Exhibit 10.9

Payments as of: June 8, 2007

504 Prepayment | Options | Help | Contact Us | Loaoff Customer Service: 800-225-4285

Loan Detail

Status of Portfolio • Status of Portfolio — NonCurrent • Application of Funds • Loans with no ACH bank
45 Days Delinquent • 65 Days Default • Payout Statement • Funding • Other Reports • 1098/1099


U.S. Small Business Administration

NOTE (CDC/504 Loans)

SBA Loan Number 7913774010

SBA Loan Name PLANET BEACH FRANCHISING CORP.

Date May 03, 2007

Loan Amount $638,000.00


Borrower PLANET BEACH FRANCHISING CORP.

Operating Company		PLANET BEACH FRANCHISING CORP.

CDC 06-017 NEW ORLEANS REGIONAL BUSINESS LOAN CORPORATION


Funding Date	June 13, 2007	*Interest Rate	5.78856%
First Payment Due	July 01, 2007	*P&l Amount	$4,484.72
Note Maturity Date	June 01, 2027	*Monthly Payment	$5,222.68
		(* blank at signing)

1. PROMISE TO PAY

2. DEFINITIONS

3. DEBENTURE & NOTE TERMS

Date of SBA Approval: 10/08/2004


	(A) Debenture			(B) Note(or lease)
A. Principal Amount	$	638,000.00		$	638,000.00
B. Date		06/13/2007			05/03/2007
C. Interest Rate		5.71000	%		5.78856%	**
D. Maturity Date *		06/01/2027			06/01/2027
E. Payment Amount	$	26,908.28		$	5,222.68	***
F. Payment Dates	Semi-Annual The first of each month December and June beginning July 01, 2007


*		Item in Column A must be identical to item in Column B

**		The Note Rate is the interest rate charged on the Debenture, adjusted to reflect monthly amortization

***		Servicing fees are added to monthly principal and interest payments to arrive at Borrower’s total monthly payment.

4. PAYMENT

5. UNDERWRITERS’ FEE

6. DISBURSEMENT AUTHORIZATION


	Dollar Amount
(Complete all information: enter “N/A- if not applicable)	Please round to the nearest dollar
Total Debenture Amount	$	638,000.00
A. The Underwriters’ Fee withheld prior to CSA receipt of funds	$	2,552.00	y
B. Amount received by CSA	$	635,448.00


	Dollar Amount
(Complete all information: enter “N/A- if not applicable)	Please round to the nearest dollar
C. The CSA will disburse the following:
(1) Net Debenture proceeds	$	618,145.74
(by wire transfer)
(2) Fees and closing costs	$	16,408.26
(Sum of (A) through (D) below)
(A) SBA Guarantee Fee	$	3,090.72
(0.005 times net debenture proceeds)
(B) Funding Fees	$	1,545.36
(0.0025 times net debenture proceeds)
(C) CDC Processing Fee	$	9,272.18
(0.015 times net debenture proceeds)
(D) CDC Closing Costs and Fees	$	2,500.00
(3) Balance, if any, to the Borrower	$	894.00
(4) Total CSA Disbursement	$	635,448.00
(Sum of (1), (2) and (3))

7. WIRE TRANSFER INSTRUCTIONS

A. Recipient Bank for Wire of Net Debenture Proceeds


Name of Recipient Bank		City and State
CAPITAL ONE, N.A.		NEW ORLEANS, LA
Account Name		Account Number
PLANET BEACH FRANCHISING CORP.		110010633065

Routing Symbol & Transaction Code (must be 9 digits)		Attention of:
065000090

B. Correspondent Bank (complete the following only if recipient bank is not a Fed Wire Member)


Correspondent Bank Name		City and State
Account Name		Account Number
Routing Symbol & Transaction Code (must be 9 digits)		Attention of:

Amortization Schedule — June 2007


					Years	Per Month
Borrower PLANET BEACH FRANCHISING CORP.	Amount	$	638,000.00		1 – 5	$	5,222.68
Issue Date Jun 13 2007	Note Rate		5.78856	%	6 – 10	$	5,107.83
CDC Number 06-017	Escrow	$	4,484.72		11 – 15	$	4,956.46
Loan Number 7913774010	Term		20 Years		16 – 20	$	4,754.41


Month	No		Interest		Principal		Balance		SBA			CDC		CSA		Payment
JUL 07		001	$	1,846.55	$	2,638.17	$	635,361.83	$	153.12		$	531.67	$	53.17	$	5,222.68
AUG 07		002	$	3,064.86	$	1,419.86	$	633,941.97	$	153.12		$	531.67	$	53.17	$	5,222.68
SEP 07		003	$	3,058.01	$	1,426.71	$	632,515.26	$	153.12	*	$	531.67	$	53.17	$	5,222.68
OCT 07		004	$	3,051.13	$	1,433.59	$	631,081.67	$	153.12		$	531.67	$	53.17	$	5,222.68
NOV 07		005	$	3,044.21	$	1,440.51	$	629,641.16	$	153.12		$	531.67	$	53.17	$	5,222.68
DEC 07		006	$	3,037.26	$	1,447.46	$	628,193.70	$	153.12		$	531.67	$	53.17	$	5,222.68

JAN 08		007	$	3,030.28	$	1,454.44	$	626,739.26	$	153.12		$	531.67	$	53.17	$	5,222.68
FEB 08		008	$	3,023.26	$	1,461.46	$	625,277.80	$	153.12		$	531.67	$	53.17	$	5,222.68
MAR 08		009	$	3,016.22	$	1,468.50	$	623,809.30	$	153.12		$	531.67	$	53.17	$	5,222.68
APR 08		010	$	3,009.13	$	1,475.59	$	622,333.71	$	153.12		$	531.67	$	53.17	$	5,222.68
MAY 08		011	$	3,002.01	$	1,482.71	$	620,851.00	$	153.12		$	531.67	$	53.17	$	5,222.68
JUN 08		012	$	2,994.86	$	1,489.86	$	619,361.14	$	153.12		$	531.67	$	53.17	$	5,222.68
JUL 08		013	$	2,987.67	$	1,497.05	$	617,864.09	$	153.12		$	531.67	$	53.17	$	5,222.68
AUG 08		014	$	2,980.45	$	1,504.27	$	616,359.82	$	153.12		$	531.67	$	53.17	$	5,222.68
SEP 08		015	$	2,973.20	$	1,511.52	$	614,848.30	$	153.12		$	531.67	$	53.17	$	5,222.68
OCT 08		016	$	2,965.91	$	1,518.81	$	613,329.49	$	153.12		$	531.67	$	53.17	$	5,222.68
NOV 08		017	$	2,958.58	$	1,526.14	$	611,803.35	$	153.12		$	531.67	$	53.17	$	5,222.68
DEC 08		018	$	2,951.22	$	1,533.50	$	610,269.85	$	153.12		$	531.67	$	53.17	$	5,222.68

