ex10-3.htm


    
      Exhibit
10.3

      MASTER
REVOLVING CREDIT NOTE

    

    
      


       

      Date:  October
12, 2009 Maker:SEV,
Inc.

    

    
       

      Payee: David
M. Loev

       

    

    
      
        
          	
                  Place
      for Payment:  6300 West Loop South Suite 280 Bellaire, Texas
      77401

                


        

      

    

    
      


       

      Principal
Amount: Two Thousand Five Hundred and No/100 Dollars ($2,500.00) Annual Interest
Rate on Unpaid Principal from Date: Zero percent (0%)

    

    
       

      Annual
Interest Rate on Matured, Unpaid Amounts: Zero percent (0%)

    

    
       

      Terms
of Payment (principal and interest):

    

    
       

      Interest,
if any, on any unpaid principal shall be due on the fifteenth (15th) of each
mouth. All unpaid principal and interest is due and payable on February 28,
2010.

    

    
       

      The
unpaid principal balance, including any unpaid and accrued interest, shall at no
time exceed the sum of Two Thousand Five Hundred and No/100 Dollars ($2,500.00).
The unpaid principal balance of this note at any time shall be the total amounts
loaned or advanced hereunder by Payee, less the amount of payments or
prepayments of principal made hereon by or for the account of Maker. It is
contemplated that by reason of prepayments hereon, there way be times when no
indebtedness is due hereunder; but notwithstanding such occurrences, this note
shall remain valid and shall be in full force and effect as to loans or advances
made pursuant to and under the terms of this note subsequent to each such
occurrence.

    

    
       

      Advances
hereunder shall be made by Payee upon the oral or written request of the
undersigned officer of Maker or any other officer of Maker authorized to make
such a request.

    

    
       

      Maker
promises to pay to the order of Payee at the place for payment and according to
the terms of payment the principal amount plus interest at the rates stated
above. All unpaid amounts shall be due by February 28,2010.

    

    
       

      On
default in the payment of this note or in the performance of any obligation in
any instrument securing or collateral to it, this note and all obligations in
all instruments securing or collateral to it shall become immediately due at the
election of Payee. Maker and
each surety, endorser, and guarantor waive all demands for payment,
presentations for payment, notices of intention to accelerate maturity,
protests, and notices of protest

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      If this
note or any instrument securing or collateral to it is given to an attorney
for collection, or if suit is brought for collection, or if it is collected
through, probate, bankruptcy, or other judicial proceeding, then Maker shall pay
Payee all costs of collection, including reasonable attorney's fees and court
costs, in addition to other amounts due.

    

    
       

      Interest
on the debt evidenced by this note shall not exceed the maximum amount of
nonusurious interest that may be contracted for, taken, reserved, charged, or
received under law; any interest in excess of that maximum amount
shall be credited on the principal of the debt or, if that has been paid,
refunded. On any acceleration or required or permitted prepayment, any such
excess shall be canceled automatically as of the acceleration or prepayment or,
if already paid, credited on the principal of the debt or, if the principal of
the debt has been paid, refunded. This provision overrides other provisions in
this and all other instruments concerning the debt.

    

    
       

      The terms
Maker and Payee and other nouns and pronouns include the plural if more than
one. The terms Maker and Payee also include their respective successors,
representatives, and assigns.

    

    
      


       

      Maker
SEV, Inc.