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Renewal Term Note

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Title:

Renewal Term Note

Entities:

Mcclendon Transportation Group Inc

Date:

2000

Size:

Preview shows 2KB of 9KB total

Price:

$39

ID:

#1305947

► Financing ► Notes ► Term ► Renewal Term Notes

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<SEQUENCE>6

<FILENAME>0006.txt

<DESCRIPTION>RENEWAL TERM NOTE

<TEXT>





                                RENEWAL TERM NOTE



    $480,000.00                                               Columbus, Georgia

                                                              September 30, 1999



          FOR VALUE RECEIVED,  the undersigned GLENN MCCLENDON TRUCKING COMPANY,

INC.,  an  Alabama  corporation,  successor  by  merger  to  MCCLENDON  SERVICES

CORPORATION  (hereinafter  called  "Borrower"),  promises to pay to the order of

COLUMBUS BANK AND TRUST COMPANY, a Georgia banking Corporation (herein, together

with any assignee or holder hereof, called "Bank"), at Bank's principal place of

business in Columbus,  Georgia, or at such other place as Bank may designate and

notify the  undersigned,  the principal sum of FOUR HUNDRED AND EIGHTY  THOUSAND

DOLLARS ($480,000.00), together with interest from date on the unpaid balance of

said principal sum at the rate specified hereinbelow, together with all costs of

collection,  including  reasonable attorneys fees if collected by law or through

an attorney at law.



          The unpaid balance of said principal sum from time to time outstanding

shall bear interest at the "Floating  Rate,"  meaning a per annum rate of simple

interest which at all times shall be two percent (2%) more than, and fluctuating

automatically  at that level  with,  the Prime Rate of  Columbus  Bank and Trust

Company  (said Prime Rate being the index,  base or reference  rate from time to

time  established and used by said bank to fix interest rates at which loans are

made to its various customers, which loans may be made by said bank at, above or

below  said Prime  Rate).  As of the date  hereof,  said Prime Rate is 8.25% per

annum and said  Floating  Rate is 10.25% per annum.  Interest  shall be computed

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