Common use of Term Note Clause in Contracts

Term Note. The obligation of Borrower to repay the Term Loan shall be evidenced by the Term Note executed by Borrower, payable to the order of Lender, in the principal amount of the Term Loan and dated of even date herewith. The principal of the Term Loan, plus accrued and unpaid interest thereon, shall be due and payable in: (a) fourteen (14) consecutive installments each equal to FOUR HUNDRED SEVENTY-NINE THOUSAND AND NO/100 DOLLARS ($479,000.00) of principal, together with all accrued and unpaid interest, the first of such installments being due and payable on or before April 1, 1994 and like installments being due and payable on the first day of each succeeding third calendar month thereafter through and including July 1, 1997; and (b) a final installment due and payable on October 1, 1997 in an amount equal to the remaining unpaid principal amount outstanding on the Term Loan, together with all accrued and unpaid interest. The Term Loan shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the Maximum Rate or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus three-quarters of one percent (3/4%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the effective date of each change in the Bank One Texas Base Rate; provided, however, if at any time the rate of interest specified in clause (b) preceding shall exceed the Maximum Rate, thereby causing the interest on the Term Loan to be limited to the Maximum Rate, then any subsequent reduction in the Bank One Texas Base Rate shall not reduce the rate of interest on the Term Loan below the Maximum Rate until the aggregate amount of interest accrued on the Term Loan equals the aggregate amount of interest which would have accrued on the Term Loan if the interest rate specified in clause (b) preceding had at all times been in effect. All past due principal and interest shall bear interest at the Maximum Rate.

Term Note. The obligation of Borrower to repay the Term Loan shall be evidenced by the Term Note executed by Borrower, payable to the order of Lender, in the principal amount of the Term Loan and dated of even date herewith. The principal of the Term Loan, plus accrued and unpaid interest thereon, shall be due and payable in: (a) fourteen thirteen (1413) consecutive installments each equal to FOUR HUNDRED SEVENTY-NINE ONE THOUSAND AND NO/100 DOLLARS ($479,000.0071,000.00) of principal, together with all accrued and unpaid interest, the first of such installments being due and payable on or before April July 1, 1994 and like installments being due and payable on the first day of each succeeding third calendar month thereafter through and including July 1, 1997; and (b) a final installment due and payable on October 1, 1997 in an amount equal to the remaining unpaid principal amount outstanding on the Term Loan, together with all accrued and unpaid interest. The Term Loan shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the Maximum Rate or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus three-quarters of one and percent (3/4%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the effective date of each change in the Bank One Texas Base Rate; provided, however, if at any time the rate of interest specified in clause (b) preceding shall exceed the Maximum Rate, thereby causing the interest on the Term Loan to be limited to the Maximum Rate, then any subsequent reduction in the Bank One Texas Base Rate shall not reduce the rate of interest on the Term Loan below the Maximum Rate until the aggregate amount of interest accrued on the Term Loan equals the aggregate amount of interest which would have accrued on the Term Loan if the interest rate specified in clause (b) preceding had at all times been in effect. All past due principal and interest shall bear interest at the Maximum Rate.

Term Note. The obligation of Borrower to repay the Term Loan shall be evidenced by the Term Note executed by Borrower, payable to the order of Lender, in the principal amount of the Term Loan and dated of even date herewith. The principal of the Term Loan, plus accrued and unpaid interest thereon, shall be due and payable in: : (a) fourteen seven (147) consecutive installments each equal to FOUR HUNDRED SEVENTY-NINE ONE THOUSAND AND NO/100 DOLLARS ($479,000.0071,000.00) of principal, together with all accrued and unpaid interest, the first of such installments being due and payable on or before April January 1, 1994 1996 and like installments being due and payable on the first day of each succeeding third calendar month thereafter through and including July 1, 1997; and and (b) a final installment due and payable on October 1, 1997 in an amount equal to the remaining unpaid principal amount outstanding on the Term Loan, together with all accrued and unpaid interest. The Effective October 1, 1995, the Term Loan shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the Maximum Rate or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus threeone-quarters half of one percent (3/41/2%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the effective date of each change in the Bank One Texas Base Rate; provided, however, if at any time the rate of interest specified in clause (b) preceding shall exceed the Maximum Rate, thereby causing the interest on the Term Loan to be limited to the Maximum Rate, then any subsequent reduction in the Bank One Texas Base Rate shall not reduce the rate of interest on the Term Loan below the Maximum Rate until the aggregate amount of interest accrued on the Term Loan equals the aggregate amount of interest which would have accrued on the Term Loan if the interest rate specified in clause (b) preceding had at all times been in effect. All past due principal and interest shall bear interest at the Maximum Rate.

