Amortization of Principal. If the Credit Agreement requires that EAT make any principal payments to the Lender, Exchangor shall make such principal payments on behalf of EAT directly to the Lender in a timely manner and each payment shall be accounted for between Exchangor and EAT as an interest-free and unsecured loan from Exchangor to EAT. Neither EAT nor the sole member of EAT shall have any obligation to repay the loan obligations incurred by EAT, except as otherwise provided in this Section 1.3.4.
Appears in 1 contract
Sources: Qualified Exchange Accommodation Agreement (Northern Technologies International Corp)
Amortization of Principal. If the Credit Agreement requires that EAT make any principal payments to the Lender, Exchangor shall make such principal payments on behalf of EAT directly to the Lender in Lenderin a timely manner and each payment shall be accounted for between Exchangor and EAT as EATas an interest-free and unsecured loan from Exchangor to EAT. Neither EAT nor the sole member of EAT shall have any obligation to repay the loan obligations incurred by EAT, except as otherwise provided in this Section 1.3.4.
Appears in 1 contract
Sources: Qualified Exchange Accommodation Agreement (CVD Equipment Corp)