Common use of Outstanding Principal Amount Clause in Contracts

Outstanding Principal Amount. The face amount of this Note is the principal sum of One Million Dollars ($1,000,000.00). Each advance and readvance by Payee hereunder shall be evidenced by this Note, and any repayments of principal by Maker shall be credited against the Principal Balance due on this Note, but shall not extinguish this Note in whole or in part. The Principal Balance due on this Note may increase and decrease as advances, readvances and payments are made hereunder, pursuant to the Loan and Security Agreement (including amendments and supple- ments thereto) between Maker and Payee hereof, and this Note shall evidence all of the indebtedness of Maker hereunder from time to time existing pursuant to said Loan and Security Agreement, including readvances of sums already paid. The aggregate principal advances and readvances under this Note may exceed the face amount hereof, but the Principal Balance hereunder at any given time shall not exceed the face amount hereof, it being understood and agreed that Payee hereof does not intend to make any loans to Maker that are not secured by the Loan and Security Agreement and that each and every advance and readvance made at present or hereafter to Maker shall be deemed to be a fully secured advance evidenced by this Note.

Outstanding Principal Amount. The face amount of this Note is the principal sum of One Million Dollars ($1,000,000.00). Each advance and readvance by Payee hereunder shall be evidenced by this Note, and any repayments of principal by Maker shall be credited against the Principal Balance due on this Note, but shall not extinguish this Note in whole or in part. The Principal Balance due on this Note may increase and decrease as advances, readvances and payments are made hereunder, pursuant to the Loan and Security Agreement (including amendments and supple- ments supplements thereto) between Maker and Payee hereof, and this Note shall evidence all of the indebtedness of Maker hereunder from time to time existing pursuant to said Loan and Security Agreement, including readvances of sums already paid. The aggregate principal advances and readvances under this Note may exceed the face amount hereof, but the Principal Balance hereunder at any given time shall not exceed the face amount hereof, it being understood and agreed that Payee hereof does not intend to make any loans to Maker that are not secured by the Loan and Security Agreement and that each and every advance and readvance made at present or hereafter to Maker shall be deemed to be a fully secured advance evidenced by this Note.