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PROMISSORY NOTE

Promissory Note

PROMISSORY NOTE | Document Parties: PAPA JOHNS INTERNATIONAL INC | BIBP COMMODITIES, INC | CAPITAL DELIVERY, LTD You are currently viewing:
This Promissory Note involves

PAPA JOHNS INTERNATIONAL INC | BIBP COMMODITIES, INC | CAPITAL DELIVERY, LTD

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Title: PROMISSORY NOTE
Governing Law: Kentucky     Date: 2/26/2008
Industry: Restaurants     Sector: Services

PROMISSORY NOTE, Parties: papa johns international inc , bibp commodities  inc , capital delivery  ltd
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Exhibit 10.2

 

CONFORMED COPY THROUGH FOURTH AMENDMENT,

AS OF DECEMBER 19, 2007

 

PROMISSORY NOTE

(Revolving Line of Credit)

 

$30,000,000.00

 

Louisville, Kentucky

 

 

December 27, 1999

 

FOR VALUE RECEIVED , BIBP COMMODITIES, INC. , a Delaware corporation with its principal offices at 2002 Papa John’s Boulevard, Louisville, Kentucky 40299 (the “Maker”), hereby promises and agrees to pay to the order of CAPITAL DELIVERY, LTD. , a Kentucky corporation with its principal office and place of business in Louisville, Kentucky (the “Lender”), the principal sum of THIRTY MILLION AND 00/100 DOLLARS ($30,000,000.00) , or, if less, the aggregate unpaid balance as may be outstanding from time to time, in legal tender of the United States of America, together with interest thereon, all in accordance with the provisions of the Loan Agreement (as defined below) and this Note.

 

The outstanding principal balance of this Note, as the same shall exist from time to time, shall bear interest daily at a rate per annum equal to the “Prime Rate,” as hereinafter defined, less one (1) percentage point.  The interest rate this Note bears shall be adjusted monthly on the first day of each calendar month.  “Prime Rate,” as used in this Note, shall mean the interest rate published in The Wall Street Journal in the “Money Rates” column as the prevailing “Prime Rate,” it being understood and agreed that the Prime Rate is not necessarily the lowest or best rate of interest available on commercial loans of the nature evidenced by this Note.  In each month in which there is an outstanding balance on this Note, interest shall be calculated throughout such month at the rate in effect on the first day of such month and shall be paid in arrears in legal tender of the United States of America on or before the tenth (10th) day of the following month.  Interest shall continue to accrue as provided herein so long as any portion of the principal of, or interest on, this Note shall remain unpaid.  The entire outstanding principal balance of this Note and all accrued and unpaid interest shall be paid on or before December 31, 2000 (the “Maturity Date”).  All interest on this Note shall be computed on the basis of the actual number of days elapsed over an assumed year consisting of Three Hundred Sixty (360) calendar days.

 

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Any principal or interest payment due under this Note not paid at stated maturity, by acceleration, conversion or otherwise, shall, to the extent permitted by applicable law, thereafter bear interest (compounded monthly and payable upon demand) at a rate which is 2% per annum in excess of the rate of interest otherwise payable under this Note in respect of such principal amount until such unpaid amount has been paid in full (whether before or after judgment).  The charging or collection of any such additional interest shall not be deemed a waiver of any of the Lender’s rights arising thereby or hereunder, including the right to declare a “Default” or an “Event of Default” hereunder.

 

This Note is a revolving note and is governed by that certain Loan Agreement of even date herewith between Lender and the Maker (the “Loan Agreement”).  The Lender may make disbursements of principal to the Maker, from time to time, commencing on the date of this No




 
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