{"id":41273,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/revolving-line-of-credit-note-schuff-steel-co-and-bank-one.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"revolving-line-of-credit-note-schuff-steel-co-and-bank-one","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/revolving-line-of-credit-note-schuff-steel-co-and-bank-one.html","title":{"rendered":"Revolving Line of Credit Note &#8211; Schuff Steel Co. and Bank One Arizona NA"},"content":{"rendered":"<pre>--------------------------------------------------------------------------------\nAPPROVED BY:\n--------------------------------------------------------------------------------\nOfficer Name                     Officer No.         Dept.\/Branch Name\nBRAD RICHARDS                    269181              COMMERCIAL BANKING GROUP\n--------------------------------------------------------------------------------\nDept.\/Branch No.    Account No.    Commitment No.    Note No.    Class\n781                 7938640665     273               281\n--------------------------------------------------------------------------------\nLoan $                Name\n1,000,000.00          SCHUFF STEEL COMPANY, AN ARIZONA CORPORATION\n--------------------------------------------------------------------------------\nRate                                        Interest From        Renewal of Note\nBOAZ PRIME + 0.25% TO MOVE WITH PRIME       JUNE 30, 1996\n--------------------------------------------------------------------------------\nCollateral\nS\/A - A\/R , INVENTORY; S\/A - EQUIPMENT\n--------------------------------------------------------------------------------\n\n\n                              BANK ONE, ARIZONA, NA\n                          REVOLVING LINE OF CREDIT NOTE\n                                  VARIABLE RATE\n\nPhoenix, Arizona                                                   June 30, 1996\n\n      FOR VALUE RECEIVED, the undersigned ('Borrower'), promises to pay on or\nbefore June 29, 1997 to BANK ONE, ARIZONA, NA, a national banking association,\n('Bank'), or order, the aggregate principal amount outstanding on Borrower's\nrevolving line of credit as shown on Bank's records which shall at all times be\nconclusive and govern, with interest payable monthly on the unpaid balance\noutstanding from time to time at an annual rate equal to one quarter percent\n(0.25%) more than the rate of interest publicly announced by BANK ONE, ARIZONA,\nNA, as its 'prime rate', as such rate shall change from time to time during the\nterm hereof. Interest is to be charged on a daily basis for the actual number of\ndays the principal is outstanding from the date of disbursement to date of\nmaturity. The rate of interest agreed to shall include the interest rate as\nshown above, in accordance with the terms of this note, plus any compensating\nbalance requirement and any additional charges, costs and fees incident to this\nloan to the extent they are deemed to be interest under applicable Arizona law.\nIt is expressly agreed by Borrower that the maximum outstanding principal at any\none time on this note shall not exceed the amount of ONE MILLION AND 00\/100\nDOLLARS ($1,000,000.00), and the amount outstanding on this note at any specific\ntime shall be the total amount advanced hereunder by Bank less the amount of\nprincipal payments made hereon from time to time by Borrower. All amounts\npayable hereunder shall be paid in lawful money of the United States. Should the\nrate of interest as calculated under this note exceed that allowed by law, the\napplicable rate of interest will be the maximum rate of interest allowed by\napplicable law.\n\n      Principal and interest shall be payable at the Commercial Banking Center\noffice of Bank One, Arizona, NA in Phoenix, Arizona, or at such other place as\nthe holder hereof may designate. At Bank's option, any payments may be applied\nfirst to accrued interest and then to principal. All past-due payments of\nprincipal or interest shall bear interest from their due date until paid at a\nrate of interest 2% per annum higher than the interest rate specified above or\n12% per annum, whichever is higher, payable on demand.\n\n      This note shall become immediately due and payable at the option of the\nholder hereof without presentment or demand or any notice to Borrower or any\nother person obligated hereon, upon default in the payment of any of the\nprincipal hereof or any interest thereon when due, or in payment under any other\nagreement between Borrower and Bank, or if any event occurs or condition exists\nwhich authorized the acceleration of the maturity hereof under any security\nagreement, mortgage, deed of trust or other agreement made by Borrower in favor\nof Bank. Failure to exercise this option shall not constitute a waiver of the\nright to exercise the same in the event of any subsequent default.\n\n      In the event any holder hereof utilizes the services of an attorney in\nattempting to collect the amounts due hereunder or to enforce the terms hereof\nor of any agreements related to this indebtedness, or if any holder hereof\nbecomes party plaintiff or defendant in any legal proceeding in relation to the\nproperty described in any instrument securing this note or for the recovery or\nprotection of the indebtedness evidenced hereby, Borrower, its successors and\nassigns, shall repay to such holder hereof, on demand, all costs and expenses so\nincurred, including reasonable attorneys' fees, including those costs, expenses\nand attorneys' fees incurred after the filing by or against the Borrower of any\nproceeding under any chapter of the Bankruptcy Act, or similar federal or state\nstatute, and whether incurred in connection with the involvement of any holder\nhereof as creditor\n\n\n                                       1\n\nin such proceedings or otherwise.\n\n\n                                       2\n\n      Borrower and all sureties, endorsers and guarantors of this note waive\ndemand, presentment for payment, notice of non-payment, protest, notice of\nprotest and all other notice, filing of suite and diligence in collecting this\nnote or the release of any party primarily or secondarily liable hereon and\nfurther agree that it will not be necessary for any holder hereof, in order to\nenforce payment of this note by any of them, to first institute suit or exhaust\nits remedies against any maker or others liable herefor, and consent to any\nextension or postponement of time of payment of this note or any other\nindulgence with respect hereto without notice thereof to any of them.\n\n      Bank and Borrower will establish specific instructions and procedures by\nwhich draws against said credit will be presented for disbursement, but nothing\ncontained herein shall create a duty on the part of Bank to make said\ndisbursement if Borrower is in default.\n\nAddress:\nP.O. Box 39670\nPhoenix, AZ   85069-9670\n                                          SCHUFF STEEL COMPANY,\n                                          an Arizona corporation\n\n                                          By____________________________________\n                                              David A. Schuff, Chairman\n                                                      Borrower's Signature\n\n\n                                       3\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6850,8773],"corporate_contracts_industries":[9415,9481],"corporate_contracts_types":[9561,9560],"class_list":["post-41273","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-bank-one-corp","corporate_contracts_companies-schuff-international-inc","corporate_contracts_industries-financial__banks","corporate_contracts_industries-construction__specialty","corporate_contracts_types-finance__credit","corporate_contracts_types-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41273"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41273"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41273"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}