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EXHIBIT 10.11
REVOLVING CREDIT NOTE
$250,000.00 Dallas, Texas September 30, 1995
FOR VALUE RECEIVED, the undersigned, THE XXXXXXX COMPANIES, INC.
("Maker"), hereby unconditionally promises to pay to the order of EQUITABLE
BANK ("Payee") at 00000 Xxxxxxx Xxxx, Xxxxxx, Xxxxxx Xxxxxx, Xxxxx 00000, or at
such other address given to Maker by Xxxxx, the principal sum of TWO HUNDRED
FIFTY THOUSAND AND NO/100 DOLLARS ($250,000.00), or so much as advanced
hereunder in lawful money of the United States of America, together with
interest (calculated on the basis of a 365 day year) on the unpaid principal
balance from day-to-day remaining, computed from the date of advance until
maturity at the rate per annum which shall be equal to the lesser of (a) the
Maximum Rate, or (b) the Floating Base Rate in effect plus two percent (2.00%).
The interest rate as the date of this Revolving Credit Note is ELEVEN PERCENT
(11.00%) per annum. The change of rate of interest herein shall take effect on
the first calendar day of each calendar quarter following the date of this
Revolving Credit Note and shall continue to fluctuate effective the first day
of each calendar quarter thereafter. If at any time and from time to time the
rate of interest calculated pursuant to item (b) above would exceed the Maximum
Rate, thereby causing the interest payable hereon to be limited to the Maximum
Rate, then any subsequent reduction in the rate specified in item (b) above
shall note reduce the rate of interest hereon below the Maximum Rate until the
total amount of interest accrued hereon from and after the date of the first
advance hereunder equals the amount of interest which would have accrued hereon
if the rate specified in item (b) above had at all times been in effect.
Principal and interest are due and payable upon demand, or if not demanded as
follows: Accrued interest shall be due and payable monthly, beginning October
30, 1995 and continuing on the same day of each month thereafter until
September 30, 1996, at which time all unpaid principal and accrued interest
shall be due and payable.
The term "Maximum Rate," as used herein, shall mean, with respect to
the holder hereof, the maximum nonusurious interest rate, if any, that at any
time, or from time to time, may under applicable law be contracted for, taken,
reserved, charged or received on the indebtedness evidenced by this Note.
Payee hereby notifies and discloses to Maker that, for purposes of Tex. Rev.
Stat. Xxx. art. 5069-1.04 as it may from time to time be amended, the
"applicable rate ceiling" shall be the "indicated rate ceiling" referred to in
Article 5069-1.04(a)(1) from time to time in effect, as limited by Article
5069-1.04(b); provided, however, that to the extent permitted by applicable
law, Payee reserves the right to change the "applicable rate ceiling" from time
to time by further notice and disclosure to Maker; and, provided, further that
the "Maximum Rate" for purposes of this Note shall not be limited to the
applicable rate ceiling under Article 5069-1.04 if Federal laws or other state
laws now or hereafter in effect and applicable to this Revolving Credit Note
(the "Note") (and the interest contracted for, charged and collected hereunder)
shall permit a higher rate of interest.
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contracted for, charged, or received by the holder thereof to exceed the
maximum amount of interest permissible under applicable law, the excessive
interest shall be applied to the reduction of the unpaid principal balance
hereof and not to the payment of interest, or if such excessive interest
exceeds the unpaid principal balance hereof such excess shall be refunded to
Maker. All interest paid or agreed to be paid to the holder hereof shall, to
the extent permitted by applicable law, be amortized, prorated, allocated, and
spread throughout the full period until payment in full of the principal
(including the period of any renewal or extension hereof) so that the interest
hereon for such full period shall not exceed the maximum amount permitted by
applicable law.
Maker may borrow, repay and reborrow funds under this Note during the
term of this Note so long as outstanding principal does not exceed the lesser
of the Borrowing Base as defined in the Revolving Loan and Security Agreement
dated September 30, 1994 or $250,000.00; except as such reborrowing and
borrowing is otherwise restricted pursuant to the terms of the Revolving Loan
and Security Agreement and the other loan documents now or hereafter executed
in connection with this Note.
This Note has been executed and delivered pursuant to, and is subject
to certain terms and conditions set forth in, that certain Revolving Loan and
Security Agreement between Maker and Payee, executed as of September 30, 1994,
and is the "Note" referred to therein. The Holder of this Note shall be
entitled to the benefits provided in the Revolving Loan and Security Agreement.
