Document:

<PAGE>

                                                                Exhibit 10.1

                                                              EXECUTION COPY

                              SECOND AMENDMENT
                                     TO
                              CREDIT AGREEMENT

         THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated
                                                          ---------
as of July 20, 2006, among GRAYBAR ELECTRIC COMPANY, INC., a New York
corporation (the "Borrower"), certain Material Domestic Subsidiaries of the
                  --------
Borrower as may from time to time become parties to this Amendment (the
"Guarantors"), the Lenders identified on the signature pages hereto as the
 ----------
existing Lenders (the "Existing Lenders"), the Lenders identified on the
                       ----------------
signature pages hereto as the new Lenders (the "New Lenders", and together
                                                -----------
with the Existing Lenders, the "Lenders") and WACHOVIA BANK, NATIONAL
                                -------
ASSOCIATION, as administrative agent for the Lenders hereunder (in such
capacity, the "Administrative Agent").
               --------------------

                                  RECITALS
                                  --------

         WHEREAS, the Borrower, the Guarantors, the Existing Lenders and the
Administrative Agent, are party to that certain 364-Day Credit Agreement
dated as of July 22, 2004 (as amended by that certain First Amendment to
Credit Agreement dated as of July 21, 2005, and as further amended or
modified prior to the date hereof, the "Existing Credit Agreement"). Unless
                                        -------------------------
otherwise defined herein or the context otherwise requires, terms used in
this Amendment, including its preamble and recitals, have the meanings
provided in the Existing Credit Agreement.

         WHEREAS, the Borrower has requested to extend the Revolving
Commitment Termination Date for an additional 364-day period, and certain
Existing Lenders have agreed to extend their respective Revolving
Commitments and amend the Existing Credit Agreement in accordance with such
request and as provided herein.

         WHEREAS, the Borrower, the Existing Lenders and the New Lenders
have agreed that the New Lenders shall become parties to the Existing Credit
Agreement (as amended hereby).

         WHEREAS, the Borrower and the Lenders have agreed to amend certain
provisions of the Existing Credit Agreement as more fully set forth below.

         NOW, THEREFORE, in consideration of the agreements hereinafter set
forth, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

<PAGE>
<PAGE>

                                  AGREEMENT
                                  ---------

I.       AMENDMENTS TO EXISTING CREDIT AGREEMENT.

         Subject to the satisfaction of the conditions precedent set forth
in Article IV, Section 3 below, from and after the Second Amendment
Effective Date, the Existing Credit Agreement (together with the Schedules
attached thereto) is hereby amended in the following respects:

         1. The Existing Credit Agreement is hereby amended by deleting each
reference to "$100,000,000" therein and replacing it with a reference to
"$150,000,000".

         2. The Existing Credit Agreement is hereby amended by deleting each
reference to "ONE HUNDRED MILLION" therein and replacing it with a reference
to "ONE HUNDRED FIFTY MILLION".

         3. Section 1.1 of the Existing Credit Agreement is hereby amended
by amending the definition of "Applicable Margin" by (i) replacing the first
reference in the last paragraph thereof to "Level I" with a reference to
"Level II", (ii) replacing the reference in the last paragraph thereof to
"June 30, 2004" with a reference to "June 30, 2006" and (iii) deleting the
pricing grid in its entirety and replacing it with the following:

<TABLE>
<CAPTION>
------------------------------------------------------------------------------
                             Alternate
              Leverage       Base Rate        LIBOR Rate        Facility
  Level         Ratio          Margin           Margin             Fee
------------------------------------------------------------------------------
<C>        <C>                 <C>              <C>               <C>
    I      > 3.00 to 1.0       0.50%            1.25%             0.50%
           -
------------------------------------------------------------------------------
    II     < 3.00 to 1.0 but   0.25%            1.15%             0.35%
             > 2.25 to 1.0
             -
------------------------------------------------------------------------------
    III    < 2.25 to 1.0 but   0.00%            0.95%             0.30%
             > 1.50 to 1.0
             -
------------------------------------------------------------------------------
    IV     < 1.50 to 1.0       0.00%            0.75%             0.25%
------------------------------------------------------------------------------
</TABLE>

         4. Section 1.1 of the Existing Credit Agreement is hereby amended
by amending the definition of "Pro Forma Compliance Certificate" by (i)
deleting the reference to "," immediately prior to the word "Interest" and
replacing it with the phrase "and the" and (ii) deleting the phrase "and the
Consolidated Tangible Net Worth".

