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Exhibit
10.22
PROMISSORY
NOTE
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| $3,000,000.00 |
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St. Louis, Missouri |
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September 4, 2007 |
FOR VALUE RECEIVED, the
undersigned (“Maker”) promises to pay to the order of
Southwest Bank of St. Louis, a Missouri banking corporation
(“Lender”), at its office at 12452 Olive Street Road,
Creve Coeur, Missouri 63141, or at such other place or places as
Lender may from time to time designate, the principal sum of Three
Million and no/100 Dollars ($3,000,000.00), or such lesser sum as
may then constitute the aggregate unpaid principal balance of this
Note, with interest (calculated on the basis of a year of 360 days
and actual days elapsed) from the date hereof on the unpaid
principal balance from time to time outstanding, at a rate per
annum which is equal to the from time to time duly authorized prime
rate of Lender (the “Prime Rate”) plus one percent
(1%) (the “Interest Rate”).
Principal and interest shall
be due and payable as follows: all outstanding principal and all
accrued and unpaid interest and other amounts payable hereunder or
under the Credit Agreement shall be due and payable in full on
October 31, 2007 (the “Maturity Date”), if not
sooner paid. Lender shall apply payments received on any amounts
due hereunder or under the terms of any instrument now or hereafter
evidencing the indebtedness arising hereunder or securing this Note
first to interest and then to principal.
In the event of a default
under this Note, all amounts owed to Lender shall, at
Lender’s option and upon notice to Maker, bear interest as
follows: the Interest Rate, plus 5% per annum (the
“Default Rate”).
This Note may be prepaid in
part or in full on or before the Maturity Date, without premium or
penalty.
If a payment due hereunder is
received at least ten days late, Maker will be charged a late
payment charge of five percent (5%) of the amount of the late
payment to the extent permitted by law.
Upon any default hereunder or
under any other instrument now or hereafter securing this Note, the
principal remaining unpaid with accrued interest and all other
amounts payable hereunder shall at once become due and payable. The
failure to exercise, in case of any default, any right or remedy
given in this paragraph shall not preclude the Lender from
exercising any right or remedy given in this paragraph in case of
any subsequent defaults.
This Note is secured by that
certain Security Agreement, dated as of the date hereof. Reference
is hereby m
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