Exhibit 10.3
EXECUTION COPY
THE INDEBTEDNESS EVIDENCED BY THIS
INSTRUMENT IS SUBORDINATED TO THE PRIOR PAYMENT IN CASH IN FULL OF
THE SENIOR INDEBTEDNESS (AS DEFINED IN THE SUBORDINATION AGREEMENT
BETWEEN THE HOLDER HEREOF AND COMERICA BANK, DATED AS OF JULY
, 2009) PURSUANT TO, AND TO THE EXTENT
PROVIDED IN, THE SUBORDINATION AGREEMENT BY THE MAKER HEREOF AND
THE PAYEE NAMED HEREIN IN FAVOR OF COMERICA BANK.
PROMISSORY
NOTE
$2,750,000.00
Date of Note: July 10, 2009
Final Payment Due: July 10, 2014
FOR VALUE RECEIVED, the undersigned,
Manitex International, Inc., a Michigan corporation
(“Maker”), promises to pay to the order of Avis
Industrial Corporation, an Indiana corporation
(“Payee”), the principal sum of $2,750,000.00, with
interest on the aggregate unpaid principal amount thereof at the
rate of 6.00% per annum from the date of this Note until
July 10, 2014, together with attorney fees and cost of
collection and without relief from valuation and appraisement laws.
Payment of principal and interest on this Note shall be made in the
following manner to Payee at P.O. Box 548, Upland, Indiana, 46989,
or such other address as Payee provides to Maker in
writing:
Interest only payments due quarterly
commencing on October 1, 2009, and continuing on the first day
of each subsequent quarter thereafter, and principal payments due
annually, in the amount of $550,000.00, commencing on July 10,
2010 and continuing on each subsequent July 10th for the
following four years thereafter.
If any payment of principal or
interest due on this Note is payable on a day which is a
Saturday,
