MASTER REVOLVING CREDIT NOTE
(THIS
NOTE SUPERCEDES AND REPLACES THOSE NOTES DATED FEBRUARY 12. 2008,
JANUARY 8, 2008, JUNE 10, 2008, JULY 10, 2008 AND AUGUST 25,
2008)
Maker : Michael Lambert, Inc.
Place for
Payment : 20022 Creek Farm, San Antonio,
TX 78259
Principal
Amount : Twenty Thousand and 00/100
Dollars ( $35,000.00)
Annual
Interest Rate on Unpaid Principal from Date : Zero percent (0%)
Annual
Interest Rate on Matured, Unpaid Amounts : Zero percent (0%)
Terms of
Payment (principal and interest):
Interest, if
any, on any unpaid principal shall be due on the
fifteenth (15 th )
of each month. All unpaid principal and interest
is due and payable on December 31, 2009.
The unpaid
principal balance, including any unpaid and accrued interest, shall
at no time exceed the sum of Thirty Thousand and no/100
dollars ($35,000.00). The unpaid principal balance of
this note at any time shall be the total amounts loaned or advanced
hereunder by Payee, less the amount of payments or prepayments of
principal made hereon by or for the account of Maker. It
is contemplated that by reason of prepayments hereon, there may be
times when no indebtedness is due hereunder; but notwithstanding
such occurrences, this note shall remain valid and shall be in full
force and effect as to loans or advances made pursuant to and under
the terms of this note subsequent to each such
occurrence.
Advances
hereunder shall be made by Payee upon the oral or w
