CONSENT AND REAFFIRMATION AGREEMENT
Household Commercial Financial Services, Inc.
Wood Dale, Illinois
A. CORPORATE GUARANTORS. The undersigned have heretofore executed and
delivered to the Lender (i) a Guaranty dated May 2, 2000 (the "Guaranty")
pursuant to which the undersigned guaranteed all indebtedness, obligations and
liabilities of Homegold, Inc. a South Carolina corporation (the "Borrower") from
time to time owing to you (the "Lender") and (ii) a Security Agreement dated May
2, 2000 (the "Security Agreement") in favor of Lender. Each of the undersigned
hereby consents to the Amended and Restated Credit Agreement bearing even date
herewith between the Borrower and Lender and confirms that the Guaranty and the
Security Agreement each remain in full force and effect in accordance with the
terms thereof and shall not in any manner be affected, impaired or discharged
thereby. Each of the undersigned further agrees that the consent of the
undersigned to any further modifications to the Credit Agreement shall not be
required as a result of this consent having been obtained, except to the extent,
if any, required by the Guaranty or Security Agreement. The undersigned further
acknowledge and agree that the Lender is relying upon the agreements of the
undersigned contained herein as an inducement to entering into the Amended and
Restated Credit Agreement with the Borrower.
Dated as of this 11th day of June, 2001.
HOMEGOLD FINANCIAL, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
-------------------------------
Name: Xxxxxx X. Xxxxxxxx
Its: CEO
CAROLINA INVESTORS, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
-------------------------------
Name:
Its:
PREMIER FINANCIAL SERVICES INC.
By:
Name:
Its:
LOAN PROS, INC.
By:
Name:
Its:
EMERGENT BUSINESS CAPITAL ASSET BASED
LENDING, INC.
By:
Name:
Its:
XXXXX RIVER VENTURES, LP.
By:
Name:
Its:
EMERGENT SBIC, INC.
By:
Name:
Its:
EMERGENT COMMERCIAL MORTGAGE,
INC.
By:
Name:
Its:
EMERGENT BUSINESS CAPITAL, INC.
By:
Name:
Its:
EMERGENT INSURANCE AGENCY CORP.
By:
Name:
Its:
EMERGENT MORTGAGE CORP. OF TENNESSEE
By:
Name:
Its:
HOMEGOLD REALTY, INC.
By:
Name:
Its:
B. INDIVIDUAL GUARANTOR. The undersigned, Xxxxxx Xxxxxxxx, has heretofore
executed and delivered to you (the "Lender") that certain Guaranty dated October
24, 2000 (the "Guaranty") pursuant to which the Guarantor has guaranteed all
indebtedness, obligations and liabilities of Homegold, Inc. (the "Borrower")
from time to time owing to Lender, all as more fully set forth in the Guaranty.
The undersigned hereby consents to the Amended and Restated Credit
Agreement bearing even date herewith between the Borrower and Lender and to the
matters and things contemplated thereby. The undersigned further repeats and
reaffirms all of their obligations and agreements under the Guaranty and
acknowledges that the same remain in full force and effect in accordance with
the terms of the Guaranty and shall not in any manner be affected, impaired or
discharged thereby.
The undersigned further acknowledges that the Lender is relying upon
the agreements of the undersigned contained herein as an inducement to entering
into the Amended and Restated Credit Agreement with the Borrower.
Dated as of this 11th day of June, 2001.
/s/ Xxxxxx X. Xxxxxxxx
---------------------------------
Xxxxxx X. Xxxxxxxx
Acknowledged and agreed to as of the date last above written.
HOUSEHOLD COMMERCIAL
FINANCIAL SERVICES, INC.
By: /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Its: Vice President
