SENIOR SECURED GRID NOTE DUE MAY 1, 2010Senior Secured Grid Note • May 30th, 2008 • Alternative Construction Company, Inc. • Prefabricated metal buildings & components • New York
This Note evidences loans made by Holder to Borrower from time to time, subject to, and as provided in the Line of Credit Agreement. The unpaid principal balance of this Note at any time shall be the total amount advanced by Holder to Borrower, less the total amount of principal payments made hereon by Borrower. The date and amount of each Advance and each payment on account of principal thereof may be endorsed by Holder on the grid attached to and made a part of this Note, and when so endorsed shall represent evidence thereof binding upon Borrower in the absence of manifest error. Any failure by Holder to so endorse shall in no way mitigate or discharge the obligation of Borrower to repay any loans actually made. Borrower may prepay this Note in whole or in part at any time with all accrued interest to the date of prepayment.
