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BARNWELL BANK GROUP GREENWOOD BANK & TRUST Loan Number 76570
X.X. XXX 000 000 XXXXXXXX XXXXXX Date OCTOBER 21, 1996
XXXXXXXX, XX 00000 XX XXX 000 Maturity Date JULY 20, 1997
XXXXXXXXX, XX 00000-0000 Loan Amount $350,000.00
BORROWER'S NAME AND ADDRESS LENDER'S NAME AND ADDRESS Renewal Of
"I" includes each borrower above, "You" means the lender, its : BK
joint and severally. successors and assigns.
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For value received, I promise to pay to you, or your order, at your address
listed above the PRINCIPAL sum of THREE HUNDRED FIFTY THOUSAND AND NO/100* * * *
* * * * * * * * * * * * * * * Dollars $350,000.00
|_| SINGLE ADVANCE: I will receive all of this principal sum on _____________.
No additional advances are contemplated under this note.
|X| MULTIPLE ADVANCE: The principal sum shown above is the maximum amount of
principal I can borrow under this note. On OCTOBER 21, 1996 I will receive the
amount of $___________ and future principal advances are contemplated.
Conditions: The conditions for future advances are TO BE APPROVED
BY LENDER
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
|X| OPEN END CREDIT: You and I agree that I may borrow up to the
maximum amount of principal more than one time. This feature is subject
to all other conditions and expires on JULY 20, 1997.
|_| CLOSED END CREDIT: You and I agree that I may borrow up to the
maximum only one time (and subject to all other conditions).
INTEREST: I agree to pay interest on the outstanding principal balance from OCT.
21, 1996 at the rate of 9.250% per year until FIRST CHANGE DATE.
|X| VARIABLE RATE: This rate may then change as stated below.
|X| INDEX RATE: The future rate will be 1.000% OVER the following index
rate: WALL STREET PRIME RATE, AS QUOTED IN THE MONEY RATES SECTION OF
THE WALL STREET JOURNAL; IF MORE THAN ONE RATE IS QUOTED, THE HIGHER
RATE WILL APPLY.
|_| NO INDEX: The future rate will not be subject to any internal or
external index. It will be entirely in your control.
|X| FREQUENCY AND TIMING: The rate on this note may change as often as
DAILY. A change in the interest rate will take effect ON THE SAME DAY
AS A CHANGE IN THE INDEX RATE.
|_| LIMITATIONS: During the term of this loan, the applicable annual
interest rate will not be more than ______% or less than _______%.
The rate may not change more than _______% each .
|_| EFFECT OF VARIABLE RATE: A change in the interest rate will have
the following effect on the payments:
|_| The amount of each scheduled payment will change.
|_| The amount of the final payment will change.
|X| THE AMOUNT DUE AT MATURITY WILL CHANGE.
ACCRUAL METHOD: Interest will be calculated on a ACTUAL/360 basis.
POST MATURITY DATE: I agree to pay interest on the unpaid balance of this note
owing after maturity, and until paid in full, as stated below:
|_| on the same fixed or variable rate basis in effect before maturity
(as indicated above).
|_| at a rate equal to ____________________________________________.
|_| LATE CHARGE: If a payment is not made within ______ days after it is due,
I agree to pay a late charge of ______________________________________________.
|_| ADDITIONAL CHARGES: In addition to interest, I agree to pay the following
charges which |_| are |_| are not included in the principal amount above:
_______________________________________________________________________________.
PAYMENTS: I agree to pay this note as follows:
_______________________________________________________________________________
|X| INTEREST: I agree to pay accrued interest AT MATURITY
_______________________________________________________________________________.
|X| PRINCIPAL: I agree to pay the principal JULY 20, 1997
_______________________________________________________________________________.
|_| INSTALLMENTS: I agree to pay this note in ___________ payments. The
first payment will be in the amount of $_________________________________
and will be due ____________________. A payment of $_____________________ will
be due _________________________________________thereafter. The final payment
of the entire unpaid balance of principal and interest will be due ____________.
ADDITIONAL TERMS:
THIS NOTE IS SECURED BY PERSONAL GUARANTIES DATED OCTOBER 21, 1996 FROM THE
FOLLOWING: XXXXXXX X. XXXXXX, XX., XXXXXX X. XXXXXXX, XXXXX X. XXXXXXX, XXXXXXX
X. XXXXX, XX., XXXXXXXX X. XXXXXX, XX., XXXXX X. XXXXXX, J. XXXXXX XXXXXXX,
XXXXXXXX X. XXXXXXXX, W. XXXXX XXXXX AND MILES XXXXXXXX.
THIS NOTE IS A REVOLVING LINE OF CREDIT TO BE ADVANCED IN A SERIES OF DRAWS.
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|_| SECURITY: This note is separately PURPOSE: The purpose of this loan is BUSINESS: FUND START-UP
secured by (describe separate document by type
and date):
SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE
(INCLUDING THOSE ON PAGE 2). I have received a copy on today's date.
(This section is for your internal use. Failure
to list a separate security document does not
mean the agreement will not secure this note.)
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Signature for Lender BARNWELL BANK GROUP
X BY: /s/ XXXXXXXX XXXXXX
XXXXXXX X. XXXXXXX
X BY:
PRESIDENT
BY
BY
BY
BY
BY
BY
