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EXHIBIT 10.6
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 Banc of
America Securities LLC ("BAS")
WHEREAS, BAS 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 BAS and Xxxxxx.
NOW, THEREFORE, in consideration of BAS 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
BAS 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
BAS to assert, claim, demand, or enforce any remedy under any
agreements between BAS 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 BAS.
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 BAS 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 BAS under any agreements between BAS 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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