Term Note. The obligation of Borrower to repay the Term Loan shall be evidenced by the Term Note executed by Borrower, payable to the order of Lender, in the principal amount of the Term Loan and dated of even date herewithOctober 1, 1995. The principal of the Term Loan, plus accrued and unpaid interest thereon, shall be due and payable in: : (a) fourteen seven (147) consecutive installments each equal to FOUR FIVE HUNDRED SEVENTY-NINE THOUSAND AND NO/100 DOLLARS ($479,000.00579,000.00) of principal, together with all accrued and unpaid interest, the first of such installments being due and payable on or before April January 1, 1994 1996 and like installments being due and payable on the first day of each succeeding third calendar month thereafter through and including July 1, 1997; and and (b) a final installment due and payable on October 1, 1997 in an amount equal to the remaining unpaid principal amount outstanding on the Term Loan, together with all accrued and unpaid interest. The Effective October 1, 1995, the Term Loan shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the Maximum Rate or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus threeone-quarters half of one percent (3/41/2%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the effective date of each change in the Bank One Texas Base Rate; provided, however, if at any time the rate of interest specified in clause (b) preceding shall exceed the Maximum Rate, thereby causing the interest on the Term Loan to be limited to the Maximum Rate, then any subsequent reduction in the Bank One Texas Base Rate shall not reduce the rate of interest on the Term Loan below the Maximum Rate until the aggregate amount of interest accrued on the Term Loan equals the aggregate amount of interest which would have accrued on the Term Loan if the interest rate specified in clause (b) preceding had at all times been in effect. All past due principal and interest shall bear interest at the Maximum Rate.

Term Note. The obligation of Borrower to repay the Term Loan shall be evidenced by the Term Note executed by Borrower, payable to the order of Lender, in the principal amount of the Term Loan and dated of even date herewithFebruary 14, 1997. The principal of the Term Loan, plus accrued and unpaid interest thereon, shall be due and payable in: : (a) fourteen nine (149) consecutive installments each equal to FOUR HUNDRED SEVENTY-NINE ONE THOUSAND AND NO/100 DOLLARS ($479,000.0071,000.00) of principal, together with all accrued and unpaid interest, the first of such installments being due and payable on or before April 1, 1994 1997 and like installments being due and payable on the first day of each succeeding third calendar month thereafter through and including July April 1, 19971999; and and (b) a final installment due and payable on October July 1, 1997 1999 in an amount equal to the remaining unpaid principal amount outstanding on the Term Loan, together with all accrued and unpaid interest. The Term Loan shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the Maximum Rate or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus threeone-quarters half of one percent (3/41/2%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the effective date of each change in the Bank One Texas Base Rate; provided, however, if at any time the rate of interest specified in clause (b) preceding shall exceed the Maximum Rate, thereby causing the interest on the Term Loan to be limited to the Maximum Rate, then any subsequent reduction in the Bank One Texas Base Rate shall not reduce the rate of interest on the Term Loan below the Maximum Rate until the aggregate amount of interest accrued on the Term Loan equals the aggregate amount of interest which would have accrued on the Term Loan if the interest rate specified in clause (b) preceding had at all times been in effect. All past due principal and interest shall bear interest at the Maximum Rate.

