Common use of Term Advance Clause in Contracts

Term Advance. (a) The Lender agrees, subject to the terms and conditions of this Agreement, to make a single advance to the Borrower on the Funding Date (the “Term Advance”) in an amount equal to $350,000. The Borrower’s obligation to pay the Term Advance shall be evidenced by the Term Note and shall be secured by the Collateral as provided in Article III. (b) Upon fulfillment of the applicable conditions set forth in Article IV, the Lender shall deposit the proceeds of the requested Term Advance by crediting the same to the Borrower’s demand deposit account specified in Section 2.2(c) unless the Lender and the Borrower shall agree in writing to another manner of disbursement. Upon the Lender’s request, the Borrower shall promptly confirm each telephonic request for a Term Advance by executing and delivering an appropriate confirmation certificate to the Lender. The Borrower shall be obligated to repay all Term Advances notwithstanding the Lender’s failure to receive such confirmation and notwithstanding the fact that the person requesting the same was not in fact authorized to do so. Any request for a Term Advance, whether written or telephonic, shall be deemed to be a representation by the Borrower that the conditions set forth in Section 4.2 have been satisfied as of the time of the request.

Term Advance. (a) The Lender agrees, subject to the terms and conditions of this Agreement, to make a single advance to the Borrower Borrowers on the Funding Date March 31, 2006 (the “‘Term Advance”’) in an amount equal to $350,0005,000,0000. The Borrower’s Borrowers’ joint and several obligation to pay the Term Advance shall be evidenced by the Term Note and shall be secured by the Collateral as provided in Article III. (b) The Borrowers shall make their request for the Term Advance to the Lender no later than the Cut-off Time on the Business Day on which the Borrowers wish to receive the Term Advance. Such request may be made in writing or by telephone, specifying the date of the requested Term Advance. Such request shall be by an individual authorized pursuant to Section 2.2. Upon fulfillment of the applicable conditions set forth in Article IV, the Lender shall deposit the proceeds of the requested Term Advance by crediting the same to the BorrowerGlobal’s demand deposit account specified in Section 2.2(c) 2.2 unless the Lender and the Borrower Global shall agree in writing to another manner of disbursement. Upon the Lender’s request, the Borrower Global shall promptly confirm each any such telephonic request for a the Term Advance by executing and delivering an appropriate confirmation certificate to the Lender. The Borrower Borrowers shall be obligated to repay all the Term Advances Advance notwithstanding the Lender’s failure to receive such confirmation and notwithstanding the fact that the person Person requesting the same was not in fact authorized to do so. Any request for a the Term Advance, whether written or telephonic, shall be deemed to be a representation by the Borrower Borrowers, upon which the Lender may rely, that the Borrowers are in compliance with the conditions set forth in Section 4.2 have been satisfied as of the time of the request.