Accommodations. (a) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, at Borrower's request and on terms and conditions and for purposes satisfactory to Lender. Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances to Borrower. (b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay to the Lender, in advance, a charge on open Accommodations at the rate of .75% per annum (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter. (c) No Accommodation will be issued if the Accommodation as requested, plus fees and costs for issuance, would cause the outstanding Indebtedness to exceed the Borrowing Base or cause the amount of outstanding Accommodations to exceed at any time the Accommodation Sublimit of $40,000,000.00. (d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;
Appears in 1 contract
Samples: Loan Agreement (Labor Ready Inc)
Accommodations. (a1) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("ACCOMMODATIONS"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate Affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to Borrower.
(b2) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay monthly to the Lender, in advanceon the first day of each month, a charge on open Accommodations at the rate of .75% per annum set forth in Section 10.3(a) (the "Accommodation ChargesACCOMMODATION CHARGES"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c3) No Accommodation will be issued if unless the full amount of the Accommodation as requested, plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodation, or if the requested Accommodation would cause the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit set forth in Section 10.3(b).
(d4) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," OBLIGATIONS", as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;
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Accommodations. (a) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("Accommodations"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay monthly to the Lender, in advanceon the first day of each month, a charge on open Accommodations at the rate of .75% per annum set forth in Section 10.3(a) (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if unless the full amount of the Accommodation as requested, plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodation, or if the requested Accommodation would cause the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit set forth in Section 10.3(b).
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," Obligations", as defined herein, and shall include, without limitation, limitations (i) all amounts due or which may become due under any Accommodation;; (ii) all amounts charged or chargeable to Borrower or to Lender by any bank, ot her financial institution or correspondent bank which opens, issues or is involved with such Accommodations; (iii) Lender's Accommodation Charges and all fees, costs and other charges of any issuer of any Accomodation; and (iv) all duties, freight, taxes, costs, insurance and all such other charges and expenses which may pertain directly or indirectly to any Obligations or Accommodations or to the goods or documents relating thereto.
(e) Borrower unconditionally agrees to indemnify and hold Under harmless from any and all loss, claim or liability (including reasonable attorneys' fees) arising from any transactions or occurrences relating to any Accommodation established or opened for Borrower's account, the Collateral relating thereto and any drafts or acceptances thereunder, including any such loss or claim due to any action taken by an issuer of any Accommodation. Borrower further agrees to indemnify and hold Lender harmless for any errors or omissions in connection with the Accommodations, whether caused by Lender, by the issuer of any Accommodation or otherwise. Borrower's unconditional obligation to indemnify and hold Lender harmless under this provision shall not be modified or diminished for any reason or in any manner whatsoever, except for Lender's wilfull misconduct. Borrower agrees that any charges made to Lender by any issuer of any Accomodation shall be conclusive on Borrower and may be charged to Borrower's account.
(f) Lender shall not be responsible for: the conformity of any goods to the documents presented; the validity or genuineness of any documents; delay, default, or fraud by the Borrower or shipper and/or anyone else in connection with the Accommodations or any underlying transaction.
(g) Borrower agrees that any action taken by Lender, if taken in good faith, or any action taken by an issuer of any Accomodation, under or in connection with any Accomodation, shall be binding on Borrower and shall not create any resulting liability to Lender. In furtherance thereof, Lender shall have the full right and authority to clear and resolve any questions of non- compliance of documents; to give any instructions as to acceptance or rejection of any documents or goods; to execute for Borrower's account any and all applications for steamship or airway guarantees, indemnities or delivery orders; to grant any extensions of the maturity of, time of payment for, or time of presentation of, any drafts, acceptances, or documents; and to agree to any amendments, renewals, extensions, modifications, changes or cancellations of any of the terms or conditions of any of the applications or Accommodations. All of the foregoing actions may be taken in Lender's sole name, and the issuer thereof shall be entitled to comply with and honor any and all such documents or instruments executed by or received solely from Lender, all without any notice to or any consent from Borrower. None of the foregoing actions described in this subsection (g) may be taken by Borrower without Lender's express written consent.
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Accommodations. (a) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("Accommodations"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay monthly to the Lender, in advanceon the first day of each month, a charge on open Accommodations at the rate of .75% per annum (if any) set forth in Section 10.3 (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if unless the full amount of the Accommodation as requested, plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodation, or if the requested Accommodation would cause the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit (if any) set forth in Section 10.3.
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," Obligations", as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;
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Accommodations. (a) Subject to the terms and conditions contained herein, Lender may, may in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("Accommodations"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances to Borrower.shall
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay monthly to the Lender, in advanceon the first day of each month, a charge on open the face amount of all outstanding Accommodations computed daily from the date of issuance until termination or payment, at the rate of .75% per annum set forth in Section 10.3A(A) (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if unless the full amount of the Accommodation as requested, requested plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodations, or if the requested Accommodation would cause the sum of the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the sum of the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit set forth in Section 10.3A(B).
