SEC Contract Filing

Filing Date: 2015-10-20

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a15-21319_1ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RENEWAL DEMAND PROMISSORY NOTE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$1,056,885.00</font></p> </td>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;25, 2015</font></p> </td> </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR VALUE RECEIVED, The Bank of New York Mellon Trust Company, N.A., solely in its capacity as trustee for the TEL OFFSHORE TRUST, a trust formed under the laws of the State of Texas, having an address at 919 Congress Avenue, Austin, Texas 78701 (&#147;<u>Borrower</u>&#148;), promises to pay ON DEMAND to the order of THE BANK OF NEW YORK MELLON (&#147;<u>Lender</u>&#148;), whose address is 919 Congress Avenue, Austin, Texas 78701, at said address or such other address as may be designated in writing by the holder hereof from time to time, the principal sum of ONE MILLION FIFTY-SIX THOUSAND EIGHT HUNDRED EIGHTY-FIVE AND No/100 Dollars ($1,056,885.00), together with interest on said principal, at a rate equal to one-half percent (0.5%) per annum, provided, however, that in no event shall such rate exceed the maximum legal rate of interest permitted by applicable law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note evidences an extension of credit for borrowed money authorized under Section&nbsp;6.08 of the Trust Agreement dated as of January&nbsp;1, 1983, by and among Tenneco Offshore Company,&nbsp;Inc., Texas Commerce Bank National Association, Horace C. Bailey, Joseph C. Broadus and F. Arnold Daum.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This note is in partial renewal and replacement, but not in extinguishment, of the indebtedness originally evidenced by that certain demand promissory note in the original principal amount of THREE HUNDRED SIXTY-THREE THOUSAND AND NO/100 Dollars ($363,000.00), dated October&nbsp;1, 2014, executed by Borrower and payable to the order of Lender, bearing interest and due and payable as therein provided.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All amounts outstanding under this Note will be due and payable in cash on the earliest to occur of (i)&nbsp;the date written demand for payment is made by Lender or (ii)&nbsp;December&nbsp;31, 2016.&#160; Borrower promises to pay interest on the outstanding and unpaid principal amount of this Note at a rate per annum equal to one-half percent (0.5%).&#160; All interest due hereunder shall be calculated on the basis of the actual number of days elapsed in the related interest accrual period over a year of 365 or 366 days, as the case may be.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower may prepay any outstanding principal and accrued and unpaid interest under this Note, in whole or in part, at any time without penalty.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent the maximum non-usurious interest rate which Borrower is permitted by law to contract or agree to pay (the &#147;<u>Maximum Rate</u>&#148;) as provided in this Note is determined by reference to the laws of the State of Texas, the Maximum Rate shall be determined by reference to the indicated (weekly) rate ceiling (as defined and described in Chapter 303 of the Texas Finance Code, as amended) at the applicable time in effect.&#160; For purposes of this Note, Borrower and Lender expressly acknowledge and agree that all agreements by Borrower to pay any amounts under this Note, or contracted for, charged, taken, reserved, or received with respect to the debt, including, without limitation, any interest as