- 7 - a. Commercial Loan Agreement, FirsTier Notes, Security Agreement, and Related Guaranties FirsTier Bank (FirsTier), Chevrolet, BHM Corp. (BHM),6 and Henry and Esther individually executed a commercial loan agreement dated June 30, 1986. In accordance with the commercial loan agreement, Henry and Esther executed a $600,000 term note in their individual capacities payable to FirsTier dated June 30, 1986 (the FirsTier note), and a security agreement to secure the FirsTier note. Chevrolet and BHM each executed separate guaranties of the FirsTier note. During the years at issue, the FirsTier note was not included as a liability of HJA in HJA’s books and records. Chevrolet and BHM executed a separate $756,708 term note payable to FirsTier dated June 30, 1986 (the companies’ term note), and a $100,000 revolving credit note payable to FirsTier dated June 30, 1986. Chevrolet and BHM each executed a separate security agreement to secure the companies’ term note and the revolving credit note. Henry and Esther each executed an 6BHM Corp. was a wholly owned subsidiary of Chevrolet that owned real estate on which Chevrolet operated.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011