Exhibit 10.6
REVOLVING NOTE
|
|
|
|
|
|
|
As of April 8, 2005
|
|
|
|
Alexandria, Virginia
|
Community Bankers
Acquisition Corp., a Delaware corporation (the “Maker”)
promises to pay to the order of Community Bankers Acquisition, LLC
(the “Payee”) the principal sum of One Hundred Thousand
Dollars ($100,000) lawful money of the United States of America or
such lesser amount as may have been advanced and be outstanding
hereunder, on the terms and conditions described below.
1.
Principal . The principal balance of this Note shall be
repayable on the later of (i) June 30, 2005 or
(ii) the date on which Maker consummates an initial public
offering of its securities.
2.
Interest . No interest shall accrue on the unpaid principal
balance of this Note.
3.
Advancement of Funding . Maker shall have the right to
request from Payee advances wider this Note and Payee shall make
advances under this Note, up to an aggregate amount funded at any
time of One Hundred Thousand and No/100 Dollars
($100,000.00).
4.
Application of Payments . All payments shall be applied
first to payment in full of any costs incurred in the collection of
any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid
principal balance of this Note.
5. Events
of Default . The following shall constitute Events of
Default:
(a) Failure to
Make Required Payments. Failure by Maker to pay the principal
of or accrued interest on this Note within five (5) business
days following the date when due.
(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case
under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy.
insolvency, reorganization, rehabilitation or other similar law, or
the consent by it to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of Maker or for any substantial part of
its property, or the making by it of any assignment for the benefit
of creditors, or the failure of Maker generally to pay its debts as
such debts become due, or the taking of corporate action by Maker
in furtherance of any of the foregoing.
(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a
court having jurisdiction in the premises in respect of maker in an
involuntary case under the Federal Bankruptcy Code, as now or
hereafter
constituted, or any other applicable federal or
state bankruptcy, insolvency or other similar law, or appointing a
receiver, liquidator, assignee, custodian trustee, sequestrator (or
similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unst
