Common use of Commitment for Term Loan Clause in Contracts

Commitment for Term Loan. Subject to the terms and conditions of this Agreement, and provided that no Default or Event of Default has occurred and is continuing on the Closing Date, Lender agrees to make the Term Loan to Borrower under the Term Note, in the amount of NINE HUNDRED TWENTY-THREE THOUSAND AND NO/100 DOLLARS ($923,000.00), which amount represents a renewal and extension, of the principal indebtedness evidenced by that certain Promissory Note dated October 1, 1995 in the principal amount of $1,278,000.00 executed by Borrower and payable to the order of Lender.

Commitment for Term Loan. Subject to the terms and conditions of this Agreement, and provided that no Default or Event of Default has occurred and is continuing on the Closing Date, Lender agrees to make the Term Loan to Borrower under the Term Note, in the amount of NINE ONE MILLION TWO HUNDRED TWENTYSEVENTY-THREE EIGHT THOUSAND AND NO/100 DOLLARS ($923,000.00)1,278,000.00) to be effective October 1, 1995, which amount represents a renewal and extension, rearrangement of the principal indebtedness evidenced by that certain Promissory Note dated October 1March 30, 1995 1994 in the principal amount of $1,278,000.00 1,704,000.00 executed by Borrower and payable to the order of Lender.