Borrowing and Payment Sample Clauses

Borrowing and Payment. 1.01 Revolving Credit Advances. (a) Revolving Line of Credit. The Bank hereby establishes in favor of the Borrower a revolving line of credit. The Borrower shall be entitled to borrow, repay and reborrow funds from the Bank in accordance with the terms hereof so long as the total principal amount owed to the Bank under the revolving line of credit does not exceed $40,000,000.00 (or such lesser amount as is set forth herein) (the "Revolving Credit Amount") from the date hereof through June 29, 2000. The Bank's obligation to make advances under the revolving line of credit shall terminate on June 29, 2000, or such earlier date as is set forth herein (the "Revolving Credit Expiration Date"). This indebtedness shall be evidenced by a promissory note dated August 20, 1997 (as amended, extended or renewed from time to time, the "Revolving Note") executed by the Borrower in favor of the Bank in the original principal amount of $40,000,000.00. The Revolving Note shall bear interest at the rate set forth therein and shall be payable as set forth therein.