Reference is made to the Revolving Loan and Security Agreement for a Statement
of any obligation of Payee to advance funds hereunder and the additional events
upon which the maturity of this Note may be accelerated.
Upon the failure of the Maker to pay any portion of this Note, Payee is
hereby authorized at any time and from time to time, without notice to Maker
(any such notice beting expressly waived by each such Maker), to set off and
apply any and all deposits (general or special, time or demand, provisional or
final) at any time held, and other indebtedness at any time owing, by the Payee
to or for the credit or the account of any Maker, against any and all
obligations of such Maker now or hereafter existing under this Note,
irrespective or whether or not Payee shall have made demand under this Note and
although such obligations may be contingent and unmatured. The rights of the
Payee under this section are in addition to all other rights and remedies
(including, without limitation, other rights of offset which Payee may have
hereunder or under any applicable law).
This Note is given in renewal and extension and as a supplemental
promissory note to that certain promissory Note dated September 30, 1994 in the
orignal face amount of $200,000.00, which has been increased to $250,000.00 as
evidenced by Modification of Promissory Note effective, August 29, 1995
evidencing the participation of the U.S. Small Business Administration in SBA
Loan No. GP-GRN-750,200,30-01-DAL.
This Note is being executed and delivered, in Dallas County, Texas.
All obligations, covenants, and terms of payment are expressly performable
solely in Dallas County, Texas.
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The substantive laws of the State of Texas shall govern the validity,
construction, enforcement and interpretation of this Note. In the event of a
dispute involving this Note or any other instruments executed in connection
herewith the undersigned irrevocably agrees that venue for such dispute shall
lie in any court or competent jurisdiction in Dallas County, Texas.
THE XXXXXXX COMPANIES, INC.
By: /s/ XXX X. XXXXXXX
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Xxx X. Xxxxxxx, Chairman
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[SBA LOGO]
U.S. SMALL BUSINESS ADMINISTRATION
DALLAS/FORT WORTH DISTRICT OFFICE
0000 XXXX XXXXXX XXXX., XXXXX 000
XXXX XXXXX, XXXXX 00000
AUTHORIZATION AND LOAN AGREEMENT
CAS-GREEN LINE GUARANTY LOANS
LOAN NUMBER GP-GRN-750,200-30-01-DAL
EQUITABLE BANK
00000 XXXXXXX XXXX
XXXXXX, XXXXX 00000
Your request dated July 31, 1994, for SBA to Guarantee 75% of a Revolving Line
of Credit Loan in the amount of $200,000,00 to be made by lender to
CURRENT MAILING ADDRESS: BUSINESS LOCATION:
------------------------ ------------------
THE XXXXXXX COMPANIES, INC.
0000 XXXXXX XXXXXXX, XXXXX 000 XXXX
XXXXXX, XXXXX 00000
is hereby approved pursuant to Section 7(a) of the Small Business Act as
amended.
1. THE FOLLOWING FORMS ARE HEREWITH ENCLOSED:
a. The original copy of this Authorization shall be executed at
the time of first disbursement and retained in loan file by
the Lender. (A copy of the Authorization and all documents
should be given to the Borrower.) Please return one signed
copy of the Authorization to this office.
b. SBA Note (Form 147 only). The original must be retained by you
and a certified copy must be sent to SBA immediately after
first disbursement.
c. Copies of the SBA Settlement Sheet, Form 1050, are to be
completed and executed by Xxxxxx and Borrower to reflect each
disbursement. Prompt reporting of disbursements is necessary.
Return the yellow copy only to SBA Multiple disbursements may
be included on one Settlement Sheet using a second page (bond
paper) if necessary.
d. Compensation Agreements, Form 159, shall be executed by
Xxxxxxxx, his representative and Xxxxxx and returned to SBA if
Xxxxxxxx has employed an attorney, accountant or other
representative, or if Xxxxxxxx is charged fees for services by
Xxxxxx or an associate of Lender. If no such fees have been
charged, please write "None" and return the original form,
executed by the Lender and the Borrower, to SBA.
SBA FORM 529G-CAS (DALLAS D/O REVISED 6/28/93) PAGE 1
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ADDITIONAL FORMS NEEDED
GUARANTY, SBA 148 - A SAMPLE TO USE IN COMPLETING THIS FORM IS ALSO
ENCLOSED. ALL BLANKS MUST BE COMPLETED PROPERLY. THIS IS A VERY
IMPORTANT DOCUMENT FOR THE COLLATERALIZATION OF THE LOAN. RETURN ONE
EXECUTED COPY.
