Exhibit 10.2
 
REVOLVING PROMISSORY NOTE
 
$3,000,000.00
October 19, 2007

 
1. Promise to Pay. For value received, DECORIZE, INC., a Delaware corporation,
GUILDMASTER, INC., a Missouri corporation, and FAITH WALK DESIGNS, INC., a
Missouri corporation (collectively, the “Borrower”) hereby promises to pay to
the order of GUARANTY BANK, a state chartered trust company with banking powers
(“Lender”), in lawful money of the United States and in immediately available
funds, the principal sum of Three Million and 00/100 Dollars ($3,000,000.00),
or, if less, the aggregate unpaid principal amount of all Revolving Loans made
by Lender to the Borrower pursuant to the Credit Agreement (referred to below)
and remaining unpaid, together with interest on the unpaid principal balance of
each Revolving Loan from time to time outstanding, at the rates of interest, at
the times specified and in the manner set forth in the Credit Agreement (as may
be amended, restated or modified from time to time, the “Credit Agreement”)
dated of even date herewith by and between the Borrower and Lender which said
Credit Agreement is incorporated herein by reference as though fully set forth
herein. This Note is the Revolving Note referred to in said Credit Agreement to
evidence the Revolving Loans made by Lender thereunder and to the extent the
provisions of this Note conflict with the provisions of the Credit Agreement,
the Credit Agreement shall govern. All capitalized terms used herein and not
defined herein have the meanings given to them in the Credit Agreement.
Prepayment may be made on any Revolving Loan evidenced hereby and this Note may
be declared due prior to the expressed maturity thereof, all in the events, on
the terms and in the manner as provided for in the Credit Agreement.
 
2. Substantiation. The Borrower hereby authorizes the Lender to record on its
books or records: (i) the principal amount of each Revolving Loan; and (ii) all
continuations, conversions and payments of principal and interest and principal
balances from time to time outstanding with respect to each Revolving Loan,
which such record thereof shall be prima facie evidence as to the outstanding
principal amount of, and accrued and unpaid interest on, the Revolving Loan;
provided, however, that failure to make such record, or any mistake in such
record, shall not limit or otherwise affect the obligation of Borrower under the
Credit Agreement or this Note.
 
3. Security Agreement. This Note is secured by, inter alia, a Security Agreement
dated the same date hereof executed by Borrower, reference to which is made for
the rights of the Lender to accelerate the maturity of this Note.
 
4. Time of Essence. Time is of the essence under this Note.
 
5. Responsibility of Persons under this Note. Presentment, notice of dishonor,
protest and demand and valuation and appraisement and all defenses on the ground
of delay are hereby waived by Borrower, any endorsers, sureties, guarantors and
any other party that may be or become responsible for payment of this Note. Each
such party (other than Borrower) hereby consents to any amendments,
restatements, extensions or renewals of this Note without notice, consent or
consideration.
 

 
 

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6. Attorney’s Fees. If the Lender refers this Note to an attorney-at-law or
collection agency for collection or seeks legal advice following default, or if
any other judicial or non-judicial action is instituted, including but not
limited to proceedings under bankruptcy laws, Borrower shall pay all of the
Lender’s reasonable attorneys’ fees and costs and collection expenses.
 
7. Governing Law. This Note shall be governed by and construed and interpreted
in accordance with the internal laws of the State of Missouri applicable to
contracts made and to be performed wholly within such state, without regard to
choice or conflicts of law principles or rules thereof.
 
8. Invalidity. In case any one or more of the provisions contained in this Note
shall for any reason be held to be invalid, illegal, or unenforceable in any
respect, such invalidity or unenforceability shall not affect any other
provisions hereof, and this Note shall be construed as if such invalid, illegal,
or unenforceable provision(s) had never been included.
 
9. Statute of Frauds Clause. Oral agreements or commitments to loan money,
extend credit or to forbear from enforcing repayment of a debt including
promises to extend or renew such debt are not enforceable, regardless of the
legal theory upon which it is based that is in any way related to the credit
agreement. To protect you (borrower(s)) and us (creditor) from misunderstanding
or disappointment, any agreements we reach covering such matters are contained
in this writing, which is the complete and exclusive statement of the agreement
between us, except as we may later agree in writing to modify it.
 
(Signatures on the following pages)
 
 
 

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IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed by
its duly authorized representative on the day and year first above written.
 

        BORROWER:       DECORIZE, INC., a Delaware corporation  
   
   
    By:   /s/ Steve Crowder  
 
Name:     

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Steve Crowder
  Title: President and CEO

 
COUNTY OF __________________   ) 
 
STATE OF_____________________ )
 
On this ____________ day of __________, 2007, before me appeared ______________,
to me personally known, who, being by me duly sworn (or affirmed) did say that
[he/she] is the _________________________________ of DECORIZE, INC., a Delaware
corporation, and that said instrument was signed on behalf of said corporation
by authority of its board of directors, and said
______________________________acknowledged said instrument to be the free act
and deed of said corporation.
 

       

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Notary Public     My commission expires:_________________  

 
 

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IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed by
its duly authorized representative on the day and year first above written.
 

        BORROWER:       GUILDMASTER, INC., a Missouri corporation  
   
   
    By:   /s/ Steve Crowder  
 
Name:     

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Steve Crowder
  Title: President and CEO

 
COUNTY OF __________________   ) 
 
STATE OF_____________________ )
 
On this ____________ day of __________, 2007, before me appeared ______________,
to me personally known, who, being by me duly sworn (or affirmed) did say that
[he/she] is the _________________________________ of GUILDMASTER, INC., a
Missouri corporation, and that said instrument was signed on behalf of said
corporation by authority of its board of directors, and said
______________________________acknowledged said instrument to be the free act
and deed of said corporation.
 

       

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Notary Public     My commission expires:_________________  

 
 

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IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed by
its duly authorized representative on the day and year first above written.
 

        BORROWER:       FAITH WALK DESIGNS, INC., a Missouri corporation  
   
   
    By:   /s/ Gaylen Ball  
 
Name:     

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Gaylen Ball   Title: Secretary

 
COUNTY OF __________________   ) 
 
STATE OF_____________________ )

On this ____________ day of __________, 2007, before me appeared ______________,
to me personally known, who, being by me duly sworn (or affirmed) did say that
[he/she] is the _________________________________ of FAITH WALK DESIGNS, INC., a
Missouri corporation, and that said instrument was signed on behalf of said
corporation by authority of its board of directors, and said
______________________________acknowledged said instrument to be the free act
and deed of said corporation.
 

       

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Notary Public     My commission expires:_________________  

 
 

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