Common use of The Term Loan Clause in Contracts

The Term Loan. Subject to the terms and conditions of this Agreement, each Term Loan Lender severally (and not jointly) agrees to make an advance of its Term Loan Percentage of the Term Loan to the Borrower on one occasion on or within fourteen (14) days following the Closing Date. The principal amount of the Term Loan outstanding hereunder from time to time shall bear interest and the Term Loan shall be repayable as herein provided. No amount of the Term Loan repaid or prepaid by the Borrower may be reborrowed hereunder. The Borrower shall give to the Administrative Agent written notice in the form of Exhibit C hereto (or telephonic notice confirmed in a writing in the form of Exhibit C hereto) of the Term Loan requested hereunder no later than 2:00 p.m. Boston time one (1) Business Days prior to the proposed Drawdown Date of the Term Loan. On the Drawdown Date of the Term Loan, each Term Loan Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Term Loan Percentage of the Term Loan available by wire transfer to the Administrative Agent. Such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Office and shall be in the form of same day funds in Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, including without limitation the satisfaction of all applicable conditions in §11 and §12, be made available to the Borrower by delivery of the proceeds thereof as shall be directed by the Borrower and acceptable to the Administrative Agent. The Term Loan shall be made by the Term Loan Lenders as a Base Rate Loan, subject to conversion after the Drawdown Date thereof in accordance with §2.7. If the Term Loan is not advanced by the Term Loan Lenders on or within fourteen (14) days following the Closing Date, the obligations of the Term Loan Lenders to make the Term Loan shall terminate.

The Term Loan. 1.1 Subject to and upon the terms and conditions of this AgreementLoan Agreement and so long as no Event of Default described in Article 5 hereof (hereinafter referred to as an “Event of Default”) has occurred, each Term Loan Lender severally will continue to extend credit to Borrower in the aggregate principal amount of TEN MILLION AND NO/100THS DOLLARS (and not jointly$10,000,000.00) agrees (hereinafter referred to make an advance of its Term Loan Percentage as the “Restated $10,000,000 Loan” or as the “Loan”). Borrower acknowledges that all of the Term Loan to the Borrower on one occasion on or within fourteen (14) days following has been disbursed and is outstanding as of the Closing (defined below) hereunder and no further disbursements are possible. 1.2 All obligations of Borrower under the Loan shall be evidenced by and subject to terms of that certain Amended and Restated Promissory Note Secured by Deed of Trust of even date herewith, which shall be effective as of Closing hereunder (“Effective Date. The ”), in the principal amount of the Term Loan, executed by Borrower concurrently herewith (the “Restated Note”) (this Loan outstanding hereunder from time to time shall bear interest Agreement and the Term Loan Restated Note being hereinafter collectively referred to as the “Agreement”). 1.3 Lender shall be repayable as herein provided. No amount render monthly statements of the Term Loan repaid or prepaid amounts owing by the Borrower may be reborrowed hereunder. The Borrower shall give to the Administrative Agent written notice in the form of Exhibit C hereto (or telephonic notice confirmed in a writing in the form of Exhibit C hereto) of the Term Loan requested hereunder no later than 2:00 p.m. Boston time one (1) Business Days prior to the proposed Drawdown Date of the Term Loan. On the Drawdown Date of the Term Loan, each Term Loan Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Term Loan Percentage of the Term Loan available by wire transfer to the Administrative Agent. Such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Office and shall be in the form of same day funds in Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of under this Agreement, including without limitation the satisfaction statements of all applicable conditions principal and interest owing, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrower and Lender unless, within thirty (30) days after receipt thereof by Borrower, Borrower shall deliver to Lender, by registered or certified mail, at Lender’s place of business indicated hereinabove, written objection thereto specifying the error or errors, if any, contained in §11 any such statement. 1.4 Upon Closing, a fee shall be paid to Lender in consideration for Lender agreeing to modify, consolidate, restate and §12extend the Existing Loans as reduced and included in the Loan, and entering into this Agreement, which fee shall not be made available subject to the Borrower by delivery reduction or be refundable under any circumstance, and which fee is payable upon recordation, in an amount equal to two percent (2.0%) of the proceeds thereof as shall be directed by initial amount of the Borrower Loan, i.e., Two Hundred Thousand and acceptable no/100 Dollars ($200,000.00) (the “Loan Fee”). Said fee is in addition to all interest and other charges provided in the Administrative Agent. Restated Note. 1.5 The Term Restated $10,000,000 Loan shall be made secured by (i) the Term Existing Deeds of Trust, as amended by those certain Memoranda of Loan Lenders Modification, Consolidation and Amendment to Deed of Trust, and (ii) the Amended, Consolidated and Restated Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Nevada), all of even date herewith, and other “Security Documents” covering “Collateral” as a Base Rate Loan, subject to conversion after the Drawdown Date thereof hereinafter defined and described in accordance with §2.7. If the Term Article 5 of this Loan is not advanced by the Term Loan Lenders on or within fourteen (14) days following the Closing Date, the obligations of the Term Loan Lenders to make the Term Loan shall terminate.Agreement

