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LOAN NUMBER LOAN NAME ACCT. NUMBER NOTE DATE INITIALS
872000985 Midwest Cable 11/04/99 BVS
Communications of
Arkansas, Inc.
NOTE AMOUNT INDEX (w/Margin) RATE MATURITY DATE LOAN PURPOSE
$25,401.00 Not Applicable 9.750% 11/05/06 Commercial
Creditor Use Only
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PROMISSORY NOTE
(Commercial - Single Advance - Fixed Rate)
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DATE AND PARTIES. The date of this Promissory Note (Note) is November 4, 1999.
The Parties and their addresses are:
LENDER:
FIRST FINANCIAL BANK
0000 X. Xxxxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
BORROWER:
MIDWEST CABLE COMMUNICATIONS OF ARKANSAS, INC.
a Corporation
0000 Xxxxxx Xxxxx
Xxxxxxxxxx, Xxxxxxxx 00000
1. DEFINITIONS. As used in this Note, the terms have the following meanings:
A. Pronouns. The pronouns "I," "me," and "my" refer to each Borrower signing
this Note, individually and together with their heirs, successors and
assigns, and each other person or legal entity (including guarantors,
endorsers, and sureties) who agrees to pay this Note. "You" and "Your" refer
to the Lender, with its participants or syndicators, successors and assigns,
or any person or company that acquires an interest in the Loan.
B. Note. Note refers to this document, and any extensions, renewals,
modifications and substitutions of this Note.
C. Loan. Loan refers to this transaction generally, including obligations
and duties arising from the terms of all documents prepared or submitted for
this transaction such as applications, security agreements, disclosures or
notes, and this Note.
D. Property. Property is any property, real, personal or intangible, that
secures my performance of the obligations of this Loan.
E. Percent. Rates and rate change limitations are expressed as annualized
percentages.
2. PROMISE TO PAY. For value received. I promise to pay you or your order at
your address, or at such other location as you may designate, the principal sum
of $25,401.00 (Principal) plus interest from November 4, 1999 on the unpaid
Principal balance until this Note matures or this obligation is accelerated.
3. INTEREST. Interest will accrue on the unpaid Principal balance of this Note
at the rate of 9.750 percent (Interest Rate).
A. Interest After Default. If you declare a default under the terms of this
Note, including for failure to pay in full at maturity, you may increase the
Interest Rate otherwise payable as described in the INTEREST section. In
such event, interest will accrue on the unpaid Principal balance of this
Note at the Interest Rate in effect from time to time under the terms of
this Note, until paid in full.
B. Maximum Interest Amount. Any amount assessed or collected as interest
under the terms of this Note or obligation will be limited to the Maximum
Lawful Amount of interest allowed by state or federal law. Amounts collected
in excess of the Maximum Lawful Amount will be applied first to the unpaid
Principal balance. Any remainder will be refunded to me.
C. Statutory Authority. The amount assessed or collected on this Note is
authorized by Ark. Const. art. XIX, ss. 13(d)(i).
D. Accrual. During the scheduled term of this Loan interest accrues using an
Actual/365 days counting method.
4. ADDITIONAL CHARGES. As additional consideration. I agree to pay, or have
paid, certain additional fees and charges identified on other documents prepared
for this loan transaction or one or more of these fees and charges has been paid
or will be paid by a third party on my behalf.
5. GOVERNING AGREEMENT. This Note is further governed by the Commercial Loan
Agreement executed between you and me as part of this Loan, as modified, amended
or supplemented. Upon execution of this Note, I represent that I have reviewed
and am in compliance with the terms contained in the Commercial Loan Agreements.
6. PURCHASE MONEY LOAN. You may include the name of the seller on the check or
draft for this Note.
7. PAYMENT. I agreed to pay this Note on demand, but if no
demand is made, I agree to pay this Note in 84 payments. A payment of $418.60
will be due December 5, 1999, and on the 5th day of each month thereafter. A
final payment of the entire unpaid balance of Principal and interest will be due
November 5, 2006.
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Payments will be rounded up to the nearest $.01. With the final payment, I also
agree to pay any additional fees or charges owing and the amount of any advances
you have made to others on my behalf. Payments scheduled to be paid on the 29th,
30th or 31st day of a month that contains no such day will, instead, be made on
the last day of such month.
Each payment I make on this Note will be applied first to interest that is due
then to principal that is due, and finally to any charges that I owe other than
principal and interest. If you and I agree to a different application of
payments, we will describe our agreement on this Note. The actual amount of my
final payment will depend on my payment record.
8. REMEDIAL CHARGES. In addition to interest or other finance charges, I agree
that I will pay certain additional fees based on my method and pattern of
payment.
