REVOLVING NOTE
EXHIBIT 10.2
REVOLVING NOTE
$40,000,000 | January 29, 2010 |
For value received, the undersigned, PROFESSIONAL VETERINARY PRODUCTS, LTD., a Nebraska
corporation (“PVP”), EXACT LOGISTICS, LLC, a Nebraska limited liability company (“Exact”), PROCONN,
LLC, a Nebraska limited liability company (“ProConn”; together with PVP: and Exact, jointly and
severally, the “Borrower”), hereby jointly and severally promises to pay to the order of XXXXX
FARGO BANK, NATIONAL ASSOCIATION (the “Lender”), acting through its Xxxxx Fargo Business Credit
operating division, on the Termination Date referenced in the Credit and Security Agreement dated
the same date as this Revolving Note that was entered into by the Lender and the Borrower (as
amended from time to time, the “Credit Agreement”), at Lender’s office located at MAC N9312-000,
000 Xxxxx 0xx Xxxxxx, 0xx Xxxxx, Xxxxxxxxxxx, XX 00000 , or at any other place designated at any
time by the holder hereof, in lawful money of the United States of America and in immediately
available funds, the principal sum of FORTY MILLION AND NO/100 DOLLARS ($40,000,000) or the
aggregate unpaid principal amount of all Revolving Advances made by the Lender to the Borrower
under the Credit Agreement, together with interest on the principal amount hereunder remaining
unpaid from time to time, computed on the basis of the actual number of days elapsed and a 360-day
year, from the date hereof until this Revolving Note is fully paid at the rate from time to time in
effect under the Credit Agreement.
This Revolving Note is the Revolving Note referenced in the Credit Agreement, and is subject
to the terms of the Credit Agreement, which provides, among other things, for acceleration hereof
upon the occurrence of an Event of Default. Principal and interest due hereunder shall be payable
as provided in the Credit Agreement, and this Revolving Note may be prepaid only in accordance with
the terms of the Credit Agreement. This Revolving Note is secured, among other things, pursuant to the Credit Agreement and the Security Documents as
therein defined, and may now or hereafter be secured by one or more other security agreements,
mortgages, deeds of trust, assignments or other instruments or agreements.
The Borrower shall pay all costs of collection, including reasonable attorneys’ fees and legal
expenses if this Revolving Note is not paid when due, whether or not legal proceedings are
commenced.
Presentment or other demand for payment, notice of dishonor and protest are expressly waived.
PROFESSIONAL VETERINARY PRODUCTS, LTD. |
EXACT LOGISTICS, LLC a Nebraska limited liability company |
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a Nebraska corporation
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By: | PROFESSIONAL VETERINARY PRODUCTS, LTD. a Nebraska | |||
By: /s/ Xxxxxxx X. Xxxxx |
corporation, its Manager and sole | |||
Name: Xxxxxxx X. Xxxxx |
Member | |||
Its: President and CEO |
By | /s/ Xxxxxxx X. Xxxxx | |||
Name: | Xxxxxxx X. Xxxxx | |||
Its: President and CEO |
PROCONN, LLC
a Nebraska limited liability company
a Nebraska limited liability company
By: | PROFESSIONAL VETERINARY | |||
PRODUCTS, LTD. a Nebraska | ||||
corporation, its Manager and sole Member |
||||
By: | /s/ Xxxxxxx X. Xxxxx | |||
Name: Xxxxxxx X. Xxxxx | ||||
Its: President and CEO | ||||