JAN 09		019	$	2,943.82	$	1,540.90	$	608,728.95	$	153.12		$	531.67	$	53.17	$	5,222.68
FEB 09		020	$	2,936.39	$	1,548.33	$	607,180.62	$	153.12		$	531.67	$	53.17	$	5,222.68
MAR 09		021	$	2,928.92	$	1,555.80	$	605,624.82	$	153.12		$	531.67	$	53.17	$	5,222.68
APR 09		022	$	2,921.41	$	1,563.31	$	604,061.51	$	153.12		$	531.67	$	53.17	$	5,222.68
MAY 09		023	$	2,913.87	$	1,570.85	$	602,490.66	$	153.12		$	531.67	$	53.17	$	5,222.68
JUN 09		024	$	2,906.29	$	1,578.43	$	600,912.23	$	153.12		$	531.67	$	53.17	$	5,222.68
JUL 09		025	$	2,898.68	$	1,586.04	$	599,326.19	$	153.12		$	531.67	$	53.17	$	5,222.68
AUG 09		026	$	2,891.03	$	1,593.69	$	597,732.50	$	153.12		$	531.67	$	53.17	$	5,222.68
SEP 09		027	$	2,883.34	$	1,601.38	$	596,131.12	$	153.12		$	531.67	$	53.17	$	5,222.68
OCT 09		028	$	2,875.62	$	1,609.10	$	594,522.02	$	153.12		$	531.67	$	53.17	$	5,222.68
NOV 09		029	$	2,867.86	$	1,616.86	$	592,905.16	$	153.12		$	531.67	$	53.17	$	5,222.68

Amortization Schedule — 7913774010
June 2007


Month	No		interest		Principal		Balance		SBA		CDC		CSA		Payment
DEC 09		030	$	2,860.06	$	1,624.66	$	591,280.50	$	153.12	$	531.67	$	53.17	$	5,222.68

JAN 10		031	$	2,852.22	$	1,632.50	$	589,648.00	$	153.12	$	531.67	$	53.17	$	5,222.68
FEB 10		032	$	2,844.34	$	1,640.38	$	588,007.62	$	153.12	$	531.67	$	53.17	$	5,222.68
MAR 10		033	$	2,836.43	$	1,648.29	$	586,359.33	$	153.12	$	531.67	$	53.17	$	5,222.68
APR 10		034	$	2,828.48	$	1,656.24	$	584,703.09	$	153.12	$	531.67	$	53.17	$	5,222.68
MAY 10		035	$	2,820.49	$	1,664.23	$	583,038.86	$	153.12	$	531.67	$	53.17	$	5,222.68
JUN 10		036	$	2,812.46	$	1,672.26	$	581,366.60	$	153.12	$	531.67	$	53.17	$	5,222.68
JUL 10		037	$	2,804.40	$	1,680.32	$	579,686.28	$	153.12	$	531.67	$	53.17	$	5,222.68
AUG 10		038	$	2,796.29	$	1,688.43	$	577,997.85	$	153.12	$	531.67	$	53.17	$	5,222.68
SEP 10		039	$	2,788.15	$	1,696.57	$	576,301.28	$	153.12	$	531.67	$	53.17	$	5,222.68
OCT 10		040	$	2,779.96	$	1,704.76	$	574,596.52	$	153.12	$	531.67	$	53.17	$	5,222.68
NOV 10		041	$	2,771.74	$	1,712.98	$	572,883.54	$	153.12	$	531.67	$	53.17	$	5,222.68
DEC 10		042	$	2,763.48	$	1,721.24	$	571,162.30	$	153.12	$	531.67	$	53.17	$	5,222.68

JAN 11		043	$	2,755.17	$	1,729.55	$	569,432.75	$	153.12	$	531.67	$	53.17	$	5,222.68
FEB 11		044	$	2,746.83	$	1,737.89	$	567,694.86	$	153.12	$	531.67	$	53.17	$	5,222.68
MAR 11		045	$	2,738.45	$	1,746.27	$	565,948.59	$	153.12	$	531.67	$	53.17	$	5,222.68
APR 11		046	$	2,730.02	$	1,754.70	$	564,193.89	$	153.12	$	531.67	$	53.17	$	5,222.68
MAY 11		047	$	2,721.56	$	1,763.16	$	562,430.73	$	153.12	$	531.67	$	53.17	$	5,222.68
JUN 11		048	$	2,713.05	$	1,771.67	$	560,659.06	$	153.12	$	531.67	$	53.17	$	5,222.68
JUL 11		049	$	2,704.51	$	1,780.21	$	558,878.85	$	153.12	$	531.67	$	53.17	$	5,222.68
AUG 11		050	$	2,695.92	$	1,788.80	$	557,090.05	$	153.12	$	531.67	$	53.17	$	5,222.68
SEP 11		051	$	2,687.29	$	1,797.43	$	555,292.62	$	153.12	$	531.67	$	53.17	$	5,222.68
OCT 11		052	$	2,678.62	$	1,806.10	$	553,486.52	$	153.12	$	531.67	$	53.17	$	5,222.68
NOV 11		053	$	2,669.91	$	1,814.81	$	551,671.71	$	153.12	$	531.67	$	53.17	$	5,222.68
DEC 11		054	$	2,661.15	$	1,823.57	$	549,848.14	$	153.12	$	531.67	$	53.17	$	5,222.68

JAN 12		055	$	2,652.36	$	1,832.36	$	548,015.78	$	153.12	$	531.67	$	53.17	$	5,222.68
FEB 12		056	$	2,643.52	$	1,841.20	$	546,174.58	$	153.12	$	531.67	$	53.17	$	5,222.68
MAR 12		057	$	2,634.64	$	1,850.08	$	544,324.50	$	153.12	$	531.67	$	53.17	$	5,222.68
APR 12		058	$	2,625.71	$	1,859.01	$	542,465.49	$	153.12	$	531.67	$	53.17	$	5,222.68

Amortization Schedule — 7913774010
June 2007


Month	No		interest		Principal		Balance		SBA		CDC		CSA		Payment
MAY 12		059	$	2,616.75	$	1,867.97	$	540,597.52	$	153.12	$	531.67	$	53.17	$	5,222.68
JUN 12		060	$	2,607.73	$	1,876.99	$	538,720.53	$	153.12	$	531.67	$	53.17	$	5,222.68
JUL 12		061	$	2,598.68	$	1,886.04	$	536,834.49	$	129.29	$	448.93	$	44.89	$	5,107.83
AUG 12		062	$	2,589.58	$	1,895.14	$	534,939.35	$	129.29	$	448.93	$	44.89	$	5,107.83
SEP 12		063	$	2,580.44	$	1,904.28	$	533,035.07	$	129.29	$	448.93	$	44.89	$	5,107.83
OCT 12		064	$	2,571.25	$	1,913.47	$	531,121.60	$	129.29	$	448.93	$	44.89	$	5,107.83
NOV 12		065	$	2,562.02	$	1,922.70	$	529,198.90	$	129.29	$	448.93	$	44.89	$	5,107.83
DEC 12		066	$	2,552.75	$	1,931.97	$	527,266.93	$	129.29	$	448.93	$	44.89	$	5,107.83

JAN 13		067	$	2,543.43	$	1,941.29	$	525,325.64	$	129.29	$	448.93	$	44.89	$	5,107.83
FEB 13		068	$	2,534.07	$	1,950.65	$	523,374.99	$	129.29	$	448.93	$	44.89	$	5,107.83
MAR 13		069	$	2,524.66	$	1,960.06	$	521,414.93	$	129.29	$	448.93	$	44.89	$	5,107.83
APR 13		070	$	2,515.20	$	1,969.52	$	519,445.41	$	129.29	$	448.93	$	44.89	$	5,107.83
MAY 13		071	$	2,505.70	$	1,979.02	$	517,466.39	$	129.29	$	448.93	$	44.89	$	5,107.83
JUN 13		072	$	2,496.15	$	1,988.57	$	515,477.82	$	129.29	$	448.93	$	44.89	$	5,107.83
JUL 13		073	$	2,486.56	$	1,998.16	$	513,479.66	$	129.29	$	448.93	$	44.89	$	5,107.83
AUG 13		074	$	2,476.92	$	2,007.80	$	511,471.86	$	129.29	$	448.93	$	44.89	$	5,107.83
SEP 13		075	$	2,467.24	$	2,017.48	$	509,454.38	$	129.29	$	448.93	$	44.89	$	5,107.83
OCT 13		076	$	2,457.51	$	2,027.21	$	507,427.17	$	129.29	$	448.93	$	44.89	$	5,107.83
NOV 13		077	$	2,447.73	$	2,036.99	$	505,390.18	$	129.29	$	448.93	$	44.89	$	5,107.83
DEC 13		078	$	2,437.90	$	2,046.82	$	503,343.36	$	129.29	$	448.93	$	44.89	$	5,107.83

JAN 14		079	$	2,428.03	$	2,056.69	$	501,286.67	$	129.29	$	448.93	$	44.89	$	5,107.83
FEB 14		080	$	2,418.11	$	2,066.61	$	499,220.06	$	129.29	$	448.93	$	44.89	$	5,107.83
MAR 14		081	$	2,408.14	$	2,076.58	$	497,143.48	$	129.29	$	448.93	$	44.89	$	5,107.83
APR 14		082	$	2,398.12	$	2,086.60	$	495,056.88	$	129.29	$	448.93	$	44.89	$	5,107.83
MAY 14		083	$	2,388.06	$	2,096.66	$	492,960.22	$	129.29	$	448.93	$	44.89	$	5,107.83
JUN 14		084	$	2,377.94	$	2,106.78	$	490,853.44	$	129.29	$	448.93	$	44.89	$	5,107.83
JUL 14		085	$	2,367.78	$	2,116.94	$	488,736.50	$	129.29	$	448.93	$	44.89	$	5,107.83
AUG 14		086	$	2,357.57	$	2,127.15	$	486,609.35	$	129.29	$	448.93	$	44.89	$	5,107.83
SEP 14		087	$	2,347.31	$	2,137.41	$	484,471.94	$	129.29	$	448.93	$	44.89	$	5,107.83

Amortization Schedule — 7913774010
June 2007


Month	No		interest		Principal		Balance		SBA		CDC		CSA		Payment
OCT 14		088	$	2,337.00	$	2,147.72	$	482,324.22	$	129.29	$	448.93	$	44.89	$	5,107.83
NOV 14		089	$	2,326.64	$	2,158.08	$	480,166.14	$	129.29	$	448.93	$	44.89	$	5,107.83
DEC 14		090	$	2,316.23	$	2,168.49	$	477,997.65	$	129.29	$	448.93	$	44.89	$	5,107.83
JAN 15		091	$	2,305.77	$	2,178.95	$	475,818.70	$	129.29	$	448.93	$	44.89	$	5,107.83
FEB 15		092	$	2,295.25	$	2,189.47	$	473,629.23	$	129.29	$	448.93	$	44.89	$	5,107.83
MAR 15		093	$	2,284.69	$	2,200.03	$	471,429.20	$	129.29	$	448.93	$	44.89	$	5,107.83
APR 15		094	$	2,274.08	$	2,210.64	$	469,218.56	$	129.29	$	448.93	$	44.89	$	5,107.83
MAY 15		095	$	2,263.42	$	2,221.30	$	466,997.26	$	129.29	$	448.93	$	44.89	$	5,107.83
JUN 15		096	$	2,252.70	$	2,232.02	$	464,765.24	$	129.29	$	448.93	$	44.89	$	5,107.83
JUL 15		097	$	2,241.93	$	2,242.79	$	462,522.45	$	129.29	$	448.93	$	44.89	$	5,107.83
AUG 15		098	$	2,231.12	$	2,253.60	$	460,268.85	$	129.29	$	448.93	$	44.89	$	5,107.83
SEP 15		099	$	2,220.24	$	2,264.48	$	458,004.37	$	129.29	$	448.93	$	44.89	$	5,107.83
OCT 15		100	$	2,209.32	$	2,275.40	$	455,728.97	$	129.29	$	448.93	$	44.89	$	5,107.83
NOV 15		101	$	2,198.35	$	2,286.37	$	453,442.60	$	129.29	$	448.93	$	44.89	$	5,107.83
DEC 15		102	$	2,187.32	$	2,297.40	$	451,145.20	$	129.29	$	448.93	$	44.89	$	5,107.83
JAN 16		103	$	2,176.23	$	2,308.49	$	448,836.71	$	129.29	$	448.93	$	44.89	$	5,107.83
FEB 16		104	$	2,165.10	$	2,319.62	$	446,517.09	$	129.29	$	448.93	$	44.89	$	5,107.83
MAR 16		105	$	2,153.91	$	2,330.81	$	444,186.28	$	129.29	$	448.93	$	44.89	$	5,107.83
APR 16		106	$	2,142.67	$	2,342.05	$	441,844.23	$	129.29	$	448.93	$	44.89	$	5,107.83
MAY 16		107	$	2,131.37	$	2,353.35	$	439,490.88	$	129.29	$	448.93	$	44.89	$	5,107.83
JUN 16		108	$	2,120.02	$	2,364.70	$	437,126.18	$	129.29	$	448.93	$	44.89	$	5,107.83
JUL 16		109	$	2,108.61	$	2,376.11	$	434,750.07	$	129.29	$	448.93	$	44.89	$	5,107.83
AUG 16		110	$	2,097.15	$	2,387.57	$	432,362.50	$	129.29	$	448.93	$	44.89	$	5,107.83
SEP 16		111	$	2,085.63	$	2,399.09	$	429,963.41	$	129.29	$	448.93	$	44.89	$	5,107.83
OCT 16		112	$	2,074.06	$	2,410.66	$	427,552.75	$	129.29	$	448.93	$	44.89	$	5,107.83
NOV 16		113	$	2,062.43	$	2,422.29	$	425,130.46	$	129.29	$	448.93	$	44.89	$	5,107.83
DEC 16		114	$	2,050.74	$	2,433.98	$	422,696.48	$	129.29	$	448.93	$	44.89	$	5,107.83
JAN 17		115	$	2,039.00	$	2,445.72	$	420,250.76	$	129.29	$	448.93	$	44.89	$	5,107.83
FEB 17		116	$	2,027.21	$	2,457.51	$	417,793.25	$	129.29	$	448.93	$	44.89	$	5,107.83

