Document:

Exhibit 4.6

    
      

    

     

    Exhibit
      4.6

     

    

      PROMISSORY
        NOTE

      

      
        	 	
                April
                  28, 2006

              
	
                $10,000,000

              	
                Fayetteville,
                  Arkansas

              

      

      

      FOR
        VALUE
        RECEIVED, the undersigned, COLONIAL
        AUTO FINANCE, INC.,
        an
        Arkansas corporation (“Maker”), promises to pay to the order of BANK
        OF ARKANSAS, N.A., (the
        “Lender”) to BANK
        OF ARKANSAS, N.A.,
        as
        Agent, at the Agent’s Office located at P.O. Box 1407, Fayetteville, Arkansas
        72702 for the account of the applicable Lending Office of the Lender, in
        lawful
        money of the United States and in immediately available funds, the principal
        sum
        of TEN MILLION AND NO/100 DOLLARS ($10,000,000.00) or, if less, the aggregate
        sum of advances made by Lender to Maker under the Amended and Restated Agented
        Revolving Credit Agreement between Maker and Lender dated June 23, 2005 (as
        amended, the “Credit Agreement”), payable as follows:

      

      
        	 	
                a.

              	
                Principal.
                  Principal shall be payable on April 30,
                  2009.

              

      

      

      
        	 	
                b.

              	
                Interest.
                  Interest shall be payable on the first day of each month, commencing
                  the
                  1st day of May, 2006, and at maturity. Interest shall accrue on
                  the
                  principal balance outstanding hereunder and on any past due interest
                  hereunder at a rate at all times equal to the Adjusted Prime Rate
                  or the
                  Adjusted LIBOR Rate (as defined in the Credit Agreement), as elected
                  by
                  Maker in accordance with the terms of the Credit
                  Agreement.

              

      

      

      If
        any
        payment shall be due on a Saturday or Sunday or upon any other day on which
        state or national banks in the State of Arkansas are closed for business
        by
        virtue of a legal holiday for such banks, such payment shall be due and payable
        on the next succeeding banking day and interest shall accrue to such day.
        All
        interest due hereon shall be computed on the actual number of days elapsed
        (365
        or 366) based upon a three hundred sixty (360) day year.

      

      All
        payments under this Note shall be made in legal tender of the United States
        of
        America or in other immediately available funds at Lender’s office described
        above, and no credit shall be given for any payment received by check, draft
        or
        other instrument or item until such time as the holder hereof shall have
        received credit therefor from the holder’s collecting agent or, in the event no
        collecting agent is used, from the bank or other financial institution upon
        which said check, draft or other instrument or item is drawn.

      

      From
        time
        to time the maturity date of this Note may be extended or this Note may be
        renewed, in whole or in part, or a new note of different form may be substituted
        for this Note and/or the rate of interest may be changed, or changes may
        be made
        in consideration of loan extensions, and the holder, from time to time, may
        waive or surrender, either in whole or in part, any rights, guarantees, security
        interests or liens given for the benefit of the holder in connection herewith;
        but no such occurrences shall in any manner affect, limit, modify or otherwise
        impair any rights, guarantees or security of the holder not specifically
        waived,
        released or surrendered in writing, nor shall any maker, guarantor, endorser
        or
        any person who is or might be liable hereon, either primarily or contingently,
        be released from such liability by reason of the occurrence of any such event.
        The holder hereof, from time to time, shall have the unlimited right to release
        any person who might be liable hereon; and such release shall not affect
        or
        discharge the liability of any other person who is or might be liable hereon.
        