A. Late Charge. If a payment is more than 10 days late, I will be charged
5.000 percent of the Unpaid Portion of Payment. I will pay this late charge
promptly but only once for each late payment.
B. Prepayment. I may prepay this Loan in full or in part at any time. Any
partial prepayment will not excuse any later scheduled payments until I pay
in full.
9. LOAN PURPOSE. The purpose of this Loan is purchase RV.
10. SECURITY. This Loan is secured by separate security instruments prepared
together with this Note as follows:
Document Name Parties to Document
Commercial Loan And Security Agreement Midwest Cable Communications of Arkansas, Inc.
11. ASSUMPTIONS. Someone buying the Property cannot assume the obligation. You
may declare the entire balance of the Note to be immediately due and payable
upon the creation of or contract for the creation of, any lien, encumbrance, or
transfer of the Property.
12. WAIVERS AND CONSENT. To the extent not prohibited by law. I waive protest,
presentment for payment, demand, notice of acceleration, notice of intent to
accelerate and notice of dishonor.
A. Additional Waivers By Xxxxxxxx. In addition, I, and any party to this
Note and Loan, to the extent permitted by law, consent to certain actions
you may take, and generally waive defenses that may be available based on
these actions or based on the status of a party to this Note.
(1) You may renew or extend payments on this Note regardless of the
number of such renewals or extensions.
(2) You may release any Borrower, endorser, guarantor, surety,
accommodation maker or any other co-signer.
(3) You may release, substitute or impair any Property securing this
Note.
(4) You, or any institution participating in this Note, may invoke your
right of set-off.
(5) You may enter into any sales, repurchases or participations of this
Note to any person in any amounts and I waive notice of such sales,
repurchases or participations.
(6) I agree that any of us signing this Note as a Borrower is
authorized to modify the terms of this Note or any instrument securing,
guarantying or relating to this Note.
(7) I agree that you may inform any party who guarantees this Loan of
any Loan accommodations, renewals, extensions, modifications,
substitutions or future advances.
B. No Waiver By Lender. Your course of dealing, or your forbearance from,
or delay in, the exercise of any of your rights, remedies, privileges or
right to insist upon my strict performance of any provisions contained in
this Note, or other Loan documents, shall not be construed as a waiver by
you, unless any such waiver is in writing and is signed by you.
13. APPLICABLE LAW. This Note is governed by the laws of Arkansas, the United
States of America and to the extent required, by the laws of the jurisdiction
where the Property is located. In the event of a dispute, the exclusive forum,
venue and place of jurisdiction will be in Arkansas, unless otherwise required
by law.
14. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. My obligation to pay this
Loan is independent of the obligation of any other person who has also agreed to
pay it. You may sue me alone, or anyone else who is obligated on this Loan, or
any number of us together, to collect this Loan. Extending this Loan or new
obligations under this Loan, will not affect my duty under this Loan and I will
still be obligated to pay this Loan. The duties and benefits of this Loan will
bind and benefit the successors and assigns of you and me.
15. AMENDMENT, INTEGRATION AND SEVERABILITY. This Note may not be amended or
modified by oral agreement. No amendment or modification of this Note is
effective unless made in writing and executed by you and me. This Note is the
complete and final expression of the agreement. If any provision of this Note is
unenforceable, then the unenforceable provision will be severed and the
remaining provisions will still be enforceable.
16. INTERPRETATION. Whenever used, the singular includes the plural and the
plural includes the singular. The section headings are for convenience only and
are not to be used to interpret or define the terms of this Note.
17. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise
required by law, any notice will be given by delivering it or mailing it by
first class mail to the appropriate party's address listed in the DATE AND
PARTIES section, or to any other address designated in writing. Notice to one
party will be deemed to be notice to all parties. I will inform you in writing
of any change in my name, address or other application information. I agree to
sign, deliver, and file any additional documents or certifications that you may
consider necessary to perfect, continue, and preserve my obligations under the
Loan and to confirm your lien status on any Property. Time is of the essence.
18. CREDIT INFORMATION. I agree that from time to time you may obtain credit
information about me from others, including other lenders and credit reporting
agencies, and report to others (such as a credit reporting agency) your credit
experience with me. I agree that you will not be liable for any claim arising
from the use of information provided to you by others or for providing such
information to others.
19. SIGNATURES. By signing, I agree to the terms contained in this Note. I also
acknowledge receipt of a copy of this Note.
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BORROWER:
Midwest Cable Communications of Arkansas, Inc.
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Authorized Xxxxxx
LENDER:
First Financial Bank
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Xxx X. Xxxxxxx, Consumer Loan Officer
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