Origination Fees:
Principal Repayment:
Prepayment:
Capitalization:
Collateral:
Gaurantee:
Documentation:
2
multiples of $100,000; (2) for periods of 12 months to the final maturity
date of the Term Loan; and (3) on no more than 5 separate balances at any
one time.
Interest will be calculated on the actual number of days elapsed on the
basis of a year consisting of 360 days and shall be payable monthly in
arrears by the 20" day of the following month.
None.
In up to 300 consecutive monthly installments, each due on the 20" of the
month, with the first installment due on the second month following
closing. The amount of each installment shall be the same principal
amount that would be due and payable if the loan was payable in level
installments of principal and interest and such schedule was calculated
using the interest rate outstanding on the date of the loan agreement;
provided, however, that if on the date the loan is made, the Borrower fixes
the rate of interest on the entire principal amount of the loan to the final
maturity date thereof, then the rate utilized in calculating the amortization
schedule shall be the rate of interest accruing on the loan.
Balances bearing interest at the Weekly Quoted Variable Rate Option
may be prepaid without premium. Balances with a fixed interest rate may
be prepaid in whole or part, subject to a prepayment surcharge. The
surcharge shall be in an amount equal to the greater of: (1) the sum of the
present value of CoBank’s funding losses plus a yield of '4 of 1% on a per
annum basis or (2) $300.
The Term Loan will be capitalized in accordance with CoBank’s bylaws
and will be eligible for patronage. As a current borrower, no additional
capital is required.
The Term Loan will be unsecured: (1) except for CoBank’s statutory first
lien on all equity in CoBank; and (2) unless the Borrower desires to grants
liens to secure other debt, in which case the Borrower may grant liens to
CoBank and the holders of its other debt as long as CoBank and such
other holders share such liens pro rata and all collateral and
documentation evidencing same is approved by CoBank.
The Term Loan will be guaranteed by Pennichuck Corporation under the
existing guaranty agreement dated February 9, 2010 between CoBank and
Pennichuck Corporation, such agreement to be amended if needed for this
loan.
CoBank's commitment is subject to the negotiation, execution, and
delivery of documentation satisfactory to CoBank and its counsel in all
material respects. Such documentation will contain conditions precedent,
representations and warranties, covenants, events of default, remedies and
miscellaneous other provisions. Without limiting the foregoing, the
