GUARANTY FEE AGREEMENT
EXHIBIT 4
This Guaranty Fee Agreement is made the 3rd day of September 2008 by and between XXX X. XXXXX and 2008 IRREVOCABLE AGREEMENT OF TRUST FOR THE FAMILY OF XXX X. XXXXX (“Trust”).
BACKGROUND
In accordance with that certain guaranty agreement (“Guaranty Agreement”) of even date herewith, XXX X. XXXXX has guaranteed a promissory note of Trust to XXXXXX ROME TABAS entered into as of Sept 3 2008. The Trust desires to compensate XXX X. XXXXX for the Guaranty.
NOW, THEREFORE, intending to be legally bound, the undersigned hereby agrees as follows:
1. Guaranty Fee. The Trust shall pay to XXX X. XXXXX a guaranty fee equal to .75% of the outstanding balance of the Note. Said fee shall be payable at the end of each calendar year with any partial year to be prorated on a daily basis.
2. Term. This Agreement shall be effective from the date hereof and shall continue in full force and effect until the Note is paid in full or until XXX X. XXXXX is relieved of his obligations under the Guaranty Agreement, whichever event is first to occur.
3. Governing Law. This Agreement shall be governed by and construed under and in accordance with the laws of the Commonwealth of Pennsylvania.
4. Parties Bound. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, legal representatives, heirs and assigns.
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WITNESS: |
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XXX X. XXXXX |
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WITNESS: |
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2008 IRREVOCABLE AGREEMENT OF |
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TRUST FOR THE FAMILY OF XXX X. |
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XXXXX |
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By: |
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XXX X. XXXXX, Trustee |
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