Exhibit 10.10
REVOLVING CREDIT
NOTE
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$3,000,000
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St. Louis, Missouri
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As of December 30, 2005
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FOR VALUE RECEIVED, the undersigned
(“Maker”) promises to pay to the order of Missouri
State Bank and Trust Company, 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), or such lesser sum as may
then constitute the aggregate unpaid principal balance of all
Revolving Credit Loans made by the Lender to the Maker, pursuant to
the Credit Agreement described below, 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 prime rate of Lender (the “Prime
Rate”).
Principal and interest shall be due
and payable as follows: (i) interest at the Interest Rate on
the from time to time outstanding principal balance shall be
payable on January 30, 2006, and on the thirtieth (30
th
) day of each
calendar month thereafter during the term hereof, and (ii) 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 January 15, 2007 (the
“Maturity Date”), if not sooner paid. Lender may 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 as Lender may
determine.
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 from time
to time Prime Rate, plus 5% per annum.
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, under
the Credit Agreement or any other instrument now or hereafter
securing this Note, the principal remaining unpaid with accrued
interest and all other amounts payable hereunder or under the
Credit Agreement 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 issued pursuant to a
Revolving Credit Agreement (the “Credit Agreement”) of
even date herewith between Maker and Lender, providing for
borrowings thereunder and hereunder from time to time and for
mandatory prepayment of principal under certain
circumstances.