SUBORDINATED SECURED TERM NOTESubordinated Secured Term Note • August 11th, 2000 • Electric City Corp • Services-prepackaged software
FOR VALUE RECEIVED, the undersigned, Electric City Corporation, an Illinois corporation (the "Maker"), hereby unconditionally promises to pay to the order of Joseph Marino(the "Holder"), at the office of Holder at _______________________, Illinois _______, or at such other place as Holder may from time to time designate to the Maker in writing, in lawful money of the United States of America and in immediately available funds, the principal sum of NINE HUNDRED SEVENTY-TWO THOUSAND AND NO/100 DOLLARS ($972,000). This Subordinated Secured Term Note shall bear interest at the rate of ten percent (10%) per annum on the unpaid principal amount hereof outstanding from time to time, from the date hereof and shall be payable in equal monthly installments of principle and interest in the amount of FORTY-FOUR THOUSAND, NINE HUNDRED TWENTY SIX AND 56/100 DOLLARS ($44,927.56), with the first installment due and payable on June 24, 2000, and the final installment due and payable on May 24, 2002, if
