Exhibit A-3
Blackstone Valley Electric Company
Form of Bank Note *
FOR VALUE RECEIVED, the undersigned hereby promises to pay,
as set forth below, to ________________ (the "Bank"), or order,
the principal sum of ___________ or, if less, the aggregate
outstanding principal amount of all loans evidenced by this Note
made by the bank to the undersigned as shown in the schedule
attached hereto (the "Note Schedule"), together with interest at
the rate or rates set forth in the Note Schedule. The principal
amount of each loan shall be payable on demand or on the maturity
date of such loan as indicated in the Note Schedule, and in any
event, the aggregate outstanding principal amount of all loans
hereunder shall be due and payable on ________________. Accrued
interest on each prime rate loan shall be payable quarterly in
arrears on the last business day of each calendar quarter and at
maturity. Interest on the principal amount of each money market
loan as shown on the Note Schedule shall be payable on the same
day as the principal amount of each is due at the rate set forth
on the same line of the Note Schedule as such principal amount.
Interest will be computed on a 365-day basis for prime rate loans
and 60-day for money market loans, and paid for the actual number
of days lapsed. All payments shall be made in lawful currency of
the United States of America in immediately available funds.
Prepayment of prime rate loans, together with accrued
interest thereon, may be made at any time and from time to time
without penalty or premium. Prepayment of money market loans is
not permitted. In the event that any payment of principal or
interest is not made when due, the unpaid balance of principal
plus accrued interest may, at the option of the Bank, be declared
immediately due and payable. Overdue payments of principal
(whether at stated maturity, by acceleration or otherwise), and,
to the extend permitted by law, overdue interest, shall bear
interest, payable on demand and compounded monthly, at a rate per
annum equal to ___________ of the prime rate.
The undersigned hereby waives presentment, demand, notice of
dishonor, protest and all other demands and notices in connection
with the delivery, acceptance, performance and enforcement of
this Note.
The undersigned agrees to pay all charges of the Bank in
connection with the collection or enforcement of this Note,
including reasonable attorneys' fees.
This instrument shall have the effect of an instrument
executed under seal and shall be governed by the laws of The
Commonwealth of Massachusetts.
By: Blackstone Valley Electric Company
* Form of Bank Notes will vary to accord with the practices of
various banks.
SCHEDULE TO PROMISSORY NOTE
OF BLACKSTONE VALLEY ELECTRIC COMPANY
_____________ XX, 19--
Date and
Date Principal Amount of
of Amount Maturity Interest Payment Notation
Loan of Loan Date Rate Received made by