The Term Loan. 2.1. TRANCHE A TERM LOAN. (a) Subject to the terms and conditions of this Agreement, each Term Loan Lender severally (and not jointly) agrees to make an advance Advance of its the Tranche A Term Loan Percentage on the Closing Date on a pro rata basis in the amount of the Tranche A Term Loan to the Borrower on one occasion on or within fourteen (14) days following Commitment of such Lender. The Tranche A Term Loan shall be available in a single draw at the Closing Date. The principal amount of the each Segment of Tranche A Term Loan outstanding hereunder from time to time shall bear interest, at the Borrower's election, at an interest and rate per annum at the Base Rate or the Eurodollar Rate; PROVIDED, HOWEVER, that (i) no Eurodollar Rate Segment shall have an Interest Period that extends beyond the Term Loan Termination Date, (ii) each Eurodollar Rate Segment shall be repayable as herein providedin the minimum amount of $500,000 and, if greater, an integral multiple of $100,000 and (iii) the principal amount of each Eurodollar Rate Segment may, subject to the provisions of SECTIONS 2.3, 2.6 and 2.7 hereof, be repaid only on the last day of the Interest Period with respect thereto. No amount of the Tranche A Term Loan repaid or prepaid by the Borrower may be reborrowed hereunder. The Borrower , and no Advance of Tranche A Term Loan shall be made by any Lender after the Closing Date. (b) An Authorized Representative shall give to the Administrative Agent written notice in the form by telefacsimile transmission of Exhibit C hereto a completed Borrowing Notice (or telephonic notice confirmed in a writing in the form of Exhibit C heretoeffective upon receipt) of a request for the Advance of the Tranche A Term Loan requested hereunder no later than 2:00 p.m. Boston time one (1) prior to 10:30 A.M. three Business Days prior to the proposed Drawdown Date Closing Date. Notice of receipt of such Borrowing Notice, together with the amount of each Lender's portion of the Tranche A Term LoanLoan requested thereunder, shall be provided by the Agent to each Lender by telefacsimile transmission with reasonable promptness, but (provided the Agent shall have received such notice by 10:30 A.M.) not later than 1:00 P.M. on the same day as the Agent's receipt of such notice. On As early as practicable on the Drawdown Date of the Term LoanClosing Date, each Term Loan Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its the Tranche A Term Loan Percentage of the Term Loan to be made by it, determined in accordance with SECTION 2.1(A) hereof, available by wire transfer to the Administrative Agent. Such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Principal Office and shall be in the form of same day funds in immediately available Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, including without limitation the satisfaction of all applicable conditions in §11 and §12, be made immediately available to the Borrower by delivery of the proceeds thereof to the Borrower's Account or otherwise as shall be directed by the Borrower Authorized Representative and reasonably acceptable to the Administrative Agent. The Term Loan shall be made by the Term Loan Lenders as a Base Rate Loan, subject to conversion after the Drawdown Date thereof in accordance with §2.7. If the Term Loan is not advanced by the Term Loan Lenders on or within fourteen (14) days following the Closing Date, the obligations of the Term Loan Lenders to make the Term Loan shall terminate.