Exhibit
10.11
AMENDED AND RESTATED
REVOLVING CREDIT LOAN NOTE*
*amending and restating Revolving Credit Loan
Note dated September 9, 2004 in the amount of
$3,000,000.00.
$5,000,000.00
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Due Date: The
earlier of Demand
or
September 9, 2006
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Dated: September 9,
2005
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FOR
VALUE RECEIVED, the
undersigned ("Borrower"), 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 Five Million and 00/100 Dollars
($5,000,000.00), or such lesser sum as shall have been advanced by
Lender to Borrower pursuant to that certain Second 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, in lawful money of the United
States of America, in accordance with the terms hereof.
The unpaid
principal balance of this Amended And Restated Revolving Credit
Loan 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 four
and one-half (4.5) percentage points above the prime rate
(hereafter defined), as such rate shall vary from time to time,
upwards and downwards, and each such Prime Rate change shall cause
an identical change in the Effective Rate to occur effective
immediately. "Prime Rate" means that rate of interest published
from day to day in the WALL
STREET JOURNAL in its
Money Rates column as the "Prime Rate." Should such
publication not continue to publish the Prime Rate or a substitute
rate, then Lender will select a comparable announced
rate.
Interest on all
principal amounts advanced by Lender from time to time and unpaid
by Borrower shall be paid on the first (1st) 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 to
the Due Date, Borrower pays the balance of the Note after
Dem
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