         5. Section 1.1 of the Existing Credit Agreement is hereby amended
by amending and restating the following definitions in their entirety as
follows:

                  "Excluded Amount" shall mean collectively each of the
                   ---------------
         amounts set forth in the table below, provided that (i) for each
                                               -------- ----
         related "Site Location" the Excluded Amount shall not exceed (but
         can be equal to or less than) the amount set forth opposite such
         Site Location in the table below and (ii) for each related Site
         Location, either (A) the Excluded Amount must relate to the
         synthetic lease or other financing product in existence on the
         Closing Date with respect to such Site Location or (B) the Borrower
         must own such Site Location:

                                     2

<PAGE>
<PAGE>

------------------------------------------------------------------------
Site Location                        Excluded Amount
-------------                        ---------------
------------------------------------------------------------------------
Stafford, TX                         $ 7,660,000
------------------------------------------------------------------------
Austell, GA                          $ 7,452,000
------------------------------------------------------------------------
Youngstown, OH                       $ 7,008,000
------------------------------------------------------------------------
Joliet, IL                           $ 9,917,744
------------------------------------------------------------------------
Tampa, FL                            $ 9,773,687
------------------------------------------------------------------------
Taunton, MA                          $ 9,793,000
------------------------------------------------------------------------
Maximum Excluded Amount:             $51,604,431
------------------------------------------------------------------------

         "Revolving Commitment Termination Date" shall mean July 19, 2007.
          -------------------------------------

         6.  Section 1.1 of the Existing Credit Agreement is hereby amended
by deleting the following definitions in their entirety: "Consolidated
Tangible Net Worth", "Consolidated Total Liabilities" and ""Consolidated
Total Tangible Assets".

         7.  Section 4.2 of the Existing Credit Agreement is hereby amended
by (i) deleting clause (f) in its entirety and (ii) replacing the reference
to "(f)" in the last paragraph thereof with a reference to "(e)".

         8.  Section 5.1 of the Existing Credit Agreement is hereby amended
by deleting clause (c) in its entirety.

         9.  Section 5.8 of the Existing Credit Agreement is hereby amended
by deleting clause (c) in its entirety.

         10. Section 6.10 of the Existing Credit Agreement is hereby amended
by deleting the language following clause (d) its entirety and replacing it
with the following:

                  "unless (i) the aggregate amount of all Restricted
         Payments made during the period from and after the Second Amendment
         Effective Date to and including the date of the making of the
         Restricted Payment in question would not exceed the sum of (x)
         $20,000,000 plus (y) 50% of cumulative Consolidated Net Income for
                     ----
         such period (or less 100% of cumulative Consolidated Net Income
         incurred for such period if such Consolidated Net Income for such
         period is a deficit figure) plus (z) the aggregate Net Cash
                                     ----
         Proceeds of the issuance or sale of the Borrower's capital stock
         during such period and (ii) no Default or Event of Default shall
         have occurred or would occur as a result of such Restricted
         Payment. However, so long as no Event of Default shall have
         occurred and be continuing nothing herein shall restrict the
         Borrower's ability to (i) repurchase

                                     3

<PAGE>
<PAGE>

         capital stock of the Borrower in an aggregate amount of up to
         $7,000,000 during the period from the Second Amendment Effective
         Date through the Revolving Commitment Termination Date and such
         repurchases of less than $7,000,000 shall not constitute Restricted
         Payments and (ii) make payments or optional prepayments with
         respect to the Senior Notes."

         11. The Schedules to the Existing Credit Agreement are hereby
amended by deleting each of Schedule 2.1(a), Schedule 3.18, Schedule 6.1(b),
Schedule 6.2, Schedule 6.5 and Schedule 9.2 in their entirety and replacing
each with the corresponding Schedules attached hereto as Exhibits A through
Exhibit F, respectively.

