Common use of Evidence of Borrower’s Obligations Clause in Contracts

Evidence of Borrower’s Obligations. (a) Borrower’s obligation to pay principal of, and interest on, the Revolving Advances made to Borrower shall be evidenced by the Revolving Note executed by Borrower on the date hereof and delivered to Lender, as such note may from time to time be extended, modified, refinanced, renewed, substituted, replaced and/or redated with the written consent of Lender. (b) In addition to being evidenced by the Revolving Note, all Revolving Advances made by Lender under the Revolving Loan and all interest due on the Revolving Loan and all other amounts due under the Revolving Loan and this Agreement and all payments made on account of principal and/or interest and/or such other amounts may be entered by Lender on its records. The aggregate unpaid principal and/or interest and/or other amounts entered and shown on Lender’s records shall further evidence the principal and/or interest and/or other amounts owing and unpaid on the Revolving Loan and this Agreement. (c) Lender shall render a statement of account which can be accomplished by a monthly mailing of transaction activity and balances similar to what is being done presently. If Borrower fails to object to the statement within sixty (60) days after it is received by Borrower, it shall be deemed to be an account stated and binding upon Borrower, absent manifest error. Notwithstanding the foregoing, Lender’s failure to enter on such records the date and amount of any Revolving Advance or unpaid interest or other amounts shall not, however, limit or otherwise affect the obligations of Borrower under this Agreement to repay the principal amount of the Revolving Advances made by Lender to Borrower under the Revolving Loan, together with all interest accruing and other amounts due thereon.

Evidence of Borrower’s Obligations. (a) Borrower’s Borrowers' joint and several obligation to pay principal of, and interest on, the Revolving Advances made to Borrower Borrowers shall be evidenced by the Revolving Note executed by Borrower Borrowers on the date hereof and delivered to Lender, as such note may from time to time be extended, modified, refinanced, renewed, substituted, replaced and/or redated with the written consent of Lender. (b) In addition to being evidenced by the Revolving Note, all Revolving Advances made by Lender under the Revolving Loan and all interest due on the Revolving Loan and all other amounts due under the Revolving Loan and this Agreement and all payments made on account of principal and/or interest and/or such other amounts may be entered by Lender on its records. The aggregate unpaid principal and/or interest and/or other amounts entered and shown on Lender’s 's records shall further evidence the principal and/or interest and/or other amounts owing and unpaid on the Revolving Loan and this Agreement. (c) The fact that only one Borrower's Revolving Loan account may be charged on Lender's books in no way alters or lessens the joint and several liability of both Borrowers under this Agreement for the performance and payment of all the Obligations, it being understood (as also set forth in Section 2.9 below) that EACH BORROWER IS JOINTLY AND SEVERALLY AND UNCONDITIONALLY LIABLE AS A GUARANTOR OF THE PAYMENT AND PERFORMANCE OF THE OBLIGATIONS OF THE OTHER BORROWER, SUCH "GUARANTY" LIABILITY BEING ONE OF PAYMENT, AND NOT MERELY ONE OF COLLECTION. (d) Lender shall may from time to time render a statement of account which can be accomplished by a monthly mailing of transaction activity and balances similar to what is being done presentlythe aforementioned records. If Borrower fails Borrowers fail to object to the statement within sixty thirty (6030) days after it is received by BorrowerBorrowers, it shall be deemed to be an account stated and binding upon BorrowerBorrowers, absent manifest error. Notwithstanding the foregoing, Lender’s 's failure to enter on such records the date and amount of any Revolving Advance or unpaid interest or other amounts shall not, however, limit or otherwise affect the obligations of Borrower Borrowers under this Agreement to repay the principal amount of the Revolving Advances made by Lender to Borrower Borrowers under the Revolving Loan, together with all interest accruing and other amounts due thereon.

Evidence of Borrower’s Obligations. (a) Borrower’s 's joint and several obligation to pay principal of, and interest on, the Revolving Advances made to Borrower shall be evidenced by the Revolving Note executed by Borrower on the date hereof and delivered to Lender, as such note may from time to time be extended, modified, refinanced, renewed, substituted, replaced and/or redated with the written consent of Lender. (b) In addition to being evidenced by the Revolving Note, all Revolving Advances made by Lender under the Revolving Loan and all interest due on the Revolving Loan and all other amounts due under the Revolving Loan and this Agreement and all payments made on account of principal and/or interest and/or such other amounts may be entered by Lender on its records. The aggregate unpaid principal and/or interest and/or other amounts entered and shown on Lender’s 's records shall further evidence the principal and/or interest and/or other amounts owing and unpaid on the Revolving Loan and this Agreement. (c) Lender shall may from time to time render a statement of account which can be accomplished by a monthly mailing of transaction activity and balances similar to what is being done presentlythe aforementioned records. If Borrower fails to object to the statement within sixty thirty (6030) days after it is received by Borrower, it shall be deemed to be an account stated and binding upon Borrower, absent manifest error. Notwithstanding the foregoing, Lender’s 's failure to enter on such records the date and amount of any Revolving Advance or unpaid interest or other amounts shall not, however, limit or otherwise affect the obligations of Borrower under this Agreement to repay the principal amount of the Revolving Advances made by Lender to Borrower under the Revolving Loan, together with all interest accruing and other amounts due thereon. (a) Section 15.1 of the 2001 Loan Agreement is hereby amended by LENDER's hereby giving its consent to TACT's acquisition of the stock of IOT pursuant to the terms and conditions of the Stock Purchase Agreement, including those provisions which require TACT to be indebted to the sellers under the Stock Purchase Agreement (such sellers being set forth on Schedule "A" attached hereto and hereinafter the "Sellers") in an amount not exceeding $650,000, payable on a non-interest-bearing deferred basis (except in the event of a default in which case interest shall accrue at the rate of 5% per annum on the principal amount subject to such default), but only to the extent that the repayment of such $650,000 has been subordinated to the payment of the Obligations pursuant to the terms of a Subordination Agreement dated on or about even date herewith (the "Sellers' Subordination Agreement"). (b) Section 15.1 of the 2001 Loan Agreement is hereby further amended by LENDER's hereby giving its consent to TACT's becoming indebted to Zielczynski in the amount of the Permitted Zielczynski Debt, payable with interest on a deferred basis, but only to the extent that the repayment of the Permitted Zielczynski Debt has been subordinated to the payment of the Obligations pursuant to the terms of a Subordination Agreement ("Zielczynski's Subordination Agreement") dated on or about even date herewith.