Loan Agreement With Elbow Grease Distillery - 2808 Words

LOAN AGREEMENT WITH ELBOW GREASE DISTILLERY THIS LOAN AGREEMENT (the â€Å"Agreement†), dated as of this 22nd day of October is made between Elbow Grease Distillery LLC (the â€Å"Borrower†) with an address at 335 N. Starr Rd. Apache Junction, AZ, 85129, and Chadwick I. Trotter (â€Å"Guarantor†), of same address, and Important Group INC. (the â€Å"Lender†), with an address at 100 N. Central Ave., Phoenix, AZ, 85006. PRELIMINARY STATEMENT The Borrower and the Lender are, in good faith, entering into this Agreement and a contemporaneous Security Agreement, dated as above. The Debtors are entering into this Loan Agreement for the sum of $1,500,000.00 to be rendered by the Lender in the form a cashier’s check at the time of signing. The loan is compelled by the ample consideration provided in the corresponding Security Agreement. Both of these Agreements may be modified, amended, or supplemented from time to time throughout the natural course of the Agreements. SECTION 1: DEFINITIONS 1.01 Definitions: Terms defined in the Uniform Commercial Code or under Arizona State Law which are not defined here in this Security Agreement are used as defined in U.C.C. (2012) or the corresponding provision of the state law of Arizona. Where there is a conflict between the U.C.C. and State Law, Arizona State Law as enacted at the time of this agreement shall be used to ascertain definitions. 1.02 Definitions from the Security Agreement: (1) â€Å"Event of Default† means any of the Events of Default set forth in