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EXHIBIT 4.24
LOAN NO. T0347
COBANK, ACB
PROMISSORY NOTE
CTC FINANCIAL, INC.
LAKE CHARLES, LOUISIANA
$5,000,000 DATED: MAY 15, 1996
FOR VALUE RECEIVED, CTC FINANCIAL, INC. (the "Borrower"), promises to
pay to the order of COBANK, ACB (the "Payee"), at the times and in the manner
set forth in that certain Loan Agreement, dated as of even date herewith, and
numbered Loan No. T0347, by and between the Borrower and the Payee, and as that
agreement may be amended, modified, supplemented, extended or restated from
time to time (the "Loan Agreement"), the principal sum of FIVE MILLION DOLLARS
($5,000,000) or such lesser amount as may be advanced hereunder, together with
interest on the unpaid principal balance hereof at the rate or rates provided
for in the Loan Agreement.
This Note is given for one or more advances to be made by the Payee to
the Borrower pursuant to the Loan Agreement, all of the terms and provisions of
which are hereby incorporated by reference. Advances, accrued interest and
payments shall be posted by the Payee upon an appropriate accounting record,
which record (and all computer printouts thereof) shall constitute prima facie
evidence of the outstanding principal and interest on the advances. The total
of such advances may exceed the face amount of this note but the unpaid
principal balance shall not at any time exceed such face amount. Any amount of
the principal hereof which is not paid when due, whether at stated maturity, by
acceleration or otherwise, shall bear interest from the date when due until
said principal amount is paid in full, payable on demand, at a rate per annum
set forth in the Loan Agreement.
The Borrower hereby waives presentment for payment, demand, protest, and
notice of dishonor and nonpayment of this Note, and all defenses on the ground
of delay or of any extension of time for the payment hereof which may be
hereafter given by the holder or holders hereof to it or to anyone who has
assumed the payment of this Note, and it is specifically agreed that the
obligations of the Borrower shall not be in anywise affected or altered to the
prejudice of the holder or holders hereof by reason of the assumption of
payment of the same by any other person or entity.
Should this Note be placed in the hands of an attorney for collection or
the services of any attorney become necessary in connection with enforcing its
provisions, the Borrower agrees to pay reasonable attorneys' fees, together
with all costs and expenses incident thereto, to the extent allowed by law.
Except to the extent governed by applicable federal law, this Note shall be
governed by and construed in accordance with the laws of the State of
Louisiana, without reference to choice of law doctrine.
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Promissory Note/CTC Financial
Loan No. T0347
IN WITNESS WHEREOF, the Borrower has caused this Promissory Note to be
executed, attested, sealed and delivered by its duly authorized officers as of
the date first shown above.
CTC FINANCIAL, INC.
By: /s/ XXXXXXX X. XXXXXXX, XX.
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[CORPORATE SEAL] Name: Xxxxxxx X. Xxxxxxx, Xx.
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Title: President
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Attest: /s/ XXXXXX X. XXXXXXX
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Name: Xxxxxx X. Xxxxxxx
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Title: Secretary
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