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[Hamilton Manufacturing Company meeting minutes, 1926-1941]
(1926-1941)

1941


exect  t't  interest  Ihall  be               'K   0  - _. (L    e
annum, payable semi-annually,
:ipal from the due date therew
The undersigned reservec; t e ri1Xt n  s_>I hve toeright       I
from time to time, upon ten (10) days' written notice to the holder
hereof, to Day before maturity in multiples of Ten Thousand Dollars
($10,000.00) all or any part of the principal amount of this note,
such payments to be applied upon the principal installments in the re-
verse order of their maturities, and the undersigned may require pre-
sentation of this note for endorsement of the prepayment in case such
prepayment is in part, and for surrender if such prepayment is in full.
In addition to the amount prepaid on principal there shall be paid at
the time of such prepayment interest on the amount so prenaid to the
date of such prepayment at the rote herein orovided. Prepayments of
principal shall not carry a premium unless the money for prepayment
or any part thereof is obtained or made available directly or in-
directly from or by reason of a refinancing or refunding of the whole
or any part of this note, through a loan or loans, or through the sale
of notes, bonds, debentures, or other securities to underwriters,
banks, financial institutions, or the public, in any of which cases
the undersigned shall pay to the holder hereof a premium of one per
cent. (1%) on the amount prepaid for each year of the unexpired term
of this note.
While this note, or any part thereof, is unpaid, the undi
signed shall not, wit,-,
directly or indirectly:
(a)  expend                                           z
such as plant additions, extensions, or purchases of machinery or
equinment in excess of One Hundred Thousand Dollars ($100,000.00) in
the ag-regate in any one fiscal year; except, however, that this re-
striction shall not anrly to the fiscal year ending December 31, 1941.
(b) hereafter create or incur any debt in addition to the
debt evidenced by this note, except indebtedness for current and or-
dinary opertions of the business of the undersigned, and maturing not
more than twelve (12) months after the date of the creation thereof;
(c) merge or consolidate into or with any other cornoration;
(d) sell or dispose of a substantial part of the pronerty,
assets or business of the undersigned.
The undersigned agrees to maintain its current assets at all
times in accordance with conservative accounting practices no thrt such
current assets will be at least tvo (2) times the amount of its current
liabilities on a basis determined in accordance with conservative ac-
counting practices, and the net amount of such excess of current assets
over current liabilities shall at all times be at least One Million
Dollars ($1,000,000.00). Failure of the regular annual audit of the
affairs of the undersigned to disclose the prescribed ratios and amount
shall conclusively establish a breach of this provision. Any disagreece
between the Bank and the undersigned with respect to what should be prc-
perly classed as current assets or current liabilities shall be con-


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