SECURITY AGREEMENT (Equipment, Inventory, Accounts Receivable and General Intangibles)Security Agreement • June 16th, 2005 • Obsidian Enterprises Inc • Sheet metal work
Pyramid Coach, Inc. (“Company”), grants to Fair Holdings, Inc. (“FHI”), an Ohio corporation, a security interest in the Company’s Equipment, Inventory, Accounts Receivable and General Intangibles, whether now owned and hereafter acquired, and/or in the proceeds thereof to secure the payment and performance of all of the Obligations. Such security interest is granted on the terms stated in this Security Agreement.
CREDIT AGREEMENTCredit Agreement • June 16th, 2005 • Obsidian Enterprises Inc • Sheet metal work • Ohio
THIS CREDIT AGREEMENT is executed as of the 15th day of April, 2005, ("Closing Date"), between United Expressline, Inc., an Indiana corporation (the "Company"), and Fair Holdings, Inc., an Ohio Corporation ("FHI").
REVOLVING NOTERevolving Note • June 16th, 2005 • Obsidian Enterprises Inc • Sheet metal work
FOR VALUE RECEIVED, on or before April 15, 2012, Pyramid Coach, Inc. ("Company"), unconditionally promises to pay to the order of Fair Holdings, Inc. (the "FHI"), at 815 E. Market, Akron OH, 44305, the principal sum of Seven Hundred Fifty Thousand Dollars ($750,000), or so much of such amount as may be disbursed by FHI as Advances made on the Revolving Loan under the terms of the Credit Agreement dated as of even date, by and between Company and FHI (referred to herein, as the same may hereafter be modified, amended, restated, and/or extended from time to time and at any time, as the "Credit Agreement"), with interest thereon at the rates provided in the Credit Agreement. Capitalized terms used herein but not defined herein shall have the meanings ascribed thereto in the Credit Agreement.
FORBEARANCE AGREEMENTForbearance Agreement • June 16th, 2005 • Obsidian Enterprises Inc • Sheet metal work • Indiana
OLD NATIONAL BANK, a national banking association (the “Bank”), OBSIDIAN LEASING COMPANY, INC., an Indiana corporation with an address of 1ll Monument Circle, Indianapolis, Indiana, 46204 (the “Borrower”), OBSIDIAN ENTERPRISES, INC., PYRAMID COACH, INC., TIMOTHY S. DURHAM, TERRY WHITESELL, and JULIA WHITESELL (collectively, the “Guarantors”) (the Borrower and the Guarantors may from time to time hereinafter be referred to as, the “Obsidian Parties”) enter into this Forbearance Agreement (the “Agreement”) effective as of December 1, 2004.