Amortization Schedule — 7913774010
June 2007


Month	No		Interest		Principal		Balance		SBA		CDC		CSA		Payment
MAR 17		117	$	2,015.35	$	2,469.37	$	415,323.88	$	129.29	$	448.93	$	44.89	$	5,107.83
APR 17		118	$	2,003.44	$	2,481.28	$	412,842.60	$	129.29	$	448.93	$	44.89	$	5,107.83
MAY 17		119	$	1,991.47	$	2,493.25	$	410,349.35	$	129.29	$	448.93	$	44.89	$	5,107.83
JUN 17		120	$	1,979.44	$	2,505.28	$	407,844.07	$	129.29	$	448.93	$	44.89	$	5,107.83
JUL 17		121	$	1,967.36	$	2,517.36	$	405,326.71	$	97.88	$	339.87	$	33.99	$	4,956.46
AUG 17		122	$	1,955.21	$	2,529.51	$	402,797.20	$	97.88	$	339.87	$	33.99	$	4,956.46
SEP 17		123	$	1,943.01	$	2,541.71	$	400,255.49	$	97.88	$	339.87	$	33.99	$	4,956.46
OCT 17		124	$	1,930.75	$	2,553.97	$	397,701.52	$	97.88	$	339.87	$	33.99	$	4,956.46
NOV 17		125	$	1,918.43	$	2,566.29	$	395,135.23	$	97.88	$	339.87	$	33.99	$	4,956.46
DEC 17		126	$	1,906.05	$	2,578.67	$	392,556.56	$	97.88	$	339.87	$	33.99	$	4,956.46
JAN 18		127	$	1,893.61	$	2,591.11	$	389,965.45	$	97.88	$	339.87	$	33.99	$	4,956.46
FEB 18		128	$	1,881.12	$	2,603.60	$	387,361.85	$	97.88	$	339.87	$	33.99	$	4,956.46
MAR 18		129	$	1,868.56	$	2,616.16	$	384,745.69	$	97.88	$	339.87	$	33.99	$	4,956.46
APR 18		130	$	1,855.94	$	2,628.78	$	382,116.91	$	97.88	$	339.87	$	33.99	$	4,956.46
MAY 18		131	$	1,843.26	$	2,641.46	$	379,475.45	$	97.88	$	339.87	$	33.99	$	4,956.46
JUN 18		132	$	1,830.51	$	2,654.21	$	376,821.24	$	97.88	$	339.87	$	33.99	$	4,956.46
JUL 18		133	$	1,817.71	$	2,667.01	$	374,154.23	$	97.88	$	339.87	$	33.99	$	4,956.46
AUG 18		134	$	1,804.85	$	2,679.87	$	371,474.36	$	97.88	$	339.87	$	33.99	$	4,956.46
SEP 18		135	$	1,791.92	$	2,692.80	$	368,781.56	$	97.88	$	339.87	$	33.99	$	4,956.46
OCT 18		136	$	1,778.93	$	2,705.79	$	366,075.77	$	97.88	$	339.87	$	33.99	$	4,956.46
NOV 18		137	$	1,765.88	$	2,718.84	$	363,356.93	$	97.88	$	339.87	$	33.99	$	4,956.46
DEC 18		138	$	1,752.76	$	2,731.96	$	360,624.97	$	97.88	$	339.87	$	33.99	$	4,956.46
JAN 19		139	$	1,739.58	$	2,745.14	$	357,879.83	$	97.88	$	339.87	$	33.99	$	4,956.46
FEB 19		140	$	1,726.34	$	2,758.38	$	355,121.45	$	97.88	$	339.87	$	33.99	$	4,956.46
MAR 19		141	$	1,713.03	$	2,771.69	$	352,349.76	$	97.88	$	339.87	$	33.99	$	4,956.46
APR 19		142	$	1,699.66	$	2,785.06	$	349,564.70	$	97.88	$	339.87	$	33.99	$	4,956.46
MAY 19		143	$	1,686.23	$	2,798.49	$	346,766.21	$	97.88	$	339.87	$	33.99	$	4,956.46
JUN 19		144	$	1,672.73	$	2,811.99	$	343,954.22	$	97.88	$	339.87	$	33.99	$	4,956.46
JUL 19		145	$	1,659.17	$	2,825.55	$	341,128.67	$	97.88	$	339.87	$	33.99	$	4,956.46

