THIRD AMENDED AND RESTATED
REVOLVING CREDIT LOAN NOTE*
*amending and
restating Second Amended And Revolving Credit Loan Note dated
August 25, 2008 in the amount of $3,000,000.00.
$2,500,000.00
Due Date: The
earlier of demand
or March 1,
2010
Dated: February 27, 2009
FOR VALUE RECEIVED , the undersigned (whether one or more in
number, "Borrower", and if two or more in number, shall be jointly
and severally bound), promises to pay to the order of GREENFIELD
COMMERCIAL CREDIT, L.L.C. , a Michigan limited liability
company (the "Lender"), at its office at 300 East Long Lake Road,
Suite 180, Bloomfield Hills, Michigan 48304, or at such other place
as Lender may designate in writing, the principal sum of Two
Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00),
or such lesser sum as shall have been advanced by Lender to
Borrower pursuant to that certain Third Amendment To Loan And
Security Agreement dated as of this date between Borrower and
Lender (which, together with all amendments and modifications
thereof, is hereinafter referred to as the "Loan Agreement"), plus
interest as hereinafter provided, all lawful money of the United
States of America, in accordance with the terms hereof.
The unpaid principal balance of this Third
Amended And Restated Note ("Note") shall bear interest computed
upon the basis of a year of 360 days for the actual number of days
elapsed in a month, at a rate of interest (the "Effective Rate")
which is equal to seven (7.0%) percentage points above LIBOR
(hereafter defined), as such rate shall vary from time to time,
upwards and downwards, and each such LIBOR change shall cause an
identical change in the Effective Rate to occur based upon the rate
published on the date which is two business days prior to the
beginning of each month, effective for the upcoming month. "LIBOR"
means the London interbank offered rate for three months, published
from day to day in the WALL STREET JOURNAL in its Money Rates
column. Should such publication not continue to publish LIBOR, then
Lender will select a comparable announced rate. LIBOR shall not be
less than 2%, irrespective of the actual published rate.
Interest on all principal amounts advanced by
Lender from time to time and unpaid by Borrower shall be paid on
the first day of the month following execution of this Note, and on
the same day of each month thereafter until the Due Date, upon
which date the entire unpaid principal balance of this Note,
together with all accrued and unpaid interest, shall be due and
payable in full. Borrower shall pay to Lender a late charge of five
percent (5%) of any monthly payment not received by Lender within
ten (10) calendar days after said payment is due, which late charge
shall be payable on the next monthly payment date or on demand. In
addition to the foregoing, Borrower shall pay to Lender on the
first day of each month with respect to the prior calendar month or
portion thereof, the amount, if any, necessary to pay the fees as
set forth in the Loan Agreement.
Advances of principal, repayment, and readvances
may be made under this Note from time to time, upon the terms set
forth in the Loan Agreement and said Loan Agreement is incorporated
herein by reference. Mandatory repayments of principal before the
Due Date shall be made by Borrower to Lender pursuant to the Loan
Agreement. If, prior
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