EXHIBIT 10.10.1
THRUCO INC.'S LINE OF CREDIT WITH
UNITED BANK AND TRUST
1
NOTE
BORROWER'S NAME LENDER'S NAME AND Loan Number:
AND ADDRESS ADDRESS ______________
--------------- ------------------------ Date: 12/23/96
THRUCO, INC. UNITED BANK AND TRUST CO. Maturity Date:
0000 XXXXXXXX XXX N 0000 00XX XXXXXX XXXXX MARCH 24, 0000
XX. XXXXXXXXXX, XX 00000 XX. XXXXXXXXXX, XX 00000 Loan Amount:
$600,000.00
Renewal Of:
---------------
For value received, I promise to pay to you, or your order, at your address
listed above the PRINCIPAL sum of SIX HUNDRED THOUSAND AND N0/100 * * * * * * *
* * * * * * * * * * * * * * Dollars$ 600,000.00 _____ Single Advance: I will
receive all of this principal sum on __________________. No additional advances
are contemplated under this note.
_XX_ Multiple Advance: The principal sum shown above is the maximum amount
of principal I can borrow under this note. On DEC. 23, 1996 1 will receive the
amount of $_______________ and future principal advances are contemplated.
Conditions: The conditions for future advances are UPON BORROWER'S REQUEST
AND LOAN NOT IN DAFAULT.
_XX_ Open End Credit: You and I agree that I may borrow up to the maximum
amount of principal more than one time. This feature is subject to all other
conditions and expires on MARCH 24, 1997.
____ Closed End Credit: You and I agree that I may borrow up to the maximum
only one time (and subject to all other conditions).
INTEREST: I agree to pay interest on the outstanding principal balance from
DECEMBER 23, 1996 at the rate of 9.870 % per year until FIRST CHANGE DATE.
_XX_ Variable Rate: This rate may then change as stated below.
_XX_ Index Rate: The future rate will be 0.750% OVER the following index
rate: UNITED BANK AND TRUST COMPANY PRIME RATE.
____ No Index: The future rate will not be subject to any internal or
external index. It will be entirely in your control.
_XX_ Frequency and Timing: The rate on this note may change as often as
DAILY. A change in the interest rate will take effect ON THE SAME DAY.
_XX_ Lmitations: During the term of this loan, the applicable annual
interest rate will not be more than 18% or less than _______%.
Effect of Variable Rate: A change in the interest rate will have the
following effect on the payments:
_XX_ The amount of each scheduled payment will change.
_XX_ The amount of the final payment will change.
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ACCRUAL METHOD: Interest will be calculated on a ACTUAL/360 basis.
POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note
owing after maturity, and until paid in full, as stated below: ____ on the same
fixed or variable rate basis in effect before maturity (as indicated above).
_XX_ at a rate equal to 18.00%.
_XX_ LATE CHARGE: If a payment if made more than 10 days after it is due, I
agree to pay a late charge of 5.000% OF THE LATE PAYMENT WITH A MINIMUM OF
$10.00
_XX_ ADDITIONAL CHARGES: In addition to the interest, I agree to pay the
following charges which _XX_ are included in the principal amount above:
AS SHOWN ON CLOSING STATEMENT OF EVEN DATE HEREWITH.
PAYMENTS: I agree to pay this note as follows:
_X_ Interest: I agree to pay accrued interest ON THE 24TH OF EACH
MONTH BEGINNING JANUARY 24, 1997.
_XX_ Principal: I agree to pay the principal MARCH 24, 1997.
____ Installments: I agree to pay this note in _______ payments. The first
payment will be in the amount of $_________ and will be due ____________. A
payment of $_____________ will be due _______________, thereafter. The final
payment of the entire unpaid balance of principal and interest will be due
________________________,
ADDITIONAL TERMS: THIS OBLIGATION IS SECURED BY ALL OF DEBTOR'S RIGHT,
TITLE AND INTEREST IN AND TO ALL EQUIPMENT, INVENTORY AND ACCOUNTS RECEIVABLE
NOW OWNED AND/OR HEREAFTER ACQUIRED OF BORROWER AND DATALINC, LTD.; ADDITIONALLY
SECURED BY ACCOUNTS RECEIVABLE AND INVENTORY OF FASTCOM, LTD., AND ASSIGNMENTS
OF HARTFORD LIFE INSURANCE POLICIES #L06007644 AND #L06007641 ON THE LIVES OF
XXXX XXXXXXXX XXXXXXX AND XXXX X. XXXXXXXX.
INTANGIBLE TAX AT THE CURRENT RATE WILL BE DUE ON YOUR OUTSTANDING BALANCE
AS OF THE FIRST DAY OF EACH CALENDAR YEAR. THIS AMOUNT WILL BE BILLED TO YOU
AND IS DUE BY JANUARY 31.
THIS OBLIGATION IS CROSS-COLLATERALIZED WITH NOTE #101786156 AND NOTE
#101786158.
SECURITY: THIS NOTE IS SEPARATELY SECURED BY (describe
separate document by type and date): SECURITY AGREEMENTS
AND ASSIGNMENTS OF LIFE INSURANCE
PURPOSE: The purpose of this loan is BUSINESS:
WORKING CAPITAL FOR FASTCOM, LTD.
SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE (INCLUDING THOSE ON PAGE 2).
I have received a copy on today's date.
THRUCO, INC.
/S/ Xxxx X. Xxxxxxx
BY: ________________________
Xxxx X. Xxxxxxx, Chairman
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Signature for Lender
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UNIVERSAL NOTE
@ 1984. 1991 Bankers Systems, Inc., St. Cloud, MN
Form UN-FL 1/23/96
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