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BARNWELL BANK GROUP GREENWOOD BANK & TRUST Loan Number 76570
▇.▇. ▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Date OCTOBER 21, 1996
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇ Maturity Date JULY 20, 1997
▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ 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: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇., ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇
▇. ▇▇▇▇▇, ▇▇., ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇., ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, J. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, W. ▇▇▇▇▇ ▇▇▇▇▇ AND MILES ▇▇▇▇▇▇▇▇.
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/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
X BY:
PRESIDENT
BY
BY
BY
BY
BY
BY
