Second Term Loan. Subject to the terms and conditions of this Agreement, in addition to the Line of Credit and the Term Loan, Bank hereby agrees to make advances to Borrower from time to time up to and including July 12, 2019 not to exceed at any time the aggregate principal amount of One Million and No/100 Dollars ($1,000,000.00) (the ‘Second Term Loan’), the proceeds of which shall be used by Borrower to pay for stock repurchases (including any associated costs) of its equity interests, as approved by Bank. Borrower’s obligation to repay advances under the Second Term Loan are evidenced by a Promissory Note dated as of July 12, 2018, in the stated principal amount of $1,000,000.00 (as such promissory note may be amended, restated, refinanced or otherwise modified from time to time, the “Second Term Note”), all terms of which are incorporated herein by this reference.
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Sources: Credit Agreement, Credit Agreement (Wilhelmina International, Inc.)