Common use of Commitment and Borrowing Clause in Contracts

Commitment and Borrowing. The Lender agrees to make a loan to the Borrower pursuant to a single drawing in an aggregate principal amount of $1,250,000 in immediately available funds (the “Commitment”) on the date hereof (the “Funding Date”). The Lender shall disburse to the Borrower the full amount of such Commitment on the Funding Date to an account or accounts designated by the Borrower. For the purposes of this Agreement, “Loan” means the loan made by the Lender to the Borrower under this clause (a).

Commitment and Borrowing. The Lender agrees to make a loan to the Borrower pursuant to a single drawing in an aggregate principal amount of $1,250,000 7,221,000 in immediately available funds (the “Commitment”) on the date hereof (the “Funding Date”). The Lender shall disburse to the Borrower the full amount of such Commitment on the Funding Date to an account or accounts designated by the Borrower. For the purposes of this Agreement, “Loan” means the loan made by the Lender to the Borrower under this clause (a).