Amortization Schedule — 7913774010
June 2007


Month	No		interest		Principal		Balance		SBA		CDC		CSA		Payment
AUG 19		146	$	1,645.54	$	2,839.18	$	338,289.49	$	97.88	$	339.87	$	33.99	$	4,956.46
SEP 19		147	$	1,631.84	$	2,852.88	$	335,436.61	$	97.88	$	339.87	$	33.99	$	4,956.46
OCT 19		148	$	1,618.08	$	2,866.64	$	332,569.97	$	97.88	$	339.87	$	33.99	$	4,956.46
NOV 19		149	$	1,604.25	$	2,880.47	$	329,689.50	$	97.88	$	339.87	$	33.99	$	4,956.46
DEC 19		150	$	1,590.36	$	2,894.36	$	326,795.14	$	97.88	$	339.87	$	33.99	$	4,956.46
JAN 20		151	$	1,576.39	$	2,908.33	$	323,886.81	$	97.88	$	339.87	$	33.99	$	4,956.46
FEB 20		152	$	1,562.37	$	2,922.35	$	320,964.46	$	97.88	$	339.87	$	33.99	$	4,956.46
MAR 20		153	$	1,548.27	$	2,936.45	$	318,028.01	$	97.88	$	339.87	$	33.99	$	4,956.46
APR 20		154	$	1,534.10	$	2,950.62	$	315,077.39	$	97.88	$	339.87	$	33.99	$	4,956.46
MAY 20		155	$	1,519.87	$	2,964.85	$	312,112.54	$	97.88	$	339.87	$	33.99	$	4,956.46
JUN 20		156	$	1,505.57	$	2,979.15	$	309,133.39	$	97.88	$	339.87	$	33.99	$	4,956.46
JUL 20		157	$	1,491.20	$	2,993.52	$	306,139.87	$	97.88	$	339.87	$	33.99	$	4,956.46
AUG 20		158	$	1,476.76	$	3,007.96	$	303,131.91	$	97.88	$	339.87	$	33.99	$	4,956.46
SEP 20		159	$	1,462.25	$	3,022.47	$	300,109.44	$	97.88	$	339.87	$	33.99	$	4,956.46
OCT 20		160	$	1,447.67	$	3,037.05	$	297,072.39	$	97.88	$	339.87	$	33.99	$	4,956.46
NOV 20		161	$	1,433.02	$	3,051.70	$	294,020.69	$	97.88	$	339.87	$	33.99	$	4,956.46
DEC 20		162	$	1,418.30	$	3,066.42	$	290,954.27	$	97.88	$	339.87	$	33.99	$	4,956.46
JAN 21		163	$	1,403.51	$	3,081.21	$	287,873.06	$	97.88	$	339.87	$	33.99	$	4,956.46
FEB 21		164	$	1,388.64	$	3,096.08	$	284,776.98	$	97.88	$	339.87	$	33.99	$	4,956.46
MAR 21		165	$	1,373.71	$	3,111.01	$	281,665.97	$	97.88	$	339.87	$	33.99	$	4,956.46
APR 21		166	$	1,358.70	$	3,126.02	$	278,539.95	$	97.88	$	339.87	$	33.99	$	4,956.46
MAY 21		167	$	1,343.62	$	3,141.10	$	275,398.85	$	97.88	$	339.87	$	33.99	$	4,956.46
JUN 21		168	$	1,328.47	$	3,156.25	$	272,242.60	$	97.88	$	339.87	$	33.99	$	4,956.46
JUL 21		169	$	1,313.24	$	3,171.48	$	269,071.12	$	97.88	$	339.87	$	33.99	$	4,956.46
AUG 21		170	$	1,297.95	$	3,186.77	$	265,884.35	$	97.88	$	339.87	$	33.99	$	4,956.46
SEP 21		171	$	1,282.57	$	3,202.15	$	262,682.20	$	97.88	$	339.87	$	33.99	$	4,956.46
OCT 21		172	$	1,267.13	$	3,217.59	$	259,464.61	$	97.88	$	339.87	$	33.99	$	4,956.46
NOV 21		173	$	1,251.61	$	3,233.11	$	256,231.50	$	97.88	$	339.87	$	33.99	$	4,956.46
DEC 21		174	$	1,236.01	$	3,248.71	$	252,982.79	$	97.88	$	339.87	$	33.99	$	4,956.46

Amortization Schedule — 7913774010
June 2007


Month	No		interest		Principal		Balance		SBA		CDC		GSA		Payment
JAN 22		175	$	1,220.34	$	3,264.38	$	249,718.41	$	97.88	$	339.87	$	33.99	$	4,956.46
FEB 22		176	$	1,204.59	$	3,280.13	$	246,438.28	$	97.88	$	339.87	$	33.99	$	4,956.46
MAR 22		177	$	1,188.77	$	3,295.95	$	243,142.33	$	97.88	$	339.87	$	33.99	$	4,956.46
APR 22		178	$	1,172.87	$	3,311.85	$	239,830.48	$	97.88	$	339.87	$	33.99	$	4,956.46
MAY 22		179	$	1,156.89	$	3,327.83	$	236,502.65	$	97.88	$	339.87	$	33.99	$	4,956.46
JUN 22		180	$	1,140.84	$	3,343.88	$	233,158.77	$	97.88	$	339.87	$	33.99	$	4,956.46
JUL 22		181	$	1,124.71	$	3,360.01	$	229,798.76	$	55.96	$	194.30	$	19.43	$	4,754.41
AUG 22		182	$	1,108.50	$	3,376.22	$	226,422.54	$	55.96	$	194.30	$	19.43	$	4,754.41
SEP 22		183	$	1,092.22	$	3,392.50	$	223,030.04	$	55.96	$	194.30	$	19.43	$	4,754.41
OCT 22		184	$	1,075.85	$	3,408.87	$	219,621.17	$	55.96	$	194.30	$	19.43	$	4,754.41
NOV 22		185	$	1,059.41	$	3,425.31	$	216,195.86	$	55.96	$	194.30	$	19.43	$	4,754.41
DEC 22		186	$	1,042.89	$	3,441.83	$	212,754.03	$	55.96	$	194.30	$	19.43	$	4,754.41
JAN 23		187	$	1,026.28	$	3,458.44	$	209,295.59	$	55.96	$	194.30	$	19.43	$	4,754.41
FEB 23		188	$	1,009.60	$	3,475.12	$	205,820.47	$	55.96	$	194.30	$	19.43	$	4,754.41
MAR 23		189	$	992.84	$	3,491.88	$	202,328.59	$	55.96	$	194.30	$	19.43	$	4,754.41
APR 23		190	$	975.99	$	3,508.73	$	198,819.86	$	55.96	$	194.30	$	19.43	$	4,754.41
MAY 23		191	$	959.07	$	3,525.65	$	195,294.21	$	55.96	$	194.30	$	19.43	$	4,754.41
JUN 23		192	$	942.06	$	3,542.66	$	191,751.55	$	55.96	$	194.30	$	19.43	$	4,754.41
JUL 23		193	$	924.97	$	3,559.75	$	188,191.80	$	55.96	$	194.30	$	19.43	$	4,754.41
AUG 23		194	$	907.80	$	3,576.92	$	184,614.88	$	55.96	$	194.30	$	19.43	$	4,754.41
SEP 23		195	$	890.55	$	3,594.17	$	181,020.71	$	55.96	$	194.30	$	19.43	$	4,754.41
OCT 23		196	$	873.21	$	3,611.51	$	177,409.20	$	55.96	$	194.30	$	19.43	$	4,754.41
NOV 23		197	$	855.79	$	3,628.93	$	173,780.27	$	55.96	$	194.30	$	19.43	$	4,754.41
DEC 23		198	$	838.28	$	3,646.44	$	170,133.83	$	55.96	$	194.30	$	19.43	$	4,754.41
JAN 24		199	$	820.69	$	3,664.03	$	166,469.80	$	55.96	$	194.30	$	19.43	$	4,754.41
FEB 24		200	$	803.02	$	3,681.70	$	162,788.10	$	55.96	$	194.30	$	19.43	$	4,754.41
MAR 24		201	$	785.26	$	3,699.46	$	159,088.64	$	55.96	$	194.30	$	19.43	$	4,754.41
APR 24		202	$	767.41	$	3,717.31	$	155,371.33	$	55.96	$	194.30	$	19.43	$	4,754.41
MAY 24		203	$	749.48	$	3,735.24	$	151,636.09	$	55.96	$	194.30	$	19.43	$	4,754.41

