LOAN AND SECURITY AGREEMENTLoan and Security Agreement • September 11th, 2008 • General Automotive Co • Services-motion picture & video tape production • Georgia
This is to certify that, in accordance with Section 6.1 of the Loan and Security Agreement between OE Source, L.C., and Presidential Financial Corporation dated August _____, 2008 (the “Loan Agreement”;)the attached Financial Statements are complete and true and have been prepared in conformance with GAAP. In addition there are no Defaults or Events of Default continuing as of such date [if there are acceptable exceptions, list them].
DEBT SUBORDINATION AGREEMENTDebt Subordination Agreement • September 11th, 2008 • General Automotive Co • Services-motion picture & video tape production
In consideration of the line of credit to OE SOURCE, L.C., (hereinafter called "Debtor"), undersigned hereby agrees that any and all liability that said Debtor may now or hereafter owe to undersigned shall be subordinate and junior to any and all liability said Debtor may now or hereafter owe to you direct or contingent. Undersigned also agree that any collateral that undersigned shall have to secure its indebtedness will be subordinate and junior to you.
CORPORATE GUARANTY AGREEMENTCorporate Guaranty Agreement • September 11th, 2008 • General Automotive Co • Services-motion picture & video tape production • Georgia
In consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the undersigned, and to induce Presidential Financial Corporation (hereinafter referred to as “Lender" to extend credit to OE Source, L.C. (hereinafter referred to as “Borrower”) and/or to renew or extend, in whole or in part, loans or discounts already contracted for by Borrower, and/or from time to time to make loans to Borrower and/or enter into with Borrower any agreement with regard to the assignment and/or financing of accounts, which extensions, renewals, and other financial accommodations to Borrower will be of direct financial benefit to the undersigned, the undersigned, jointly and severally, do hereby unconditionally guarantee to Lender and to its endorsers, transferees, successors and assigns, of either this Guaranty or any of the Obligations (as hereinafter defined) secured hereby, the due and punctual payment in full o
