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THIRD
REPLACEMENT
RENEWAL AND EXTENSION
PROMISSORY NOTE
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$2,782,900.59
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Oklahoma City, Oklahoma
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For value received, the undersigned, The Beard Company, an
Oklahoma corporation (the "Maker"), agrees to all of the terms of
this Promissory Note (this "Note") and promises to pay to the order
of William M. Beard and Lu Beard as Trustees of the William M.
Beard and Lu Beard 1988 Charitable Unitrust (individually and
collectively called the "Holder"), at Enterprise Plaza, Suite 320,
5600 N. May, Oklahoma City, Oklahoma 73112, or at such other place
as may be designated in writing by the Holder of this Note, the
principal sum of Two Million Seven Hundred Eighty-Two Thousand Nine
Hundred and 59/100ths Dollars ($2,782,900.59) plus all interest
accruing thereon. This Note will be payable as follows:
Prior to Default the unpaid principal balance of this Note will
bear interest at the rate of ten percent (10%) (the "Applicable
Rate"). Interest will commence to accrue on the unpaid principal
balance of this Note on the date hereof and thereafter until this
Note is paid in full. Interest will be computed for the actual
number of days elapsed at a per diem charge based on a year
consisting of three hundred sixty (360) days. All payments will be
applied first to any accrued interest on this Note and the
remainder to the principal balance of the Note. The outstanding
principal balance plus unpaid accrued interest are due and payable
on April 1, 2009.
Except as otherwise defined herein, all terms defined in the
Restated and Amended Letter Loan Agreement dated June 13, 2007,
between the Maker and the Holder (the "Loan Agreement") will have
the same meanings as therein, and the Holder recognizes that it is
subject to all of the provisions set forth in the third paragraph
of the Amendment to Restated and Amended Letter Loan Agreement
dated June 25, 2004 (the "6/25/04 Amendment"). Both principal and
interest owing pursuant to the terms of this Note are payable in
the lawful currency of the United States of America and in
immediately available funds. All payments made on this Note will be
applied to this Note when received by the Holder hereof in
collected funds. Any sum not paid when due will bear interest at
the rate equal to the Applicable Rate plus five percent (5.0%) and
will be paid at the time of, and as a condition precedent to, the
curing of any Event of Default. D
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