The Guarantor recognizes that Lender is relying upon this Guaranty Agreement and the undertakings of the Guarantor hereunder in making extensions of credit to Borrower under the Loan Agreement and further recognizes that the execution and delivery of this Guaranty Agreement is a material inducement to Lender in making Term Loan C under the Loan Agreement.
The term "Guaranteed Indebtedness" as used herein means the Borrower's obligations under Term Loan C (as defined in the Loan Agreement), provided that Guarantor's liability with respect to such obligations shall be limited to an amount not to exceed 600,000.
The Term Loan C shall, upon the request of any Lender pursuant to Section 1.10, be evidenced by a Note, and, upon such request as provided in Section 1.10, Borrower shall execute and deliver each Note to the applicable Term C Lender.
Subject to Section 2.3(b), the Term Loan C accrues interest at the greater of (a) six percent (6.0%) per annum, and (b) the Prime Rate in effect from time to time, plus two percent (2.0%) per annum.
The Administrative Agent shall maintain a loan account (the "Loan Account") on its books to record each of Term Loan A, Term Loan B and Term Loan C, all payments made by Borrower with respect to such Term Loan, and all other debits and credits as provided in this Agreement with respect to such Term Loan or any other Obligations with respect to such Term Loan.