|
Exhibit 10.64
SECOND AMENDED PROMISSORY NOTE (Line of
Credit)
THIS AMENDED PROMISSORY NOTE AMENDS A CERTAIN NOTE DATED
APRIL 10, 2002 in order to extend the Final Maturity Date to
April 10, 2007 and increase the principal balance to
$500,000.
| |
$500,000.00
Indianapolis, Indiana
Dated: August 31, 2003
Final Maturity Date: April 10, 2007 |
On or before
April 10, 2007 (“Final Maturity”), OBSIDIAN LEASING
COMPANY, INC., a Mississippi corporation (the “Maker”)
promises to pay to the order of FAIR HOLDINGS, INC., an Ohio
corporation, (the “Lender”) at his principal office at
815 East Market St., Akron, OH, the principal sum of FIVE HUNDRED
THOUSAND AND NO/100 DOLLARS ($500,000.00) or so much of the
principal amount of the Loan represented by this Note as may be
disbursed by the Lender under the terms described below, and to pay
interest on the unpaid principal balance outstanding from time to
time as provided herein.
This Note
evidences indebtedness (the “Loan”) incurred or to be
incurred by the Maker under a revolving line of credit extended to
the Maker by the Lender as provided herein. The proceeds off the
Loan may be advanced, repaid and re-advanced until Final Maturity
Date. The principal amount off the Loan outstanding from time to
time shall be determined by reference to the books and records off
the Lender and all payments by the Maker on account of the Loan
shall be recorded. Such books and records shall be deemed prima
facia to be correct as to such matters. From this date and until
the Final Maturity, Lender agrees to make advances from time to
time to the Maker of amounts not exceeding in the aggregate at any
time outstanding the amount of Five Hundred Thousand no/100
Dollars ($500,000.00), provided that all of the conditions of
lending stated herein have been fulfilled at the time of each
advance and no default exists.
Each of the
following shall constitute an Event of Default under this
Note:
| |
(a) |
Nonpayment of Loan: Default in the payment when
due of any amount payable under the terms of this Note, or
otherwise payable to the Lender or any holder of this Note under
the terms of this Note;
|
| |
(b) |
Bankruptcy, Insolvency, etc.: Maker admitting
in writing the inability to pay his debts as they mature or an
administrative or judicial order or determination of insolvency
being entered against Maker; or Maker making a general assignment
for the benefit of creditors; or, in the absence of such
application, consent or acquiescence, a trustee or receiver being
appointed for Maker or a substantial part of his property and not
being discharged within 60 days; or any bankruptcy, re
|
|
