Common use of Acquisition Note Clause in Contracts

Acquisition Note. The Borrowers, the Guarantors and the Bank specifically agree that the aggregate of advances made during the term of Acquisition Note will not exceed the original principal amount thereof. The Acquisition Note is an advancing term note with a commitment term through May 21, 2010 and the Bank will have no obligation to fund any advances under the Acquisition Note after such commitment term, unless renewed and extended in writing and on such terms as may be determined by the Bank. Advances under the Acquisition Note will be separately represented as a Tranche on a schedule to the Acquisition Note specifying the number of the Tranche, amount advanced, the date of advance, applicable WSJ Prime Rate and final maturity of such advance. The portion of the Loan to be made under each Tranche of the Acquisition Note will be payable on the following terms: