SECOND ALLONGE TO REVOLVING CREDIT NOTE
EXHIBIT
10.1
SECOND
ALLONGE TO REVOLVING CREDIT NOTE
THIS
SECOND ALLONGE TO REVOLVING CREDIT NOTE ("Allonge"), is dated as of the
1ST day of March, 2007, 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").
WITNESSETH:
WHEREAS,
on August 1,2003, Borrower executed and delivered that certain Revolving
Credit
Note made payable to Lender in the principal sum of $l0,000,000.00 (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, 2008;
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.
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 an including July 31, 2010.
|
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 signature and seals of Lender and Borrower as of the 1ST
day of March, 2007.
LENDER:
UNITED BANK, INC.
BY: /s/
Xxxxx
X Xxxxxxxxx
ITS: Vice
President
BORROWER:
CHAMPION INDUSTRIES, INC.
BY: /s/
Xxxx X. Xxx
ITS:
CFO