Common use of Loan Closing Statement Clause in Contracts

Loan Closing Statement. Attorney's Fees and Costs Estimated (Peper, Martin, et al) $ 1,250.00 Corporate/UCC Searches $ 6.00 Accrued Interest thru 01/27/97 $ 535.83 Credit Facility Fee $ 500.00 TOTAL DUE FROM BORROWER: $ 2,291.83 ======== The undersigned hereby agrees with the foregoing and consents to the disbursements shown above. The undersigned further agrees to pay an and all other costs incurred by ▇▇▇▇▇▇▇ Bank, N.A., in conjunction with the renewal of the loan to the undersigned, including without limitation any additional attorney's fees and costs. Executed: January 27, 1997 ViroGroup, Inc., a Florida corporation Effective: January 20, 1997 By: /S/ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ----------------------------------- Print Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇ --------------------------- Title: VICE PRESIDNET & CFO -------------------------------- SECRETARY'S CERTIFICATE ----------------------- The undersigned, ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, being the duly elected secretary of the corporation. hereby certifies that set forth below is a true and correct copy of a Resolution adopted by the Board of Directors of ViroGroup, Inc. at a duly convened meeting held on JANUARY 23, 1997, and that the same is in full force and effect, having not been modified in any respect: RESOLVED, that the Company enter into agreements with ▇▇▇▇▇▇▇ Bank, N.A., which shall provide to the Company the right to borrow up to $3 million under a one year Line-of-Credit, with amounts borrowed pursuant to the Line-of-Credit to bear interest at the Prime Rate of ▇▇▇▇▇▇▇ Bank. Inc., less 1/4 of one percent and to be collateralized by a Letter of Credit posted by ▇▇▇▇▇▇▇, Inc. Or an affiliate from such issuer as shall be acceptable to ▇▇▇▇▇▇▇ Bank, N.A.; and be it FURTHER RESOLVED, that the Company reimburse ▇▇▇▇▇▇▇, Inc. or its affiliate for all costs incurred in connection with the issuance and maintenance of the Letter of Credit; and be it FURTHER RESOLVED, that the President or Chief Financial Officer of the Company is hereby authorized and directed to enter into any and all agreements which either of them, upon advice of counsel, deem necessary or appropriate to accomplish the foregoing. /S/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ------------------------------------ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Dated: January 27 , 1997 PAYMENT DEBIT AUTHORIZATION --------------------------- Commercial Loan Date: 01/2011997 Loan Amount: $3,000,000.00 The undersigned hereby authorize(s) ▇▇▇▇▇▇▇ ▇▇▇▇, ▇,▇. ("▇▇▇▇▇▇▇") to initiate debit entries (payments) to my checking or savings account indicated below ("Account") for the above stated Commercial Loan or any extension or renewal thereof on the payment due date for any amount owed by me for each payment period (as authorized below) and to initiate, if necessary, credit entries and adjustments for any debit entries made in error to said Account. This authority shall remain in full force and effect until ▇▇▇▇▇▇▇ has received written notification from me of its termination in such time and in such manner as to afford ▇▇▇▇▇▇▇ a reasonable opportunity to act upon such notice. The undersigned hereby acknowledges receipt of a copy of this Authorization. Borrower: ViroGroup, Inc., a Florida corporation By: /S/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇. --------------------------------------- ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇., President Date to Begin Debit: 1-20-97 Date of Authorization: 1-27-97 Account No.: 1635506281