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PIONEER FINANCIAL SERVICES
October 1, 2003
On Demand, for value received, PIONEER FINANCIAL SERVICES, a MISSOURI
Corporation, promises to pay to PIONEER
FINANCIAL INDUSTRIES, INC. (hereinafter
called "Bank") or to its order,
at its main office,
the principal sum of the
lesser of (i) the greater of Two Million Dollars or 2.5% of the outstanding
principle amount of Senior Debt or (ii) the unpaid principal amount of all
advances made by Bank, together with interest on all principal amounts
outstanding hereunder from time to time, from
date(s) of disbursement(s) until
paid, at the rate of INDEX RATE (Prime rate
plus 2.00 points) percent per annum,
adjusted daily, with all accrued interest payable
monthly. Unless Bank,
in its
sole discretion, may from time to time otherwise
direct, all payments
shall be
applied first to payment of accrued interest, and then to reduction of the
principal sum due hereunder. Any part of the outstanding principal balance
hereof may be paid prior to maturity and if
less than the
principal sum
stated
above is outstanding, the undersigned, may from time to time until
maturity
receive, but the Bank has no commitment to make, further disbursements
hereunder; provided, however, the aggregate amount of all principal
amounts
outstanding hereunder shall at no time exceed
the face amount of this note; and
provided further, that each and every disbursement made under this Revolving
Promissory Note shall be at the Bank's sole
discretion.
All advances
made by
Bank to the undersigned and all principal
and interest payments thereon shall be
recorded on the Schedule of Disbursements
and Payments of Principal listed below
or on the grid attached hereto which is
incorporated
herein and made a part
of
this Revolving Promissory Note and Bank is hereby
unilaterally
authorized to
make such notations thereon. The amounts recorded shall be
prima facie evidence
of the outstanding principal balance of the
Revolving Promissory Note.
Demand, for payment, notice of nonpayment, protest, and notice of dishonor
are
hereby waived by all who are or shall
become parties to this
instrument.
Any
failure by the holder hereof to, exercise any rights hereunder shall not be
construed as a waiver of the right to
exercise the same or any other right at
any other time and from time to time
thereafter.
PIONEER FINANCIAL INDUSTRIES, INC
PIONEER FINANCIAL SERVICES, INC.
A NEVADA Corporation
A MISSOURI Corporation
By_____________________________
By_____________________________
PRESIDENT
CHIEF FINANCIAL OFFICER
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SCHEDULE OF DISBURSEMENTS AND PAYMENTS OF PRINCIPAL
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