Document:

Ex-10.4 SunTrust Revolving Line of Credit Note

 

EXHIBIT 10.4

REVOLVING LINE OF CREDIT PROMISSORY NOTE

	 	 	 	 	 
	 
	 	Tampa, Florida
	U.S. $5,000,000.00
	 	November 1, 2004

     The undersigned Borrower promises to pay to the order of SUNTRUST BANK, a
Georgia banking corporation (hereinafter called “Bank”, which term shall
include all subsequent holders of this Note by assignment or otherwise), at its
offices located in Tampa, Florida, or order, the sum of FIVE MILLION AND 00/100
DOLLARS ($5,000,000.00), or so much thereof as may be advanced by Bank
hereunder, together with interest as required under this Note. Sums shall be
advanced to Borrower by Bank hereunder pursuant to the terms and conditions of
that certain Loan Agreement of even date herewith, by and between Bank and
Borrower. The outstanding principal amount due hereunder may fluctuate up and
down from time to time, but shall not exceed Five Million and 00/100ths United
States Dollars ($5,000,000.00) in the aggregate principal amount outstanding at
any one time.

     The principal outstanding under this Note shall bear interest at the
Interest Rate (as hereinafter defined), which Interest Rate shall be adjusted
on each Interest Rate Determination Date (as hereinafter defined). The term
“Interest Rate” means two percent (2.00%) per annum above One Month
LIBOR-Indexed Rate (as hereinafter defined). The term “One Month LIBOR-Indexed
Rate” means that rate per annum which is the quotient of:

(i) the rate per annum equal to the offered rate for deposits in U.S.
dollars of amounts comparable to the principal amount of the Note
offered for a term comparable to the Interest Period, which rate appears
on that page of Bloomberg reporting service, or such similar service as
determined by the Bank, that displays British Bankers’ Association
interest settlement rates for deposits in U.S. Dollars, as of 11:00 A.M.
(London, England time) two (2) Business Days prior to the first day of
such Interest Period; provided, that if no such offered rate appears on
such page, the rate used for such Interest Period will be the per annum
rate of interest determined by the Bank to be the rate at which U.S.
dollar deposits for the relevant Interest Period in an amount comparable
to the principal amount of the Note, are offered to the Bank in the
London Inter-Bank Market as of 11:00 A.M. (London, England time), on the
day which is two (2) Business Days prior to the first day of such
Interest Period, divided by

(ii) a percentage equal to 1.00 minus the maximum reserve percentages
(including any emergency, supplemental, special or other marginal
reserves) expressed as a decimal (rounded upward to the next 1/100th of
1%) in effect on any day to which Bank is subject with respect to any
One Month LIBOR loan pursuant to regulations issued by the Board of
Governors of the Federal Reserve System with respect to eurocurrency
funding (currently referred to as “eurocurrency liabilities” under
Regulation D). This percentage will be adjusted automatically on and as
of the effective date of any change in any reserve percentage.

     Anything to the contrary provided herein notwithstanding, upon any
increase in the reserve percentage by the Board of Governors of the Federal
Reserve System, Borrower shall have the right to request (which request shall
not be unreasonably denied by Bank) the use of the thirty (30) day

 

Secondary Certificate of Deposit Rate or some other mutually agreed upon index
instead of the One Month LIBOR-Indexed Rate. The term “Secondary Certificate
of Deposit Rate: shall mean:

(i) the Secondary Certificate of Deposit Rate per annum for 30-day
period, each as in effect on the date two (2) Business Days prior to the
beginning of each Interest Period, as published from time to time in the
Wall Street Journal or such substitute publication or interest rate
reporting service as may be designated in writing from time to time by
Bank to Borrower, in any such case rounded, if necessary to the higher
1/16 of 1.0% if the rate is not such a multiple.