II.      GUARANTORS

         From and after the Second Amendment Effective Date, by execution of
this Amendment, each Person identified as a "Guarantor" on the signature
pages hereto hereby acknowledges, agrees and confirms that, by its execution
of this Amendment, such Person will be deemed to be a party to the Existing
Credit Agreement and a "Guarantor" for all purposes of the Existing Credit
Agreement, and shall have all of the obligations of a Guarantor thereunder
as if it had executed the Existing Credit Agreement (it being understood and
agreed that as of the Second Amendment Effective Date the Borrower has no
Material Domestic Subsidiaries, and therefore there are no "Guarantors"
identified on the signature pages hereto). Such Person hereby ratifies, as
of the date hereof, and agrees to be bound by, all of the terms, provisions
and conditions contained in the applicable Credit Documents, including
without limitation (a) all of the representations and warranties set forth
in Article III of the Existing Credit Agreement and (b) all of the
affirmative and negative covenants set forth in Articles V and VI of the
Existing Credit Agreement. Without limiting the generality of the foregoing
terms of this Article II, each Guarantor hereby guarantees, jointly and
severally together with the other Guarantors, the prompt payment of the
Obligations in accordance with Article X of the Existing Credit Agreement.

III.     JOINDER OF NEW LENDERS

         From and after the Second Amendment Effective Date, each of the New
Lenders shall be a party to and be bound by the provisions of the Existing
Credit Agreement (as amended hereby) and shall have the rights and
obligations of a Lender thereunder.

         Each New Lender (i) confirms that it has received a copy of the
Existing Credit Agreement and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter
into this Amendment; (ii) agrees that it will, independently and without
reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the
Existing Credit Agreement (as amended hereby); (iii) appoints and authorizes
the Administrative Agent to take such action as agent on its behalf and to
exercise such powers and discretion under the Existing Credit Agreement (as
amended hereby) as are delegated to the Administrative Agent by the terms
thereof, together with such powers and discretion as are reasonably
incidental thereto; (iv) agrees

                                     4

<PAGE>
<PAGE>

that it will perform in accordance with their terms all of the obligations
that by the terms of the Existing Credit Agreement (as amended hereby) are
required to be performed by it as a Lender; and (v) which is not a United
States person shall have attached all forms required under Section 2.18(b)
of the Existing Credit Agreement.

IV.      MISCELLANEOUS

         1.  Representations and Warranties. Each of the Credit Parties
             ------------------------------
represents and warrants to the Lenders and the Administrative Agent as
follows:

             (i) It has taken all necessary action to authorize the
         execution, delivery and performance of this Amendment.

             (ii) This Amendment has been duly executed and delivered
         by such Credit Party and constitutes such Credit Party's legal,
         valid and binding obligation, enforceable in accordance with its
         terms, except as such enforceability may be limited (x) by general
         principles of equity and conflicts of laws (whether enforcement is
         sought by proceedings in equity or at law) or (y) by bankruptcy,
         reorganization, insolvency, moratorium or other laws of general
         application relating to or affecting the enforcement, of creditors'
         rights.

             (iii) No consent, approval, authorization or order of, or
         filing, registration or qualification with, any court or
         Governmental Authority or Person is required in connection with the
         execution, delivery or performance by such Credit Party of this
         Amendment (except for those which have been obtained on or prior to
         the Second Amendment Effective Date and the filing of a Form 8-K
         with the SEC).

             (iv) The execution and delivery of this Amendment does not
         diminish or reduce its obligations under the Credit Documents in
         any manner, except as specifically set forth herein.

             (v) Such Credit Party has no claims, counterclaims,
         offsets, or defenses to the Credit Documents and the performance of
         its obligations thereunder, or if such Credit Party has any such
         claims, counterclaims, offsets, or defenses to the Credit Documents
         or any transaction related to the Credit Documents, the same are
         hereby waived, relinquished and released in consideration of the
         Lenders' execution and delivery of this Amendment.

             (vi) The representations and warranties of the Credit
         Parties set forth in Article III of the Existing Credit Agreement
         are true and correct in all material respects as of the date hereof
         (except those that expressly relate to an earlier date) and all of
         the provisions of the Credit Documents, except as amended hereby,
         are in full force and effect.

             (vii) Subsequent to the execution and delivery of this
         Amendment and after giving effect hereto, no unwaived event has
         occurred and is continuing on the date hereof which constitutes a
         Default or an Event of Default.

