BB&TGuaranty Agreement • October 11th, 2006 • LGL Group Inc • Electronic components, nec • Florida
As an inducement to Branch Banking and Trust Company ("Bank") to extend credit to and to otherwise deal with LYNCH SYSTEMS INC. ("Borrower") and in consideration thereof, the undersigned (and each of the undersigned jointly and severally if more than one) hereby absolutely and unconditionally guarantees to Bank and its successors and assigns the due and punctual payment of any and all notes, drafts, debts, obligations and liabilities, primary or secondary (whether by way of endorsement or otherwise), of Borrower, at any time, now or hereafter, incurred with or held by Bank, together with interest, as and when the same become due and payable, whether by acceleration or otherwise, in accordance with the terms of any such notes, drafts, debts, obligations or liabilities or agreements evidencing any such indebtedness, obligation or liability including all renewals, extensions and modifications thereof. The obligation of the undersigned is a guarantee of payment and not of collection.
BB&T Branch Banking & Trust Co. ----------------------------------------------- --------------------------------- Commercial Lending 3233 Thomasville Road Tallahassee, FL 32308 October 4, 2006 Mr. Brian Fabacher, President Lynch Systems, Inc. 601...LGL Group Inc • October 11th, 2006 • Electronic components, nec
This loan was closed outside the state of Florida in order to save on documentary stamp taxes that would otherwise have been due. In order to avoid the necessity of traveling outside the state for a short-term renewal, BB&T will grant you an extension on the maturity on this credit facility for an additional 120 days. Your note will now be due and payable in full on January 29, 2007. Further, BB&T has determined that it will limit the total amount to be advanced under the credit facility to $2,000,000.00. All other terms and conditions of the note will remain unchanged. Please continue to make your regular monthly payment under the note. By making this extension, BB&T is not waiving any default and is not waiving, modifying or extending any other term or condition of the note or any other loan document. In order to maintain the tax nature of the note, please do not sign or return this letter to BB&T.
