LOAN AND SECURITY AGREEMENT BETWEEN TEAMSTAFF GOVERNMENT SOLUTIONS, INC. D/B/A TEAMSTAFF GOVERNMENT SOLUTIONS D/B/A TEAMSTAFF GOVT SOLUTIONS AND PRESIDENTIAL FINANCIAL CORPORATION DATED AS OF JULY 29, 2010Loan and Security Agreement • August 16th, 2010 • Teamstaff Inc • Services-help supply services • Georgia
THIS LOAN AND SECURITY AGREEMENT (as it may be amended, this “Agreement”) is entered into on July 29, 2010 between PRESIDENTIAL FINANCIAL CORPORATION (“Lender”), having an address at 3460 Preston Ridge Road, Suite 550, Alpharetta, GA 30005, and TEAMSTAFF GOVERNMENT SOLUTIONS, INC. D/B/A TEAMSTAFF GOVERNMENT SOLUTIONS; D/B/A TEAMSTAFF GOVT SOLUTIONS (“Borrower”), whose chief executive office is located at 1 Executive Drive, Suite 130, Somerset, NJ 08873 (“Borrower’s Address”). Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth on Schedule A. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided in the UCC to the extent such terms are defined therein. The schedules attached to this Agreement are an integral part of this Agreement and are incorporated herein by reference.
CORPORATE GUARANTY AGREEMENTCorporate Guaranty Agreement • August 16th, 2010 • Teamstaff Inc • Services-help supply services • 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 TeamStaff Government Solutions, Inc. d/b/a TeamStaff Government Solutions; d/b/a TeamStaff Govt Solutions (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
