BRIDGE LOAN NOTE
$1,500,000 February 27, 1997 Due: March 31, 1997 Detroit, Michigan
FOR VALUE RECEIVED, the undersigned, MEDAR, INC. ("Medar") and INTEGRAL VISION, LTD. ("Integral"), jointly and severally (collectively, "Borrowers"), hereby promise to pay to the order of NBD Bank, ("Bank"), pursuant to the Revolving Credit and Loan Agreement dated as of August 10, 1995 (as amended, the "Loan Agreement"), as amended by the First Amendment to Revolving Credit and Loan Agreement dated October 12, 1995, the Second Amendment to Revolving Credit and Loan Agreement dated October 31, 1995, the Third Amendment to Revolving Credit and Loan Agreement dated as of March 29, 1996, the Fourth Amendment to Revolving Credit and Loan Agreement dated as of August 11, 1996 and the Fifth Amendment to Revolving Credit and Loan Agreement dated as of the date hereof, among Borrowers and Bank, at the main office of Bank in Detroit, Michigan, in lawful money of the United States of America and in immediately available funds, the principal sum of One Million Five Hundred Thousand and 00/100 Dollars (U.S. $1,500,000), payable in one principal payment on March 31, 1997, plus accrued but unpaid interest payable monthly on the last business day of each month beginning March 31, 1997, and on the maturity date set forth above.
The indebtedness outstanding hereunder shall bear interest as provided in the Loan Agreement. During the period that any amount owing on this Note is not paid in full when due (whether at stated maturity, by acceleration or otherwise), such amount shall bear interest at the Default Rate in ...
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