IRREVOCABLE TRANSFER OF TITLE AND GUARANTY TRUST AGREEMENTIrrevocable Transfer of Title and Guaranty Trust Agreement • November 14th, 2012 • Pioneer Power Solutions, Inc. • Power, distribution & specialty transformers
THIS IRREVOCABLE TRANSFER OF TITLE AND GUARANTY TRUST AGREEMENT NUMBER 1297, IS ENTERED INTO ON THIS 25th DAY OF JULY, 2012 (HEREINAFTER THE “AGREEMENT” OR THE “TRUST”), BY AND AMONG, NEXUS MAGNETICOS DE MEXICO, S. DE R.L. DE C.V., IN ITS CAPACITY AS TRUSTOR AND SECONDARY TRUST BENEFICIARY (HEREINAFTER REFERRED TO INDISTINCTIVELY AS “TRUSTOR A” OR “SECONDARY BENEFICIARY A”, AS REQUIRED BY THE CONTEXT), REPRESENTED HEREIN BY FRANCISCO JOSE PEÑA VALDES, JEFFERSON ELECTRIC, INC. IN ITS CAPACITY AS TRUSTOR AND SECONDARY TRUST BENEFICIARY (HEREINAFTER REFERRED TO INDISTINCTIVELY AS “TRUSTOR B” OR “SECONDARY BENEFICIARY B”, AS REQUIRED BY THE CONTEXT” AND JOINLTY WITH TRUSTOR A, SHALL BE REFERRED TO AS THE “TRUSTOR”, AS REQUIRED BY THE CONTEXT), REPRESENTED HEREIN BY FRANCISCO JOSE PEÑA VALDES, GE CF MÉXICO, S.A. DE C.V., IN ITS CAPACITY AS PRIMARY BENEFICIARY (HEREINAFTER, THE “PRIMARY BENEFICIARY”), REPRESENTED HEREIN BY PEDRO JOSÉ ISLA TREVIÑO; AND BANCO INVEX, S.A., MULTIPLE BANKING INST
CORPORATE GUARANTYCorporate Guaranty • November 14th, 2012 • Pioneer Power Solutions, Inc. • Power, distribution & specialty transformers
This Guaranty is a guaranty of prompt payment (and not merely a guaranty of collection). Should there be any default of the Account Documents, nothing herein shall require you to first seek or exhaust any remedy against the Customer, its successors and assigns, or any other person obligated with respect to the Obligations, or to first foreclose, exhaust or otherwise proceed against any collateral or security which may be given in connection with the Obligations. It is agreed that you may, upon any breach or default of the Customer (subject to any notice and cure period set forth in the Account Documents), make demand upon the undersigned and receive payment of the Obligations, with or without notice or demand for payment or performance by the Customer, its successors or assigns, or any other person (other than the undersigned). Suit may be brought and maintained against the undersigned, at your election, without joinder of the Customer or any other person as parties thereto. The obliga
