Release of Guaranty Agreement between American Commercial Finance Corporation and Waterside Capital Corporation

Contract Categories: Business Finance › Release Agreements
Summary

American Commercial Finance Corporation (the Lender) releases Waterside Capital Corporation (the Guarantor) from all obligations under a Limited Guaranty Agreement dated October 2, 2001. This release means Waterside Capital Corporation and its successors are no longer responsible for guaranteeing the credit previously extended by the Lender to Netplex Systems, Inc. The release is effective as of May 15, 2002.

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EX-10.3 6 dex103.txt EXHIBIT 10_3 Exhibit 10.3 RELEASE OF GUARANTY FOR VALUABLE CONSIDERATION, American Commercial Finance Corporation (the "Lender") hereby remises, releases and forever discharges Waterside Capital Corporation (the "Guarantor") and its heirs, successors and assigns of and from any and all obligations under a certain Limited Guaranty Agreement dated as of October 2, 2001, and heretofore delivered to the Lender in connection with the extension of credit by the Lender to Netplex Systems, Inc. IN WITNESS WHEREOF, American Commercial Finance Corporation has caused this instrument to be signed on its behalf by Nancy G. Walz, its Vice President, this 15th day of May,2002. WITNESS: AMERICAN COMMERCIAL FINANCE CORPORATION By: - --------------------------- ----------------------------- Nancy G. Walz, Vice-President