EXHIBIT 10.20
PROMISSORY NOTE
$1,000,000.00 New Orleans, Louisiana
August 10, 1999
FOR VALUE RECEIVED, the undersigned, Shreveport Paddlewheels, L.L.C., a
Louisiana limited liability company (the "Borrower"), hereby promises to pay to
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the order of HWCC-Louisiana, Inc ("Lender"), at , on the Maturity
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Date, as defined in the Loan Agreement dated as of even date herewith (as
amended, restated, supplemented or otherwise modified from time to time, the
"Loan Agreement"), between the Borrower and Lender, the principal sum of One
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Million and No/100 Dollars ($1,000,000.00), in lawful money of the United States
of America in same day funds, and to pay interest from the Commencement Date (as
defined in the Loan Agreement) on such principal amount from time to time
outstanding, in like funds, at said office, at a rate or rates per annum and
payable on such dates as set forth in the Loan Agreement.
The Borrower promises to pay interest, on demand, on any overdue principal
and, to the extent permitted by law, overdue interest from their due dates at a
rate or rates determined as set forth in the Loan Agreement. If the Borrower
fails to make any payment under this promissory note in full within five (5)
days of when due, Borrower shall pay to Lender a late payment fee in an amount
equal to ten percent (10%) of the delinquent amount due.
The Borrower hereby waives diligence, presentment, demand, protest, and
notice of any kind whatsoever. The nonexercise by the holder of any of its
rights hereunder in any particular instance shall not constitute a waiver
thereof in that or any subsequent instance.
This promissory note is the Note referred to in the Loan Agreement which,
among other things, contains provisions for the acceleration of the maturity
hereof upon the happening of certain events, for optional prepayment of the
principal hereof prior to the maturity thereof, and for the amendment or waiver
of certain provisions of the Loan Agreement, all upon the terms and conditions
therein specified. This promissory note and the borrowings evidenced hereby are
entitled to the benefits of the Security Documents (as defined in the Loan
Agreement). THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF LOUISIANA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA.
SHREVEPORT PADDLEWHEELS, L.L.C.
By:
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Name:
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Title:
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