Term Loans; Security Sample Clauses

Term Loans; Security. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make a single loan (each, a "Term Loan") to the Borrower on the Closing Date in a principal amount not to exceed the Term Loan Commitment of such Lender; provided, that if for any reason the full amount of such Lender's Term Loan Commitment is not fully drawn on the Closing Date, the undrawn portion thereof shall automatically be cancelled. The Term Loans may be, from time to time, Base Rate Loans or Eurodollar Loans or a combination thereof. The execution and delivery of this Agreement by the Borrower and the satisfaction of all conditions precedent pursuant to Section 3.1 shall be deemed to constitute the Borrower's request to borrow the Term Loans on the Closing Date. (b) The Term Loans shall be secured by the Liquid Collateral pursuant to the Liquid Collateral Pledge Agreements. The Term Loans and the Revolving Loan shall be cross-collateralized. Accordingly, all Collateral at any time securing the Term Loan shall also secure the Revolving Loan, and vice versa.