LONG-TERM CREDIT Clause Samples

LONG-TERM CREDIT. On the Commitment Termination Date, the Bank agrees, on the terms and conditions of this Agreement, to convert all the outstanding Advances comprising the Short-Term Credit into a long-term credit (the "Long-Term Credit"). The Long-Term Credit will mature on the Maturity Date and is payable in monthly installments commencing on July 1, 1998, each equal to 1/84 of the principal amount outstanding under the Note on May 31, 1998. A final payment of all remaining outstanding principal plus accrued interest shall be due and payable on the Maturity Date.