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No. Date Amount
1 9/22/87 $150,000
2 1/28/88 100,000
3 9/27/88 150,000
4 7/18/89 1 360,000
5 12/04/89 275,300
6 12/04/89 2 635,300
7 3/12/90 137,971
8 3/12/90 150,000
9 3/12/90 2 300,000
10 3/12/90 2 816,097
11 6/30/90 3 300,000
12 9/19/90 3 66,112
1 Increase and renewal of existing loan.
2 Consolidation and renewal of existing loans.
3 Renewal of existing loan.
All of the above loans were represented by notes signed by
Mr. Salem or Mrs. Saxon as an officer of SS&N. All loans, except
loan No. 1, were secured by SS&N's accounts receivable,
furniture, fixtures, and equipment. All of the notes provided
that the bank was given a lien and a security interest (obligor
lien) in:
all property of each Obligor now or at any time
hereafter in the possession of Bank in any capacity
whatsoever, including but not limited to any balance or
share of any deposit, trust, or agency account, as
security for the payment of this note * * *
The term "Obligor" included each maker, endorser, surety, and
guarantor of the note. Mr. Salem personally guaranteed 100
percent of SS&N's debt to the bank, and Mrs. Saxon personally
guaranteed 10 percent of the debt. Except for the obligor lien,
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Last modified: May 25, 2011