RESOLUTION OF BOARD OF DIRECTORS, SBA 160 - RETURN EXECUTED ORIGINAL
TO SBA.
COPIES OF THE FOLLOWING DOCUMENTS ARE NOT REQUIRED BY SBA AT THIS
TIME. THE ORIGINAL OF EACH MUST BE RETAINED IN YOUR COLLATERAL FILE;
AND IN THE EVENT OF A REQUEST FOR SBA TO PURCHASE ITS GUARANTY AT A
LATER DATE, THE PROPERLY EXECUTED ORIGINALS WILL BE REQUIRED.
(1) LESSOR'S AGREEMENT, DAL VI FORM 66, OR FORM SATISFACTORY TO LENDER
THAT CONTAINS A LANDLORD'S WAIVER.
GUARANTY FEE
SBA's Guaranty fee is 2% of guaranteed loan amount, or $3,000.00. This fee must
be paid by the Lender within 90 days of the date of this Authorization in order
to prevent jeopardizing the SBA guaranty. Xxxxxx may charge the Borrower for
such fee only after Xxxxxx has paid the fee and an initial disbursement has
been made. Such fee may be deducted from the loan proceeds.
2. THIS AUTHORIZATION IS SUBJECT TO:
(a) Provisions of the Agreement (Form 750 or 750B, as applicable)
between Lender and SBA dated 5/12/87.
(b) First disbursement of the Revolving Line of Credit being made
not later than six (6) months, and no disbursement being made later
than nine (9) months from the date of the Revolving Line of Credit
Note, unless such time is extended pursuant to prior written consent
by SBA.
(c) Receipt by Lender of evidence that there has been no
unremedied adverse change since the date of the Application, or since
any of the preceding disbursements, in the financial or any other
condition of Borrower, which would warrant withholding or not making
any such disbursement or any further disbursement.
(d) The representations made by Borrower in its loan application,
the requirements or conditions set forth in Lender's application form,
including the supporting documents thereto, the conditions set forth
herein and any future conditions imposed by Xxxxxx (with prior SBA
approval).
3. TERMS OF LOAN:
(a) Repayment term, interest rate(s), and maturity,
(1) This Revolving Line of Credit shall commence with
date of Master Note and shall expire sixty (60)
SBA FORM 529G-CAS (DALLAS D/O REVISED 6/28/93) PAGE 2
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months thereafter. Disbursement of funds beyond the expiration
date is not authorized.
(2) Master Note on SBA Form 147 in the amount of
$200,000.00, payable sixty months (60) from date of Note;
(3) Initial interest rate shall be nine and one quarter
percent (9.25%);
(4) Interest rate shall vary each quarter and shall not
exceed prime lending rate plus two percent (2.0%).
(5) Upon approval of Equitable Bank any principal balance
remaining outstanding at maturity will be amortized over a
period not to exceed twelve (12) months. It is further provided
that each said installment shall be applied first to interest
accrued to the date of receipt of said installment, and the
balance, if any, to said principal.
(6) ANY ADVANCE UNDER THE MASTER NOTE OR XXXXXX'S
SUPPLEMENTAL NOTES WILL HAVE A SPECIFIC REPAYMENT DATE TO BE
SET, BASED ON THE PAYMENT SCHEDULE OF THE CONTRACT, INVENTORY
TURNOVER, RECEIVABLE COLLECTION AND THE LIKE.
(7) The Current Asset Supported Green Line permits a
Lender to charge an extraordinary servicing fee of two percent
(2.0%) per annum (may not exceed 2%) on the outstanding
principal balance, payable monthly.
(b) Use of Proceeds:
(1) Approximately $180,000.00 for working capital to be
disbursed by Xxxxxx as deemed necessary.
(4) Approximately $20,000.00 to pay existing short term
loans for operating capital purposes, as follows:
(a) First Texas Bank, approximately $20,000.00.
TOTAL LOAN AMOUNT $200,000.00
(c) Collateral:
(1) If any of the collateral pledged as security for this
loan is sold in bulk or outside the normal course of business,
the entire debt shall become due and payable at the option of
the lender.
(2) First Lien evidenced by Security Agreement(s) and
UCC-1 filing(s) on inventory and accounts receivable now owned
and hereafter acquired, including proceeds.
(3) Prior to first disbursement, the appropriate UCC lien
searches must be made to determine Xxxxxx's priority of lien.
Certificate of Search must be obtained from County Clerk and
Secretary of State, including search of the Federal Tax Lien
Records, State Tax Lien Records, and Judgement Lien Records.
(4) Pledge to Lender by Xxx X. Xxxxxxx of all shares of
stock in The Xxxxxxx Companies, Inc. Lender is to retain stock
certificates in its possession until pledge is reassigned or
released.
(5) Personal guaranty on SBA Form 148 executed by Xxx X.
Xxxxxxx.
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(6) Corporate guaranty on SBA Form 148 executed by
Tri-Star Aircraft Services, Inc., along with appropriate
specific resolution authorizing such guaranty.
(7) Corporate guaranty on SBA Form 148 executed by
Tri-Star Airline Services, Inc., along with appropriate
specific resolution authorizing such guaranty.
4. To further induce Xxxxxx to make and SBA to guaranty this Loan, Xxxxxx
and SBA impose the following conditions:
(a) Execution of all documents required in Item 1 above.
(b) Reimbursable Expenses. Borrower will, on demand, reimburse
Lender for any and all expenses incurred, or which may be hereafter
incurred, by Xxxxxx from time to time in connection with or by reason
of Xxxxxxxx's application for, and the making and administration of
the Loan.
(c) Books, Records, and Reports. Borrower will at all times keep
proper books of account in a manner satisfactory to Lender and/or SBA.
Borrower hereby authorizes Lender or SBA to make or cause to be made,
at Borrower's expense and in such manner and at such times as Lender or
SBA may require, (a) inspections and audits of any books, records and
papers in the custody or control of Borrower or others, relating to
Xxxxxxxx's financial or business conditions, including the making of
copies thereof and extracts therefrom and (b) inspections and
appraisals of any of Borrower's assets. Borrower will furnish to Lender
and SBA for the six month period ending June 30, 1994 and quarterly
thereafter (no later than 2 months following the expiration of any such
period) and at such other times and in such form as Lender may
prescribe, Xxxxxxxx's financial and operating statements. Xxxxxxxx
hereby authorizes all Federal, State and municipal authorities to
furnish reports of examinations, records, and other information
relating to the conditions and affairs of Borrower and any desired
information from reports, returns, files and records of such
authorities upon request therefor by Xxxxxx or SBA.
ANNUAL PERSONAL FINANCIAL STATEMENT AND TAX RETURN FOR XXX X. XXXXXXX
TO BE FURNISHED TO LENDER.
(d) Borrower shall not execute any contracts for management
consulting services without prior approval of Lender and SBA.
(e) Dilutions and Compensation. Borrower will not, without the
prior written consent of Lender or SBA (a) if Borrower is a
corporation, declare or pay any dividend or make any distribution upon
its capital stock, or purchase or retire any of its capital stock, or
consolidate, or merge with any other company, or give any preferential
treatment, make any advance, directly or indirectly, by way of loan,
gift, bonus, or otherwise, to any company directly or indirectly
controlling or affiliated with or controlled by Borrower, or any other
company, or to any officer, director or employee of Borrower, or of
any such company, (b) if Borrower is a partnership or individual make
any distribution of assets of the business of Borrower, other than
reasonable compensation for services, or give any preferential
treatment, make any advance directly or indirectly, by way of loan,
gift bonus, or otherwise, to any partner or any of its employees or to
any company directly or indirectly controlling or affiliated with or
controlled by Borrower, or any other company.
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(f) Other Provisions:
(1) Prior to any disbursement, all collateral required
above must be pledged and any liens perfected and lien searches
obtained showing Lender in the required position.
(2) Note (SBA Form 147) and all loan documents to be
executed by corporate officers authorized in a Resolution of
Board of Directors.
(3) Assignment of life insurance on Xxx X. Xxxxxxx in the
amount of $200,000.00. Disbursement must be made upon receipt
of evidence from insurance company or its agent that the named
insured has applied for insurance in at least the indicated
amount and has paid the first month premium.
(4) Hazard insurance must be obtained by the Borrower in
an amount sufficient to protect Xxxxxx's interest in
collateral with Lender shown as Loss Payee.
