EXHIBIT 10.3.7
Date: May 28, 2004
Amended and Restated Continuing
and Unconditional Guaranty
|
|
|
|
|
Lender:
|
|
Subsidiary
Guarantors:
|
|
|
|
|
Bank of America, N.A.
|
|
ADVANCED BIOSYSTEMS, INC.
SYCOM SERVICES,
INC.
|
|
8300 Greensboro
Drive
Mezzanine
McLean, Virginia
22102
Attn: Commercial
Banking
|
|
5904 Richmond
Highway
Suite 300
Alexandria, Virginia
22303
|
THIS AMENDED AND RESTATED CONTINUING
AND UNCONDITIONAL GUARANTY (this “Agreement”) is made
as of the 28 th day of May, 2004, by undersigned
“Guarantor”, for the benefit of BANK OF AMERICA, N.A.,
a national banking association (the
“Lender”).
RECITALS
A. Analex
Corporation, a corporation organized under the laws of the State of
Delaware, formerly known as Hadron, Inc., obtained from the Lender
a revolving credit facility in the current maximum principal sum of
$8,000,000 and a term loan in the original principal sum of
$3,500,000 (the “Original Credit Facility”).
B. Advances
and readvances under the Original Credit Facility have been
governed by the terms and conditions of the Credit Agreement by and
between the Borrower and the Lender dated November 2, 2001 as
amended from time to time (the “Original Financing
Agreement”). The Original Financing Agreement is being
amended and restated pursuant to the Amended and Restated Credit
Agreement of even date herewith (as amended, modified, restated,
substituted, extended or renewed at any time and from time to time,
the “Credit Agreement”).
C. The
Borrower’s obligations under the Original Credit Facility
were guaranteed by the Guarantor pursuant to the terms of the
Continuing and Unconditional Guaranty dated November 2, 2001 (the
“Original Guaranty”).
D. The
Borrower has applied to the Lender to increase the revolving loan
portion of the Original Credit Facility to $20,000,000, to pay off
the term loan with an advance from the revolving loan, to make
available to Borrower an annual guidance line facility for up to an
additional $20,000,000 and to modify certain terms and conditions
of the Original Financing Agreement and the Lender has agreed on
the condition, among others, that the Original Guaranty be amended
and restated in its entirety.
E. All
defined terms used in this Agreement and not defined herein shall
have the meaning given to such terms in the Credit
Agreement.
NOW, THEREFORE, in order to induce
the Lender to increase the credit facilities to the Borrower, each
Guarantor hereby amends and restates the Original Guaranty and
reconfirms its guaranty as follows:
1.
Guaranty
. FOR VALUE RECEIVED, and to induce Bank of
America, N.A. (“Lender”) to make loans or advances or
to extend credit or other financial accommodations or benefits,
with or without security, to or for the account of Analex
Corporation, a Delaware corporation as borrower
(“Borrower”), the undersigned
“Guarantor”, if more than one, then
each of them jointly and severally, hereby irrevocably and
unconditionally guarantees to Lender the full and prompt payment
when due, whether by acceleration or otherwise, of any and all
Liabilities (as hereinafter defined) of Borrower to
Lender.
The undertakings of Guarantor
hereunder are independent of the Liabilities and Obligations of
Borrower and a separate action or actions for payment, damages or
performance may be brought or prosecuted against Guarantor, whether
or not an action is brought against Borrower or to realize upon the
security for the Liabilities and/or Obligations, whether or not
Borrower is joined in any such action or actions, and whether or
not notice is given or demand is made upon Borrower.
Lender shall not be required to
proceed against Borrower, or any other person, or entity, whether
primarily or secondarily liable, or against any collateral held by
it, before resorting to Guarantor for payment.
This Guaranty is continuing and
unlimited as to amount, and is cumulative to and does not supersede
any other guaranties. This is the Guaranty described in the Credit
Agreement.
2.
Paragraph Headings, Governing Law and
Binding Effect . Guarantor agrees that
paragraph headings in this Guaranty are for convenience only and
that they will not limit any of the provisions of this Guaranty.
Guarantor further agrees that this Guaranty shall be governed by
and construed in accordance with the laws of the Commonwealth of
Virginia and applicable United States federal law. Guarantor
further agrees that this Guaranty shall be deemed to have been made
in the Commonwealth of Virginia at Lender’s address indicated
above, and shall be governed by, and construed in accordance with,
the laws of the Commonwealth of Virginia, or the United States
courts located within the Commonwealth of Virginia, and is
performable in the Commonwealth of Virginia. This Guaranty is
binding upon Guarantor, his, their or its executors,
administrators, successors or assigns, and shall inure to the
benefit of Lender, its successors, endorsees or assigns. Anyone
executing this Guaranty shall be bound by the terms hereof without
regard to execution by anyone else.