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      If
        any
        payment required by this Note to be made is not made within five (5) business
        days when due, or if any other Event of Default occurs under the Credit
        Agreement, the Agent may, at its option, pursuant to the Credit Agreement,
        declare this Note in default and all indebtedness due and owing hereunder
        immediately due and payable. Interest from the date of the Event of Default
        on
        such principal balance and on any past due interest hereunder shall accrue
        at
        the rate of two percent (2%) per annum above the nondefault interest rate
        accruing hereunder. The Maker and any endorsers, guarantors and sureties
        hereby
        severally waive protest, presentment, demand, and notice of protest and
        nonpayment in case this Note or any payment due hereunder is not paid when
        due;
        and they agree to any renewal, extension, acceleration, postponement of the
        time
        of payment, substitution, exchange or release of collateral and to the release
        of any party or person primarily or contingently liable without prejudice
        to the
        holder and without notice to the Maker or any endorser, guarantor or surety.
        Maker and any guarantor, endorser, surety or any other person who is or may
        become liable hereon will, on demand, pay all costs of collection, including
        reasonable attorney fees of the holder hereof in attempting to enforce payment
        of this Note and reasonable attorney fees for defending the validity of any
        document securing this Note as a valid first and prior lien.

      

      Upon
        the
        occurrence of any default hereunder, Lender shall have the right, immediately
        and without further action by it, to set off against this Note all money
        owed by
        Lender in any capacity to the Maker or any guarantor, endorser or other person
        who is or might be liable for payment hereof, whether or not due, and also
        to
        set off against all other liabilities of Maker to Lender all money owed by
        Lender in any capacity to Maker; and Lender shall be deemed to have exercised
        such right of setoff and to have made a charge against such money immediately
        upon the occurrence of such default even though such charge is made or entered
        into the books of Lender subsequently thereto.

      

      The
        holder of this Note may collect a late charge not to exceed an amount equal
        to
        five percent (5%) of the amount of any payment (not to exceed $100.00) which
        is
        not paid within ten (10) days from the due date thereof, for the purposes
        of
        covering the extra expenses involved in handling delinquent payments. This
        late
        charge provision shall not be applicable in the event the holder hereof,
        at its
        option, elects to receive interest at the increased rate as provided hereunder
        in the event of default.

      

      Lender
        and Maker intend that the extension of credit evidenced hereby shall conform
        strictly to the usury laws applicable to this transaction. Notwithstanding
        any
        provision of this Note, or any other Loan Document, if at any time this
        transaction is construed or administered so as to be usurious under applicable
        law except for the applicability of this paragraph, Lender and Maker agree
        that
        the total of all consideration which constitutes interest under applicable
        law
        that is contracted for, charged, or received under this Note, or any of the
        Loan
        Documents shall under no circumstances exceed the amount permissible under
        such
        applicable usury laws, and any excess interest shall be cancelled without
        further action by Maker or Lender or, if theretofore paid by Maker, at the
        option of the holders of the Note, such excess shall be credited on the unpaid
        portion of the Note or refunded to Maker. Determination of the rate of interest
        for the purpose of determining whether this extension of credit is usurious
        under applicable law shall be made by amortizing, prorating, allocating,
        and
        spreading, in equal parts during the full stated term of the Note, all interest
        at any time contracted for, charged, or received from Maker prior to its
        stated
        maturity, whether as a result of voluntary prepayment, acceleration of maturity,
        or otherwise, and if the interest paid for the actual period of the existence
        of
        the extension of credit evidenced therein exceeds the maximum amount permissible
        pursuant to applicable law, the Lender shall refund the amount of such excess
        to
        Maker.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      This
        Note
        is given for an actual loan of money for business purposes and not for personal,
        agricultural or residential purposes, and is executed and delivered in the
        State
        of Arkansas and shall be governed by and construed in accordance with the
        laws
        of the State of Arkansas.

      

      This
        Promissory Note constitutes a modification of and replacement for the
        $20,000,000 Promissory Note dated February 24, 2006, payable by Maker to
        Lender.

      

      

      
        	 	
                COLONIAL
                  AUTO FINANCE, INC.

