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THIRD AMENDED AND RESTATED REVOLVING CREDIT LOAN NOTE

Promissory Note

THIRD AMENDED AND RESTATED REVOLVING CREDIT LOAN NOTE | Document Parties: PNG VENTURES INC | GREENFIELD COMMERCIAL CREDIT, LLC You are currently viewing:
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PNG VENTURES INC | GREENFIELD COMMERCIAL CREDIT, LLC

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Title: THIRD AMENDED AND RESTATED REVOLVING CREDIT LOAN NOTE
Governing Law: Michigan     Date: 3/23/2009

THIRD AMENDED AND RESTATED REVOLVING CREDIT LOAN NOTE, Parties: png ventures inc , greenfield commercial credit  llc
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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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