FIRST ALLONGE TO REVOLVING CREDIT NOTE
FIRST
ALLONGE TO REVOLVING CREDIT NOTE
THIS
FIRST ALLONGE TO REVOLVING CREDIT NOTE (“Allonge”), is dated as of
the 1st day of
July, 2005, and is made and given by Champion Industries, Inc., a West Virginia
corporation (the “Borrower”), to United Bank, Inc., a West Virginia state
banking corporation (“Lender”).
W I T N E S S E T H:
WHEREAS,
on August 1, 2003, Borrower executed and delivered that certain Revolving Credit
Note made payable to Lender in the principal sum of $10,000,000.00 (the “Note”),
pursuant to that certain Revolving Credit Agreement, dated August 1, 2003,
between Borrower and Lender (the “Loan Agreement”); and
WHEREAS,
maturity date of the Note
is July 31, 2005;
WHEREAS,
Borrower has requested that Lender extend the Maturity Date; and
WHEREAS,
Lender is agreeable to Borrower’s request, subject to the terms and conditions
as set forth herein.
NOW,
THEREFORE, for $10.00, cash in hand paid, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties covenant and agree as follows:
1. 1. Effective
as of the date of this Allonge, the term “Note” or “note”, as used herein and in
the Note and other Loan Documents, shall mean the Note as modified and amended
by this Allonge.
2. Effective
as of the date of this Allonge, the Maturity Date of the Note is extended
through and including July 31, 2008.
3. This
Allonge is a modification only and not a novation. Except as modified herein,
the Note shall remain in full force and effect, and the Revolving Credit
Agreement, financing statements and all other documents executed in connection
therewith, shall remain in full force and effect and, along with the Note, shall
be binding on the respective parties.
WITNESS
the following signatures and seals of Lender and Borrower as of
the 1st day
of July 2005.
LENDER:
UNITED BANK, INC.
By:
/s/ Xxxxx X.
Xxxxxxxxx
Its:
Vice President
BORROWER:
CHAMPION INDUSTRIES, INC.
By:
/s/ Xxxx X.
Xxx
Its:
Senior Vice President, Chief Financial Officer