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EXHIBIT 10.60
RENEWAL TERM NOTE
$16,470,000 January 15, 1998
For value received, the undersigned, GARGOYLES, INC. ("Borrower"),
promises to pay to the order of U. S. BANK NATIONAL ASSOCIATION ("U. S. Bank"),
at its principal place of business, 0000 Xxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxx
00000, or such other place or places as the holder hereof may designate in
writing, the principal sum of Sixteen Million Four Hundred Seventy Thousand
Dollars ($16,470,000) in lawful immediately available money of the United States
of America, in accordance with the terms and conditions of that certain credit
agreement of even date herewith dated as of April 7, 1997, by and between
Xxxxxxxx and U. S. Bank (together with all supplements, exhibits, amendments,
and modifications thereto, the "Credit Agreement"). Xxxxxxxx also promises to
pay interest on the unpaid principal balance hereof, in like money in accordance
with the terms and conditions and at the rate or rates provided for in the
Credit Agreement. All principal, interest, and other charges are due and payable
in full on April 30, 1999.
Borrower and all endorsers, sureties, and guarantors hereof jointly and
severally waive presentment for payment, demand, notice of nonpayment, notice of
protest, and protest of this Note, and all other notices in connection with the
delivery, acceptance, performance, default, dishonor, or enforcement of the
payment of this Note except such notices as are specifically required by this
Note or by the Credit Agreement, and they agree that the liability of each of
them shall be unconditional without regard to the liability of any other party
and shall not be in any manner affected by any indulgence, extension of time,
renewal, waiver, or modification granted or consented to by U. S. Bank. Borrower
and all endorsers, sureties, and guarantors hereof (1) consent to any and all
extensions of time, renewals, waivers, or modifications that may be granted by
U. S. Bank with respect to the payment or other provisions of this Note and the
Credit Agreement; (2) consent to the release of any property now or hereafter
securing this Note with or without substitution; and (3) agree that additional
makers, endorsers, guarantors, or sureties may become parties hereto without
notice to them and without affecting their liability hereunder.
This Note is the Renewal Term Note referred to in the Third Amendment to
First Amended and Restated Credit Agreement and as such is entitled to all of
the benefits and obligations specified in the Credit Agreement, including but
not limited
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to any Collateral and any conditions to making advances hereunder. Terms defined
in the Credit Agreement are used herein with the same meanings. Reference is
made to the Credit Agreement for provisions for the repayment of this Note and
the acceleration of the maturity hereof.
GARGOYLES, INC., a
Washington corporation
By: /s/ Xxxxxxx X. Xxxxx
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Title: President and CEO
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