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Revolving Credit Loan Agreement

 

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Title:

Revolving Credit Loan Agreement

Entities:

Nevtah Capital Management Corp

Date:

2001

Size:

Preview shows 5KB of 31KB total

Price:

$37

ID:

#1532363

 

 

► Loans ► Loan Agreements ► Credit ► Revolving Credit Loan Agreements

 

 

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<SEQUENCE>6

<FILENAME>0006.txt
<DESCRIPTION>REVOLVING CREDIT LOAN AGREEMENT
<TEXT>


REVOLVING CREDIT LOAN AGREEMENT


THIS REVOLVING CREDIT LOAN AGREEMENT, is made this 2nd day of January,
2001, by and between Nevtah Capital Management Corporation (the "Borrower"), a
Nevada corporation, and Daniel Kesonen ("Lender"), a director and officer of the
Borrower.

WHEREAS, Borrower is desirous of borrowing sums over a two-year period up
to an aggregate amount of Five-Hundred Thousand Dollars ($500,000) from Lender
in the form of a revolving line of credit;

WHEREAS, Lender is willing to provide the above-described loans to Borrower
on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
herein contained, the parties agree as follows:

1. Terms of Revolving Credit. Subject to the terms and conditions of this
Agreement, Lender hereby agrees to establish a revolving credit facility
(hereinafter, the "Revolving Credit") in the maximum amount of Five-Hundred
Thousand Dollars ($500,000) in favor of Borrower on the following terms and
conditions:

a. The term of the Revolving Credit shall begin on the date hereof and
shall end on January 1, 2003 (the "Termination Date").

b. Concurrently herewith, Borrower shall execute a Revolving Credit
Master Note in favor of Lender in the face amount of $500,000 (the "Note"),
payable on or before the first day of January, 2011, in the form attached hereto
as Exhibit A and incorporated by reference herein.

c. Advances under the Revolving Credit may be made, in the sole and
absolute discretion of Lender in accordance with the terms of this Agreement, at
any time prior to the Termination Date upon receipt by Lender of written request
therefor signed by Borrower; at no time shall the aggregate obligation of
Borrower to Lender exceed Five-Hundred Thousand Dollars ($500,000). All advances
under the Revolving Credit shall require the prior written approval of Laurence
C. Jones and Michael MacDonald who are both directors of Borrower. Borrower may
at any time prior to the Termination Date repay all or any part of said loans
under the Revolving Credit and subsequently receive further advances, consistent
with the terms and conditions hereof.

d. Principal amounts due under the Revolving Credit shall bear
interest and shall be payable in accordance with the terms of the Note.

e. Borrower may prepay under the Note at any time in any amount
without premium or penalty.

f. Amounts borrowed under the Revolving Credit shall be used for the
purposes specified in Section 8.a(2) of this Agreement.

2. Fees and Expenses. Borrower agrees to pay for all costs and expenses
incurred in connection with this Revolving Credit (including legal expenses
incurred in the preparation of this Agreement, the Note, and other documents
(the "Document Preparation Fees")) and the making, protection, enforcement and
collection of all amounts advanced under the Revolving Credit. These costs are
to include the fees of counsel at any time now or hereafter incurred by Lender,
and all costs and expenses incurred in enforcing the rights of Lender under this
Agreement whether or not upon the occurrence of any Event of Default
(hereinafter defined).

<PAGE>


3. Promises to Pay. Borrower promises to pay to Lender when due, whether by
normal maturity, acceleration or otherwise, the entire outstanding principal
amount of the Revolving Credit, together with interest, and all other amounts
payable by Borrower to Lender hereunder, including costs of collection.

4. Not used in this Agreement.

5. Events of Default; Acceleration. Any or all of the liabilities of
Borrower to the Lender in connection with the Revolving Credit shall, at the
option of Lender, be immediately due and payable upon the occurrence of any of
the following events of default (each of which shall be hereinafter referred to

 

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