Origination Fees:
Principal Repayment:
Prepayment:
Capitalization:
Collateral:
Gaurantee:
Documentation:
2
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 first month monthfollowing the
end of availability. 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 “CoBank Base Rate” (to be defined) 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 shal! 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 shal! be in an amount equa! to the greater of: (1) the sum of the
present value of CoBank’s funding losses plus a yield of % of 1% on a per
annum basis or (2) $300.
The Loan will be capitalized in accordance with CoBank’s bylaws and
will be eligible for patronage.
The 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 to be amended as 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
