Common use of Second Term Note Clause in Contracts

Second Term Note. The Borrower shall borrow from the Bank, and the Bank shall lend to the Borrower, the sum of One Hundred Thousand Nine Hundred Ninety Dollars and Thirty-one Cents ($100,990.31) on a term loan basis. Such loan shall be evidenced by a Promissory Note in the form attached hereto as Exhibit "C" (hereinafter referred to as "Second Term Note"). Said Second Term Note shall bear interest at a variable rate equal to the Bank's Base Rate, plus one percent (1%), per annum, fluctuating annually. The term Base Rate shall mean the rate of interest announced by the Bank from time to time as its prevailing commercial rate. Bank shall give Borrower notice of any change in the rate. The principal balance outstanding under the Second Term Note shall be amortized on the basis of a ______ (___) month term. Beginning on the 30th day of ___________, 2001, and continuing on the same day of each month thereafter, the Borrower shall make minimum monthly payments of Three Thousand Four Hundred and Ninety-two Dollars ($3,492.00), principal and interest for _____ (___) consecutive months with a balloon payment of all remaining principal and accrued but unpaid interest due and payable in full on the 30th day of May, 2004.