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Promissory Note
(Revolving Line of Credit)
June 12, 2007
Borrower: Security National Life Insurance Company
Lender: Zions First National Bank
Amount: $40,000,000.00
Maturity: June 12, 2008
For value received, Borrower promises to pay to the order of
Lender at
Zions First National Bank, Commercial Banking Division, One
South Main Street,
Second Floor, Salt Lake City, Utah, the sum of Forty Million
dollars
($40,000,000.00) or such other principal balance as may be
outstanding hereunder
in lawful money of the United States with interest thereon at a
variable rate
computed on the basis of a 365/360 basis; that is, by applying
the ratio of the
annual interest rate over a year of 360 days, multiplied by the
outstanding
principal balance, multiplied by the actual number of days the
principal
balances is outstanding.
Interest shall accrue from the date of disbursement of the
principal amount
or portion thereof until paid, both before and after judgment,
in accordance
with the terms set forth herein. The interest rate on this Note
is subject to
change from time to time based on changes in an independent
index which is the 1
year LIBOR rate. Lender's LIBOR rate is to be strictly
interpreted and is not
intended to serve any purpose other than providing an index to
determine the
interest rate used herein. Lender's LIBOR rate may not
necessarily be the same
as the quoted offered side in the Eurodollar time deposit market
by any
particular institution or service applicable to any interest
period. As used
herein, Lender's LIBOR rate shall mean the rates per annum
quoted by Lender as
Lender's 1 year LIBOR rate based upon quotes from the London
Interbank Offered
Rate from the British Bankers Association Interest Settlement
Rates, as quoted
for U.S. Dollars by Bloomberg, or other comparable services
selected by the
Lender (the "Index"). The Index is not necessarily the lowest
rate charged by
Lender on its loans. If the Index becomes unavailable during the
term of this
loan, Lender may designate a substitute index after notifying
Borrower. Lender
will tell Borrower the current Index rate upon Borrower's
request. The interest
rate change will not occur more often than each year. Borrower
understands that
Lender may make loans based on other rates as well. Borrower
understands that
Lender may make loans based on other rates as well. The interest
rate to be
applied to the unpaid balance of this Note will be a rate of
1.64 percentage
points (1.64%) over the Index. Whenever increases occur in the
interest rate,
Lender may increase Borrower's payments t
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