Contract
EXHIBIT 10.1
Note
#300757
This
MODIFICATION AND EXTENSION
AGREEMENT (the "Agreement') is made this 22nd day of December the year
2008 by and between:
THE
BANKERS' BANK OF KENTUCKY
000
Xxxxxxxx Xxxxx
X.X.
Xxx 000
Xxxxxxxxx,
Xx. 00000 ("Lender')
And
PREMIER
FINANCIAL BANCORP, INC.
0000
0XX
Xxxxxx
Xxxxxxxxxx,
XX 00000 ("Borrower')
Whereas,
Borrower is indebted to Lender as of the date hereof in the amount of $4,709,390.00
evidenced by a term note from Borrower to Lender in the original face
amount of six million
five hundred thousand and 00/100 dollars ($6,500,000.00),
dated November
10, 2006 (the "Note"), which is secured by 559,800 shares of Citizens
Deposit Bank & Trust, Inc., Vanceburg, Kentucky (“Citizens”) stock and
18,750 shares of Farmers Deposit Bank, Eminence, Kentucky (“Farmers”)
stock.
Now, Therefore, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Lender and Borrower hereby agree as follows:
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1.
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Amendment
of Terms.
Borrower and Lender desire to modify, renew and/or extend the Note
by amending the terms thereof as follows, to be effective from and after
the date hereof:
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Interest
Rate: The
outstanding principal balance under this Term Note shall bear annual interest at
the rate of the Prime Rate, as announced from time to time by X.X. Xxxxxx Xxxxx
Bank, New York, New York, minus one (1%) percent, adjusted daily, with a floor
rate of 3.00% and a ceiling rate of 6.00%. The Prime Rate of X.X.
Xxxxxx Chase Bank will function only as a tool for setting the rate
on this Term Note and Lender does not represent that such rate has
any relationship to the rate it charges its other customers.
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2.
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No
Novation. Lender
and Borrower specifically agree that this Agreement represents a
continuation and modification of credit previously extended and is not
intended to constitute a novation. Except as expressly modified or amended
herein, all of the terms and conditions of the Note shall remain in full
force and effect
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IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first set forth
above
LENDER BANKERS’
BANK OF KENTUCKY
By:_/s/ Xxxx X.
Clark__________________________
Xxxx X. Xxxxx,
Executive Vice President
BORROWER PREMIER
FINANCIAL BANCORP, INC.
By:
_/s/ Xxxxxx X.
Walker_______________________
Xxxxxx X. Xxxxxx,
President and CEO
