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. (Remainder of page intentionally blank.) Missouri: The following disclosures apply. 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. Texas: The following disclosures apply. 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. Oregon: The following disclosure applies unless Applicant is a natural person and this Agreement is primarily for personal, family or household purposes. 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. Washington: The following disclosure applies unless Applicant is a natural person and this Agreement is primarily for personal, family or household purposes. 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. PATRIOT ACT N...
NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: Lender’s Initials 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. BORROWER: TOROTEL, INC. By: /s/ Xxxxx X. Xxxxxxx, Chief Financial Officer of Torotel, Inc. By: /s/ Xxxx X. Xxxxxxxx, Xx., President of Torotel, Inc. LENDER: CORNERSTONE BANK By: /s/ Xxxx X. Xxxxx, Vice President LOAN NO. 913242 Borrower: Torotel, Inc. Lender: Cornerstone Bank 000 X XXXXXX XXXX Main Office OLATHE. KS 66062 0000 X. 000xx Xxxxxx Xxxxxxxx Xxxx, XX 00000 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. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: Lender's Initials 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/ Hxxxx X. Xxxxxxx By: /s/ Dxxx X. Xxxxxxxx Hxxxx X. Xxxxxxx, Chief Financial Officer of Torotel, Inc. Dxxx X. Xxxxxxxx, Xx., President of Torotel, Inc. LENDER: CORNERSTONE BANK X /s/ Jxxx X Xxxxx Jxxx X Xxxxx, Vice President DISBURSEMENT REQUEST AND AUTHORIZATION Principal $2,000,000.00 Loan Date 10-19-2019 Maturity 10-19-2020 Loan No [***] Call / Coll Account [***] Officer [***] Initials References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "***" has been omitted due to text length limitations. Borrower: Torotel, Inc. 500 X Xxxxxx Xxxx Olathe, KS 66062 Lender: Cornerstone Bank Main Oxxxxx 0000 X. 000xx Xxxxxx Xxxxxxxx Xxxx, XX 00000 LOAN TYPE. This is a Variable Rate Nondisclosable Revolving Line of Credit Loan to a Corporation for $2,000,000.00 due on October 19, 2020. This is a secured renewal of the following described indebtedness: Promissory Note #[***] dated October 19, 2018 in the original principal amount of $1,000,000.00 executed by Borrower to Lender and a Change in Terms Agreement dated November 19, 2018 in the principal amount of $1,250,000.00 executed by Borrower to Lender and a Change in Terms Agreement dated May 10, 2019 in the principal amount of $1,500,000.00 executed by Borrower to Lender. PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for: ¨ Personal, Family, or Household Purposes or Personal Investment. x Business (Including Real Estate Investment). SPECIFIC PURPOSE. The specific purpose of this loan is: Working Capital.
NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: Lender’s Initials By initialing the boxes to the left, Lender and Borrower affirm that no unwritten oral agreement exists between them. PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE. BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. BORROWER: TOROTEL, INC. By: /s/ Xxxxx X. Xxxxxxx, Chief Financial Officer of Torotel, Inc. By: /s/ Xxxx X. Xxxxxxxx, Xx., President of Torotel, Inc. LENDER: CORNERSTONE BANK By: /s/ Xxxx X. Xxxxx, Vice President
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 Xxxxxxx 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. Implementation of the Amendments of 1998 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 SFA Handbook: Institutional Eligibility and Participation).
NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: Lender’s Initials 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 AUGUST 15, 2017. BORROWER: TOROTEL PRODUCTS, INC. By: /S/ By: /S/ Xxxx X. Xxxxxxxx, Xx, CEO and President of TOROTEL PRODUCTS, INC. Xxxxx Xxxxxxx, CFO and Assistant Secretary of TOROTEL PRODUCTS, INC.
NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: Lender’s Initials 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. BORROWER: ICOP DIGITAL, INC By: /s/ Xxxxx X. Xxxx
NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Borrower: Lender’s Initials By initialing the boxes to the left. Xxxxxx and Xxxxxxxx affirm that no unwritten oral agreement exists between them. Loan No: 9245710 CHANGE IN TERMS AGREEMENT (Continued) Page 3 PRIOR TO SIGNING THIS AGREEMENT, XXXXXXXX READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT, XXXXXXXX AGREES TO THE TERMS OF THE AGREEMENT. BORROWER: ICOP DIGITAL, INC By: /s/ Xxxxx X. Xxxx
NONSTANDARD TERMS. The following space contains all nonstandard terms, including all previous oral agreements, if any, between Lender and Guarantor: Lender’s Initials By initialing the boxes to the left, Lender and Guarantor affirm that no unwritten oral agreement exists between them. EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARANTY IS EFFECTIVE UPON GUARANTOR’S EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF GUARANTY”. NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY IS DATED OCTOBER 20, 2017. GUARANTOR: TOROTEL, INC. By: /S/ By: /S/ Xxxx X. Xxxxxxxx, Xx, CEO and President of TOROTEL, INC. Xxxxx Xxxxxxx, CFO and Assistant Secretary of TOROTEL, INC.
