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REVOLVING PROMISSORY NOTE

Promissory Note

REVOLVING PROMISSORY NOTE | Document Parties: TRIST HOLDINGS, INC. | LANDBANK, LLC | TRIST HOLDINGS, INC You are currently viewing:
This Promissory Note involves

TRIST HOLDINGS, INC. | LANDBANK, LLC | TRIST HOLDINGS, INC

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Title: REVOLVING PROMISSORY NOTE
Governing Law: California     Date: 10/23/2009

REVOLVING PROMISSORY NOTE, Parties: trist holdings  inc. , landbank  llc , trist holdings  inc
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THIS REVOLVING PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

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$500,000.00 As of October 19, 2009

 Los Angeles, California

 

 

REVOLVING PROMISSORY NOTE

 

In consideration of such advances (hereinafter “ Advance ” or “ Advances ”) as LANDBANK, LLC , a California limited liability company, or its assigns (collectively, “ Holder ”), from time to time may make hereon to or for the benefit of TRIST HOLDINGS, INC. , a Delaware corporation (the “ Company ”), at the Company’s offices at 7030 Hayvenhurst Avenue, Van Nuys, CA, 91406, or at such other place as the parties may mutually agree, pursuant to the Revolving Credit Commitment, as defined below, up to the maximum aggregate principal amount of Five Hundred Thousand Dollars ($500,000.00) (the “ Maximum Aggregate Amount ”), the Company hereby promises to pay to Holder the principal amount of all Advances, together with accrued interest thereon from the date of such Advances, all subject to the terms and conditions set forth below.

 

1.   Revolving Credit Commitment .

 

1.1   Advances .  The Holder agrees to make Advances to the Company from time to time during the Revolving Credit Commitment Period, as defined below, in an aggregate principal amount at any one time outstanding which does not exceed the Maximum Aggregate Amount (the “ Revolving Credit Commitment ”).  During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitment by borrowing, prepaying any Advances in whole or in part, and re-borrowing, all in accordance with the terms and conditions hereof. !

 

1.2            Interest .  Interest shall accrue from the date of any Advances on any principal amount withdrawn, and on accrued and unpaid interest thereon, at the rate of eight percent (8%) per annum, compounded annually.

 

2.   Revolving Credit Commitment Period .  The revolving credit commitment period (the “ Revolving Credit Commitment Period ”) shall commence as of the date hereof and shall expire on October 19, 2010 (the “ Expiration Date ”).

 

3.   Procedure for Revolving Credit Advances .

 

3.1   The Company may request Advances under the Revolving Credit Commitment during the Revolving Credit Commitment Period on any day of the week, Monday through Friday, 9 a.m. through 5 p.m., Pacific Time, (hereinafter referred to as any “ Business Day ” or “ Business Days ”), provided that the Company shall give the Holder irrevocable notice (which notice must be received by the Holder prior to 12:00 Noon, Pacific Time) one (1) Business Day prior to the requested Advance date, specifying (i) the amount of the Advance, and (ii) the requested Advance date.  Each Advance under the Revolving Credit Commitment shall be in an amount equal to $50,000 or a whole multiple of $50,000 in excess thereof.  Upon receipt of any such notice from the Company, the Holder will make the amount of the Advance available prior to 12:00 Noon, Pacific Time, on the Advance date requested by the Company in funds immediately available to the Company.

 

3.2   The Holder shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Company to the Holder resulting from each Advance from time to time, including the amounts of principal and interest payable and paid to the Holder from time to time under this Note.  The parties acknowledge and agree that as of the date hereof, an aggregate principal amount of $336,518 in Advances is outstanding.

 

4.   Repayment Procedure .

 

4.1   General .  Repayment on any Advances shall be made in lawful tender of the United States.  Any payments on this Note made during the Revolving Credit Commitment Period, as defined below, shall be credited first to any interest due and the remainder to principal.

 

4.2   Repayment of Principal and Interest .  All outstanding and unpaid principal, and all outstanding and accrued unpaid interest, shall become due and payable on and as of the Expiration Date.

 

4.3            Optional Prepayment .  The Company may, at any time and from time to time and without penalty, prepay all or any portion of the accrued and unpaid interest on this Note and any outstanding principle amount of this Note.

 

5.   Transfers .

 

5.1   Holder acknowledges that


 
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