Amortization Schedule — 7913774010
June 2007


Month	No		interest		Principal		Balance		SBA		CDC		CSA		Payment
JUN 24		204	$	731.46	$	3,753.26	$	147,882.83	$	55.96	$	194.30	$	19.43	$	4,754.41
JUL 24		205	$	713.36	$	3,771.36	$	144,111.47	$	55.96	$	194.30	$	19.43	$	4,754.41
AUG 24		206	$	695.16	$	3,789.56	$	140,321.91	$	55.96	$	194.30	$	19.43	$	4,754.41
SEP 24		207	$	676.88	$	3,807.84	$	136,514.07	$	55.96	$	194.30	$	19.43	$	4,754.41
OCT 24		208	$	658.52	$	3,826.20	$	132,687.87	$	55.96	$	194.30	$	19.43	$	4,754.41
NOV 24		209	$	640.06	$	3,844.66	$	128,843.21	$	55.96	$	194.30	$	19.43	$	4,754.41
DEC 24		210	$	621.51	$	3,863.21	$	124,980.00	$	55.96	$	194.30	$	19.43	$	4,754.41
JAN 25		211	$	602.88	$	3,881.84	$	121,098.16	$	55.96	$	194.30	$	19.43	$	4,754.41
FEB 25		212	$	584.15	$	3,900.57	$	117,197.59	$	55.96	$	194.30	$	19.43	$	4,754.41
MAR 25		213	$	565.34	$	3,919.38	$	113,278.21	$	55.96	$	194.30	$	19.43	$	4,754.41
APR 25		214	$	546.43	$	3,938.29	$	109,339.92	$	55.96	$	194.30	$	19.43	$	4,754.41
MAY 25		215	$	527.43	$	3,957.29	$	105,382.63	$	55.96	$	194.30	$	19.43	$	4,754.41
JUN 25		216	$	508.34	$	3,976.38	$	101,406.25	$	55.96	$	194.30	$	19.43	$	4,754.41
JUL 25		217	$	489.16	$	3,995.56	$	97,410.69	$	55.96	$	194.30	$	19.43	$	4,754.41
AUG 25		218	$	469.89	$	4,014.83	$	93,395.86	$	55.96	$	194.30	$	19.43	$	4,754.41
SEP 25		219	$	450.52	$	4,034.20	$	89,361.66	$	55.96	$	194.30	$	19.43	$	4,754.41
OCT 25		220	$	431.06	$	4,053.66	$	85,308.00	$	55.96	$	194.30	$	19.43	$	4,754.41
NOV 25		221	$	411.51	$	4,073.21	$	81,234.79	$	55.96	$	194.30	$	19.43	$	4,754.41
DEC 25		222	$	391.86	$	4,092.86	$	77,141.93	$	55.96	$	194.30	$	19.43	$	4,754.41
JAN 26		223	$	372.12	$	4,112.60	$	73,029.33	$	55.96	$	194.30	$	19.43	$	4,754.41
FEB 26		224	$	352.28	$	4,132.44	$	68,896.89	$	55.96	$	194.30	$	19.43	$	4,754.41
MAR 26		225	$	332.34	$	4,152.38	$	64,744.51	$	55.96	$	194.30	$	19.43	$	4,754.41
APR 26		226	$	312.31	$	4,172.41	$	60,572.10	$	55.96	$	194.30	$	19.43	$	4,754.41
MAY 26		227	$	292.19	$	4,192.53	$	56,379.57	$	55.96	$	194.30	$	19.43	$	4,754.41
JUN 26		228	$	271.96	$	4,212.76	$	52,166.81	$	55.96	$	194.30	$	19.43	$	4,754.41
JUL 26		229	$	251.64	$	4,233.08	$	47,933.73	$	55.96	$	194.30	$	19.43	$	4,754.41
AUG 26		230	$	231.22	$	4,253.50	$	43,680.23	$	55.96	$	194.30	$	19.43	$	4,754.41
SEP 26		231	$	210.70	$	4,274.02	$	39,406.21	$	55.96	$	194.30	$	19.43	$	4,754.41
OCT 26		232	$	190.09	$	4,294.63	$	35,111.58	$	55.96	$	194.30	$	19.43	$	4,754.41

Amortization Schedule — 7913774010
June 2007


Month	No		Interest		Principal		Balance		SBA		CDC		CSA		Payment
NOV 26		233	$	169.37	$	4,315.35	$	30,796.23	$	55.96	$	194.30	$	19.43	$	4,754.41
DEC 26		234	$	148.55	$	4,336.17	$	26,460.06	$	55.96	$	194.30	$	19.43	$	4,754.41

JAN 27		235	$	127.64	$	4,357.08	$	22,102.98	$	55.96	$	194.30	$	19.43	$	4,754.41
FEB 27		236	$	106.62	$	4,378.10	$	17,724.88	$	55.96	$	194.30	$	19.43	$	4,754.41
MAR 27		237	$	85.50	$	4,399.22	$	13,325.66	$	55.96	$	194.30	$	19.43	$	4,754.41
APR 27		238	$	64.28	$	4,420.44	$	8,905.22	$	55.96	$	194.30	$	19.43	$	4,754.41
MAY 27		239	$	42.96	$	4,441.76	$	4,463.46	$	55.96	$	194.30	$	19.43	$	4,754.41
JUN 27		240	$	21.53	$	4,463.19	$	0.27	$	55.96	$	194.30	$	19.43	$	4,754.41
Totals:			$	438,333.07	$	637,999.73


		U.S. Small Business Administration UNCONDITIONAL GUARANTEE


SBA Loan #	79137740-10

SBA Loan Name	Planet Beach Franchising Corp.

Guarantor	Richard L. Juka

Borrower	Planet Beach Franchising Corp.

Lender	New Orleans Regional Business Development Loan Corporation	06-017

Date	May 3, 2007

Note Amount	$638,000.00

1. GUARANTEE:

Guarantor unconditionally guarantees payment to Lender of all amounts owing under the Note. This Guarantee remains in effect until the Note is paid in full. Guarantor must pay all amounts due under the Note when Lender makes written demand upon Guarantor. Lender is not required to seek payment from any other source before demanding payment from Guarantor.

2. NOTE:

The “Note” is the promissory note dated May 3, 2007 in the principal amount of Six Hundred Thirty-eight Thousand and no/100 Dollars, from Borrower to Lender. It includes any assumption, renewal, substitution, or replacement of the Note, and multiple notes under a line of credit.

3. DEFINITIONS:

“Collateral” means any property taken as security for payment of the Note or any guarantee of the Note.

“Loan” means the loan evidenced by the Note.

“Loan Documents” means the documents related to the Loan signed by Borrower, Guarantor or any other guarantor, or anyone who pledges Collateral.

“SBA” means the Small Business Administration, an Agency of the United States of America.