     If the Bank determines in its sole discretion at any time (the
“Determination Date”) that it can no longer make, fund or maintain One Month
LIBOR-Indexed Rate and/or Secondary Certificate of Deposit Rate loans for any
reason, including without limitation illegality, or the One Month LIBOR Indexed
Rate and/or Secondary Certificate of Deposit Rate cannot be ascertained or do
not accurately reflect the Bank’s cost of funds, or the Bank would be subject
to Additional Costs that cannot be recovered from Borrower, then the Bank will
notify Borrower and thereafter will have no obligation to make, fund or
maintain One Month LIBOR-Indexed Rate and/or Secondary Certificate of Deposit
Rate loans. Upon such Determination Date, this Note shall be converted to a
variable rate loan based upon the Prime Rate (as hereinafter defined), with the
interest rate adjusting simultaneously with any fluctuation in said Prime Rate.
“Prime Rate” shall mean the publicly announced prime lending rate of the Bank
from time to time in effect, which rate may not be the lowest or best lending
rate made available by the Bank.

     The term “Business Day” as hereinabove used shall mean a day on which the
foreign exchange markets in London, England are open for business. The term
“Interest Rate Determination Date” as hereinabove used means November 1, 2004,
and the first (1st) Business Day of each calendar month thereafter. The term
“Interest Period” as hereinabove used means the period commencing on each
Interest Rate Determination Date and ending the day before the next Interest
Rate Determination Date.

     Interest hereunder shall be computed on the basis of a three hundred sixty
(360) day year, calculated for the actual number of days elapsed, provided,
however, that the Interest Rate charged hereunder shall never exceed the
maximum rate allowed, from time to time, by applicable law.

     Monthly payments consisting of accrued interest at the applicable Interest
Rate pursuant to the foregoing provisions of this Note shall be due and payable
beginning on December 1, 2004, and continuing on the first (1st) day of each
month thereafter until the Maturity Date (as defined below).

     The “Maturity Date” of this Note shall be November 1, 2006.
Notwithstanding any contrary provision of this Note, all amounts then
outstanding under this Note, if not sooner paid, shall be due and payable in
full on the Maturity Date as defined above.

     In the event that any applicable law or regulation or the interpretation
or administration thereof by any governmental authority charged with the
interpretation or administration thereof (whether or not having the force of
law) (i) shall change the basis of taxation of payments to the Bank or any
amounts payable by Borrower hereunder (other than taxes imposed on the overall
net

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income of the Bank) or (ii) shall impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits
with or for the account of, or credit extended by the Bank, or (iii) shall
impose any other condition with respect to this Note, and the result of the
foregoing is to increase the cost to the Bank of making or maintaining this
Note or to reduce any amount receivable by Bank hereunder, and the Bank
determines that such increased costs or reduction in amount receivable was
attributable to the One Month LIBOR-Indexed Rate used to establish the One
Month LIBOR-Indexed Rate hereunder, then Borrower shall from time to time, upon
demand by the Bank, pay to the Bank additional amounts sufficient to compensate
the Bank for such increased costs (the “Additional Costs”). A detailed
statement as to the amount of the Additional Costs, prepared in good faith and
submitted to Borrower by the Bank, shall be conclusive and binding in the
absence of manifest error.

     A payment due hereunder shall be deemed late if it is not received by the
Bank on or before ten (10) days after the due date of such payment, and each
late payment shall automatically incur a late charge, payable immediately,
equal to five percent (5%) of such payment. This late charge provision shall
not limit the operation of any other provision of this Note regarding payments
that are not made when due hereunder. Further, notwithstanding any other rate
of interest provided for herein, the Interest Rate applicable to any payment or
payments of principal or interest, or any part thereof, not received by the
Bank within ten (10) days after the due date thereof shall thereafter be the
maximum rate allowed, from time to time, by applicable law (the “Default
Rate”).