                

                

                By
                  /s/ T.J. Falgout, III

                     
                  T. J. Falgout, III, President

              

      

      

    

     

     

     

     

    
      3Exhibit 4.7

    
      

    

     

    Exhibit
      4.7

     

    

      PROMISSORY
        NOTE

      

      
        	 	
                April
                  28, 2006

              
	
                $6,000,000

              	
                Fayetteville,
                  Arkansas

              

      

       

      FOR
        VALUE
        RECEIVED, the undersigned, COLONIAL
        AUTO FINANCE, INC.,
        an
        Arkansas corporation (“Maker”), promises to pay to the order of ENTERPRISE
        BANK & TRUST (the
        “Lender”) to BANK
        OF ARKANSAS, N.A.,
        as
        Agent, at the Agent’s Office located at P.O. Box 1407, Fayetteville, Arkansas
        72702 for the account of the applicable Lending Office of the Lender, in
        lawful
        money of the United States and in immediately available funds, the principal
        sum
        of SIX MILLION AND NO/100 DOLLARS ($6,000,000.00) or, if less, the aggregate
        sum
        of advances made by Lender to Maker under the Amended and Restated Agented
        Revolving Credit Agreement between Maker and Lender dated June 23, 2005 (as
        amended, the “Credit Agreement”), payable as follows:

      

      
        	 	
                a.

              	
                Principal.
                  Principal shall be payable on April 30,
                  2009.

              

      

      

      
        	 	
                b.

              	
                Interest.
                  Interest shall be payable on the first day of each month, commencing
                  the
                  1st day of May, 2006, and at maturity. Interest shall accrue on
                  the
                  principal balance outstanding hereunder and on any past due interest
                  hereunder at a rate at all times equal to the Adjusted Prime Rate
                  or the
                  Adjusted LIBOR Rate (as defined in the Credit Agreement), as elected
                  by
                  Maker in accordance with the terms of the Credit
                  Agreement.

              

      

      

      If
        any
        payment shall be due on a Saturday or Sunday or upon any other day on which
        state or national banks in the State of Arkansas are closed for business
        by
        virtue of a legal holiday for such banks, such payment shall be due and payable
        on the next succeeding banking day and interest shall accrue to such day.
        All
        interest due hereon shall be computed on the actual number of days elapsed
        (365
        or 366) based upon a three hundred sixty (360) day year.

      

      All
        payments under this Note shall be made in legal tender of the United States
        of
        America or in other immediately available funds at Lender’s office described
        above, and no credit shall be given for any payment received by check, draft
        or
        other instrument or item until such time as the holder hereof shall have
        received credit therefor from the holder’s collecting agent or, in the event no
        collecting agent is used, from the bank or other financial institution upon
        which said check, draft or other instrument or item is drawn.

      

      From
        time
        to time the maturity date of this Note may be extended or this Note may be
        renewed, in whole or in part, or a new note of different form may be substituted
        for this Note and/or the rate of interest may be changed, or changes may
        be made
        in consideration of loan extensions, and the holder, from time to time, may
        waive or surrender, either in whole or in part, any rights, guarantees, security
        interests or liens given for the benefit of the holder in connection herewith;
        but no such occurrences shall in any manner affect, limit, modify or otherwise
        impair any rights, guarantees or security of the holder not specifically
        waived,
        released or surrendered in writing, nor shall any maker, guarantor, endorser
        or
        any person who is or might be liable hereon, either primarily or contingently,
        be released from such liability by reason of the occurrence of any such event.
        The holder hereof, from time to time, shall have the unlimited right to release
        any person who might be liable hereon; and such release shall not affect
        or
        discharge the liability of any other person who is or might be liable hereon.
        