Term Note. (a) The Bank hereby agrees, on the terms and subject to the conditions of this Agreement, to loan to the Borrower an aggregate principal amount of Five Million Dollars ($5,000,000) (the "Loan"). The Bank will make an initial Disbursement to the Borrower on the Closing Date in the amount of Five Million Dollars ($5,000,000). The obligation of the Borrower to repay the Term Loan shall and to pay interest and all other costs and charges payable hereunder will be evidenced by a promissory note in the Term Note executed by Borrower, form of Exhibit 2.1 (the ----------- "Note") dated the Closing Date and payable to the order of Lender, the Bank in the original principal amount of the Term Loan and dated of even date herewith. The principal of the Term Loan, plus accrued and unpaid interest thereon, shall be due and payable in: (a) fourteen (14) consecutive installments each equal to FOUR HUNDRED SEVENTY-NINE THOUSAND AND NO/100 DOLLARS Five Million Dollars ($479,000.00) of principal, together with all accrued and unpaid interest, the first of such installments being due and payable on or before April 1, 1994 and like installments being due and payable on the first day of each succeeding third calendar month thereafter through and including July 1, 1997; and 5,000,000). (b) The Loan shall bear interest, and the Borrower shall pay interest on the outstanding principal balance of the Loan from the date of the initial Disbursement to the Borrower until the Maturity Date, at the following rates per annum: (i) with respect to any portion of such Loan which is a final installment due and payable Eurodollar Rate Loan Portion, interest at a rate per annum on October 1such Eurodollar Rate Loan Portion equal (at all times during each applicable Interest Period) to the Reserve Adjusted Eurodollar Rate for such applicable Interest Period plus the Applicable Margin; and (ii) with respect to each portion of such Loan which is not a Eurodollar Rate Loan Portion, 1997 in an amount interest at a rate per annum on each such Loan Portion equal to the remaining unpaid principal amount outstanding Prime Rate. Except for any Disbursement to be made hereunder on the Term Closing Date, not later than 12:00 noon (Chicago time) on the third Business Day prior to the initial funding of the Loan, together with all accrued and unpaid interest. The Term Loan the Borrower shall bear interest prior to maturity at a varying rate per annum equal from day to day provide written notice ("Eurodollar Notice") to the lesser of (a) the Maximum Rate or (b) the sum Bank of the Bank One Texas Base dollar amount of the initial Disbursement which will be a Eurodollar Rate Loan Portion for the initial Interest Period. In the event that the Borrower fails to provide the Eurodollar Notice in effect from day to day plus three-quarters accordance with the preceding sentence or if an Event of one percent (3/4%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the effective date of each change in the Bank One Texas Base Rate; provided, however, if at any time the rate of interest specified in clause (b) preceding shall exceed the Maximum Rate, thereby causing the interest on the Term Loan to be limited to the Maximum RateDefault has occurred and is continuing, then any subsequent reduction in the Bank One Texas Base Rate shall not reduce outstanding principal balance of the rate of interest on the Term Loan below the Maximum Rate until the aggregate amount of interest accrued on the Term Loan equals the aggregate amount of interest which would have accrued on the Term Loan if the interest rate specified in clause (b) preceding had at all times been in effect. All past due principal and interest shall bear interest at the Maximum Prime Rate until such time as Borrower has given an Election Notice in accordance with Section 2.1(c) below. Computations of interest will be on the basis of a 360 day year, for actual days elapsed with respect to interest accruing. (c) The Borrower, upon written notice (the "Election Notice") given to the Bank by not later than 12:00 noon (Chicago time) on the third Business Day prior to the expiration of the Interest Period for any Eurodollar Rate Loan Portion in the case of any continuation of a Eurodollar Rate Loan Portion as such, and not later than 12:00 Noon (Chicago time) on the conversion date in the case of any conversion into a Prime Rate Loan Portion, may elect: (1) to continue such portion or any part thereof as a Eurodollar Rate Loan Portion for the next succeeding Interest Period; or (2) to convert such portion or any part thereof to a Prime Rate Loan Portion; or (3) a combination thereof, effective the last day of such Interest Period. At the end of each applicable Interest Period, in the absence of a timely effective Election Notice to continue the applicable Loan Portion as a Eurodollar Rate Loan Portion, such Loan Portion shall bear interest at the Prime Rate. Notwithstanding anything herein to the contrary, if at the end of an applicable Interest Period for a Eurodollar Rate Loan Portion, an Event of Default has occurred and is continuing, then the Borrower shall have no right to give an Election Notice, and the Bank may ignore any attempt by the Borrower to give an Election Notice. (d) An Election Notice with respect to any Eurodollar Rate Loan Portion shall contain the following information: (i) the dollar amount (if any) which is to be continued as a Eurodollar Rate Loan Portion; and (ii) with respect to the dollar amount to be continued as a Eurodollar Rate Loan Portion, the new Interest Period. Notwithstanding anything herein to the contrary, the outstanding Loan balance may not at any time be comprised of more than five (5) Eurodollar Rate Loan Portions at the same time without the Bank's consent, which shall be in the Bank's sole and absolute discretion. Once received by the Bank, any Election Notice will be irrevocable for the applicable Eurodollar Rate Loan Portion for the applicable Interest Period. The Borrower hereby authorizes the Bank to record on schedule(s) annexed to the Note (a) the date and amount of each Loan Portion; (b) the term of the Interest Period for each Eurodollar Rate Loan Portion; (c) the interest rate or rates for each Prime Rate Loan Portion and the effective date(s) of all changes in such rates; and (d) the date and amount of each principal and interest payment on each Loan Portion made by the Borrower, and the Borrower agrees that all such notations shall constitute prima facie ----- ----- evidence of the matters noted absent manifest error, provided that the failure of the Bank to record such information shall not reduce or affect the obligations of the Borrower hereunder or under the Loan Agreement. (e) In the event that on the date for determining the Reserve Adjusted Eurodollar Rate to be paid by the Borrower in respect of any Interest Period, the Bank determines in good faith (which determination will be conclusive and binding on the Borrower) that by reason of circumstances affecting the London Interbank Eurodollar market, either Eurodollar rates are not offered in the London Interbank Eurodollar market or adequate and fair means do not exist for ascertaining the Reserve Adjusted Eurodollar Rate for such Interest Period, the Bank shall promptly give to the Borrower telephonic notice (confirmed as soon as practicable in writing) of such determination. During the existence of such circumstances, any existing Eurodollar Rate Loan Portion in respect of which such circumstances exist will convert to a Prime Rate Loan Portion at the end of the applicable Interest Period.

