SEC Contract Filing

Filing Date: 2017-03-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-size: 10pt; font-family: Times New Roman, Times, serif"><b>Exhibit 10.7</b></font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>GUARANTY OF PAYMENT AGREEMENT</b></u></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">THIS GUARANTY OF PAYMENT AGREEMENT (this &ldquo;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>Agreement</u>&rdquo;) is made as of March 1, 2017, by <b>MAM SOFTWARE, INC.</b>, a Delaware corporation (the &ldquo;<u>Guarantor</u>&rdquo;), in favor of <b>UNIVEST BANK AND TRUST CO.</b>, its successors and assigns (the &ldquo;<u>Lender</u>&rdquo;).</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>RECITALS</b></u></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAM Software Group, Inc., a Delaware corporation (the &ldquo;<u>Borrower</u>&rdquo;), and the Lender are parties to a Credit Agreement dated as of even date herewith (as amended, restated, modified, substituted, extended and renewed from time to time, the &ldquo;<u>Credit Agreement</u>&rdquo;) under which, among other things, the Lender has agreed, subject to the terms and conditions of the Credit Agreement, to make available certain credit facilities to the Borrower.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">B.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All defined terms used in this Agreement and not defined herein shall have the meaning given to such terms in the Credit Agreement.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">C.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantor has requested that the Lender enter into the Credit Agreement with the Borrower and make the credit facilities described in the Credit Agreement available to the Borrower.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">D.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lender has required, as a condition to entering into the Credit Agreement, that the Guarantor execute this Agreement as additional security for the payment and performance of the &ldquo;Secured Obligations&rdquo;.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">NOW, THEREFORE, in order to induce the Lender to enter into the Credit Agreement, the Guarantor covenants and agrees with the Lender as follows:</p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">ARTICLE I<br>
<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>THE GUARANTY</u></font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Guaranty</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The Guarantor hereby unconditionally and irrevocably guarantees to the Lender:</p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the due and punctual payment in full (and not merely the collectibility) of the principal of the Secured Obligations and the interest thereon, in each case when due and payable, all according to the terms of any promissory note evidencin