Exhibit 10.9
REVOLVING NOTE
$5,000,000 May 23, 2006
For value received, the undersigned, TRADESTAR CONSTRUCTION SERVICES, INC.,
a New Mexico corporation and PETROLEUM ENGINEERS, INC., a Louisiana corporation
(together, the "Borrower"), hereby promises to pay on the Termination Date under
the Credit Agreement (defined below), to the order of XXXXX FARGO BANK, NATIONAL
ASSOCIATION (the "Lender"), acting through its Xxxxx Fargo Business Credit
operating division, at its office in Denver, Colorado, 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 Five
Million Dollars ($5,000,000) or the aggregate unpaid principal amount of all
Revolving Advances made by the Lender to the Borrower under the Credit Agreement
(defined below) 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 Note is
fully paid at the rate from time to time in effect under the Credit and Security
Agreement dated the same date as this Note (the "Credit Agreement") by and
between the Lender and the Borrower. The principal hereof and interest accruing
thereon shall be due and payable as provided in the Credit Agreement. This Note
may be prepaid only in accordance with the Credit Agreement.
This Note is issued pursuant, and is subject, to the Credit Agreement,
which provides, among other things, for acceleration hereof. This Note is the
Revolving Note referred to in the Credit Agreement. This 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 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.
TRADESTAR CONSTRUCTION SERVICES, INC. PETROLEUM ENGINEERS, INC.
By: /s/ Xxxxxxxx Xxxxxx Xxxxx By: /s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxxx Xxxxxx Xxxxx Name: Xxxxxxx X. Xxxxxx
Its: President
Its: Chief Financial Officer