                                     5

<PAGE>
<PAGE>

         2.  Effect of Amendment. Except as expressly modified and amended in
             -------------------
this Amendment, all of the terms, provisions and conditions of the Credit
Documents shall remain unchanged and in full force and effect. The Credit
Documents and any and all other documents heretofore, now or hereafter
executed and delivered pursuant to the terms of the Existing Credit
Agreement are hereby amended so that any reference to the Existing Credit
Agreement shall mean a reference to the Existing Credit Agreement as amended
hereby.

         3.  Conditions Precedent. This Amendment shall become effective as
             --------------------
of July 20, 2006 on the day (the "Second Amendment Effective Date") on which
                                  -------------------------------
each of the following conditions precedent has been satisfied:

             (a) Execution of Agreement. The Administrative Agent shall
                 ----------------------
         have received (i) counterparts of this Amendment, executed by a
         duly authorized officer of each party hereto and (ii) for the
         account of each Lender, Revolving Notes and for the account of the
         Swingline Lender, a Swingline Note.

             (b) Authority Documents. The Administrative Agent shall
                 -------------------
         have received the following:

                 (i) Articles of Incorporation. Copies of the
                     -------------------------
         articles of incorporation or other charter documents, as
         applicable, of each Credit Party certified to be true and complete
         as of a recent date by the appropriate governmental authority of
         the state of its incorporation.

                 (ii) Resolutions. Copies of resolutions of the
                      -----------
         board of directors or the executive committee of each Credit Party
         approving and adopting the Amendment, the transactions contemplated
         herein and authorizing execution and delivery hereof, certified by
         an officer of such Credit Party as of the Second Amendment
         Effective Date to be true and correct and in force and effect as of
         such date.

                 (iii) Bylaws. A copy of the bylaws of each Credit
                       ------
         Party certified by an officer of such Credit Party as of the Second
         Amendment Effective Date to be true and correct and in force and
         effect as of such date.

                 (iv) Good Standing. Copies of (A) certificates of
                      -------------
         good standing, existence or its equivalent with respect to each
         Credit Party certified as of a recent date by the appropriate
         governmental authorities of the state of incorporation and each
         other state in which the failure to so qualify and be in good
         standing could reasonably be expected to have a Material Adverse
         Effect on the business or operations of such Credit Party and its
         Subsidiaries and (B) a certificate indicating payment of all
         corporate franchise taxes certified as of a recent date by the
         appropriate governmental taxing authorities.

                 (v) Incumbency. An incumbency certificate of each
                     ----------
         Credit Party certified by a secretary or assistant secretary to be
         true and correct as of the Second Amendment Effective Date.

                                     6

<PAGE>
<PAGE>

             (c) Legal Opinions of Counsel. The Administrative Agent
                 -------------------------
         shall have received an opinion of Bryan Cave LLP and the General
         Counsel of the Borrower, in each case on behalf of the Credit
         Parties, dated the Second Amendment Effective Date and addressed to
         the Administrative Agent and the Lenders, in form and substance
         acceptable to the Administrative Agent.

             (d) Fees and Expenses. The Administrative Agent shall have
                 -----------------
         received all fees and expenses owed by the Borrower to the Lenders
         and the Administrative Agent.

             (e) Officer's Certificate. The Administrative Agent shall
                 ---------------------
         have received a certificate executed by a Responsible Officer of
         the Borrower as of the Second Amendment Effective Date stating that
         immediately after giving effect to this Amendment, the other Credit
         Documents and all the transactions contemplated herein and therein
         to occur on such date, (A) no Default or Event of Default exists
         and (B) all representations and warranties contained herein and in
         the other Credit Documents are true and correct in all material
         respects.

             (f) Additional Conditions to Revolving Loans. If a Loan is
                 ----------------------------------------
         made pursuant to Section 2.1 of the Existing Credit Agreement (as
         amended hereby), all conditions set forth in such Section shall
         have been satisfied.

             (g) Additional Conditions to Swingline Loan. If a Loan is
                 ---------------------------------------
         made pursuant to Section 2.3 of the Existing Credit Agreement (as
         amended hereby), all conditions set forth in such Section shall
         have been satisfied.

             (h) Additional Matters. All other documents and legal
                 ------------------
         matters in connection with the transactions contemplated by this
         Amendment shall be reasonably satisfactory in form and substance to
         the Administrative Agent and its counsel.

