Affirmation of Guaranty by Geltech, Inc. for Benefit of Avidbank (LightPath Technologies, Inc. and ISP Optics Corporation)

Contract Categories: Business Finance › Guaranty Agreements
Summary

This document is an affirmation by Geltech, Inc. confirming its ongoing guarantee to Avidbank for the obligations of LightPath Technologies, Inc. and ISP Optics Corporation under a loan and security agreement. Geltech, Inc. consents to an amendment of the loan agreement and agrees that its original guarantee remains fully effective. The affirmation states that Geltech, Inc. has no defenses against its obligations and that the guarantee continues without interruption or change.

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EX-10.2 3 lpth_ex102.htm AFFIRMATION OF GUARANTEE Blueprint
 
Exhibit 10.2
 
AFFIRMATION OF GUARANTY
 
This AFFIRMATION OF GUARANTEE is made as of October 30, 2018 (“Affirmation”), by the undersigned guarantor (“Guarantor”) for the benefit of AVIDBANK (“Bank”).
 
RECITALS
 
LightPath Technologies, Inc. and ISP Optics Corporation (together, “Borrower”) and Bank are parties to that certain Second Amended and Restated Loan and Security Agreement dated as of December 21, 2016 and as amended from time to time (the “Agreement”). In connection therewith, Guarantor executed for the benefit of Bank an Unconditional Guaranty dated as of September 30, 2013 (the “Guarantee”). Borrower and Bank propose to enter into an amendment of the Agreement on or around date hereof (the “Amendment”), provided that Guarantor consents to the Amendment and agrees that the Guarantee will remain effective.
 
AGREEMENT
 
NOW, THEREFORE, Guarantor agrees as follows:
 
1. Guarantor consents to the execution, delivery and performance by Borrower of the Amendment and the documents and instruments executed in connection therewith.
 
2. Guarantor confirms that, as of the date hereof, Guarantor has no defenses against its obligations under the Guarantee.
 
3. The Guarantee is and shall remain in full force and effect with respect to Borrower’s Obligations and otherwise and hereby is ratified and confirmed in all respects.
 
4. Unless otherwise defined, all capitalized terms in this Affirmation shall be as defined in the Guarantee.
 
5. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original hereof.
 
[signature page follows]
 
 
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IN WITNESS WHEREOF, the undersigned has executed this Affirmation of Guaranty as of the first date above written.
 
GUARANTOR:
 
GELTECH, INC.
 
By: /s/ J. James Gaynor
 
Name: J. James Gaynor
 
Title: President & Chief Executive Officer
 
 
 
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