(5) The Borrower agrees to obtain Federal Flood Insurance
if any proceeds of this loan will be used to improve property
located, or to be located, in a presently classified Special
Flood Hazard Area or if any collateral securing this loan is
located or is to be located in such area. The amount of
required flood insurance is the lesser of (1) the insurable
value of the property, or (2) the maximum amount of insurance
available.
(6) Written subordination of landlord's lien on premises
located at 0000 Xxxxxx Xxxxxxx, Xxxxx 000, Xxxxxx, Xxxxx and
5225 Voyager Drive at Xxxxxxx Xxxxxxx, Xxxxxx, Xxxxx.
(7) Prior to first disbursement, Borrower must furnish to
Lender an executed copy of lease indicating a term for at
least the term of the loan (options for renewal are
acceptable).
(8) Xxxxxx to have received, and provided copy to SBA,
evidence of corporate good standing with Texas Secretary of
State's Office.
(9) Prior to first disbursement, Borrower shall furnish
to Lender an Employer Identification Number issued by Internal
Revenue Service.
(10) Borrower represents, warrants and acknowledges that:
(a) At the time it submitted its loan application
it was and shall continue to be in compliance
with all local state, and federal laws and
regulations pertaining to hazardous
substances;
(b) Borrower has no knowledge of any
contamination from hazardous substances of
any real or personal property pledged as
collateral for this loan which is in
violation of any such laws and regulations;
(c) Borrower assumes full responsibility for all
costs incurred in any clean-up involving
hazardous substances and agrees to indemnify
Lender and SBA against payment of any such
costs, and further agrees to execute a
separate indemnification agreement if
demanded by Xxxxxx or SBA;
(d) Until full repayment of the loan, Xxxxxxxx
shall promptly notify Lender and SBA if it
knows, suspects or believes there may be any
hazardous substance in or around the real
property securing this loan or if Borrower
and/or such property are subject to any
investigation by any
SBA FORM 529G-CAS (DALLAS D/O REVISED 6/28/93) PAGE 5
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Governmental agency pertaining to any
hazardous substance.
(11) Prior to disbursement, Xxxxxx will make reasonable
inquiry to insure that Borrower is current on all Federal and
State taxes, including, but not limited to, income taxes,
payroll taxes, real estate taxes and sales taxes. Borrower to
execute an affidavit certifying that all taxes are current and
future taxes will be paid when due.
(12) Xxxxxx agrees that, in the event of a default by the
Borrower, it will execute any right of off-set available to
it. All funds received are to be placed against the outstanding
loan balance prior to the bank requesting that SBA honor its
guaranty.
(13) By execution of this Agreement, Borrower certifies
that the financial information contained in the Loan
Application upon which this Authorization and Loan Agreement
is predicated, represents an accurate statement of its assets
and liabilities as of this date. Those persons executing this
Agreement acknowledge both in their representative capacity
and as individual obligors that the Lender and SBA's approval
of this loan is given in reasonable reliance on the accuracy
of all financial information contained in said Application.
(g) Green Line Provisions:
(1) BORROWER SHALL SUBMIT TO LENDER, IN FORM AND
SUBSTANCE SATISFACTORY TO LENDER, THE FOLLOWING:
1. Prior to initial disbursement:
a. Satisfactory evidence that all taxes
are current and that a depository plan for
the payment of future withholding taxes is in
place.
b. Detailed cash flow projection by
month for the next twelve month period.
2. Prior to each disbursement, documentation in
support of the advance being requested
(account receivable invoice, purchase order,
contract, etc.). A physical inventory may be
required by Lender/SBA.
3. Prior to initial disbursement and Monthly
thereafter:
a. A listing and aging of accounts
receivable and payable.
b. A description of its inventory and a
certification of inventory values,
conforming to generally accepted
accounting principles. A physical
inventory many be required by
Lender/SBA at periodic intervals.
c. A report of net sales and total
collections.
4. Annually: A detailed cash flow projection, by
the month, for the twelve month period
commencing with the date of submission of the
application.
(2) For as long as any balance on the GREEN LINE is
outstanding, Xxxxxxxx agrees not to borrow any
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additional funds without the prior written consent of the
Lender.
(3) Such other conditions as Lender may deem appropriate
and desirable, and which are not inconsistent with this
Authorization and Loan Agreement or with the Loan Guaranty
Agreement (SBA Form 750B), provided, however, that such
conditions do not establish any preference in favor of Lender.
