The Loans and Commitments. Subject to the terms and conditions and relying on the representations and warranties contained in this Agreement, each Lender agrees to make Loans to the Borrower on any Business Day during the period from the date hereof until the Maturity Date, in such amounts as the Borrower may request pursuant to a Borrowing Request in an aggregate outstanding amount not to exceed the lesser of (a) such Lender's Maximum -13- 19 Commitment and (b) such Lender's Pro Rata Share of the Borrowing Base. The Borrower may make prepayments as permitted or required in Sections 2.9 and 2.10 and reborrowings in respect thereof; provided, however, that the aggregate principal amount of all such Loans at any one time outstanding shall not exceed the aggregate amount of the Lenders' Commitments; and provided further, that no individual Borrowing shall be less than $100,000, unless the availability on the aggregate amount of the Lenders' Commitments is less than $100,000, in which event the Borrowing may be for such available amount. The Loans made by the Lenders to the Borrower pursuant to this Agreement shall be evidenced by the Notes.
The Loans and Commitments. Subject to the terms and conditions and relying on the representations and warranties contained in this Agreement, the Bank agrees to make the following loan to the Borrower: ADVANCING LOAN. The Bank agrees to make a loan to the Borrower in the amount of $1,200,000.00 which shall be evidenced by the Borrower's issuance, execution and delivery of the Note dated as of the date of such loan. The Note shall be due and payable as provided therein. Principal and all accrued interest shall be finally due and payable on April 23, 1997. The Loan is an advancing loan and shall not be construed as a revolving line of credit as reborrowings are not permitted. At maturity of the Advancing Note, Bank agrees to renew the Advancing Note into a Term Note, in an amount not to exceed the outstanding balance. The term note will be repaid in equal annual installments over a seven year period. Interest will be payable quarterly.
The Loans and Commitments