NOTE AND SECURITY AGREEMENT. Upon ▇▇▇▇▇▇’s approval of the above Application, as evidenced by the Lender remitting to the Applicant a Conditional Loan Determination (“Determination”) approving the uncommitted line of credit, the Borrower may, then, elect to purchase products from the Retailer for which the Lender will pay by making advances on the loan. The terms and conditions of the Determination are hereby incorporated into this Agreement as though fully set forth in this Agreement. The Applicant(s) shall be considered and referred to herein as “Borrower.” This loan is given for business purposes and for the purchase of products solely for use in the Borrower’s farming operations. ANY LOAN MADE OR LINE OF CREDIT OFFERED PURSUANT TO THE TERMS OF THIS AGREEMENT IS UNCOMMITTED, MEANING EVERY REQUEST FOR A FULL OR PARTIAL ADVANCE, DRAW, OR DISBURSEMENT ON THE LOAN/LINE OF CREDIT IS SUBJECT TO LENDER’S APPROVAL, IN ITS SOLE AND ABSOLUTE DISCRETION. 1.
Appears in 5 contracts
Sources: Conditional Line of Credit/Loan Application and Note/Security Agreement, Conditional Line of Credit/Loan Application and Note/Security Agreement, Conditional Line of Credit/Loan Application and Note/Security Agreement