NONSTANDARD TERMS Sample Clauses

NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower:

NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral credit agreements, if any, between the parties: By accepting this Agreement, Applicant affirms that no unwritten oral credit agreement between the parties exists. For Consumer Transactions: Oral agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable. To protect you (borrower(s)) and us (creditor) from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it. For Commercial Transactions: Oral agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable, regardless of the legal theory upon which they are based that are in any way related to the credit agreement. To protect you (borrower(s)) and us (creditor) from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it. This Agreement represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. Under Oregon law, most agreements, promises and commitments made by us concerning loans and other credit extensions which are not for personal, family or household purposes or secured solely by the borrower’s residence must be in writing, express consideration and be signed by us to be enforceable. Oral agreements or oral commitments to loan money, to extend credit, or to forbear from enforcing repayment of a debt are not enforceable under Washington law. IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT — To help the government

NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between lender and Borrower BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT (ASSET BASED) IS DATED OCTOBER19, 2018. TOROTEL, INC. By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Chief Financial Officer of Torotel, Inc. By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇., President of Torotel, Inc. LENDER: CORNERSTONE BANK By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇, Vice President PROMISE TO PAY. Torotel, Inc. (“Borrower”) promises to pay to Cornerstone Bank (“Lender”), or order, in lawful money of the United States of America, the principal amount of Two Hundred Fifty Thousand & 00/100 Dollars ($250,0 00.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated from the date of each advance until repayment of each advance.

NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: By initialing the boxes to the left, Lender and Borrower affirm that no unwritten oral agreement exists between them. BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT (ASSET BASED) IS DATED OCTOBER 19, 2018. TOROTEL, INC. By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Chief Financial Officer of Torotel, Inc. By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇., President of Torotel, Inc. LENDER: CORNERSTONE BANK By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇, Vice President Principal Amount: $1,000,000.00 Date of Note: October 19, 2018 PROMISE TO PAY. Torotel, Inc. (“Borrower”) promises to pay to Cornerstone Bank (“Lender”), or order, in lawful money of the United States of America, the principal amount of One Million & 00/100 Dollars ($1,000,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated from the date of each advance until repayment of each advance.

NONSTANDARD TERMS. Any term that isn’t one of the standard terms described above is a nonstandard term. Nonstandard term has sometimes been used to refer only to terms of unequal length, but under this definition terms of equal length can be nonstandard terms. RECENT CHANGES On October 7, 1998, President ▇▇▇▇▇▇▇ signed into law the Higher Education Amendments of 1998 (Pub. L. 105-244). This law reauthorized the student financial assistance programs, and made a number of changes to those programs. Many of the provisions went into effect on October 1 or October 7 of 1998. There are also some changes for the 1999-2000 award year that aren’t related to the Amendments of 1998, such as the new RFMS. Section 492 of the Higher Education Act requires the Department to obtain input from the financial aid community in the development of proposed regulations for the SFA Programs. The Department obtains this input through regional meetings and through a process called “negotiated rulemaking.” In negotiated rulemaking, the Department meets with representatives of many areas of the financial aid community, such as students, schools, and guaranty agencies, to obtain advice and recommendations for effective implementation through regulation of SFA Program requirements. Most of the new statutory provisions of the Amendments of 1998 are subject to the requirements of the negotiated rulemaking process. At the time this publication goes to print, the Department is in the middle of that process; the proposed rules that were a result of negotiation have been published, but are not yet final, and are still subject to comment. Further guidance for implementation of these provisions of the Amendments of 1998 is not available for this publication. Interim guidance may be issued on the Department’s “Information for Financial Aid Professionals” web site at a later date. Pell-related provisions include: • Pell eligibility for certain students with bachelor’s degrees (see Chapter 1, page 8 of this publication); • changes in the tuition sensitivity provisions increasing the relevant award amount to $2,700 and allowing certain fees to be counted as tuition (see Chapter 2, page 28 of this publication); • loss of Pell eligibility for high loan cohort default rates (see the

NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: By initialing the boxes to the left, Lender and Borrower affirm that no unwritten oral agreement exists between them. BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED OCTOBER 19, 2018. TOROTEL, INC. By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Chief Financial Officer of Torotel, Inc. By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇., President of Torotel, Inc. LENDER: CORNERSTONE BANK By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇, Vice President Principal Amount: $815,000.00 Date of Note: October 19, 2018 PROMISE TO PAY. TOROTEL, INC. (“Borrower”) promises to pay to Cornerstone Bank (“Lender”) , or order, in lawful money of the United States of America, the principal amount of Eight Hundred Fifteen Thousand & 00/100 Dollars ($815,000.00), together with interest on the unpaid principal balance from October 19 , 2018 , calculated as described in the “INTEREST CALCULATION METHOD” paragraph using an interest rate of 5.350%, until paid in full. The interest rate may change under the terms and conditions of the “INTEREST AFTER DEFAULT” section.

NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: By initialing the boxes to the left, Lender and Borrower affirm that no unwritten oral agreement exists between them. PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT. CHANGE IN TERMS SIGNERS: TOROTEL, INC. By: /s/ H▇▇▇▇ ▇. ▇▇▇▇▇▇▇ By: /s/ D▇▇▇ ▇. ▇▇▇▇▇▇▇▇ H▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Chief Financial Officer of Torotel, Inc. D▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇., President of Torotel, Inc. LENDER: CORNERSTONE BANK X /s/ J▇▇▇ ▇ ▇▇▇▇▇ J▇▇▇ ▇ ▇▇▇▇▇, Vice President Borrower: Torotel, Inc. 5▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇ Olathe, KS 66062 Lender: Cornerstone Bank Main O▇▇▇▇▇ ▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