Draw Loan C means, respectively, each direct advance and the aggregate of all such direct advances made by the Bank to the Borrowers under and pursuant to this Agreement, as set forth in Section 2.2 of this Agreement.
Draw Loan C Notes in the original principal amounts of $40,800 and $51,600, respectively, duly executed by the Borrowers in form and substance acceptable to Bank in its sole and absolute discretion.
Draw Loan C is not a revolving credit facility, therefore, no principal amount of Draw Loan C repaid by Borrowers may be reborrowed by Borrowers.
Draw Loan C shall be used for the purpose of acquiring various Customer Contracts and related ATM equipment and inventory, said Customer Contracts more specifically identified in Exhibit C (Collateral Assignment of Contracts) attached hereto and in successive such Assignments identifying specific Collateral for successive Draw Loan C Notes, not exceeding in the aggregate the Draw Loan C Commitment.
Principal and interest payable under any Draw Loan C Note shall be paid in monthly installments of principal plus interest as provided in said Draw Loan C Note, with all outstanding principal and accrued interest due and payable on the Draw Loan C Maturity Date or upon acceleration of the Draw Loan C Note.