Term Note. The obligation of Borrower to repay the Term Loan shall be evidenced by the Term Note executed by Borrower, payable to the order of Lender, in the principal amount of the Term Loan and dated of even date herewithFebruary 14, 1997. The principal of the Term Loan, plus accrued and unpaid interest thereon, shall be due and payable in: : (a) fourteen nine (149) consecutive installments each equal to FOUR SIX HUNDRED SEVENTYFORTY-NINE THOUSAND AND NO/100 DOLLARS ($479,000.00649,000.00) of principal, together with all accrued and unpaid interest, the first of such installments being due and payable on or before April 1, 1994 1997 and like installments being due and payable on the first day of each succeeding third calendar month thereafter through and including July April 1, 19971999; and and (b) a final installment due and payable on October July 1, 1997 1999 in an amount equal to the remaining unpaid principal amount outstanding on the Term Loan, together with all accrued and unpaid interest. The Term Loan shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the Maximum Rate or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus threeone-quarters half of one percent (3/41/2%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the effective date of each change in the Bank One Texas Base Rate; provided, however, if at any time the rate of interest specified in clause (b) preceding shall exceed the Maximum Rate, thereby causing the interest on the Term Loan to be limited to the Maximum Rate, then any subsequent reduction in the Bank One Texas Base Rate shall not reduce the rate of interest on the Term Loan below the Maximum Rate until the aggregate amount of interest accrued on the Term Loan equals the aggregate amount of interest which would have accrued on the Term Loan if the interest rate specified in clause (b) preceding had at all times been in effect. All past due principal and interest shall bear interest at the Maximum Rate.