Exhibit 10.3
REVOLVING
NOTE
FOR VALUE RECEIVED, the undersigned,
AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (“
Borrower ”), HEREBY PROMISES TO PAY to the order of
BAYERISCHE HYPO-UND VEREINSBANK AG (“ Lender ”),
at the offices of Wachovia Bank, National Association, as
Administrative Agent for Lenders (“ Administrative
Agent ”), at its address at 201 South College Street,
Charlotte, North Carolina 28288-0608, or at such other place as
Administrative Agent may designate from time to time in writing, in
lawful money of the United States of America and in immediately
available funds, the amount of TWENTY-FIVE MILLION and NO/100
DOLLARS ($25,000,000) or, if less, the aggregate unpaid amount of
all Revolving Loans made to the undersigned under the “Credit
Agreement” (as hereinafter defined). All capitalized terms
used but not otherwise defined herein have the meanings given to
them in the Credit Agreement.
This Revolving Note is one of the
Revolving Notes issued pursuant to that certain Credit Agreement
dated as of June 17, 2005, by and among Borrower,
Administrative Agent, Lender and the other Persons signatory
thereto from time to time as Lenders (including all annexes,
exhibits and schedules thereto, and as from time to time amended,
restated, supplemented or otherwise modified, the “ Credit
Agreement ”), and is entitled to the benefit and security
of the Credit Agreement and all of the other Credit Documents
referred to therein. Reference is hereby made to the Credit
Agreement for a statement of all of the terms and conditions under
which the Revolving Loan