3.
Definitions .
A. “Credit
Agreement” shall mean that certain Amended and Credit
Agreement dated as of May 28, 2004, by and among Borrower, the
Subsidiary Guarantors from time to time party thereto and Lender,
and all other agreements and instruments extending, renewing,
refinancing or refunding any indebtedness, obligation or liability
arising under the same, as the same may be amended, modified or
supplemented from time to time hereafter.
B. “Guarantor”
shall mean Guarantor or any one or more of them.
C. “Liability”
or “Liabilities” shall mean without limitation, all
liabilities, overdrafts, indebtedness, and obligations of Borrower
and/or Guarantor to Lender under the Credit Agreement and the other
Loan Documents, and all sums payable under or by virtue thereof,
including without limitation, all amounts of principal and
interest, all expenses (including reasonable attorney’s fees
and cost of collection) incurred in the collection thereof or the
enforcement of rights thereunder (including, without limitation,
any liability arising from failure to comply with state or federal
laws, rules and regulations concerning the control of hazardous
waste or substances at or with respect to any real estate securing
any loan guaranteed hereby), whether arising in the ordinary course
of business or otherwise. The term “Liability” or
“Liabilities” shall include all Obligations (as that
term is defined in the Credit Agreement). If Borrower is a
partnership, corporation or other entity the term
“Liability” or “Liabilities” as used herein
shall include all Liabilities to Lender of any successor entity or
entities.
D. “Loan
Documents” shall have the meaning ascribed to such term in
the Credit Agreement.
E. “Obligation”
or “Obligations” shall mean all terms, conditions,
covenants, agreements and undertakings of Borrower and/or Guarantor
under the Credit Agreement and the other Loan Documents.
2
4.
Waivers by Guarantor
. Guarantor waives notice of acceptance of
this Guaranty, notice of any Liabilities or Obligations to which it
may apply, presentment, demand for payment, protest, notice of
dishonor or nonpayment of any Liabilities, notice of intent to
accelerate, notice of acceleration, and notice of any suit or the
taking of other action by Lender against Borrower, Guarantor or any
other person, any applicable statute of limitations and any other
notice to any party liable on any Loan Document (including
Guarantor).
Until such time as the Liabilities
have been paid in full, all Commitments under the Credit Agreement
have been terminated and no Person or Governmental Authority shall
have any right to request any return or reimbursement of funds from
the Lender in connection with monies received under the Loan
Documents, each Guarantor also hereby waives any claim, right or
remedy which such Guarantor may now have or hereafter acquire
against Borrower that arises hereunder and/or from the performance
by any other Guarantor hereunder including, without limitation, any
claim, remedy or right of subrogation, reimbursement, exoneration,
contribution, indemnification, or participation in any claim, right
or remedy of Lender against Borrower or against any security which
Lender now has or hereafter acquires, whether or not such claim,
right or remedy arises in equity, under contract, by statute, under
common law or otherwise.
Guarantor also waives the benefits
of any provision of law requiring that Lender exhaust any right or
remedy, or take any action, against Borrower, any Guarantor, any
other person and/or property, including but not limited to the
provisions of Sections 49-25 and 49-26 of the Code of Virginia
(1950), as amended, or otherwise.
Lender may at any time and from time
to time (whether before or after revocation or termination of this
Guaranty) without notice to Guarantor (except as required by law),
without incurring responsibility to Guarantor, without impairing,
releasing or otherwise affecting the obligations of Guarantor
hereunder, in whole or in part, and without the endorsement or
execution by Guarantor of any additional consent, waiver or
guaranty: (a) change the manner, place or terms of payment, or
change or extend the time of or renew, or change any interest rate
or alter any Liability or Obligation or installment thereof, or any
security therefor; (b) loan additional monies or extend additional
credit to Borrower, with or without security, thereby creating new
Liabilities or Obligations the payment or performance of which
shall be guaranteed hereunder, and the Guaranty herein made shall
apply to the Liabilities and Obligations as so changed, extended,
surrendered, realized upon or otherwise altered; (c) sell,
exchange, release, surrender, realize upon or otherwise deal with
in any manner and in any order any property at any time pledged or
mortgaged to secure the Liabilities or Obligations and any offset
thereagainst; (d) exercise or refrain from exercising any rights
against Borrower or others (including Guarantor) or act or refrain
from acting in any other manner; (e) settle or compromise any
Liability or Obligation or any security therefor and subordinate
the payment of all or any part thereof to the payment of any
Liability or Obligation of any other parties primarily or
secondarily liable on any of the Liabilities or Obligations; (f)
release or compromise any Liability of Guarantor hereunder or any
Liability or Obligation of any other parties primarily or
secondarily liable on any of the Liabilities or Obligations; or (g)
apply any sums from