EXHIBIT 10.3
REVOLVING CREDIT LINE AND PROMISSORY NOTE
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BORROWER: LENDER:
ASAP Show, Inc. Xxxxx & Xxxxx Xxxx
0000 Xxxxxxx Xxx., Xxx X 0000 XxXxxxxxx Xx.
Xx Xxxxx, XX 00000 Xxx Xxxxxx, XX 00000
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REVOLVING CREDIT LINE FACILITY. The lender agrees to offer borrower a revolving
credit line in the amount of Five Hundred Thousand and 00/100 Dollars
(US$800,000.00) effective August 15, 2005. The repayment of the credit line will
be based upon demand basis from the lender.
PROMISE TO PAY . For value received, ASAP Show, Inc. ("Borrower") promise to pay
to Xxxxx and Xxxxx Xxxx ("Lender"), or order, in lawful money of the United
States of America, the principal amount of any outstanding amount under the
credit line facility borrowed, together with interest on the unpaid principal
balance.
PAYMENT. Borrower will pay this outstanding loan of credit line facility on
demand or before September 1, 2006. Payment in full is due immediately upon
Lender's demand. Borrower will pay regular monthly payments of all accrued
unpaid interest due as of each payment date beginning September 15, 2005 with
all subsequent interest payments to be due on the same day of each month after
that. Borrower's final payment due September 1, 2006, will be for all principal
and all accrued interest not yet paid. Borrower will pay Lender at Lender's
Address shown above.
INTEREST RATE. The interest rate on this Note is 8.0% per annum.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, and then
Borrower will pay that amount.
SUCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.
GENERAL PROVISIONS. This Note is payable and secured by all assets of the
Borrower. The inclusion of specific default provisions or rights of Lender shall
not preclude Lender's right to declare payment of this Note on its demand.
Lender may delay or forgo enforcing any of its rights or remedies under this
Note without losing them. Borrower and any other person who signs, guarantees or
endorses this Note, to the extent allowed by law, waive any applicable status of
limitations, presentment, demand for payment, and notice of dishonor. Upon any
change in the terms of this Note, and unless otherwise expressly stated in
writing, no party who signs this Note, whether as maker, guarantor,
accommodation maker or endorser, shall be released from liability. All such
parties agree that Lender may renew or extend (repeatedly and for any length of
time) this credit line facility or release any party or guarantor or collateral;
or impair, fail to realize upon or perfect Lender's security interest in the
collateral; and take and any other action deemed necessary by Lender without the
consent of or notice to anyone. All such parties also agree that Lender may
modify this loan without the consent of or notice to anyone other than the party
with whom the modification is made. The obligations under this Note are joint
and several.
PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS
OF THE NOTE.
BORROWER:
By:
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ASAP Show, Inc.
