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Exhibit
10.10
LINE OF CREDIT PROMISSORY
NOTE
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$250,000
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Effective Date: May 28,
2009
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FOR VALUE RECEIVED, Coil Tubing Technology,
Inc., a Nevada Corporation, ("Borrower") promises to pay to the
order of Charles Wayne Tynon ("Lender"), the principal sum of Two
Hundred Fifty Thousand Dollars ($250,000 ), or so much thereof as
may be disbursed to, or for the benefit of the Borrower by Lender
in Lender's sole and absolute discretion. It is the
intent of the Borrower and Lender hereunder to create a line of
credit agreement between Borrower and Lender whereby Borrower may
borrow up to $250,000 from Lender; provided, however, that Lender
has no obligation to lend Borrower any amounts hereunder and the
decision to lend such money lies in the sole and complete
discretion of the Lender.
INTEREST & PRINCIPAL: The unpaid principal
of this Line of Credit Promissory Note (this “Note”)
shall bear simple interest at the rate of six percent (6%) per
annum. Interest shall be calculated based on the
principal balance as may be adjusted from time to time to reflect
additional advances made hereunder. Interest on the
unpaid balance of this Note shall accrue monthly but shall not be
due and payable until such time as when the principal balance of
this Note becomes due and payable. The principal balance of this
Note shall be due and payable on June 1, 2011. There
shall be no penalty for early repayment of all or any part of the
principal or interest hereon.
SECURITY: This Note shall be secured by one (1)
Security Agreement of even date herewith ("Security Agreement"),
granting Lender a security interest in the Collateral (as defined
in the Securi
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