     Further still, Borrower shall be in default of this Note in the event that
any payment of principal or interest, or any part thereof, is not received by
the Bank within ten (10) days after the due date of such payment, or upon the
occurrence of any other default hereunder or under the terms of any mortgage or
other loan document securing or made at any time in connection with this Note
or with any loan cross-defaulted with this Note. In the event of any such
default that remains uncured upon the expiration of any applicable grace or
cure period, the principal sum remaining unpaid hereunder, together with all
accrued and unpaid interest thereon, and all other liabilities of the Borrower
under this Note, shall become due and payable at any time thereafter at the
option of the Bank, immediately upon the Bank’s written notice or demand. Also
in that event, the Bank shall have the remedies of a secured party under the
Uniform Commercial Code and, without limiting the generality of the foregoing,
the immediate and unconditional right to set off against this Note all money
owed by Bank in any capacity to each “Obligor” (which term includes Borrower
and any guarantor or other person or entity now or hereafter obligated for all
or part of the indebtedness of Borrower under this Note, or under any mortgage
or other loan document securing or made at any time in connection with this
Note, whether or not then otherwise due, and also to set off against all other
liabilities of each Obligor to Bank all money owed by Bank in any capacity to
each Obligor; and, Bank shall be deemed to have exercised such right of set-off
and to have made a charge against any such money immediately upon the
occurrence of such default that remains uncured upon the expiration of any
applicable grace or cure period, even though such a charge is made or entered
on the books of Bank at a later time.

     In enforcing its remedies for default, unless any collateral security for
this Note (“Collateral”) is perishable or threatens to decline speedily in
value, or is of a type customarily sold on a recognized market, the Bank will
give Borrower reasonable notice of the time and place of any

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public sale thereof or of the time after which any private sale or any other
intended disposition thereof is to be made. The requirement of reasonable
notice shall be met if such notice is mailed, postage prepaid, to Borrower at
the address given below or at any other address shown on the records of the
Bank, at least five (5) days before the time of the sale or disposition. In
connection with the disposition of any Collateral at the instance of the Bank,
Borrower shall be and remain liable for any deficiency, and Bank shall account
to Borrower for any surplus, provided, however, that the Bank shall have the
right to apply all or any part of such surplus (or to hold the same as a
reserve against) any and all other liabilities of Borrower to Bank, and further
provided that no provision of this Note or of any mortgage or other loan
document securing or made at any time in connection with this Note shall be
construed to require that the Bank seek recourse against any Collateral before
or to the exclusion of any other default rights and remedies that the Bank may
have under applicable law. Borrower promises and agrees to pay all costs and
expenses of collection and reasonable attorneys’ fee, including costs, expenses
and reasonable attorneys’ fees on appeal, if sought or collected by the Bank
through legal proceedings or through an attorney at law.

     Bank shall have the right, which may be exercised at any time whether or
not this Note is then due, to notify any one or more of the Obligors to make
payment to Bank on any amounts due or to become due on any Collateral. In the
event of any default hereunder (subject to any applicable cure period), Bank
shall thereafter have, but shall not be limited to, the following rights; (i)
to transfer this Note and the Collateral, whereupon Bank shall be relieved from
all further liabilities, duties and responsibilities hereunder and with respect
to any Collateral so pledged or transferred, and any transferee shall for all
purposes stand in the place of Bank hereunder and have all the rights of Bank
hereunder; (ii) to transfer the whole or any part of the Collateral into the
name of itself or its nominee; (iii) to vote the Collateral; (iv) to demand,
sue for, collect, or make any compromise or settlement it deems desirable with
reference to the Collateral; and, (v) to take control of any proceeds of
Collateral.

     No delay or omission on the part of Bank in exercising any right hereunder
shall operate as a waiver of such right or of any other right under this Note.
Presentment, demand, protest, notice of dishonor, and extension of time without
notice are hereby waived by Borrower and each and every other Obligor. Except
as otherwise expressly provided in this Note or by applicable law, any notice
to Borrower regarding this Note shall be sufficiently served for all purposes
if placed in the mail, postage prepaid, addressed to or left upon the premises
at the address shown below or any other address shown on the Bank’s records.
Time is of the essence in all matters relating to this Note.

