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PROMISSORY NOTE

 

Principal

 

 

Loan Date

 

 

Maturity

 

 

Loan No.

 

 

Call / Coll

 

Account

 

Officer

 

Initials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

750,000.00

 

 

12-29-2011

 

 

12-31-2012

 

 

74902426

 

 

 

3010

 

 

 

 

118

 

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

 

Any item above containing “***” has been omitted due to text length limitations.

 

Borrower:

iSECUREtrac Corp.,

Martin J. Halbur, Roger J. Kanne and Dennis L. Anderson

5078 South 111 th  Street

Omaha, NE  68137

 

Lender:

Access Bank

210 North 78 th  Street

Omaha, NE  68114

(402) 763-6000

 

Principal Amount:  $750,000.00

Date of Note:  December 29, 2011

 

PROMISE TO PAY .   ISECURETRAC CORP., MARTIN J. HALBUR, ROGER J. KANNE and DENNIS L. ANDERSON (“Borrower”) jointly and severally promise to pay to Access Bank (“Lender”), or order, in lawful money of the United States of America, the principal amount of Seven Hundred Fifty Thousand & 00/100 Dollars ($750,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance.  Interest shall be calculated from the date of each advance until repayment of each advance .

 

PAYMENT .   Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on December 31, 2012.  In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning January 1, 2012, with all subsequent interest payments to be due on the same day of each month after that.  Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; and then to any unpaid collection costs.  Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing .

 

VARIABLE INTEREST RATE .  The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the Prime Rate on corporate loans posted by at least 70% of the nation’s largest banks (the “Index”).  The Index is not necessarily the lowest rate charged by Lender on its loans.  If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower.  Lender will tell Borrower the current Index rate upon Borrower’s request.  The interest rate change will not occur more often than each day.  Borrower understands that Lender may make loans based on other rates as well.  Interest on the unpaid principal balance of this Note will be calculated as described in the “INTEREST CALCULATION METHOD” paragraph using a rate of 2.500 percentage points over the Index.  NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law.

 

 

 


 

 

INTEREST CALCULATION METHOD .   Interest on this Note is computed on a 365/360 basis, that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.  All interest payable under this Note is computed using this method .

 

PREPAYMENT; MINIMUM INTEREST CHARGE .  Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise r


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