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REAFFIRMATION OF
GUARANTY
The undersigned,
as Guarantors under those certain Guaranties dated
December 22, 2006 (collectively, the “ Guaranty
”) to NATIONAL CITY BANK, a national banking association (the
“ Bank ”) hereby acknowledges, affirms and
agrees as follows:
1. The
Guaranty remains in full force and effect.
2. CTI GROUP
(HOLDINGS), INC. (the “ Borrower ”) has executed
a certain Amended and Restated Revolving Line of Credit Promissory
Note dated November 13, 2007 in the principal amount of Three
Million and No/100 Dollars ($3,000,000) and other documents related
thereto (collectively, the “ First Loan Modification
Documents ”), including a Reaffirmation of Guaranty of
even date therewith.
3. CTI GROUP
(HOLDINGS), INC. (the “ Borrower ”) has executed
a certain Acquisition Loan Promissory Note dated November 18,
2008 in the principal amount of Five Hundred Thousand and No/100
Dollars ($500,000.00) and other documents related thereto
(collectively, the “ Second Loan Modification
Documents ”).
3. The Bank
has modified the Acquisition Loan described in the Second Loan
Modification Documents in reliance, in part, on the execution of
this Reaffirmation of Guaranty and the continued validity of the
Guaranty with respect to the indebtedness of Borrower as evidenced
by the Second Loan Modification Documents.
4. The
Guaranty shall also guarantee and secure all of the obligations of
Borrower under the Second Loan Modification Documents and all of
the terms of the Guaranty shall relate thereto. All of the
representations and warranties contained in the Guaranty are still
true and accurate, and the execution of the Second Loan
Modification Documents shall not af
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