(4) UNTIL THE GREEN LINE GUARANTY OBLIGATION OF SBA TO
LENDER HAS TERMINATED, LENDER SHALL SERVICE AND MAINTAIN THE
GREEN LINE IN A PRUDENT MANNER. LENDER ALSO SHALL:
1. Monthly:
a. Review Xxxxxxxx's descriptions and
certifications as to inventories to
assess salability.
b. Review Borrower's listing and aging
of accounts receivable to determine
trade accounts receivable arising
within 90 days prior to any advance.
c. Review and analyze Xxxxxxxx's
projected cash flow statements and
inventory/accounts receivable
reports to ascertain financial
viability of Borrower's operations.
d. Be able to show that the
advance/disbursement formula has not
been exceeded. At no time will
advances that are collateralized by
trade receivables and inventory
exceed 70% of the trade receivables
due within 60 days, plus 50% of the
inventory that is considered readily
saleable.
2. Semi-annually:
a. Xxxxxx agrees to file a FUNDS
DISBURSEMENT REPORT as of December
31st and June 30th of each year, 30
days after the close of each
six-month period, which lists the
Borrower's name, the loan number,
and the number and amount of dollars
that were disbursed by Xxxxxx to
Borrower during that previous six-
month period.
3. Annually:
a. Submit to SBA, within 120 days after
the close of annual period, a report
and analysis of the Borrower's
annual cash flow statements,
inventory, and accounts receivable
and payable.
4. Supplement the procedures identified above
with such examinations of Borrower records,
inspections of Xxxxxxxx's inventories,
confirmations of Borrower's receivables, and
such other analytic and financial tests as
prudent lending practice may require.
5. Maintain the information and documents
arising in connection with the foregoing
procedures and make it available to SBA
during normal banking hours.
6. Lender shall promptly advise SBA of any
Borrower default or delinquency in regard to
this Green Line loan or other Borrower
financial obligations of which the Lender has
knowledge.
(5) Lender, in the case of default, will exercise any
right of offset available to it. All funds received by
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offset are to be applied to the outstanding loan balance prior
to requesting that SBA honor its guaranty.
(6) Borrower understands they may borrow, repay, and
reborrow on a revolving basis pursuant to the Note, but the
outstanding principal balance will never exceed the face
amount of the Note. Holder has no obligation to advance the
face amount of the Note, and any and all advances are in the
discretion of the holder. Borrower further understands if an
installment payment or other payment is not received within
thirty days of the due date, no further advances may be made
until the Note is brought current.
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5. PARTIES AFFECTED. This Agreement shall be binding upon Xxxxxxxx and
Xxxxxxxx's successors and assigns. No provision stated herein shall be waived
without the prior written consent of SBA. The Loan shall be administered as
provided in the Guaranty Agreement.
THIS AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN AND AMONG THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN AND AMONG THE PARTIES.
XXXXXXX X. XXXXXX, Administrator
BY: /s/ XXXXX X. XXXX AUG. 22, 1994
--------------------------------------------------------------------
Xxxxx X. Xxxx, District Director Date of Authorization
Xxxxxxxx hereby agrees to the conditions imposed herein, and further
acknowledges that this Authorization and Loan Agreement does not create a
commitment by Xxxxxx to disburse any funds pursuant hereto:
ATTEST: THE XXXXXXX COMPANIES, INC.
/s/ XXX XXXXXXX 9-30-94 BY: /s/ XXX X. XXXXXXX 9-30-94
------------------------ ---------------------------------------
, Secretary Date Xxx X. Xxxxxxx, Chairman and CEO Date
In consideration of SBA's guarantee of the loan to be made by Xxxxxx to
Xxxxxxxx, Lender hereby acknowledges acceptance of the conditions imposed
herein.
ATTEST: EQUITABLE BANK
BY: /s/ XXXXXXX X. XXXXXX, S.V.P. 9-30-94
------------------------ ---------------------------------------
Xxxxxxx X. Xxxxxx, Date
Senior Vice President
NOTE: CORPORATE BORROWERS MUST EXECUTE THIS AUTHORIZATION, IN CORPORATE NAME
BY DULY AUTHORIZED OFFICER INDICATING OFFICE HELD; PARTNERSHIP
BORROWERS MUST EXECUTE IN FIRM NAME, TOGETHER WITH SIGNATURE OF ALL
GENERAL PARTNERS.
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