AMENDMENT TO
GUARANTY AGREEMENT
THIS AMENDMENT TO SECURITY AGREEMENT, made and entered into this 23rd
day of January, 1998, by and between Xxxxxx Industries, Inc., a Florida
corporation ("Borrowers"), and Xxxxxxxx Inc., an Arkansas corporation
("Holder"),
WITNESSETH:
WHEREAS, borrower and Holder have entered into a Guaranty Agreement
dated as of September 30, 1997 (the "Guaranty Agreement");
WHEREAS, the Holder is funding a loan to the Borrower in the principal
amount of $3 million which will be evidenced by a Promissory Note of even date
herewith (the "$3,000,000 Note"),
WHEREAS, the Borrower and the Holder intend for the Note to be
guaranteed under the Guaranty Agreement.
NOW THEREFORE, in consideration of the premises and the agreements set
forth herein, the parties hereto agree as follows:
1. Obligations. Section 2 of the Guaranty Agreement is hereby amended to
provide an additional subsection (g), as follows:
(g) The term "Note" in the Guaranty Agreement shall
include the $3,000,000 Note and the term "Loan" in
the Guaranty Agreement shall include the loan
evidence by the $3,000,000 Note.
2. Representations and Warranties. The representations and warranties set
forth in the Guaranty Agreement are true and correct as of the date hereof as if
made on the date hereof; provided that the Borrower has granted a second lien on
the assets of Borrower to the Huntington National Bank ("Huntington") pursuant
to that certain Security Agreement dated November 3, 1997, between Borrower and
Huntington.
3. Effective Amendment. Except as amended hereby, the Guaranty Agreement
shall remain in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first above written.
BORROWER:
Xxxxxx Industries, Inc.
By:/s/ Xxxxx Xxxx Xxxxxxxxxx, Jr.
---------------------------------
Title: Vice President
HOLDER:
Xxxxxxxx Inc.
By: /s/ Xxxx Xxxxxxxx
----------------------
Title: Chief Operating Officer
