Exhibit 10.64
SECOND AMENDED PROMISSORY NOTE (Line of
Credit)
THIS AMENDED PROMISSORY NOTE
AMENDS A CERTAIN NOTE DATED APRIL 10, 2002 in order to extend
the Final Maturity Date to April 10, 2007 and increase the
principal balance to $500,000.
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$500,000.00
Indianapolis, Indiana
Dated: August 31, 2003
Final Maturity Date: April 10, 2007
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On
or before April 10, 2007 (“Final Maturity”), OBSIDIAN
LEASING COMPANY, INC., a Mississippi corporation (the
“Maker”) promises to pay to the order of FAIR HOLDINGS,
INC., an Ohio corporation, (the “Lender”) at his
principal office at 815 East Market St., Akron, OH, the principal
sum of FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
($500,000.00) or so much of the principal amount of the Loan
represented by this Note as may be disbursed by the Lender under
the terms described below, and to pay interest on the unpaid
principal balance outstanding from time to time as provided
herein.
This
Note evidences indebtedness (the “Loan”) incurred or to
be incurred by the Maker under a revolving line of credit extended
to the Maker by the Lender as provided herein. The proceeds off the
Loan may be advanced, repaid and re-advanced until Final Maturity
Date. The principal amount off the Loan outstanding from time to
time shall be determined by reference to the books and records off
the Lender and all payments by the Maker on account of the Loan
shall be recorded. Such books and records shall be deemed prima
facia to be correct as to such matters. From this date and until
the Final Maturity, Lender agrees to make advances from time to
time to the Maker of amounts not exceeding in the aggregate at any
time outstanding the amount of Five Hundred Thousand no/100
Dollars ($500,000.00), provided that all of the conditions of
lending stated herein have been fulfilled at the time of each
advance and no default exists.
Each
of the following shall constitute an Event of Default under this
Note:
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(a)
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Nonpayment of
Loan: Default in the payment when due of any amount
payable under the terms of this Note, or otherwise payable to the
Lender or any holder of this Note under the terms of this
Note;
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(b)
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Bankruptcy,
Insolvency, etc.: Maker admitting in writing the
inability to pay his debts as they mature or an administrative or
judicial order or determination of insolvency being entered against
Maker; or Maker making a general assignment for the benefit of
creditors; or, in the absence of such application, consent or
acquiescence, a trustee or receiver being appointed for Maker or a
substantial part of his property and not being discharged within 60
days; or any bankruptcy, reorganization, d
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