ARTICLE 2. AMOUNT AND TERMS OF COMMITMENTS
2.1 Commitments. Subject to the terms and conditions hereof, the Lender severally agrees to make term loan to the Borrower on the Closing Date in a principal amount of CU 4,000,000.00.
2.2 Repayment of Loans. Repayments of loan principal and interest, in the amount of CU 88,097.00, shall commence on April 30, 20X1, and occur on the final day of each month subsequent to the repayment commencement date through final maturity.
2.3 Interest Rates. Interest rate is based on the applicable margin flat rate of 12%, subject to modification by subsequent agreement, and begins to accrue on the Initial Payment Date.
2.4 Computation of Interest. Interest, payable pursuant hereto shall be calculated on the basis of a 365-day year for the actual days elapsed.
2.5 Interest Payment. Interest shall be paid on a timely basis, in accordance with the Interest Payment Date established herein. Failure to do so will result in risk of default, see section 7 below.
2.6 Indemnity. The Borrower agrees to indemnify the Lender for, and to hold the Lender harmless from, any loss (other than lost profit or margin) or expense that such Lender may sustain or incur.
2.7 Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful.
ARTICLE 2. AMOUNT AND TERMS OF COMMITMENTS 2.1 Commitments. Subject to the terms and conditions hereof, the Lender severally agrees to make term loan to the Borrower on the Closing Date in a principal amount of CU 4,000,000.00. 2.2 Repayment of Loans. Repayments of loan principal and interest, in the amount of CU 88,097.00, shall commence on April 30, 20X1, and occur on the final day of each month subsequent to the repayment commencement date through final maturity. 2.3 Interest Rates. Interest rate is based on the applicable margin flat rate of 12%, subject to modification by subsequent agreement, and begins to accrue on the Initial Payment Date. 2.4 Computation of Interest. Interest, payable pursuant hereto shall be calculated on the basis of a 365-day year for the actual days elapsed. 2.5 Interest Payment. Interest shall be paid on a timely basis, in accordance with the Interest Payment Date established herein. Failure to do so will result in risk of default, see section 7 below. 2.6 Indemnity. The Borrower agrees to indemnify the Lender for, and to hold the Lender harmless from, any loss (other than lost profit or margin) or expense that such Lender may sustain or incur. 2.7 Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful.
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