Revolving Note between LECG, LLC and U.S. Bank National Association dated August 19, 2003

Contract Categories: Business Finance › Note Agreements
Summary

LECG, LLC, a California limited liability company, agrees to repay up to $9,000,000 to U.S. Bank National Association under the terms of a revolving credit facility. The note outlines repayment in U.S. dollars, interest terms, and references an underlying credit agreement that governs additional details, including security, prepayment, and acceleration upon default. The agreement is governed by Minnesota law and replaces a previous $6,000,000 note. LECG, LLC is responsible for collection costs if it defaults.

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EX-10.34 17 a2118977zex-10_34.htm EXHIBIT 10.34
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Exhibit 10.34


REVOLVING NOTE

$9,000,000   August 19, 2003
Minneapolis, Minnesota

        FOR VALUE RECEIVED, LECG, LLC, a California limited liability company, hereby promises to pay to the order of U.S. Bank National Association (the "Bank") at the main office of U.S. BANK NATIONAL ASSOCIATION in Minneapolis, Minnesota, in lawful money of the United States of America in Immediately Available Funds (as such term and each other capitalized term used herein are defined in the Credit Agreement hereinafter referred to) on the Revolving Commitment Ending Date the principal amount of NINE MILLION DOLLARS and NO CENTS ($9,000,000.00) or, if less, the aggregate unpaid principal amount of the Revolving Loans made by the Bank under the Credit Agreement, and to pay interest (computed on the basis of actual days elapsed and a year of 360 days) in like funds on the unpaid principal amount hereof from time to time outstanding at the rates and times set forth in the Credit Agreement.

        This note is one of the Revolving Notes referred to in the Amended and Restated Credit Agreement dated as of March 31, 2003 (as the same may hereafter be from time to time amended, restated or otherwise modified, the "Credit Agreement") among the undersigned, the Bank and the other banks named therein. This note is secured, it is subject to certain mandatory prepayments and its maturity is subject to acceleration, in each case upon the terms provided in said Credit Agreement.

        In the event of default hereunder, the undersigned agrees to pay all costs and expenses of collection, including reasonable attorneys' fees. The undersigned waives demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor.

        This Note replaces and supersedes, and evidences indebtedness formerly evidenced by, (i) a promissory note of the undersigned in favor of U.S. Bank National Association dated as of March 31, 2003 in the principal amount of $6,000,000.

        THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS.

 
    
    
    LECG, LLC

 
 
By
 
/s/  JOHN C. BURKE      
    Title   CFO


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    Exhibit 10.34
REVOLVING NOTE