certain ratio of net worth to company debt.  From and after May 31, 1976, as reflected by financial statements Marine furnished the Bank, these conditions were violated.  Marine's year end consolidated financial statement (ending November 30, 1976) contained an acknowledgment of these violations and that the Bank could declare all indebtedness due and payable.  In February, 1977, the Bank made demand on the $100,000 note which was to be paid in full by April 28, 1977.  This was not done.  The monthly payment due on the term note on May 3, 1977, was not paid.  Insurance on the vessels would have lapsed on May 15, 1977, but for the Bank paying the underwriter $18,000 to avoid cancellation.


6
Suit was filed on May 16,Leeford Place Hotel near Ewhurst Green, East Sussex

Situated in a beautiful eight-acre country setting. An ideal location as a base for touring the South East of England. The oldest part of the building dates from the 15th century and is reputed to have once been a Royal Hunting Lodge.
Leeford Place Hotel is situated in a beautiful eight-acre country setting, the oldest part of the building dating from the 15th century and reputed to have once been a Royal Hunting Lodge. On arrival you are immediately affected by the peaceful atmosphere and the gardens which are dominated by a 250-year-old Scottish Pine. An ideal location for your function or as a base for touring the South East of England. The hotel is under the personal supervision of the York