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TERM NOTE

Promissory Note

TERM NOTE | Document Parties: BHIT INC | Fifth Third Bank | Wood Energy Group, Inc You are currently viewing:
This Promissory Note involves

BHIT INC | Fifth Third Bank | Wood Energy Group, Inc

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Title: TERM NOTE
Governing Law: Illinois     Date: 9/11/2009
Industry: Real Estate Operations     Sector: Services

TERM NOTE, Parties: bhit inc , fifth third bank , wood energy group  inc
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EXHIBIT 10.2

 

TERM NOTE

 

$3,000,000.00

Chicago, Illinois

 

September 4, 2009

 

FOR VALUE RECEIVED, The Wood Energy Group, Inc., a Missouri corporation (“Maker”) promises to pay to the order of Fifth Third Bank, a Michigan banking corporation (“Bank”) at its offices at 222 South Riverside Plaza, 32 nd Floor, Chicago, Illinois 60606 or at such other place as the holder of this Note may designate in writing to the Maker, on or before September 3, 2014, the principal sum of Three Million and No/100 Dollars ($3,000,000.00).  This Note represents the Term Loan made to the Maker by the Bank pursuant to, and is governed by, a certain Loan and Security Agreement made by and between the Maker and the Bank dated as of even date herewith, as the same may be amended from time to time (the “Loan Agreement”), the terms of which are incorporated by reference and made a part of this Note as though fully set out herein.  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement.  The outstanding amount of the Term Loan as shown on the books and records of the Bank shall be considered correct and conclusively binding on the Maker absent manifest error.

 

The Maker shall repay the principal amount of the Term Loan, and shall pay interest thereon, as provided in the Loan Agreement.  Principal amounts repaid on the Term Loan may not be borrowed again.

 

All payments received from the Maker hereunder shall be applied by the Bank in accordance with the terms of the Loan Agreement.

 

This Note and any renewals and extensions hereof, and any other Obligations of the undersigned to the Holder hereof (the term “Holder” shall include the Bank and any subsequent holder hereof) due or to become due, now existing or hereafter contracted, and howsoever acquired by the Holder, are secured in the manner described in the Loan Agreement.

 

This Note is issued under the Loan Agreement and this Note and the Holder are entitled to all of the benefits provided for by the Loan Agreement or referred to therein, to which Loan Agreement reference is


 
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