EXHIBIT B - TO REVOLVING CREDIT
AGREEMENT
FORM OF REVOLVING LOAN NOTE
REVOLVING LOAN
NOTE
LENDER:
Blair Merriam
200 W. 17th Street, Suite 240
Cheyenne, WY 82001
BORROWER:
Platina Energy Group, Inc.
200 W. 17th Street, Suite 240
Cheyenne, WY 82001
PRINCIPAL AMOUNT: $100,000
INTEREST RATE: 6%
DATE OF NOTE: December 12, 2005
1. Promise to Pay. Platina
Energy Group, Inc., a Delaware
corporation ("Borrower") promises to pay to
Blair Merriam ("Lender"), or
order, in lawful money of the United States
of America and in immediately
available funds, the principal sum of ONE
HUNDRED THOUSAND AND NO/100 DOLLARS
($100,000) (or such lesser amount as shall
equal the aggregate unpaid
principal amount of the Loans made by the
Lender to the Borrower under the
Revolving Credit Agreement by and between
Borrower and Lender dated as of
December 12, 2005, as amended, supplemented
or otherwise modified and in
effect from time to time, the "Loan
Agreement"), on demand, and to pay
interest on the unpaid principal amount of
each such Loan in like money and
funds, for the period commencing on the
date of such Loan until such Loan
shall be paid in full, at the interest rate
per annum set forth herein. Terms
used but not defined in this Note have the
respective meanings assigned to
them in the Loan Agreement.
2. Recording of Loans. The
date and amount of each Loan made by the
Lender to the Borrower, and each payment
made on account of the principal
thereof, shall be recorded by the Lender on
its books and, prior to any
transfer of this Revolving Loan Note
("Note"), endorsed by the Lender on the
Schedule attached hereto or any
continuation thereof; provided that the
failure of the Lender to make any such
recordation or endorsement shall not
affect the obligations of the Borrower to
make a payment when due of any
amount owing under the Loan Agreement or
hereunder in respect of the Loans
made by the Lender.
3. Payment. The loan,
including all principal and accrued interest not
yet paid shall be due on demand. Borrower
will pay Lender at Lender's address
shown above or at such other place as
Lender may designate in writing. Unless
otherwise agreed or required by applicable
law, payments will be applied first
to any unpaid collection costs, then to
accrued unpaid interest and any
remaining amount then to principal.
4. Interest Rate. The
interest rate on this Note is six percent (6%)
percent per annum.
5. Prepayment. Borrower
may pay without penalty all or a portion of the
amount owed earlier than it is due. Early
payments will not, unless agreed to
by Lender in writing, relieve Borrower of
Borrower's obligation to continue to
make payments under the payment schedule,
but rather, they will reduce the
principal balance due and may result in
Borrower's making fewer payments.
6. Default. Borrower will
be in default if any of the following
happens: (a) Borrower fails to make any
payment within ten (10) days of
when due; (b) Borrower breaks any promise
Borrower has made to Lender, or
Borrower fails to perform promptly at the
time and strictly in the manner
provided in this Note or any agreement
including but not limited to the Loan
Agreement related to this Note, or in any
other agreement or loan Borrower
has with Lender; (c) Any representation or
statement made or furnished to
Lender by Borrower or on Borrower's beh