      
        
          
          

        

        
           

          
            

          

        

        
          
          

        

      

      

      If
        any
        payment required by this Note to be made is not made within five (5) business
        days when due, or if any other Event of Default occurs under the Credit
        Agreement, the Agent may, at its option, pursuant to the Credit Agreement,
        declare this Note in default and all indebtedness due and owing hereunder
        immediately due and payable. Interest from the date of the Event of Default
        on
        such principal balance and on any past due interest hereunder shall accrue
        at
        the rate of two percent (2%) per annum above the nondefault interest rate
        accruing hereunder. The Maker and any endorsers, guarantors and sureties
        hereby
        severally waive protest, presentment, demand, and notice of protest and
        nonpayment in case this Note or any payment due hereunder is not paid when
        due;
        and they agree to any renewal, extension, acceleration, postponement of the
        time
        of payment, substitution, exchange or release of collateral and to the release
        of any party or person primarily or contingently liable without prejudice
        to the
        holder and without notice to the Maker or any endorser, guarantor or surety.
        Maker and any guarantor, endorser, surety or any other person who is or may
        become liable hereon will, on demand, pay all costs of collection, including
        reasonable attorney fees of the holder hereof in attempting to enforce payment
        of this Note and reasonable attorney fees for defending the validity of any
        document securing this Note as a valid first and prior lien.

      

      Upon
        the
        occurrence of any default hereunder, Lender shall have the right, immediately
        and without further action by it, to set off against this Note all money
        owed by
        Lender in any capacity to the Maker or any guarantor, endorser or other person
        who is or might be liable for payment hereof, whether or not due, and also
        to
        set off against all other liabilities of Maker to Lender all money owed by
        Lender in any capacity to Maker; and Lender shall be deemed to have exercised
        such right of setoff and to have made a charge against such money immediately
        upon the occurrence of such default even though such charge is made or entered
        into the books of Lender subsequently thereto.

      

      The
        holder of this Note may collect a late charge not to exceed an amount equal
        to
        five percent (5%) of the amount of any payment (not to exceed $100.00) which
        is
        not paid within ten (10) days from the due date thereof, for the purposes
        of
        covering the extra expenses involved in handling delinquent payments. This
        late
        charge provision shall not be applicable in the event the holder hereof,
        at its
        option, elects to receive interest at the increased rate as provided hereunder
        in the event of default.

      

      Lender
        and Maker intend that the extension of credit evidenced hereby shall conform
        strictly to the usury laws applicable to this transaction. Notwithstanding
        any
        provision of this Note, or any other Loan Document, if at any time this
        transaction is construed or administered so as to be usurious under applicable
        law except for the applicability of this paragraph, Lender and Maker agree
        that
        the total of all consideration which constitutes interest under applicable
        law
        that is contracted for, charged, or received under this Note, or any of the
        Loan
        Documents shall under no circumstances exceed the amount permissible under
        such
        applicable usury laws, and any excess interest shall be cancelled without
        further action by Maker or Lender or, if theretofore paid by Maker, at the
        option of the holders of the Note, such excess shall be credited on the unpaid
        portion of the Note or refunded to Maker. Determination of the rate of interest
        for the purpose of determining whether this extension of credit is usurious
        under applicable law shall be made by amortizing, prorating, allocating,
        and
        spreading, in equal parts during the full stated term of the Note, all interest
        at any time contracted for, charged, or received from Maker prior to its
        stated
        maturity, whether as a result of voluntary prepayment, acceleration of maturity,
        or otherwise, and if the interest paid for the actual period of the existence
        of
        the extension of credit evidenced therein exceeds the maximum amount permissible
        pursuant to applicable law, the Lender shall refund the amount of such excess
        to
        Maker.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      

      This
        Note
        is given for an actual loan of money for business purposes and not for personal,
        agricultural or residential purposes, and is executed and delivered in the
        State
        of Arkansas and shall be governed by and construed in accordance with the
        laws
        of the State of Arkansas.

      

      This
        Note
        constitutes a modification of and replacement for the $5,500,000 Promissory
        Note
        dated February 24, 2006, payable by Maker to Lender.

      
 

      
        	 	
                COLONIAL
                  AUTO FINANCE, INC.

                

                

                By
                  /s/ T. J. Falgout, III

                    
                  T. J. Falgout, III, President

              

      

      
 

       

       

       

       

       

       

      3

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