Common use of Interim Loan Clause in Contracts

Interim Loan. Within two (2) days of the date hereof and following execution and delivery by PSI of a promissory note in the form of Exhibit 6.7 (the "Promissory Note"), Spee▇ ▇▇▇ll provide PSI a line of credit of up to $3,000,000 on the terms and conditions set forth in the Promissory Note. The principal amount and the accrued interest of such loan shall become due and payable on the earlier of Closing Date and September 1, 1998; provided, however, that at Spee▇'▇ ▇▇▇e discretion the repayment of such loan may be forgiven and the amount of the cash required to be delivered by Spee▇ ▇▇ Closing shall be reduced by an amount equal to the principal balance and unpaid interest on the Promissory Note so forgiven.

Interim Loan. Within two (2) days of the date hereof and following execution and delivery by PSI of a promissory note in the form of Exhibit 6.7 (the "Promissory Note"), Spee▇ ▇▇▇ll ▇▇ shall provide PSI a line of credit of up to $3,000,000 on the terms and conditions set forth in the Promissory Note. The principal amount and the accrued interest of such loan shall become due and payable on the earlier of Closing Date and September 1, 1998; provided, however, that at Spee▇▇▇▇▇'▇ ▇▇▇e sole discretion the repayment of such loan may be forgiven and the amount of the cash required to be delivered by Spee▇ ▇▇▇▇▇ at Closing shall be reduced by an amount equal to the principal balance and unpaid interest on the Promissory Note so forgiven.