UNITED TRUST GROUP, INC.
0000 X 0XX XX
XXXXXXXXXXX, XX 00000
XXXXXXXX'S NAME AND ADDRESS
"I" includes each borrower above, jointly and severally.
FIRST NATIONAL BANK OF THE CUMBERLANDS
West main office
0000 Xxxx Xxxx Xxxxxx XX Xxx 000
Xxxxxxxxxx, XX 00000
XXXXXX'S NAME AND ADDRESS
"You" means the lender, its successors and assigns.
Line of Credit No. 203102286
Date 11/15/2001
Max. Credit Amt. 3300,000. 00
Loan Ref. No.
You have extended to me a line of credit in the AMOUNT of **THREE
MILLION THREE HUNDRED THOUSAND DOLLARS AND ZERO** **CENTS** $
3300000.00
You will make loans to me from time to time until 12:00 -A m. on
November 15 , 2002 . Although the line of credit expires on that date, I
will remain obligated to perform all my duties under this agreement so long as I
owe you any money advanced according to the terms of this agreement, as
evidenced by any note or notes I have signed promising to repay these amounts.
This line of credit is an agreement between you and me. It is not intended that
any third party receive any benefit from this agreement, whether by direct
payment, reliance for future payment or in any other manner. This agreement is
not a letter of credit.
1. AMOUNT: This line of credit is:
____OBLIGATORY: You may not refuse to make a loan to me under this line of
credit unless one of the following occurs:
a. l have borrowed the maximum amount available to me;
b, This line of credit has expired;
c. I have defaulted on the note (or notes) which show my
indebtedness under this line of credit;
d. I have violated any term of this line of credit or any note or
other agreement entered into in connection with this line of
credit;
e. I have suffered any deterioration in my financial condition as
believed or determined by you, in your sole discretion on the
basis of such information as may be available to you from time to
time
f.
____________________________________________________________________
__X__DISCRETIONARY: You may refuse to make a loan to me under this line of
credit once the aggregate outstanding advances equal or exceed One
Dollar $ 1.00
Subject to the obligatory or discretionary limitations above, this line of
credit is:
__X__OPEN-END (Business or Agricultural only): I may borrow up to the
maximum amount of principal more than one time.
_____CLOSED-END: I may borrow up to the maximum only one time.
2.PROMISSORY NOTE: I will repay any advances made according to this line
of credit agreement as set out in the promissory note, I signed on
originating this agreement, or any note(s) I sign at a later time which
represent advances under this agreement. The note(s) set(s) out the terms
relating to maturity, interest rate, repayment and advances. If indicated
on the promissory note, the advances will be made as follows:
a. Only upon such terms and under such conditions as you may deem
appropriate at the time each advance is requested.
3. RELATED DOCUMENTS: I have signed the following documents in connection
with this line of credit and note(s) entered into in accordance with
this line of credit:
__X__security agreement dated 11/15/2001
_____mortgage dated
_____guaranty dated
4. REMEDIES: If I am in default on the note(s) you may:
a. take any action as provided in the related documents;
b. without notice to me, terminate this line of credit. By selecting
any of these remedies you do not give up your right to later use
any other remedy. By deciding not to use any remedy should I
default, you do not waive your right to later consider the event
a default, if it happens again.
5. COSTS AND FEES: If you hire an attorney to enforce this agreement I
will pay your reasonable attorney's fees, where permitted by law. I
will also pay your court costs and costs of collection, where
permitted by law.
6. COVENANTS: For as long as this line of credit is in effect or I owe
you money for advances made in accordance with the line of credit, I
will do the following:
a. maintain books and records of my operations relating to the need
for this line of credit;
b. permit you or any of your representatives to inspect and/or copy
these records;
c. provide to you any documentation requested by you which support
the reason for making any advance under this line of credit;
d. permit you to make any advance payable to the seller (or seller
and me) of any items being purchased with that advance;
e. use all funds advanced under this line of credit for the
following and no other purpose(s): REPURCHASE STOCK
f._________________________________________________________
7. NOTICES: All notices or other correspondence with me should be sent to
my address stated above. The notice or correspondence shall be
effective when deposited in the mail, first class, or delivered to me
in person.
8. MISCELLANEOUS: This line of credit may not be changed except by a
written agreement signed by you and me. The law of the state in which
you are located will govern this agreement. Any term of this agreement
which is contrary to applicable law will not be effective, unless the
law permits you and me to agree to such a variation.
SIGNATURES: I AGREE TO THE TERMS OF THIS LINE OF CREDIT. I HAVE RECEIVED A COPY ON TODAY'S DATE.
FOR THE LENDER
By /s/ XXX XXXXX
XXX XXXXX
Title VICE PRESIDENT "
UNITED TRUST GROUP, INC.
By /s/ XXXXXXX X. XXXXXXXXX,
XXXXXXX X. XXXXXXXXX
PRESIDENT
By /s/ XXXXXXXX X XXXXXX
XXXXXXXX X XXXXXX
SECRETARY
