Common use of Term Advance Clause in Contracts

Term Advance. (a) Borrower and Bank acknowledge that Bank has made the Term Advance under the Original Agreement on or prior to the Term Availability Date in an amount equal to the Term Loan Amount. As of the date hereof, the outstanding principal amount of the Term Advance is $_________________. Amounts borrowed under this Section 2.1.2 may not be reborrowed once repaid. (b) Interest shall accrue from the date of the Term Advance at the rate specified in Section 2.3(a). Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower's deposit accounts or against the Committed Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. The Term Advance shall be payable in thirty-six (36) equal monthly installments of principal, plus accrued interest, beginning on the first (1st) calendar day of the month following the date of the Term Advance, and continuing on the same day of each month thereafter through the Term Maturity Date, at which time all Obligations owing under this Section 2.1.2 shall be immediately due and payable.

Term Advance. (a) Borrower and Bank acknowledge that Bank has made the Term Advance under the Original Agreement on or prior to the Term Availability Date in an amount equal to the Term Loan Amount. As of the date hereof, the outstanding principal amount of the Term Advance is $_________________1,444,444.40. Amounts borrowed under this Section 2.1.2 may not be reborrowed once repaid. (b) Interest shall accrue from the date of the Term Advance at the rate specified in Section 2.3(a). Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower's deposit accounts or against the Committed Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. The Term Advance shall be payable in thirty-six (36) equal monthly installments of principal, plus accrued interest, beginning on the first (1st) calendar day of the month following the date of the Term Advance, and continuing on the same day of each month thereafter through the Term Maturity Date, at which time all Obligations owing under this Section 2.1.2 shall be immediately due and payable.