CREDIT LINE AGREEMENT
Date: 10/1/96
On or before DEMAND, I (we), FREEDOM FINANCIAL CORPORATION, promise to pay to
the order of Florida Gaming Corporation, at its office in New Albany, Indiana or
at such other place as is designated by the holder hereof up to $2,000,000
advanced under this agreement for value received with interest from date at the
rate of TWO percent (2%) above prime rate as published in the Wall Street
Journal per annum until paid, and all costs of collection, including fifteen
percent attorneys fees if collected by law or through an attorney at law.
Maker hereby waives demand, protest sand notice of demand, protest and
nonpayment.
This note is ( ) Unsecured
(X) Secured by: A FIRST LIEN ON FREEDOM FINANCIAL
CORPORATION'S FEDERAL TAX REFUNDS RECEIVABLE TOTALING APPROXIMATELY $95,000
THROUGH AND FOR THE YEAR ENDED 12/31/95 AND A SECURITY INTEREST IN 265 ACRES OF
COMMERCIAL PROPERTY OWNED BY FREEDOM IN XXXXXX COUNTY GEORGIA.
It is expressly agreed that time is of the essence of this agreement. Given
under the hand and seal of each party hereto:
FREEDOM FINANCIAL CORPORATION
/s/ Xxxxxxx X. Xxxxxxx By: /s/ X. X. Xxxxxxx
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Witness X. X. Xxxxxxx, Chairman
