Common use of Commitments to Lend; Notes Clause in Contracts

Commitments to Lend; Notes. Subject to the terms and conditions set forth herein, each Lender agrees to make a Loan (each a “Loan”) to the Borrower on or before the date hereof in an aggregate principal amount equal to such Lender’s Commitment. The Commitments are not revolving and amounts repaid or prepaid may not be reborrowed under any circumstance. Any Commitment not drawn by Borrower on or before the date hereof shall be permanently cancelled. The obligation of Borrower to repay to each Lender the aggregate amount of all Loans made by such Lender, together with interest accruing in connection therewith, shall be evidenced by a single Note made by Borrower payable to such Lender or its registered assigns in the form of Exhibit A with appropriate insertions. The amount of principal owing on any Lender’s Note at any given time shall be the aggregate amount of all Loans theretofore made by such Lender minus all payments of principal theretofore received by such Lender on such Note.