EXHIBIT 6.8
REVOLVING CREDIT NOTE
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$ 500,000 May 5, 1999
FOR VALUE RECEIVED, the undersigned, Intercapital Global Fund, Ltd. 0000
Xxxx Xxxxxx, Xxxxx 000, Xxxxxxxx, Xxxxxx, Xxxxxx X0X 0X0 ("Maker"), hereby
promises to pay Summerhill Gaming Limited ("Lender") at Devonshire House, Queen
Street, Nassau, The Bahamas, or at such other place as Lender may from time to
time designate in writing, the principal sum of $500,000 or so much thereof as
shall be advanced by Lender to Maker hereunder from time to time as set forth on
the grid annexed hereto as Exhibit A, together with interest at the rate of 7%
per annum. Interest on the outstanding principal of this Note shall be payable
quarterly on each January 1, April 1, July 1, and October 1, during the term
hereof beginning on January 1, 2000. The outstanding principal balance and all
accrued and unpaid interest thereon shall be due and payable in full on May 5,
2002. The date and amounts advanced, as set forth on the annexed grid, shall be
conclusive evidence as to the principal balance of this Note, absent manifest
error.
1. Prepayment. Maker may prepay this note in whole or in part at any
time without prepayment premium or penalty. Any prepayment shall be credited
first to accrued and unpaid interest and then to outstanding principal.
2. Events of Default. If any of the following conditions, events or
acts shall occur:
(a) The dissolution of the Maker; or
(b) The Maker's insolvency, assignment for the benefit of creditors,
application for the appointment of a receiver, the commencement
by the Maker of a voluntary case under any provision of the
Federal Bankruptcy Code (the "Code") or amendments thereto or any
other federal or state law affording relief to debtors; or there
shall be commenced against the Maker any such proceedings,
application or an involuntary case under the Code which
proceeding, application or involuntary case is not dismissed or
withdrawn within 90 days of commencement or filing, as the case
may be; or
(c) The failure by the Maker, following 30 days' written notice of
the same, to make any payments of any amounts of principal or
accrued interest under this Note as and when the same shall
become due and payable; or
(d) The admission in writing of the Maker's inability to pay its
debts as they mature;
then in any such event, while such event is continuing, the Maker shall have the
right to declare an event of default hereunder ("Event of Default") and the
indebtedness evidenced by this Note shall become due and payable, both as to
principal and interest, without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived,
notwithstanding anything contained herein to the contrary.
3. Waiver. No forbearance, indulgence, delay or failure to exercise any
right or remedy with respect to this Note shall operate as a waiver, nor as an
acquiescence in any default, nor shall any single or partial exercise of any
right or remedy preclude any other or further exercise thereof or the exercise
of any other right or remedy.
4. Restriction on transfer. This Note is non-negotiable and may not be
sold, transferred, pledged, assigned, or hypothecated without the prior written
consent of the Maker.
5. Amendments. This Note may not be modified, discharged or otherwise
changed except by a writing duly executed by the Maker and the Lender.
6. Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of New York.
IN WITNESS WHEREOF, the undersigned has executed this Note the date first
written above.
INTERCAPITAL GLOBAL FUND, LTD.
By: /s/ Xxxxx X. Xxxxxxxx, Xx.
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Xxxxx X. Xxxxxxxx, Xx.
Chief Executive Officer
EXHIBIT A
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GRID
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Amount of the advances made by Summerhill Gaming Limited to Intercapital Global
Fund, Ltd. and payments of principal of such loans:
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DATE ADVANCE INITIALED BY
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As of June 30, 1999 $179,753
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