Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms. (a) The obligations of each Lender to make Term Loans to the Borrower shall equal its Ratable Share of the requested Term Loan; provided that no Lender’s Term Loan to the Borrower shall exceed its Term Loan Commitment. The failure of any Lender to make a Term Loan shall not relieve any other Lender of its obligations to make a Term Loan nor shall it impose any additional liability on any other Lender hereunder. The Lenders shall have no obligation to make Term Loans hereunder after the Funding Date, and any portion of the Term Loan Commitment not drawn on the Funding Date shall automatically expire. The Term Loan Commitments are not revolving credit commitments, and the Borrower shall not have the right to borrow, repay and reborrow under Section 3.1.
Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms. The obligations of each Lender to make Term Loans to the Borrowers shall be in the proportion that such Lender’s Term Loan Commitment bears to the Term Loan Commitments of all Lenders to the Borrowers, but each Lender’s Term Loan to the Borrowers shall never exceed its Term Loan Commitment. The failure of any Lender to make a Term Loan shall not relieve any other Lender of its obligations to make a Term Loan nor shall it impose any additional liability on any other Lender hereunder. The Lenders shall have no obligation to make Term Loans hereunder after the Closing Date. The Term Loan Commitments are not revolving credit commitments, and the Borrowers shall not have the right to borrow, repay and reborrow under Section 3.1 [Term Loan Commitments]. The Term Loans shall be payable in sixteen (16) consecutive quarterly installments each in the principal amount of One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), which installments are due and payable by the Borrowers beginning July 1, 2012 and on each Payment Date thereafter, with the final installment of the remaining principal balance and accrued and unpaid interest due and payable on the Maturity Date.
Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms. The obligations of each Lender to make Term Loans to the Company shall be in the proportion that such Lender’s Term Loan Commitment bears to the Term Loan Commitments of all Lenders to the Company, but each Lender’s Term Loan to the Company shall never exceed its Term Loan Commitment. The failure of any Lender to make a Term Loan shall not relieve any other Lender of its obligations to make a Term Loan nor shall it impose any additional liability on any other Lender hereunder. The Lenders shall have no obligation to make Term Loans hereunder after the Closing Date. The Term Loan Commitments are not revolving credit commitments, and the Company shall not have the right to borrow, repay and reborrow Term Loans hereunder. The Term Loans shall be paid by the Company in installments of principal as set forth below, and each Lender making a Term Loan shall receive from the Company installments equal to such Lender’s Pro Rata Share of the following principal installments of the Term Loans: [Term Loan installment payment schedule begins on the next page] - 27 - Payment Date: Principal Amount of Installment: January 1, 2009 $ 7,500,000 April 1, 2009 $ 7,500,000 July 1, 2009 $ 7,500,000 October 1 2009 $ 7,500,000 January 1, 2010 $ 8,125,000 April 1, 2010 $ 8,125,000 July 1, 2010 $ 8,125,000 October 1 2010 $ 8,125,000 January 1, 2011 $ 10,000,000 April 1, 2011 $ 10,000,000 July 1, 2011 $ 10,000,000 October 1 2011 $ 10,000,000 January 1, 2012 $ 10,000,000 April 1, 2012 $ 10,000,000 July 1, 2012 $ 10,000,000 October 1 2012 $ 10,000,000 January 1, 2013 $ 57,500,000 (or all outstanding principal if not sooner paid)
Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms. The obligations of each Lender to make advances with respect to the Term Loans to the Borrower shall be in the proportion that such Lender’s Term Loan Commitment bears to the Term Loan Commitments of all the Lenders, but each Lender’s aggregate advances with respect to Term Loans to the Borrower shall never exceed its Term Loan Commitment. The failure of any Lender to make an advance with respect to a Term Loan shall not relieve any other Lender of its obligations to make an advance with respect to a Term Loan nor shall it impose any additional liability on any other Lender hereunder. The principal amount of the Term Loans shall be payable, if not sooner paid in accordance with the terms hereof, due and payable on the Maturity Date.
