Common use of Multiple Advances Clause in Contracts

Multiple Advances. The undersigned acknowledges and understands that: (1) Advances evidencing disbursement under this note, may be made upon receipt of oral or written instructions or as required from time to time; (2) All advances are subject to the BANK'S prior approval; (3) The balance outstanding on the note at any time shall the difference between the total advances made less the total repayments, plus interest and charges, regardless that the sum of the advances may exceed the face amount of the note; (4) The maximum amount of principal outstanding at any time shall not exceed the face amount of the note, except for monies expended by the BANK in the payment of any tax, assessment, rent, municipal or governmental charge, premium for insurance, lien, repair, maintenance, protection or preservation of any collateral securing this note.

Multiple Advances. The undersigned acknowledges and understands that: (1) Advances evidencing disbursement disbursements under this note, may be made upon receipt of oral or written instructions or as required from time to time; (2) All advances are subject to the BANK'S prior approval; (3) The balance outstanding on the note at any time shall be the difference between the total advances made less the total repayments, plus interest and charges, regardless that the sum of the advances may exceed the face amount of the note; (4) The maximum amount of principal outstanding at any time shall not exceed the face amount of the note, except for monies expended by the BANK in the payment of any tax, assessment, rent, municipal or governmental charge, premium for insurance, lien, repair, maintenance, protection or preservation of any collateral securing this note.