REPLACEMENT REVOLVING CREDIT NOTE
$4,500,000 Dated as of July 1, 1998
FOR VALUE RECEIVED, QUAD CITY HOLDINGS, INC. (the "Maker") promises to
pay to the order of LASALLE NATIONAL BANK (the "Bank") the lesser of: the
principal sum of FOUR MILLION FIVE HUNDRED THOUSAND and 00/100 DOLLARS
($4,500,000), or the aggregate unpaid principal amount outstanding under the
Loan Agreement dated May 15, 1996 (as amended from time to time, the "Loan
Agreement") between the Bank and the Maker at the maturity or maturities and in
the amount or amounts as stated on the records of the Bank together with
interest (computed on actual days elapsed on the basis of a 360 day year) on any
and all principal amounts outstanding hereunder from time to time from the date
hereof until maturity. Interest shall be payable at the rates of interest and
the times set forth in the Loan Agreement. In no event shall any principal
amount have a maturity later than July 1, 2000.
This Note shall be available for direct advances.
Principal and interest shall be paid to the Bank at its office at 000
Xxxxx XxXxxxx Xxxxxx, Xxxxxxx, Xxxxxxxx 00000, or at such other place as the
holder of this Note may designate in writing to the Maker. This Note may be
prepaid in whole or in part as provided for in the Loan Agreement.
This Note evidences indebtedness incurred under the Loan Agreement, to
which reference is hereby made for a statement of the terms and conditions under
which the due date of the Note or any payment thereon may be accelerated. The
holder of this Note is entitled to all of the benefits and security provided for
in said Loan Agreement.
The Maker agrees that in action or proceeding instituted to collect or
enforce collection of this Note, the amount on the Bank's records shall be
prima-facie evidence of the unpaid principal balance of this Note.
This Note is in replacement and substitution for a Revolving Credit
Note of the Maker dated June 1, 1997 in the principal amount of $4,500,000 and
is in no way intended to constitute a novation therefor.
QUAD CITY HOLDINGS, INC.
By:
Its:
