___________________________________________________________________________________________
Electronic Processing, Inc. Industrial State Bank Loan Number
a Missouri C corporation P.O. Box 6007 Date June 4, 1997
000 Xxxxxx Xxxxxx 00xx & Xxxxxx Xxxxxx Maturity Date June 4, 1998
Kansas City, Kansas 66105-1309 Kansas City, Kansas 66106 Loan Amount $500,000.00
Renewal Of
XXXXXXXX'S NAME AND ADDRESS XXXXXX'S NAME AND ADDRESS
"I" includes each borrower "You" means the lender,
above, jointly and severally. its successors and assigns.
___________________________________________________________________________________________
I promise to pay to you, or your order, at your address listed above the
PRINCIPAL sum of Five hundred thousand dollars and No/100 Dollars $500,000.00
/ / Single Advance: I have received all of this principal sum. 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. As of
today I have received the amount of
$_______________ and future principal advances are
contemplated.
Conditions: The conditions for future advances are_____________________
________________________________________________________
________________________________________________________
/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 no later than ______________________.
/ / Closed End Credit: You and I agree that I may borrow up to the
maximum only one time (and subject to all
other conditions).
PURPOSE: The purpose of this loan is provide a line of credit for the
purchase of new equipment.
INTEREST: I agree to pay interest (calculated on a 365/accrual days basis) on
the principal balance(s) owing from time to time as stated below.
/ / Fixed Rate: I agree to pay interest at the fixed, simple rate of _____%
per year.
/X/ Variable Rate: I agree to pay interest at the initial simple rate of
______% per year. This rate may change as stated below.
/X/ Index Rate: The future rate will be 17 in excess of the following
index rate: Industrial State Bank's base lending rate
per annum.
/ / 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 increase as often
as monthly. An increase in the interest rate will take
effect monthly beginning July 4, 1997 and on the 4th day
of each month thereafter.
/ / Limitations: The rate on this note will not at any time (and no
matter what happens to any index rate used) go above or
below these limits:
/ / MAXIMUM RATE: The rate will not go above_____________
/ / MINIMUM RATE: The rate will not go below ____________
Post Maturity Rate: 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)
/X/ at a rate equal to 5% in excess of the otherwise applicable rate
hereon at the time of default.
/ / ADDITIONAL CHARGES: In addition to interest, I / / have paid / / agree to
pay the following additional charges ___________________________________
________________________________________________________________________.
PAYMENTS: I agree to pay this note as follows:
/X/ Interest: I agree to pay accrued interest monthly beginning July 4,
1997 and on the 4th day of each succeeding month thereafter
until June 4, 1998.
/X/ Principal: I agree to pay the principal in monthly payments equal to
1/36 of the outstanding principal balance beginning July 4,
1997 and on the 4th day of each succeeding month thereafter.
/ / 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 on the __________
day of each ______________________ thereafter. The final payment of the
entire unpaid balance of principal and interest will be due __________,
______________.
/ / Effect of Variable Rate: An increase in the interest rate will have
the following effect on the payments:
/ / The amount of each scheduled payment will be increased.
/ / The amount of the final payment will be increased.
/ / ___________________________________________________________________.
_______________________________________________________________________________________________
NOTICE TO BORROWER: This written agreement is the final expression of the agreement between
you and the Lender, and as such it may not be contradicted by evidence of any prior oral
agreement or of a contemporaneous oral agreement between you and the Lender.
ADDITIONAL TERMS: NONE INDUSTRIAL STATE BANK ELECTRONIC PROCESSING, INC.
AFFIRMATION: By signing or initialing
here, Xxxxxxxx & Xxxxxx affirm that no
unwritten oral agreement between them X /s/ [ILLEGIBLE] X /s/ [ILLEGIBLE]
exists. --------------------- -------------------------
Pres (Lender) CEO (Borrower(s))
_______________________________________________________________________________________________
/X/ SECURITY: This note is secured by: SIGNATURES: I AGREE TO THE TERMS OF THIS
Machinery and equipment as per the NOTE (INCLUDING THOSE ON THE OTHER SIDE),
Security Agreement of even date. I have received a copy on today's date.
ELECTRONIC PROCESSING, INC.
/ / If checked, no agreement was signed a Missouri C Corporation
today securing this note. (This note is ----------------------------------------
secured by any agreement listed above By: /s/ Xxx X. Xxxxxxx
and any other agreement to the extent ----------------------------------------
permitted by law.) Xxx X. Xxxxxxx, CEO
___________________________________________
Signed /s/ [ILLEGIBLE] for Lender, Title President
------------------------------- --------------------------------------
_______________________________________________________________________________________________
ADDITIONAL TERMS
APPLICABLE LAW: The law of the state of Kansas will govern this note. Any
term of this note which is contrary to applicable law will not be
effective, unless the law permits you and me to agree to such a variation.
PAYMENTS: Each payment I make on this note will first reduce the amount I owe
you for charges which are neither interest nor principal. The remainder of
each payment will then reduce unpaid earned interest, and then unpaid
principal. If you and I agree to a different application of payments, we
will describe our agreement on this form.
INTEREST: If I receive the principal in more than one advance, each advance
will start to earn interest only when I receive the advance. The interest
rate in effect on this note at any given time will apply to the entire
principal advanced at that time. If the interest rate on this note is
variable, decreases in the interest rate will have the corresponding
opposite effect on my payment that increases will have (as shown on the
front of this form). No matter how the interest rate is computed, it will
never be higher than the highest rate allowed by law.
INDEX RATES: If you and I have agreed that the interest rate on this note
will be variable and will be related to an index rate, then the index we
select will function only as a tool for setting the rate on this note.
You do not guarantee, by selecting any index, that the rate on this note
will have a particular relationship to the rate you charge on any other
loans or any type or class of loans with your other customers.
SINGLE ADVANCE LOANS: If this is a single advance loan, you and I expect that
you will make only one advance of principal. However, you may add other
amounts to the principal if you make any payments described in the
"PAYMENTS BY LENDER" paragraph below.
MULTIPLE ADVANCE LOANS: If this is a multiple advance loan, you and I expect
that you will make more than one advance of principal.
If this is closed end credit, then repaying a part of the principal will
not entitle me to additional credit.
If this is open end credit, then repaying a part of the principal will
entitle me to additional credit, unless the open end feature has expired.
You will not ordinarily make an advance if it would cause the unpaid
principal amount to become greater than the maximum principal amount, or if
the unpaid principal amount is already greater than the maximum principal
amount. You will never be obligated to make such an advance, even if you
occasionally do so.
PAYMENTS BY LENDER: If you are authorized to pay, on my behalf, charges I am
obligated to pay (such as property insurance premiums), then you may treat
those payments as advances and add them to the unpaid principal under this
note.
POST MATURITY RATE: For purposes of deciding when the "Post Maturity Rate"
(shown on the other side) applies, the term "maturity" means the
following:
(1) if the note is payable on demand, the date you make your demand;
(2) if the note is payable on demand with an alternate maturity date(s),
the date you make your demand or the final alternate maturity date or
the date you accelerate payment on the note, whichever is earlier; and
(3) in all other cases, the date of the last scheduled payment of
principal or the date you accelerate payment on the note, whichever is
earlier.
SET-OFF: You have the right to set-off any amount I owe you under this note
against any right I have to receive money from you. If my right to receive
money from you is owned by someone else not paying this note, your set-off
can only reach funds I could have reached with my own request or endorsement.
Your right of set-off does not extend to accounts where my rights are only
as a fiduciary. It also does not extend to my IRA or other tax-deferred
retirement account.
Your right of set-off applies without your first telling me you are going
to use it. It applies no matter what sort or value of collateral is on this
loan. It also applies no matter who else has agreed to pay this note.
You will not be liable for wrongful dishonor of a check where such dishonor
occurs because you set-off this debt against my account.
DEFAULT: I will be in default if any one or more of the following occur:
(1) I fail to make payment on time or in the amount due.
(2) I fail to keep the collateral insured, if required.
(3) I fail to keep any other promise I have made in connection with this
loan.
(4) I fail to pay, or keep any other promise, on any other loan or
agreement I have with you.
(5) Any other creditor of mine attempts to collect the debt I owe him
through court proceedings.
(6) I die.
(7) I go into bankruptcy, whether by my own choice or not.
(8) I do or fail to do something which causes you to believe that you will
have difficulty collecting the amount I owe you.
(9) Anything else happens which causes you to believe that you will have
difficulty collecting the amount I owe you.
REMEDIES: If I am in default on this note, you have the following remedies:
(1) You may demand immediate payment of all I owe you under this note.
(2) You may set-off this debt against any right I have to the payment of
money from you.
(3) You may demand more security or new parties obligated to pay this
note in return for not using any other remedy.
(4) You may make use of any remedy you have under state or federal law.
(5) You may make use of any remedy given to you in any agreement securing
this note.
(6) If this is a multiple advance loan, either open end or closed end,
you may refuse to make advances to me while I am in default.
By selecting any one or more of these remedies you do not give up
your right to later use any other remedy. By deciding not to use any remedy
should I default, you do not waive your right to later consider the event a
default if it happens again.
WAIVER: I give up my rights to require you to do certain things. I will not
require you to:
(1) demand payment of amounts due (presentment);
(2) obtain official certification of nonpayment (protest); or
(3) give notice that amounts due have not been paid (notice of dishonor).
ATTORNEYS' FEES: If you must hire a lawyer to collect this note, I must pay
his or her fee, plus court costs (except where prohibited by law).
SECURITY: This note is secured by any agreement listed on the reverse side
and any other agreement to the extent permitted by law.
ADDITIONAL PARTIES AND SECURITY: I understand that I must pay this note even
if someone else has signed it. You may sue me, or anyone else, or any of us
together, to collect this note. You do not have to tell me this note has not
been paid. You may release any cosigner and I will still be obligated to pay
the note. If you give up any of your rights it will not affect my duty to pay
this note. Extending new credit or renewing this note will not affect my
duty to pay this note.
FINANCIAL STATEMENTS: I agree to provide to you, upon request, any financial
statements or information you may deem necessary. I warrant that all
financial statements and information I provide to you are or will be
accurate, correct and complete.
PRIVACY: I understand and agree that from time to time you may receive credit
information concerning me from others and furnish credit and experience
information regarding my loan to others seeking such information. Except when
otherwise provided by law, I agree that you will not be liable for any claim
arising from the use of information provided to you by others or for
providing such information to others.
GUARANTEE: By signing below, I unconditionally guarantee the payment of any
amounts owed under this note. I also agree that all the other terms of the
note will apply to me.
X
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X
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DATE OF PRINCIPAL BORROWER'S PRINCIPAL PRINCIPAL INTEREST INTEREST INTEREST
TRANSACTION ADVANCE INITIALS PAYMENTS BALANCE RATE PAYMENTS PAID
(NOT REQUIRED) THROUGH:
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FORM UN=KS BACKSIDE REVISION DATE 10/3/88
