Reaffirmation of Guarantee by Rudy A. Slucker in Favor of Congress Financial Corporation (Central)

Contract Categories: Business Finance › Guaranty Agreements
Summary

This document, dated August 11, 2000, is a reaffirmation by Rudy A. Slucker of his obligations under a Limited Guarantee originally made in favor of Congress Financial Corporation (Central) to support a loan to TearDrop Golf Company. Following an amendment to the original Loan and Security Agreement, Mr. Slucker confirms that his guarantee remains valid and enforceable, and that he continues to be bound by its terms. The reaffirmation ensures the lender that the guarantee is still in effect despite changes to the underlying loan agreement.

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EX-10.47 4 0004.txt REAFFIRMATION OF GUARANTEE REAFFIRMATION OF GUARANTEE August 11, 2000 Congress Financial Corporation (Central) 150 South Wacker Drive, Suite 2200 Chicago, Illinois 60606 Re: Guarantee Please refer to (1) the Loan and Security Agreement, dated as of January 20, 2000 (as amended, supplemented, restated or otherwise modified from time to time, the "Loan Agreement"; capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement), among Congress Financial Corporation (Central) (the "Lender"), and TearDrop Golf Company (the "Borrower") and (2) the Limited Guarantee dated January 20, 2000 (the "Guarantee"), by the undersigned in favor of Lender. Pursuant to that certain Amendment No. 1 and to Loan and Security Agreement dated as of the date hereof among Lender and Borrower (the "Amendment"), Lender has agreed to make certain amendments to the Loan Agreement in accordance with the terms thereof. The undersigned hereby (i) acknowledges receipt of the Amendment, (ii) acknowledges and reaffirms all of its obligations and undertakings under the Guarantee and (iii) acknowledges and agrees that subsequent to, and taking into account all of the terms and conditions of the Amendment, the Guarantee is and shall remain in full force and effect in accordance with the terms thereof. RUDY A. SLUCKER By: -----------------------------------------