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EXHIBIT 4.17
GUARANTY
THIS GUARANTY is executed as of October 28, 1996, by Striker Industries,
Inc., a Delaware corporation (the "Guarantor"), for the benefit of each holder
(a "Holder") of the Convertible Subordinated Promissory Notes (each a "Note")
issued by West Oxford Industries, Inc. (The 'Borrower").
Guarantor guaranteed to Holder the prompt payment at maturity (by
acceleration or otherwise), and at all times thereafter, of the Guaranteed Debt
(defined below), as follows:
1. "Guaranteed Debt" shall mean the Notes, including all principal and
interest payable thereon. Unless otherwise stated, terms defined in the Note
have the same meanings when used in this Guaranty.
2. If Guarantor becomes liable for any indebtedness owing by Borrower
to Holder, other than under this Guaranty, such liability will not be in any
manner impaired or affected by this Guaranty, and the rights of Holder under
this Guaranty are cumulative of any and all other rights that Holder may ever
have against Guarantor. The exercise by Holder of any right or remedy under
this Guaranty or otherwise will not preclude the concurrent or subsequent
exercise of any other right or remedy.
3. Holder shall notify Guarantor in writing of any Default or Potential
Default prior to exercising any remedies for such Default and Guarantor shall
have the right to cure any such Default or Potential Default within thirty
Business Days after receiving any such notice. If, while a Default exists,
Borrower fads to pay the entire, unpaid balance of the Obligation then due and
payable and Guarantor fails to cure such Default within thirty Business Days
after receiving notice of such Default from Holder, then Guarantor shall, on
demand and without further notice of dishonor and without any notice having
been given to Guarantor previous to such demand of either the acceptance by
Holder of this Guaranty or the creation or incurrence of any Guaranteed Debt,
pay the amount of the Guaranteed Debt then due and payable to Holder, and it
is not for Holder, in order to enforce such payment by Guarantor, first or
contemporaneously to institute suit or exhaust remedies against Borrower or
others liable on such indebtedness to enforce rights against any collateral
securing such indebtedness.
4. This Guaranty benefits Holder and its successors and permitted assigns
and binds Guarantor and its successors and permitted assigns. The rights and
benefits of the Guaranty may not be transferred.
STRIKER INDUSTRIES, INC.
By: /s/ XXXXX X. XXXXXXX
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Name: Xxxxx X. Xxxxxxx
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Title: President and CEO
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