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EXHIBIT 10.7
XXXXXX FINANCIAL SERVICES, INC.
A DIVISION OF SERVICE ASSET MANAGEMENT COMPANY
STOCK LOAN GUARANTEE AGREEMENT
This agreement is entered into by Service Asset Management Company, a North
Carolina Corporation ("Guarantor") and Xxxxxx Financial Services, Inc., a
division of Service Asset Management Company ("Xxxxxx") in favor of Xxxxxxx
Sachs ("GS")
WHEREAS, GS and Xxxxxx will be entering into various stock loan arrangements
with one another in connection with Xxxxxx'x capacity as a clearing
broker/dealer. Guarantor is a registered broker dealer and Xxxxxx is an
unincorporated division of Guarantor.
WHEREAS, Guarantor agrees to guarantee all of the obligations and performance of
Xxxxxx which may be incurred pursuant to the various stock loan arrangements
between GS and Xxxxxx.
NOW, THEREFORE, in consideration of GS and Xxxxxx entering into the various
stock loan arrangements, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Guarantor agrees as
follows:
1. GUARANTEE. Guarantor does hereby guarantee the obligations of Xxxxxx
under the provisions of any credit and/or financial agreements between
GS and Xxxxxx, including but not limited to the stock loan arrangements
referred to herein. The obligations of Guarantor shall not be
discharged, impaired, or otherwise affected by the failure of GS to
assert, claim, demand, or enforce any remedy under any agreements
between GS and Xxxxxx, nor by any waiver, modification, or amendment of
any such agreements or this Agreement or any compromise, settlement or
discharge of obligations of GS.
The obligations of Guarantor hereunder are those of primary obligor,
and not merely as surety, and are independent of the guaranteed
obligations or any part thereof, including, without limitation any
provisions of law requiring GS to exhaust any right or remedy or to
take any action against Xxxxxx, any other guarantor or any other
person, entity or property before enforcing this Guaranty against
Guarantor.
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2. TERM. This Agreement shall continue in effect as long as any
obligations to GS under any agreements between GS and Xxxxxx remain
outstanding.
EXECUTED this 14th day of December, 1999.
SERVICE ASSET MANAGEMENT COMPANY XXXXXX FINANCIAL SERVICE, INC.
By: By:
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Signature Signature
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Printed Name Printed Name
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Title or position Title or position
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