Renewable annually Clause Samples

Renewable annually. Unsecured line of credit. No guarantees. BANK OF NEW YORK- SHORT-TERM NOTE PAYABLE 1. $3,000,000 Short-Term Note, renewable every 30, 60 or 90 days, at the Bank's option. Interest rate is LIBOR plus 1.75%. Current rate is 3.1875%. Note matures on February 20, 2003. 2. $1,000,000 Short-Term Note, renewable every 30, 60 or 90 days, at the Bank's option. Interest rate is LIBOR plus 1.75%. Current rate is 3.125%. Note matures on April 16, 2003. 3. $1,000,000 Short-Term Note, renewable every 30, 60 or 90 days, at the Bank's option. Interest rate is LIBOR plus 1.75%. Current rate is 3.125%. Note matures on May 5, 2003. BANK OF NEW YORK 7.05% FIRST MORTGAGE BOND, SERIES J 1. Aggregate principal amount is $4,000,000 dated October 1, 1993 and maturing on December 1, 2003. Bonds may not be redeemed prior to the due date and interest is paid semiannually on June 1 and December 1 of each year. 2. Debt is secured with a lien on all capital and other revenue producing assets of the Company. LOAN NO. ML 0886-T1 FIRST SUPPLEMENT TO THE MASTER LOAN AGREEMENT This FIRST SUPPLEMENT TO THE MASTER LOAN AGREEMENT (this "FIRST SUPPLEMENT"), is entered into as of February 18, 2003, by and between COBANK, ACB ("CoBANK") and WARWICK VALLEY TELEPHONE COMPANY (the "BORROWER"), and supplements the Master Loan Agreement, dated as of the date hereof, by and between CoBank and the Borrower (as the same may be amended, modified, supplemented, extended or restated from time to time, the ("MLA"). Capitalized terms used and not otherwise defined in this First Supplement shall have the meanings assigned to them in the MLA.