Common use of Nature and Duration of Loan Clause in Contracts

Nature and Duration of Loan. The Loan shall be a revolving loan payable in full upon the date and upon the terms and conditions provided in the Note. Lender and Borrower intend the Loan to be in the nature of a line of credit under which Borrower may repeatedly draw funds on a revolving basis in accordance with the terms and conditions of this Agreement and the Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Article 4 of this Agreement (except as otherwise specified in Sections 4.4 and 4.5 of this Agreement) have been fully satisfied, and shall terminate: (a) upon occurrence of an Event of Default, or (b)upon maturity of the Note, unless the Note is renewed or extended by Lender in which case such termination shall occur upon the maturity of the final renewal or extension of the Note. Upon such termination, at the election of Lender, any and all amounts owing to Lender pursuant to the Note and this Agreement shall thereupon be due and payable in full.

Nature and Duration of Loan. The Loan shall be a revolving loan payable in full upon the date and upon the terms and conditions provided in the Promissory Note. Lender and Borrower intend the Loan to be in the nature of a line of credit under which Borrower may repeatedly draw funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Promissory Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Article Section 4 of this Agreement (except as otherwise specified in Sections 4.4 and 4.5 of this Agreement) Conditions to Loan Disbursements have been fully satisfied, and shall terminate: (ai) upon occurrence of an Event of Default, Default or (b)upon ii) upon maturity of the Promissory Note, unless the Promissory Note is renewed or extended by Lender in which case such termination shall occur upon the maturity of the final renewal or extension of the Promissory Note. Upon such termination, at the election of Lender, any and all amounts owing to Lender pursuant to the Promissory Note and this Loan Agreement shall thereupon be due and payable in full.

Nature and Duration of Loan. The Loan shall be a revolving loan payable in full upon the date and upon the terms and conditions provided in the Promissory Note. Lender and Borrower intend the Loan to be in the nature of a line of credit under which Borrower may repeatedly draw funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Promissory Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Article Section 4 of this Agreement (except as otherwise specified in Sections 4.4 and 4.5 of this Agreement) Conditions to Loan Disbursements have been fully satisfied, and shall terminate: (ai) upon occurrence of an Event of Default, Default or (b)upon ii) upon maturity of the Promissory Note, unless the Promissory Note is renewed or extended by Lender Lender, in which case such termination shall occur upon the maturity of the final renewal or extension of the Promissory Note. Upon such termination, at the election of Lender, any and all amounts owing to Lender pursuant to the Promissory Note and this Loan Agreement shall thereupon be due and payable in full.

Nature and Duration of Loan. The Loan shall be a revolving loan payable in full upon the date dates and upon the terms and conditions provided in the Promissory Note. Lender and Borrower intend the Loan to be in the nature of a line of credit under which Borrower may repeatedly draw and repay funds on a revolving basis in accordance with the terms and conditions of this Loan Agreement and the Promissory Note. The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Article 4 of this Agreement (except as otherwise specified in Sections 4.4 and 4.5 of this Agreement) Section 4, Conditions to Loan Disbursements, have been fully satisfied, and shall terminate: (ai) upon occurrence of an Event of Default, Default or (b)upon ii) upon maturity of the Promissory Note, unless the Promissory Note is renewed or extended by Lender Lender, in which case such termination shall occur upon the maturity of the final renewal or extension of the Promissory Note. Upon such termination, at the election of Lender, any and all amounts owing to Lender pursuant to the Promissory Note and this Agreement shall thereupon be due and payable in full.