SBA Form 148 (10-98) Previous editions obsolete		Page 1/5

LENDER’S GENERAL POWERS:

Lender may take any of the following actions at any time, without notice, without Guarantor’s consent, and without making demand upon Guarantor:

	A.		Modify the terms of the Note or any other Loan Document except to increase the amounts due under the Note;

	B.		Refrain from taking any action on the Note, the Collateral, or any guarantee;

	C.		Release any Borrower or any guarantor of the Note;

	D.		Compromise or settle with the Borrower or any guarantor of the Note;

	E.		Substitute or release any of the Collateral, whether or not Lender receives anything in return;

	F.		Foreclose upon or otherwise obtain, and dispose of, any Collateral at public or private sale, with or without advertisement;

	G.		Bid or buy at any sale of Collateral by Lender or any other lienholder, at any price Lender chooses; and

	H.		Exercise any rights it has, including those in the Note and other Loan Documents.

These actions will not release or reduce the obligations of Guarantor or create any rights or claims against Lender.

5. FEDERAL LAW:

When SBA is the holder, the Note and this Guarantee will be construed and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Guarantee, Guarantor may not claim or assert any local or state law against SBA to deny any obligation, defeat any claim of SBA, or preempt federal law.

6. RIGHTS, NOTICES, AND DEFENSES THAT GUARANTOR WAIVES:

To the extent permitted by law,

Guarantor waives all rights to:

	1)		Require presentment, protest, or demand upon Borrower;

	2)		Redeem any Collateral before or after Lender disposes of it

	3)		Have any disposition of Collateral advertised; and

	4)		Require a valuation of Collateral before or after Lender disposes of it.

Guarantor waives any notice of:

	1)		Any default under the Note;

	2)		Presentment, dishonor, protest, or demand;

	3)		Execution of the Note;

	4)		Any action or inaction on the Note or Collateral, such as disbursements, payment, nonpayment, acceleration, intent to accelerate, assignment, collection activity, and incurring enforcement expenses;

	5)		Any change in the financial condition or business operations of Borrower or any guarantor;

	6)		Any changes in the terms of the Note or other Loan Documents, except increases in the amounts due under the Note; and

	7)		The time or place of any sale or other disposition of Collateral.

Guarantor waives defenses based upon any claim that:

	1)		Lender failed to obtain any guarantee;

	2)		Lender failed to obtain, perfect, or maintain a security interest in any property offered or taken as Collateral;

	3)		Lender or others improperly valued or inspected the Collateral;

	4)		The Collateral changed in value, or was neglected, lost, destroyed, or underinsured;



SBA Form 148 (10/98) Previous editions obsolete		Page 2/5

	5)		Lender impaired the Collate,—,

	6)		Lender did not dispose of any of the Collateral;

	7)		Lender did not conduct a commercially reasonable sale;

	8)		Lender did not obtain the fair market value of the Collateral;

	9)		Lender did not make or perfect a claim upon the death or disability of Borrower or any guarantor of the Note;

	10)		The financial condition of Borrower or any guarantor was overstated or has adversely changed;

	11)		Lender made errors or omissions in Loan Documents or administration of the Loan;

	12)		Lender did not seek payment from the Borrower, any other guarantors, or any Collateral before demanding payment from Guarantor;

	13)		Lender impaired Guarantor’s suretyship rights;

	14)		Lender modified the Note terms, other than to increase amounts due under the Note. If Lender modifies the Note to increase the amounts due under the Note without Guarantor’s consent, Guarantor will not be liable for the increased amounts and related interest and expenses, but remains liable for all other amounts;

	15)		Borrower has avoided liability on the Note; or

	16)		Lender has taken an action allowed under the Note, this Guarantee, or other Loan Documents.

7. DUTIES AS TO COLLATERAL:

Guarantor will preserve the Collateral pledged by Guarantor to secure this Guarantee. Lender has no duty to preserve or dispose of any Collateral.

8. SUCCESSORS AND ASSIGNS:

Under this Guarantee, Guarantor includes heirs and successors, and Lender includes successors and assigns.

9. GENERAL PROVISIONS:

	A.		ENFORCEMENT EXPENSES. Guarantor promises to pay all expenses Lender incurs to enforce this Guarantee, including, but not limited to, attorney’s fees and costs.

	B.		SBA NOT A CO-GUARANTOR. Guarantor’s liability will continue even if SBA pays Lender. SBA is not a co-guarantor with Guarantor. Guarantor has no right of contribution from SBA.

	C.		SUBROGATION RIGHTS. Guarantor has no subrogation rights as to the Note or the Collateral until the Note is paid in full.

	D.		JOINT AND SEVERAL LIABILITY. All individuals and entities signing as Guarantor are jointly and severally liable.

	E.		DOCUMENT SIGNING. Guarantor must sign all documents necessary at any time to comply with the Loan Documents and to enable Lender to acquire, perfect, or maintain Lender’s liens on Collateral.

	F.		FINANCIAL STATEMENTS. Guarantor must give Lender financial statements as Lender requires.

	G.		LENDER’S RIGHTS CUMULATIVE, NOT WAIVED. Lender may exercise any of its rights separately or together, as many times as it chooses. Lender may delay or forgo enforcing any of its rights without losing or impairing any of them.

	H.		ORAL STATEMENTS NOT BINDING. Guarantor may not use an oral statement to contradict or alter the written terms of the Note or this Guarantee, or to raise a defense to this Guarantee.

	I.		SEVERABILITY. If any part of this Guarantee is found to be unenforceable, all other parts will remain in effect.

	J.		CONSIDERATION. The consideration for this Guarantee is the Loan or any accommodation by Lender as to the Loan.



SBA Form 148 (10/98) Previous editions obsolete		Page 3/5

10. STATE-SPECIFIC PROVISIONS:

NONE



SBA Form 148 (10/98) Previous editions obsolete		Page 415

11. GUARANTOR ACKNOWLEDGMENT._ TERMS.

Guarantor acknowledges that Guarantor has read and understands the significance of all terms of the Note and this Guarantee, including all waivers.

12. GUARANTOR NAME(S) AND SIGNATURE(S):

By signing below, each individual or entity becomes obligated as Guarantor under this Guarantee.

/s/ Richard L. Juka

Richard L. Juka

ASSIGNMENT:

Lender assigns this Guarantee to SBA.

New Orleans Regional Business Development Loan Corporation


By:	/s/ Ted Ledet	Attest:	/s/ Bill Pope

	Ted Ledet, BRC Program Manager		Bill Pope, Executive Director



SBA Form 148 (10/98) Previous editions obsolete		Page 2/5

Date: May 3, 2007


		U.S. Small Business Administration UNCONDITIONAL GUARANTEE


SBA Loan #	79137740-10

SBA Loan Name	Planet each Franchising Corp.

Guarantor	Stephen P. Smith

Borrower	Planet Beach Franchising Corp.