         4.  Construction. This Amendment is a Credit Document executed
             ------------
pursuant to the Existing Credit Agreement and shall (unless otherwise
expressly indicated therein) be construed, administered and applied in
accordance with the terms and provisions of the Existing Credit Agreement as
amended hereby.

         5.  Counterparts. This Amendment may be executed in any number of
             ------------
counterparts and by the parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed to be an original and
all of which taken together shall constitute one and the same instrument.

         6.  GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
             -------------
THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                     7

<PAGE>
<PAGE>

         7.  Binding Effect. This Amendment, the Existing Credit Agreement as
             --------------
amended hereby and the other Credit Documents embody the entire agreement
between the parties and supersede all prior agreements and understandings,
if any, relating to the subject matter hereof, and represent the final
agreement between the parties and may not be contradicted by evidence of
prior, contemporaneous or subsequent oral agreements of the parties.

         8.  Severability. If any provision of this Amendment is determined
             ------------
to be illegal, invalid or unenforceable, such provision shall be fully
severable and the remaining provisions shall remain in full force and effect
and shall be construed without giving effect to the illegal, invalid or
unenforceable provisions.

                [Remainder of Page Intentionally Left Blank]

                                     8

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the
date first above written.

BORROWER:                                   GRAYBAR ELECTRIC COMPANY, INC.
--------
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

ADMINISTRATIVE AGENT:                       WACHOVIA BANK, NATIONAL ASSOCIATION,
--------------------                          as Administrative Agent

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

EXISTING LENDERS:                           WACHOVIA BANK, NATIONAL ASSOCIATION,
----------------                            as a Lender

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

[OTHERS]

                                            BANK OF AMERICA, N.A.
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            JPMORGAN CHASE BANK N.A.
                                            (SUCCESSOR BY MERGER TO BANK ONE,
                                            NA (MAIN OFFICE CHICAGO))
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            SUNTRUST BANK
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                     9

<PAGE>
<PAGE>

                                            U.S. BANK NATIONAL ASSOCIATION
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            NATIONAL CITY BANK OF THE MIDWEST
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            FIFTH THIRD BANK, A MICHIGAN
                                            BANKING CORPORATION
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            THE BANK OF NEW YORK
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            HARRIS N.A. (SUCCESSOR BY MERGER TO
                                            HARRIS TRUST AND SAVINGS BANK)
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            COMERICA BANK
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            COMMERCE BANK, N.A.
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            FIRST BANK
                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:Exhibit 10.1

    
      

    

    Exhibit
      10.1

     

    PROMISSORY
      NOTE

    

    
      	
              Principal

              $1,125,000.00

            	
              Loan
                Date

              08-01-2006

            	
              Maturity

              11-01-2006

            	
              Loan
                No

              12030954-10000

            	
              Call
                / Coll

               

            	
              Account

              00000122565

            	
              Officer

              32405

            	
              Initials

            
	
              References
                in
                the shaded area are for Lender’s use only and do not limit the
                applicability of this document to any particular loan or
                item.

              Any
                item
                above containing “***” has been omitted due to text length
                limitations.

            

    

    

    
      	
              Borrower:

            	
              Siboney
                Learning Group Inc

              Siboney
                Corporation

              325
                Kirkwood RR #300

              St
                Louis, MO 63122

            	
              Lender:

            	
              Southwest
                Bank of St. Louis

              St
                Louis Region Commercial Lending

              13205
                Manchester Road

              Des
                Peres, MO 63131

            

    

    

    
      	 	 	 
	
              Principal
                Amount: $1,125,000.00

            	
              Initial
                Rate: 8.250%

            	
              Date
                of Note: August 1, 2006    
                

            

    

     

    PROMISE
      TO
      PAY.
      Siboney Learning
      Group Inc and Siboney Corporation (“Borrower”) jointly and severally promise to
      pay to Southwest Bank of St. Louis (“Lender”), or order,
      in
      lawful money of the United States of America, the principal amount of One
      Million One Hundred Twenty-five Thousand & 00/100 Dollars
      ($1,125,000.00), together with interest on the unpaid principal balance from
      August 1, 2006, until paid in full.

