Revolving Credit Note
EXHIBIT 10.16
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REVOLVING CREDIT NOTE
$15,000,000 November 25, 0000
Xxx Xxxxxxx, Xxxxxxxxxx
FOR VALUE RECEIVED, CADIZ LAND COMPANY, INC., a Delaware
corporation (the "Borrower"), hereby promises to pay to the order of ING
BARING (U.S.) CAPITAL CORPORATION, a Delaware corporation (the
"Lender"), at the place and currency and manner designated in the Credit
Agreement referred to below and in immediately available funds, the
principal sum of FIFTEEN MILLION Dollars ($15,000,000) (or such lesser
amount as shall equal the aggregate unpaid principal amount of the
Revolving Loans made by the Lender to the Borrowers under the Credit
Agreement), in lawful money of the United States of America and in
immediately available funds, on the dates and in the principal amounts
provided in the Credit Agreement, and to pay interest on the unpaid
principal amount of each such Revolving Loan, at the place and currency
and manner designated in the Credit Agreement, for the period commencing
on the date of such Revolving Loan until such Revolving Loan shall be
paid in full, at the rates per annum and on the dates provided in the
Credit Agreement.
The date, amount, interest rate and Interest Payment Date of each
Revolving Loan made by the Lender to the Borrower, and each payment made
on account of the principal thereof, shall be recorded by the Lender on
its books and, prior to any transfer of this Note, endorsed by the
Lender on the schedule attached hereto or any continuation thereof,
provided that the failure of the Lender to make any such recordation or
endorsement shall not affect the obligations of the Borrower to make a
payment when due of any amount owing under the Credit Agreement or
hereunder in respect of the Revolving Loans made by the Lender.
This Note is one of the Notes referred to in the Credit Agreement
dated as of November 25, 1997 (as modified and supplemented and in
effect from time to time, the "Credit Agreement") among CADIZ LAND
COMPANY, INC., the LENDERS party hereto, and ING BARING (U.S.) CAPITAL
CORPORATION, as Administrative Agent, and evidences Revolving Loans made
by the Lender thereunder. Terms used but not defined in this Note have
the respective meanings assigned to them in the Credit Agreement.
The Credit Agreement provides for the acceleration of the maturity
of this Note upon the occurrence of certain events and for prepayments
of Loans upon the terms and conditions specified therein.
Except as permitted by Section 9.04 of the Credit Agreement, this
Note may not be assigned by the Lender to any other Person.
This Note shall be governed by, and construed in accordance with,
the law of the State of California.
CADIZ LAND COMPANY, INC.,
the Borrower
by: /s/ Xxxxxxx X. Xxxxx
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Name: Xxxxxxx X. Xxxxx
Title: Chief Financial Officer
SCHEDULE OF REVOLVING LOANS
This Note evidences Revolving Loans made, continued or converted
under the within-described Credit Agreement to the Borrowers, on the
dates, in the principal amounts, bearing interest at the rates and
having Interest Periods (if applicable) of the durations set forth
below, subject to the payments, continuations, conversions and
prepayments of principal set forth below:
Date Amount Paid,
Made, Principal Prepaid, Unpaid
Continued Amount Continued Principal Notation
Or Converted of Loan or Converted Amount Made by
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