RENEWAL EXTENSION AND ENLARGEMENT PROMISSORY NOTE
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US $400,000.00 Beaumont, Texas April 17, 1997
WHEREAS, on December 13, 1996, EIF Holding, Inc., a Hawaii corporation
("Borrower"), executed a certain Promissory Note ( the "Note") in the original
principal sum of $300,000.00, payable to the order of Xxxxxx Xxxxx, Inc., a
Texas corporation (the "Lender") and on April 18, 1997 Borrower and Xxxxxx
executed a certain Xxxxxxx, Extension and Modification Agreement being herein
after collectively referred to as the "Original Note") and
WHEREAS, at the request of Xxxxxxxx, Xxxxxx has arranged for the advance to
Borrower of an additional $100.000.00, which shall be added to the original
$300,000.00 principal amount of the Original Note, and in consideration of the
agreement by Xxxxxx to advance such additional funds to Borrower, Xxxxxxxx has
agreed to execute the promissory note (the "Note"), which shall evidence the
advancement of said additional funds by Xxxxxx to Borrower and shall evidence
the renewal and extension of the unpaid principal balance of the Original Note
by Borrower to Lender, together with the renewal and extension of all security
interests and guarantees securing the repayment of the Original Note;
NOW, THEREFORE, for value received, in consideration of the sum of $10.00 and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged and confessed. Xxxxxxxx, Guarantor and Xxxxxx agree as
follows:
1. Xxxxxxxx promises to pay to the order of Lender at its offices at 000 Xxxxxx
Xxxx, Xxxxx 000. Beaumont, Texas 77706, or such other place or places as the
holder of the Note shall from time to time designate by written notice to
Xxxxxxxx, the sum of $300,000.00, being the unpaid principal balance of the
Note, as of the date hereof, in legal and lawful money of the United States of
America, together with interest thereon from date hereof until July 1, 1997 at
the rate of 12% per annum. Interest shall be calculated on a per annum basis of
360 days.
3. This Note is due and payable as follows:
The principal amount hereof and all accrued and unpaid interest shall be due and
payable in full on July 1, 1997 ( the "Maturity Date"): and
4. All other terms and conditions of the Note are and shall remain in full force
and effect and fully binding upon the Borrower, except at herein modified.
5. This Note is given in renewal, extension, modification and enlargement of the
terms and provisions of the Original Note, all of which are carried forward and
continued in full force and effect within this Note, and none of the provisions
of the Original Note or the collateral securing payment of the Original Note
shall be deemed extinguished or mortified in any respect, except as set forth
herein.
EXECUTED THIS the 4th DAY OF April , 1997
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BORROWER:
EIF HOLDINGS, INC.
/s/ Xxxxx Xxxxxx
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XXXX XXXXXX, ITS PRESIDENT
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