Common use of Acquisition Note Clause in Contracts

Acquisition Note. From Closing Date and continuing at all ----------------- times through July 15, 2001 ( the "Revolving Credit Period") the Loan evidenced by the Acquisition Note shall be a revolving credit facility which will allow the Borrower to request such amounts as Borrower may elect from time to time (each such amount being herein called an "Advance") so long as the aggregate amount of Advances outstanding at any time under the Acquisition Note does not exceed Eight Million and No/100 Dollars ($8,000,000.00) provided however, the minimum Advance must be at least $500,000.00. Prior to July 15, 2001, the Borrower shall have the right to borrow, repay, and borrow again under the credit facility. The outstanding principal balance of the Acquisition Note n July 15, 2001 shall convert to a term facility (the "Term Period") and shall be payable in 20 equal quarterly installments of principal plus all accrued and unpaid interest, with all unpaid principal plus all accrued and unpaid interest being due and payable on July 15, 2006. Principal and interest of the Acquisition Note shall be due and payable as provided in the Acquisition Note.

Appears in 1 contract

Samples: Loan Agreement (Summit Bancshares Inc /Tx/)

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Acquisition Note. From Closing Date and continuing at all ----------------- times ---------------- through July 15, 2001 ( 1997 (the "Revolving Credit Period") the Loan evidenced by the Acquisition Note shall be a revolving credit facility which will allow the Borrower to request such amounts as Borrower may elect from time to time (each such amount being herein called an "Advance") so long as the aggregate amount of Advances outstanding at any time under the Acquisition Note does not exceed Eight Million and No/100 NO/100 Dollars ($8,000,000.00) provided however, FIRST AMENDMENT TO LOAN AGREEMENT - Page 1 --------------------------------- the minimum Advance must be at least $500,000.00. Prior to July 15, 2001, the The Borrower shall have the right to borrow, repay, and borrow again under the credit facilityfacility during the Revolving Credit Period. The outstanding principal balance of the Acquisition Note n on July 15, 2001 1997 shall convert to a term facility (the "Term Period") and shall be payable in 20 equal quarterly installments of principal plus all accrued and unpaid interest, with all unpaid principal plus all accrued and unpaid interest being due and payable on July 15, 20062002. Principal and interest of the Acquisition Note shall be due and payable as provided in the Acquisition Note. The Borrower's right to request advances and the Lender's obligation to make advances under the Acquisition Note shall terminate at 2:00 p.m. on July 15, 1997.

Appears in 1 contract

Samples: Loan Agreement (Summit Bancshares Inc /Tx/)

Acquisition Note. From Closing Date and continuing at all ----------------- times ---------------- through July 15, 2001 ( 1998 (the "Revolving Credit Period") the Loan evidenced by the Acquisition Note shall be a revolving credit facility which will allow the Borrower to request such amounts as Borrower may elect from time to time (each such amount being herein called an "Advance") so long as the aggregate amount of Advances outstanding at any time under the Acquisition Note does not exceed Eight Million and No/100 Dollars ($8,000,000.00) provided however, the minimum Advance must be at least $500,000.00. Prior to July 15, 2001, the The Borrower shall have the right to borrow, repay, and borrow again under the credit facility. The outstanding principal balance of the Acquisition Note n on July 15, 2001 1998 shall convert to a term facility (the "Term Period") SECOND AMENDMENT TO LOAN AGREEMENT -- PAGE 1 ---------------------------------- and shall be payable in 20 equal quarterly installments of principal plus all accrued and unpaid interest, with all unpaid principal plus all accrued and unpaid interest being due and payable on July 15, 20062003. Principal and interest of the Acquisition Note shall be due and payable as provided in the Acquisition Note.

Appears in 1 contract

Samples: Loan Agreement (Summit Bancshares Inc /Tx/)

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Acquisition Note. From Closing Date and continuing at all times ----------------- times through July 15, 2001 2000 ( the "Revolving Credit Period") the Loan evidenced by the Acquisition Note shall be a revolving credit facility which will allow the Borrower to request such amounts as Borrower may elect from time to time (each such amount being herein called an "Advance") so long as the aggregate amount of Advances outstanding at any time under the Acquisition Note does not exceed Eight Million and No/100 Dollars ($8,000,000.00) provided however, the minimum Advance must be at least $500,000.00. Prior to July 15, 2001, the The Borrower shall have the right to borrow, repay, and borrow again under the credit facility. The outstanding principal balance of the Acquisition Note n July 15, 2001 2000 shall convert to a term facility (the "Term Period") and shall be payable in 20 equal quarterly installments of principal plus all accrued and unpaid interest, with all unpaid principal plus all accrued and unpaid interest being due and payable on July 15, 20062005. Principal and interest of the Acquisition Note shall be due and payable as provided in the Acquisition Note.

Appears in 1 contract

Samples: Loan Agreement (Summit Bancshares Inc /Tx/)

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