Note C - Long-Term Notes Payable Sample Clauses

Note C - Long-Term Notes Payable. Notes payable as of September 30, 2008 are comprised of the following: Note payable to the Longview Marquis Master, Fund, LP payable in monthly installments of fixed principal of $428,750 and interest at 11.00% as of September 30, 2008. The note is secured with cash, accounts receivable, and property, plant and equipment. The note matures on April 1, 2010. $ 8,350,000 Note payable to First National Bank of Weatherford, payable in one installment of unpaid principal and interest, at 8.75% on January 11, 2009. The note is secured with transportation equipment. 150,000 Total Long-term Notes Payable 8,500,000 Less: Current Maturities of Long-term Notes Payable (4,008,750 ) Total Long-term Notes Payable, Net of Current Maturities $ 4,491,250 Principal maturities of Long-Term Notes Payable are as follows: 2009 $ 4,008,750 2010 4,491,250 $ 8,500,000 The notes described above contain a certain restrictive covenant for the maintenance of minimum tangible net worth. As of September 30, 2008, the Company was not in compliance with the net worth covenant.