Common use of Nature and Duration of Loan Clause in Contracts

Nature and Duration of Loan. The Loan shall be a reducing revolving loan payable in full upon the date and upon the terms and conditions provided in the Promissory Note. Lender and Borrowers intend the Loan to be in the nature of a line of credit under which Borrowers 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 Borrowers to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Article 4 CONDITIONS TO LOAN DISBURSEMENTS have been fully satisfied, and shall terminate: (a) upon occurrence of an Event of Default or (b)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, 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 reducing revolving loan payable in full upon the date dates and upon the terms and conditions provided in the Promissory Note. Lender and Borrowers Borrower intend the Loan to be in the nature of a line of credit under which Borrowers 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 Borrowers 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 CONDITIONS TO LOAN DISBURSEMENTS Section 4, Conditions to Loan Disbursements, have been fully satisfied, and shall terminate: (ai) upon occurrence of an Event of 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, 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 reducing revolving loan payable in full upon the date and upon the terms and conditions provided in the Promissory NoteNotes. Lender and Borrowers Borrower intend the Loan to be in the nature of a line of credit under which Borrowers Borrower may repeatedly draw funds on a revolving basis in accordance with the terms and conditions of this Loan and Security Agreement and the Promissory NoteNotes. The right of Borrowers 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 CONDITIONS TO LOAN DISBURSEMENTS Conditions to Loan Disbursements have been fully satisfied, and shall terminate: (ai) upon occurrence of an Event of Default or (b)upon ii) upon maturity of the Promissory NoteNotes, unless the Promissory Note is Notes are 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 NoteNotes. Upon such termination, any and all amounts owing to Lender pursuant to the Promissory Note Notes and this Loan and Security Agreement shall thereupon be due and payable in full.