     

    PAYMENT.
      Borrower will pay
      this loan in one principal payment of $1,125,000.00 plus interest on November
      1,
      2006. This payment due on November 1, 2006, will be for all principal and all
      accrued interest not yet paid. In addition, Borrower will pay regular monthly
      payments of all accrued unpaid interest due as of each payment date, beginning
      August 31, 2006, with all subsequent interest payments to be due on the last
      day
      of each month after that. Unless otherwise agreed or required by applicable
      law,
      payments will be applied to Accrued Interest, Credit Life Premiums, Principal,
      Late Charges, and Escrow. The annual interest rate for this Note is computed
      on
      a 365/360 basis; that is, by applying the ratio of the annual interest rate
      over
      a year of 360 days, multiplied by the outstanding principal balance, multiplied
      by the actual number of days the principal balance is outstanding. Borrower
      will
      pay Lender at Lender’s address shown above or at such other place as Lender may
      designate in writing.

     

    VARIABLE
      INTEREST RATE.
      The interest rate
      on this Note is subject to change from time to time based on changes in an
      index
      which is Lender’s Prime Rate (the “Index”). This is the rate Lender charges, or
      would charge, on 90-day unsecured loans to the most creditworthy corporate
      customers. This rate may or may not be the lowest rate available from Lender
      at
      any given time. Lender will tell Borrower the current Index rate upon Borrower’s
      request. The interest rate change will not occur more often than each Index
      rate
      change and will become effective without notice to the Borrower. If the Index
      becomes unavailable during the term of the Note, the Lender may substitute
      a
      comparable Index. Borrower understands that Lender may make loans based on
      other
      rates as well. The Index currently is 8.250% per annum. The
      interest rate to be applied to the unpaid principal balance of this Note will
      be
      at a rate equal to the Index, resulting in an initial rate of 8.250% per annum.
      NOTICE: Under no circumstances will the interest rate on this Note be more
      than
      the maximum rate allowed by applicable law.

     

    PREPAYMENT.
      Borrower may pay
      without penalty all or a portion of the amount owed earlier than it is due.
      Early payments will not, unless agreed to by Lender in writing, relieve Borrower
      of Borrower’s obligation to continue to make payments under the payment
      schedule. Rather, early payments will reduce the principal balance due. Borrower
      agrees not to send Lender payments marked “paid in full”, “without recourse”, or
      similar language. If Borrower sends such a payment, Lender may accept it without
      losing any of Lender’s rights under this Note, and Borrower will remain
      obligated to pay any further amount owed to Lender. Any written communications
      concerning disputed amounts, including any check or other payment instrument
      that indicates that the payment constitutes “payment in full” of the amount owed
      or that is tendered with other conditions or limitations or as full satisfaction
      of a disputed amount must be mailed or delivered to: Southwest Bank of
      St. Louis, St Louis Region Commercial Lending, 13205 Manchester Road, Des
      Peres, MO 63131.

     

    LATE
      CHARGE.
      If a payment is
      more than 10 days late, Borrower will be charged 5.000% of the unpaid portion
      of
      the regularly scheduled payment.

     

    INTEREST
      AFTER DEFAULT.
      Upon default,
      including failure to pay upon final maturity, the interest rate on this Note
      shall be increased by adding a 3.000 percentage point margin (“Default
      Rate
      Margin”). The
      Default Rate Margin shall also apply to each succeeding interest rate change
      that would have applied had there been no default. However, in no event will
      the
      interest rate exceed the maximum interest rate limitations under applicable
      law.

     

    DEFAULT.
      Each of the
      following shall constitute an event of default (“Event of Default”) under this
      Note:

     

    Payment
      Default.
      Borrower fails to
      make any payment when due under this Note.

     

    Other
      Defaults.
      Borrower fails to
      comply with or to perform any other term, obligation, covenant or condition
      contained in this Note or in any of the related documents or to comply with
      or
      to perform any term, obligation, covenant or condition contained in any other
      agreement between Lender and Borrower.

     

    Default
      in
      Favor of Third Parties.
      Borrower or any
      Grantor defaults under any loan, extension of credit, security agreement,
      purchase or sales agreement or any other agreement, in favor of any other
      creditor or person that may materially affect any of Borrower’s property or
      Borrower’s ability to repay this Note or perform Borrower’s obligations under
      this Note or any of the related documents.