Lender	New Orleans Regional Business Development Loan Corporation	06-017

Date	May 3, 2007

Note Amount	$638,000.00

1. GUARANTEE:


2. NOTE:

The “Note” is the promissory note dated May 3, 2007 ________________ in the principal amount of Six Hundred Thirty-eight Thousand and no/100 Dollars, from Borrower to Lender. It includes any assumption, renewal, substitution, or replacement of the Note, and multiple notes under a line of credit.

3. DEFINITIONS:

“Collateral” means any property taken as security for payment of the Note or any guarantee of the Note.

“Loan” means the loan evidenced by the Note.

“Loan Documents” means the documents related to the Loan signed by Borrower, Guarantor or any other guarantor, or anyone who pledges Collateral.

“SBA” means the Small Business Administration, an Agency of the United States of America.



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4. LENDERS GENERAL POWERS:

Lender may take any of the following actions at any time, without notice, without Guarantor’s consent, and without making demand upon Guarantor:

	A.		Modify the terms of the Note or any other Loan Document except to increase the amounts due under the Note;

	B.		Refrain from taking any action on the Note, the Collateral, or any guarantee;

	C.		Release any Borrower or any guarantor of the Note;

	D.		Compromise or settle with the Borrower or any guarantor of the Note;

	E.		Substitute or release any of the Collateral, whether or not Lender receives anything in return;

	F.		Foreclose upon or otherwise obtain, and dispose of, any Collateral at public or private sale, with or without advertisement;

	G.		Bid or buy at any sale of Collateral by Lender or any other lienholder, at any price Lender chooses; and

	H.		Exercise any rights it has, including those in the Note and other Loan Documents.

These actions will not release or reduce the obligations of Guarantor or create any rights or claims against Lender.

5. FEDERAL LAW:

6. RIGHTS, NOTICES, AND DEFENSES THAT GUARANTOR WAIVES:

To the extent permitted by law,

Guarantor waives all rights to:

	1)		Require presentment, protest, or demand upon Borrower;

	2)		Redeem any Collateral before or after Lender disposes of it;

	3)		Have any disposition of Collateral advertised; and

	4)		Require a valuation of Collateral before or after Lender disposes of it.

Guarantor waives any notice of:

	1)		Any default under the Note;

	2)		Presentment, dishonor, protest, or demand;

	3)		Execution of the Note;

	4)		Any action or inaction on the Note or Collateral, such as disbursements, payment, nonpayment, acceleration, intent to accelerate, assignment, collection activity, and incurring enforcement expenses;

	5)		Any change in the financial condition or business operations of Borrower or any guarantor;

	6)		Any changes in the terms of the Note or other Loan Documents, except increases in the amounts due under the Note; and

	7)		The time or place of any sale or other disposition of Collateral.

Guarantor waives defenses based upon any claim that:

	1)		Lender failed to obtain any guarantee;

	2)		Lender failed to obtain, perfect, or maintain a security interest in any property offered or taken as Collateral;

	3)		Lender or others improperly valued or inspected the Collateral;

	4)		The Collateral change in value, or was neglected, lost, destroyed, or underinsured;



SBA Form 148 (10/98) Previous editions obsolete		Page 2/5

	5)		Lender impaired the Collate,_

	6)		Lender did not dispose of any of the Collateral;

	7)		Lender did not conduct a commercially reasonable sale;

	8)		Lender did not obtain the fair market value of the Collateral;

	9)		Lender did not make or perfect a claim upon the death or disability of Borrower or any guarantor of the Note;

	10)		The financial condition of Borrower or any guarantor was overstated or has adversely changed;

	11)		Lender made errors or omissions in Loan Documents or administration of the Loan;

	12)		Lender did not seek payment from the Borrower, any other guarantors, or any Collateral before demanding payment from Guarantor;

	13)		Lender impaired Guarantor’s suretyship rights;

	14)		Lender modified the Note terms, other than to increase amounts due under the Note. If Lender modifies the Note to increase the amounts due under the Note without Guarantor’s consent, Guarantor will not be liable for the increased amounts and related interest and expenses, but remains liable for all other amounts;

	15)		Borrower has avoided liability on the Note; or

	16)		Lender has taken an action allowed under the Note, this Guarantee, or other Loan Documents.

7. DUTIES AS TO COLLATERAL:

Guarantor will preserve the Collateral pledged by Guarantor to secure this Guarantee. Lender has no duty to preserve or dispose of any Collateral.

8. SUCCESSORS AND ASSIGNS:

Under this Guarantee, Guarantor includes heirs and successors, and Lender includes successors and assigns.

9. GENERAL PROVISIONS:

	A.		ENFORCEMENT EXPENSES. Guarantor promises to pay all expenses Lender incurs to enforce this Guarantee, including, but not limited to, attorney’s fees and costs.

	B.		SBA NOT A CO-GUARANTOR. Guarantor’s liability will continue even if SBA pays Lender. SBA is not a co-guarantor with Guarantor. Guarantor has no right of contribution from SBA.

	C.		SUBROGATION RIGHTS. Guarantor has no subrogation rights as to the Note or the Collateral until the Note is paid in full.

	D.		JOINT AND SEVERAL LIABILITY. All individuals and entities signing as Guarantor are jointly and severally liable.

	E.		DOCUMENT SIGNING. Guarantor must sign all documents necessary at any time to comply with the Loan Documents and to enable Lender to acquire, perfect, or maintain Lender’s liens on Collateral.

	F.		FINANCIAL STATEMENTS. Guarantor must give Lender financial statements as Lender requires.

	G.		LENDER’S RIGHTS CUMULATIVE, NOT WAIVED. Lender may exercise any of its rights separately or together, as many times as it chooses. Lender may delay or forgo enforcing any of its rights without losing or impairing any of them.

	H.		ORAL STATEMENTS NOT BINDING. Guarantor may not use an oral statement to contradict or alter the written terms of the Note or this Guarantee, or to raise a defense to this Guarantee.

	I.		SEVERABILITY. If any part of this Guarantee is found to be unenforceable, all other parts will remain in effect.

	J.		CONSIDERATION. The consideration for this Guarantee is the Loan or any accommodation by Lender as to the Loan.



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10. STATE-SPECIFIC PROVISIONS:

NONE



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11. GUARANTOR ACKNOWLEDGMENT TERMS.

Guarantor acknowledges that Guarantor has read and understands the significance of all terms of the Note and this Guarantee, including all waivers.

12. GUARANTOR NAME(S) AND SIGNATURE(S): By signing below, each-individual or entity becomes obligated as Guarantor under this Guarantee.

/s/ Stephen P. Smith

Stephen P. Smith

ASSIGNMENT:


Lender assigns this Guarantee to SBA.

New Orleans Regional Business Development Loan Corporation

By:	/s/ Ted Ledet	Attest:	/s/ Bill Pope
	Ted Ledet,		Bill Pope,
	BRC Program Manager		Executive Director
Date:	May 3, 2007



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PLANET BEACH FRANCHISING CORP S-1