Ko, V.P.
	 	  	ThinkTank LLC
	 	  	65 Enterprise
	 	  	Aliso Viejo, CA 92656
		
	 AmEx:
	  	Jason Helpern, Esq.
	 	  	AMERICAN EXPRESS TRS CO., INC.
	 	  	200 Vesey Street
	 	  	New York, NY 10285-4901

  
 Such notice shall be deemed to be
given when received if delivered personally or three days after the date mailed if sent by certified or registered mail or one business day after the date sent by reputable national overnight delivery service. Any notice of any change in such
address shall also be given in the manner set forth above. Whenever the giving of notice is required, the giving of such notice may be waived in writing by the party entitled to receive such notice. 
  
 XXI. Binding Effect. This Guaranty shall be binding upon each undersigned Guarantor,
and upon such Guarantor’s successors and assigns, and shall inure to the benefit of AmEx and its successors and assigns. Each Guarantor is prohibited from assigning his/its rights and/or responsibilities hereunder, and any such attempted
assignment shall be null and void ab initio. AmEx may assign this Guaranty to any third party without the prior consent of Guarantor in connection with an assignment of the Original Obligations; any other attempted assignment by AmEx shall be
null and void ab initio. 
  
 XXII. Amendments. No modification of
this Guaranty shall be effective unless in writing and signed by AmEx and such Guarantor. 
  
 XXIII. Governing Law. This Guaranty shall be construed, enforced, and interpreted under and according to the internal laws of the State of New York 
  
 XXIV. JURISDICTION. EACH GUARANTOR AGREES THAT ANY ACTION OR PROCEEDING AGAINST SUCH GUARANTOR TO ENFORCE THIS GUARANTY MAY BE
COMMENCED IN STATE OR FEDERAL COURT IN ANY COUNTY IN THE STATE OF NEW YORK. 

 XXV. WAIVER. 
  
 EACH GUARANTOR AND AMEX HEREBY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH SUCH GUARANTOR AND AMEX MAY BE
PARTIES, ARISING OUT OF OR IN ANY WAY PERTAINING TO (i) THIS GUARANTY OR (ii) THE GUARANTIED OBLIGATIONS. IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS
OR PROCEEDINGS. 
  
 THIS WAIVER IS KNOWINGLY, WILLINGLY AND
VOLUNTARILY MADE BY EACH GUARANTOR AND AMEX, AND EACH GUARANTOR AND AMEX HEREBY REPRESENTS THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS
EFFECT. EACH GUARANTOR FURTHER REPRESENTS THAT SUCH GUARANTOR HAS BEEN REPRESENTED BY COUNSEL IN THE SIGNING OF THIS GUARANTY. 
  
 XXVI. No Effect on Other Agreements. Each Guarantor and AmEx acknowledge that the other parties hereto may now have or later enter into business or financial
relations or agreements with Company other than in connection with this Guaranty, the Original Obligations or agreements referenced or incorporated herein or therein and that this Guaranty shall have no effect on such relations or agreements except
if and to the extent specifically referenced herein. 
  
 [remainder of page left intentionally blank] 

 IN WITNESS WHEREOF, each Guarantor and AmEx have caused this Guaranty to be executed and delivered as of
the day and year last written below. 
  
 BLUM:

  

							
	 By:
	  	 /s/ Scott A. Blum

	  	Date:	  	12/20/02
	 	  	 Scott A. Blum, individually
	  	 	  	 
	
	  
 TRUST:

				
	 By:
	  	 /s/ Scott A. Blum

	  	Date:	  	12/20/02
	 	  	Scott A. Blum Separate Property Trust U/D/T 8/2/95, by and through Scott A. Blum as trustee	  	 	  	 
	  
  
  
  
 ACCEPTED AND
AGREED:
  
 AMERICAN EXPRESS
TRAVEL
 RELATED SERVICES COMPANY, INC.
  
  

	 By:
	  	 /s/ Robert S. Piccone

	  	Date:	  	1/17/03
	 Name:
	  	ROBERT S. PICCONE	  	 	  	 
	 Title:
	  	 DIRECTOR GLOBAL ES
 RISK MANAGEMENT
	  	 	  	 

			
	 STATE OF Wyoming)

	 COUNTY OF Teton   )

  
 On this 20 day of DECEMBER, 2002,
before me personally came Scott A. Blum, known to me to be the individual described in and who executed the foregoing Guaranty, and he duly acknowledged to me that he executed the same. 
  

							
	 My commission expires                11-29,
2004.
	  	

			
	 	  	(Seal/Stamp)	  	 
	 	  	 	  	Notary Public    

  
  

			
	 STATE OF Wyoming)

	 COUNTY OF Teton   )

  
 On this 20th day of DECEMBER, 2002, before me personally came Scott A. Blum, not individually but as Trustee of the Scott A. Blum Separate
Property Trust U/D/T 8/2/95 (the “Trust”), known to me to be the individual described in and who executed the foregoing Guaranty, not individually but as Trustee of the Trust and he duly acknowledged to me that he executed the same.

  

							
	 My commission expires                11-29,
2004
	  	

				
	 	  	(Seal/Stamp)	  	 	  	 
	 	  	 	  	Notary Public    

 Exhibit A 
  
 Declaration of Trust for Scott A. Blum 
 Separate Property Trust, as amended

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