     

    False
      Statements.
      Any warranty,
      representation or statement made or furnished to Lender by Borrower or on
      Borrower’s behalf under this Note or the related documents is false or
      misleading in any material respect, either now or at the time made or furnished
      or becomes false or misleading at any time thereafter.

     

    Insolvency.
      The dissolution
      or termination of Borrower’s existence as a going business, the insolvency of
      Borrower, the appointment of a receiver for any part of Borrower’s property, any
      assignment for the benefit of creditors, any type of creditor workout, or the
      commencement of any proceeding under any bankruptcy or insolvency laws by or
      against Borrower.

     

    Creditor
      or
      Forfeiture Proceedings.
      Commencement of
      foreclosure or forfeiture proceedings, whether by judicial proceeding,
      self-help,

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        PROMISSORY
          NOTE

        
          	
                  Loan
                    No: 12030954-10000

                	
                  (Continued)

                	
                  Page
                    2 

                

        

        

         

      

    

    repossession
      or any
      other method, by any creditor of Borrower or by any governmental agency against
      any collateral securing the loan. This includes a garnishment of any of
      Borrower’s accounts, including deposit accounts, with Lender. However, this
      Event of Default shall not apply if there is a good faith dispute by Borrower
      as
      to the validity or reasonableness of the claim which is the basis of the
      creditor or forfeiture proceeding and if Borrower gives Lender written notice
      of
      the creditor or forfeiture proceeding and deposits with Lender monies or a
      surety bond for the creditor or forfeiture proceeding, in an amount determined
      by Lender, in its sole discretion, as being an adequate reserve or bond for
      the
      dispute.

     

    Events
      Affecting Guarantor.
      Any of the
      preceding events occurs with respect to any guarantor, endorser, surety, or
      accommodation party of any of the indebtedness or any guarantor, endorser,
      surety, or accommodation party dies or becomes incompetent, or revokes or
      disputes the validity of, or liability under, any guaranty of the indebtedness
      evidenced by this Note. In the event of a death, Lender, at its option, may,
      but
      shall not be required to, permit the guarantor’s estate to assume
      unconditionally the obligations arising under the guaranty in a manner
      satisfactory to Lender, and, in doing so, cure any Event of
      Default.

     

    Change
      In
      Ownership.
      Any change in
      ownership of twenty-five percent (25%) or more of the common stock of
      Borrower.

     

    Adverse
      Change.
      A material
      adverse change occurs in Borrower’s financial condition, or Lender believes the
      prospect of payment or performance of this Note is impaired.

     

    Insecurity.
      Lender in good
      faith believes itself insecure.

     

    LENDER’S
      RIGHTS.
      Upon default,
      Lender may declare the entire unpaid principal balance on this Note and all
      accrued unpaid interest immediately due, and then Borrower will pay that
      amount.

     

    ATTORNEYS
      FEES; EXPENSES.
      Lender may hire
      or pay someone else to help collect this Note if Borrower does not pay. Borrower
      will pay Lender that amount. This includes, subject to any limits under
      applicable law, Lender’s attorneys’ fees and Lender’s legal expanses whether or
      not there is a lawsuit, including attorneys’ fees and expenses for bankruptcy
      proceedings (including efforts to modify or vacate any automatic stay or
      injunction), and appeals. If not prohibited by applicable law, Borrower also
      will pay any court costs, in addition to all other sums provided by
      law.

     

    GOVERNING
      LAW. This Note will be governed by federal law applicable to Lender and, to
      the
      extent not preempted by federal law, the laws of the State of Missouri without
      regard to it conflicts of law provisions. This Note has been accepted by Lender
      in the State of Missouri.

     

    CHOICE
      OF
      VENUE.
      If there is a
      lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of
      the courts of St Louis County, State of Missouri.

     

    DISHONORED
      ITEM FEE.
      Borrower will pay
      a fee to Lender of $15.00 if Borrower makes a payment on Borrower’s loan and the
      check or preauthorized charge with which Borrower pays is later
      dishonored.

