Common use of Note and Security Agreement Clause in Contracts

Note and Security Agreement. Upon Lender’s approval of the application portion of this Agreement, as evidenced by its provision to Borrower a Conditional Loan Determination (“Determination”) approving the uncommitted line of credit, Applicant(s) shall be considered and referred to herein as Borrowers. Borrowers hereby apply for a loan in the amount of the Loan Request stated on page 1, from Lender. This loan is given for business purposes and for the purchase of products solely for use in the Borrower’s farming operations. ANY LOAN MADE OR LINE OF CREDIT OFFERED PURSUANT TO THE TERMS OF THIS AGREEMENT IS UNCOMMITTED, MEANING EVERY REQUEST FOR A FULL OR PARTIAL ADVANCE, DRAW, OR DISBURSEMENT ON THE LOAN/LINE OF CREDIT IS SUBJECT TO LENDER’S APPROVAL, IN ITS SOLE AND ABSOLUTE DISCRETION. 1.

Note and Security Agreement. Upon LenderXxxxxx’s approval of the application portion of this Agreement, as evidenced by its provision to Borrower a Conditional Loan Determination (“Determination”) approving the uncommitted line of credit, Applicant(s) shall be considered and referred to herein as Borrowers. Borrowers hereby apply for a loan in the amount of the Loan Request stated on page 1, from Lender. This loan is given for business purposes and for the purchase of products solely for use in the Borrower’s farming operations. ANY LOAN MADE OR LINE OF CREDIT OFFERED PURSUANT TO THE TERMS OF THIS AGREEMENT IS UNCOMMITTED, MEANING EVERY REQUEST FOR A FULL OR PARTIAL ADVANCE, DRAW, OR DISBURSEMENT ON THE LOAN/LINE OF CREDIT IS SUBJECT TO LENDER’S APPROVAL, IN ITS SOLE AND ABSOLUTE DISCRETION. 1.