FORM OF CORPORATE
GUARANTY
1.
Identification
.
This Guaranty (the "Guaranty"), dated as of
November 15, 2006, is entered into by Inrob Ltd., a State of Israel
corporation (“Guarantor”), for the benefit of the
parties identified on Schedule A hereto (each a
“Lender” and collectively, the "Lenders").
2.
Recitals .
2.1 Guarantor is a direct subsidiary of Inrob Tech
Ltd., a Nevada corporation (“Parent”). The Lenders have
made, are making and will be making loans to Parent (the "Loans").
Guarantor will obtain substantial benefit from the proceeds of the
Loans.
2.2
The Loans are and will be evidenced
by certain convertible promissory Notes (collectively,
“Note” or “Notes") issued by Parent on, about or
after the date of this Guaranty pursuant to subscription agreements
dated at or about the date hereof (“Subscription
Agreements”). The Notes are further identified on Schedule A
hereto and were and will be executed by Parent as
“Borrower” or “Debtor” for the benefit of
each Lender as the “Holder” or “Lender”
thereof.
2.3 In consideration of the Loans made and to be
made by Lenders to Parent and for other good and valuable
consideration, and as security for the performance by Parent of its
obligations under the Notes and as security for the repayment of
the Loans and all other sums due from Debtor to Lenders arising
under the Notes, Subscription Agreements and any other agreement
between or among them relating to the foregoing (collectively, the
"Obligations"), Guarantor, for good and valuable consideration,
receipt of which is acknowledged, has agreed to enter into this
Guaranty. Obligations include all future advances by Lenders to
Parent made by Lenders pursuant to the Subscription
Agreement.
2.4 The Lenders have appointed Barbara R. Mittman
as Collateral Agent pursuant to that certain Collateral Agent
Agreement dated at or about the date of this Agreement
(“Collateral Agent Agreement”), among the Lenders and
Collateral Agent.
3.
Guaranty .
3.1 Guaranty . Guarantor hereby unconditionally and
irrevocably guarantees, jointly and severally with any other
Guarantor, the punctual payment, performance and observance when
due, whether at stated maturity, by acceleration or otherwise, of
all of the Obligations now or hereafter existing, whether for
principal, interest (including, without limitation, all interest
that accrues after the commencement of any insolvency, bankruptcy
or reorganization of Parent, whether or not constituting an allowed
claim in such proceeding), fees, commissions, expense
reimbursements, liquidated damages, indemnifications or otherwise
(such obligations, to the extent not paid by Parent being the
“Guaranteed Obligations”), and agrees to pay any and
all reasonable costs, fees and expenses (including reasonable
counsel fees and expenses) incurred by Collateral Agent and the
Lenders in enforcing any rights under the guaranty set forth
herein. Without limiting the generality of the foregoing,
Guarantor’s liability shall extend to all amounts that
constitute part of the Guaranteed Obligations and would be owed by
Parent to Collateral Agent and the Lenders, but for the fact that
they are unenforceable or not allowable due to the existence of an
insolvency, bankruptcy or reorganization involving
Parent.
3.2 Guaranty Absolute . Guarantor guarantees that the Guaranteed
Obligations will be paid strictly in accordance with the terms of
the Notes, regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms
or the rights of Collateral Agent or the Lenders with respect
thereto. The obligations of Guarantor under this Guaranty are
independent of the Guaranteed Obligations, and a separate action or
actions may be brought and prosecuted against Guarantor to enforce
such obligations, irrespective of whether any action is brought
against Parent or any other Guarantor or whether Parent or any
other Guarantor is joined in any such action or actions. The
liability of Guarantor under this Guaranty constitutes a primary
obligation, and not a contract of surety, and to the extent
permitted by law, shall be irrevocable, absolute and unconditional
irrespective of, and Guarantor hereby irrevocably waives any
defenses it may now or hereafter have in any way relating to, any
or all of the following:
(a) any lack of validity or enforceability of the
Notes or any agreement or instrument relating thereto;
(b) any change in the time, manner or place of
payment of, or in any other term of, all or any of the Guaranteed
Obligations, or any other amendment or waiver of or any consent to
departure from the Notes, including, without limitation, any
increase in the Guaranteed Obligations resulting from the extension
of additional credit to Parent or otherwise;
(c) any taking, exchange, release, subordination or
non-perfection of any Collateral, or any taking, release or
amendment or waiver of or consent to departure from any other
guaranty, for all or any of the Guaranteed Obligations;
(d) any change, restructuring or termination of the
corporate, limited liability company or partnership structure or
existence of Parent; or
(e) any other circumstance (including, without
limitation, any statute of limitations) or any existence of or
reliance on any representation by Collateral Agent or the Lenders
that might otherwise constitute a defense available to, or a
discharge of, Parent or any other guarantor or surety.
This Guaranty
shall continue to be effective or be reinstated, as the case may
be, if at any time any payment of any of the Guaranteed Obligations
is rescinded or must otherwise be returned by Collateral Agent, the
Lenders or any other entity upon the insolvency, bankruptcy or
reorganization of the Parent or otherwise (and whether as a result
of any demand, settlement, litigation or otherwise), all as though
such payment had not been made.
3.3 Waiver . Guarantor hereby waives promptness, diligence,
notice of acceptance and any other notice with respect to any of
the Guaranteed Obligations and this Guaranty and any requirement
that Collateral Agent or the Lenders or exhaust any right or take
any action against any Borrower or any other person or entity or
any Collateral. Guarantor acknowledges that it will receive direct
and indirect benefits from the financing arrangements contemplated
herein and that the waiver set forth in this
Section 3.3 is knowingly made in contemplation of such
benefits. Guarantor hereby waives any right to revoke this
Guaranty, and acknowledges that this Guaranty is continuing in
nature and applies to all Guaranteed Obligations, whether existing
now or in the future.
3.4 Continuing Guaranty; Assignments .
This Guaranty is a continuing guaranty and shall (a) remain in full
forc