     

    RIGHT
      OF
      SETOFF.
      To the extent
      permitted by applicable law, Lender reserves a right of setoff in all Borrower’s
      accounts with Lender (whether checking, savings, or some other account). This
      includes all accounts Borrower holds jointly with someone else and all accounts
      Borrower may open in the future. However, this does not include any IRA or
      Keogh
      accounts, or any trust accounts for which setoff would be prohibited by law.
      Borrower authorizes Lender, to the extent permitted by applicable law, to charge
      or setoff all sums owing on the debt against any and all such accounts, and,
      at
      Lender’s option, to administratively freeze all such accounts to allow Lender to
      protect Lender’s charge and setoff rights provided in this
      paragraph.

     

    SUCCESSOR
      INTERESTS.
      The terms of this
      Note shall be binding upon Borrower, and upon Borrower’s heirs, personal
      representatives, successors and assigns, and shall inure to the benefit of
      Lender and its successors and assigns.

     

    GENERAL
      PROVISIONS.
      If any part of
      this Note cannot be enforced, this fact will not affect the rest of the Note.
      Lender may delay or forgo enforcing any of its rights or remedies under this
      Note without losing them. Each Borrower understands and agrees that, with or
      without notice to Borrower, Lender may with respect to any other Borrower
      (a) make one or more additional secured or unsecured loans or otherwise
      extend additional credit; (b) alter, compromise, renew, extend, accelerate,
      or otherwise change one or more times the time for payment or other terms of
      any
      indebtedness, including increases and decreases of the rate of interest on
      the
      indebtedness; (c) exchange, enforce, waive, subordinate, fail or decide not
      to perfect, and release any security, with or without the substitution of new
      collateral; (d) apply such security and direct the order or manner of sale
      thereof, including without limitation, any non-judicial sale permitted by the
      terms of the controlling security agreements, as Lender in its discretion may
      determine; (e) release, substitute, agree not to sue, or deal with any one
      or more of Borrower’s sureties, endorsers, or other guarantors on any terms or
      in any manner Lender may choose; and (f) determine how, when and what
      application of payments and credits shall be made on any other indebtedness
      owing by such other Borrower. Borrower and any other person who signs,
      guarantees or endorses this Note, to the extent allowed by law, waive
      presentment, demand for payment, and notice of dishonor. Upon any change in
      the
      terms of this Note, and unless otherwise expressly stated in writing, no party
      who signs this Note, whether as maker, guarantor, accommodation maker or
      endorser, shall be released from liability. All such parties agree that Lender
      may renew or extend (repeatedly and for any length of time) this loan or release
      any party or guarantor or collateral; or impair, fail to realize upon or perfect
      Lander’s security interest in the collateral; and take any other action deemed
      necessary by Lender without the consent of or notice to anyone. All such parties
      also agree that Lender may modify this loan without the consent of or notice
      to
      anyone other than the party with whom the modification is made. The obligations
      under this Note are joint and several.

     

    ORAL
      AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FOREBEAR 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.

     

     

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

          PROMISSORY
            NOTE

          
            	
                    Loan
                      No: 12030954-10000

                  	
                    (Continued)

                  	
                    Page
                      3 

                  

          

          

           

        

      

    

    JURY
      WAIVER.
      Lender and
      Borrower hereby waive the right to any jury trial in any action, proceeding,
      or
      counterclaim brought by either Lender or Borrower against the
      other.

     

    PRIOR
      TO
      SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
      THIS
      NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. EACH BORROWER AGREES
      TO
      THE TERMS OF THE NOTE.

     

    BORROWER
      ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY
      NOTE.

     

    BORROWER:

    

    

    

    SIBONEY
      LEARNING GROUP INC

    

    
      	
              By:
                /s/ Timothy
                J.
                Tegeler                                            
                

              Timothy
                J. Tegeler, Chief Executive Officer of 

              Siboney
                Learning Group Inc.

            	
              By:
                /s/ Rebecca
                Braddock                                    
                

              Rebecca
                Braddock, Secretary of 

              Siboney
                Learning Group Inc.

            
	 	 
	 	 
	 	 
	 	 
	
              SIBONEY
                CORPORATION

            	 
	 	 
	
              By:
                /s/
                Timothy J.
                Tegeler                                                  
                

              Timothy
                J. Tegeler, Chief Executive Officer of 

              Siboney
                Corporation

            	
              By:
                /s/ Rebecca
                Braddock                                    
                

              Rebecca
                Braddock, Secretary of

              Siboney
                Corporation

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