     JURY TRIAL WAIVER. BORROWER AND BANK HEREBY KNOWINGLY, VOLUNTARILY,
INTENTIONALLY, AND IRREVOCABLY WAIVE THE RIGHT EITHER OF THEM MAY HAVE TO A
TRIAL BY JURY IN RESPECT TO ANY LITIGATION, WHETHER IN CONTRACT OR TORT, AT LAW
OR IN EQUITY, BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT AND ANY OTHER DOCUMENT OR INSTRUMENT CONTEMPLATED TO BE EXECUTED IN
CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS
A MATERIAL INDUCEMENT FOR BANK ENTERING INTO THIS AGREEMENT. FURTHER, BORROWER
HEREBY CERTIFIES THAT NO

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REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL HAS THE AUTHORITY TO WAIVE,
CONDITION, OR MODIFY THIS PROVISION.

     IN WITNESS WHEREOF, Borrower has executed and delivered this Note on the
date first above written.

	 	 	 	 	 
	 	Borrower:

SADDLEBROOK RESORTS, INC.,

a Florida corporation

 	 
	 	By:  	/s/ Thomas L. Dempsey
 	 
	 	 	Thomas L. Dempsey 	 
	 	 	Its Chief Executive Officer 	 
	 

Borrower’s Address:

5700 Saddlebrook Way

Wesley Chapel, Florida 33543

THIS NOTE, TOGETHER WITH THAT CERTAIN PROMISSORY NOTE OF EVEN DATE HEREWITH BY
BORROWER IN FAVOR OF BANK IN THE AMOUNT OF $12,000,000.00 (COLLECTIVELY, THE
“RENEWAL NOTES”), HAVE BEEN GIVEN IN RENEWAL OF THAT CERTAIN CONSOLIDATED
PROMISSORY NOTE (THE “CONSOLIDATED NOTE”) DATED JUNE 29, 1998, IN THE ORIGINAL
PRINCIPAL AMOUNT OF $26,000,000.00, GIVEN BY BORROWER IN FAVOR OF TEXTRON
FINANCIAL CORPORATION, AS ASSIGNED TO BANK. THE RENEWAL NOTES EVIDENCE ONLY
THE PRINCIPAL BALANCE OF THE CONSOLIDATED NOTE, NOT INCLUDING ANY INTEREST.
THUS, NO ADDITIONAL DOCUMENTARY STAMP TAXES OR NON-RECURRING INTANGIBLES TAXES
ARE DUE IN CONNECTION WITH THE EXECUTION OF THE RENEWAL NOTES OR THE EXECUTION
AND FILING OF THE SECOND AMENDED AND RESTATED MORTGAGE SECURING THE RENEWAL
NOTES.

5EX-10.1 AMENDMENT TO STOCK OPTION PLAN

 

EXHIBIT 10.1

AMENDMENT NO. 1 TO

INTEGRITY BANCSHARES, INC.

2003 STOCK OPTION PLAN

     This Amendment No. 1 to the Integrity Bancshares, Inc. 2003 Stock Option
Plan is made effective as of the 18th day of August, 2004.

WITNESSETH:

     WHEREAS, Integrity Bancshares, Inc. (the “Company”) has adopted a 2003
Stock Option Plan (the “Plan”) that originally authorized and reserved for
issuance 300,000 shares of the Company’s common stock upon the exercise of
options issued under the Plan;

     WHEREAS, by virtue of a 3-for-2 stock split that took effect on December
18, 2003, the number of shares authorized and reserved for issuance under the
Plan was automatically increased, in accordance with Section 14 of the Plan, to
450,000;

     WHEREAS, the Board of Directors of the Company has authorized this
Amendment No. 1 to the Plan to increase the number of shares authorized and
reserved for issuance under the Plan from 450,000 to 550,000 and directed that
the amendment be presented to the Company’s shareholders for ratification at
the next annual shareholders’ meeting;

     NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

	 	(1)	 	Section 3 of the Plan is hereby deleted and replaced with a
new Section 3 which reads as follows:

"3. SHARES SUBJECT TO THE PLAN

Subject to adjustments pursuant to the provisions of Section 14,
there shall be authorized and reserved for issuance upon the
exercise of Options to be granted under the Plan, Five Hundred
Fifty Thousand (550,000) shares of Common Stock.”

     As herein amended, the Plan continues in full force and effect.

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