First Allonge to Revolving Credit Note between Champion Industries, Inc. and United Bank, Inc. (July 1, 2005)

Contract Categories: Business Finance › Modification Agreements
Summary

Champion Industries, Inc. and United Bank, Inc. have agreed to extend the maturity date of a $10,000,000 revolving credit note originally set to mature on July 31, 2005. With this amendment, the new maturity date is July 31, 2008. All other terms of the original note and related loan documents remain unchanged and in effect. This agreement is a modification, not a replacement, of the original note.

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EX-10.2 3 exhibit102.htm EXHIBIT 10.2 Exhibit 10.2

 FIRST ALLONGE TO REVOLVING CREDIT NOTE

THIS FIRST ALLONGE TO REVOLVING CREDIT NOTE (“Allonge”), is dated as of the 1st day of July, 2005, and is made and given by Champion Industries, Inc., a West Virginia corporation (the “Borrower”), to United Bank, Inc., a West Virginia state banking corporation (“Lender”).

W I T N E S S E T H:

WHEREAS, on August 1, 2003, Borrower executed and delivered that certain Revolving Credit Note made payable to Lender in the principal sum of $10,000,000.00 (the “Note”), pursuant to that certain Revolving Credit Agreement, dated August 1, 2003, between Borrower and Lender (the “Loan Agreement”); and

WHEREAS, maturity date of the Note is July 31, 2005;

WHEREAS, Borrower has requested that Lender extend the Maturity Date; and

WHEREAS, Lender is agreeable to Borrower’s request, subject to the terms and conditions as set forth herein.

NOW, THEREFORE, for $10.00, cash in hand paid, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties covenant and agree as follows:

1. 1. Effective as of the date of this Allonge, the term “Note” or “note”, as used herein and in the Note and other Loan Documents, shall mean the Note as modified and amended by this Allonge.

2. Effective as of the date of this Allonge, the Maturity Date of the Note is extended through and including July 31, 2008.

3. This Allonge is a modification only and not a novation. Except as modified herein, the Note shall remain in full force and effect, and the Revolving Credit Agreement, financing statements and all other documents executed in connection therewith, shall remain in full force and effect and, along with the Note, shall be binding on the respective parties.



WITNESS the following signatures and seals of Lender and Borrower as of the 1st day of July 2005.

LENDER: UNITED BANK, INC.


By:  /s/ Linda J. Pleasants                                                            
Its: Vice President

BORROWER: CHAMPION INDUSTRIES, INC.

By:  /s/ Todd R. Fry                                                             
Its: Senior Vice President, Chief Financial Officer