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," Obligations", as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;, (ii) all amounts charged or chargeable to Borrower or to Lender by any bank, other financial institution or correspondent bank which opens, issues or is involved with such Accommodations; (iii) Lender's Accommodation Charges and all fees, costs and other charges of any issuer of any Accommodation; and (iv) all duties, freight, taxes, costs, insurance and all such other charges and expenses which may pertain directly or indirectly to any Obligations or Accommodations or to the goods or documents relating thereto.
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Accommodations. (a) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("ACCOMMODATIONS"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay monthly to the Lender, in advanceon the first day of each month, a charge charges (the "ACCOMMODATION CHARGES") on open Accommodations at the rate of .75% per annum (the "Accommodation Charges"set forth in Section 10.3(a). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if unless the full amount of the Accommodation as requested, plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodation, or if the requested Accommodation would cause the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit set forth in Section 10.3(b).
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," OBLIGATIONS", as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;; (ii) all amounts charged or chargeable to Borrower or to Lender by any bank, other financial institution or correspondent bank which opens, issues or is involved with such Accommodations; (iii) Lender's Accommodation Charges and all fees, costs and other charges of any issuer of any Accommodation; and (iv) all duties, freight, taxes, costs, insurance and all such other charges and expenses which may pertain directly or indirectly to any Obligations or Accommodations or to the goods or documents relating thereto.
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Accommodations. (a) Subject to the terms and conditions contained herein, Lender may, in its sole discretion, shall issue or cause Accommodations to be issued, from time to time, time at a Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for such Borrower's account (collectively, "Accommodations"). Any Borrower requesting an Accommodation shall execute and perform additional agreements relating to the Accommodations such Accommodation in form and substance acceptable to Lender as Lender may reasonably determine and the issuer of any Accommodationssuch Accommodation, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to BorrowerBorrowers.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower Borrowers shall pay monthly to Lender from the Lenderdate of issuance of any Accommodation until termination or payment thereof, in advanceon the first day of each month for the preceding month, a charge on open the face amount of all outstanding Accommodations computed daily at the rate of .75% per annum set forth in Section 10.3(a) (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if unless the full amount of the Accommodation as requested, plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodation, or if the requested Accommodation would cause the sum of the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the sum of the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit set forth in Section 10.3(b).
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, incurred or otherwise arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness,Obligations" as defined hereinin Section 4.2 below, and shall include, without limitation, (i) all amounts due or which may become due under such Accommodation; (ii) all amounts charged or chargeable to Borrowers or to Lender by any bank, other financial institution or correspondent bank which opens, issues or is involved with such Accommodation;; (iii) Lender's Accommodation Charges and all fees, costs and other charges of any issuer of such Accommodation; and (iv) all duties, freight, taxes, costs, insurance and all such other charges and expenses which may pertain directly or indirectly to any Obligations or such Accommodation or to the goods or documents relating thereto.
Appears in 1 contract
Samples: Loan and Security Agreement (For Better Living Inc)
Accommodations. (a) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("Accommodations"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay monthly to the Lender, in advanceon the first day of each month, a charge on open Accommodations at the rate of .75% per annum set forth in Section 10.3(a) (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if unless the full amount of the Accommodation as requested, plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodation, or if the requested Accommodation would cause the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit set forth in Section 10.3(b).
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," Obligations", as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;
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Accommodations. (a) Lender may, in its sole discretion, shall issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes reasonably satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("ACCOMMODATIONS"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance reasonably acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Revolving Loans to Borrower. The aggregate undrawn face amount of all Accommodations outstanding under this Section 2.3(a) shall not exceed $750,000 at any time. Lender will establish Reserves equal to (i) 25% of the face amount of standby and (ii) 30% of the face amount of commercial letters of credit used for purchases of Eligible Inventory.
(b) In the event Borrower does not have sufficient Gross Availability and Net Availability for Accommodations under Section 2.3(a), Lender shall issue or cause to be issued, from time to time at Borrower's request and on terms and conditions and for purposes reasonably satisfactory to Lender, Accommodations under this Section 2.3(b) provided that Borrower shall have deposited an amount of cash collateral in form and substance reasonably satisfactory to Lender equal to 100% of the face amount of such Accommodations and so long as no Event of Default has occurred and is continuing Lender will remit to Borrower any interest generated from such cash collateral on a monthly basis. The Accommodations under this Section 2.3(b) shall not be part of the EXIM guaranty facility except to the extent the reimbursement to Lender results in the creation of Revolving Loans. Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall be repaid from the cash collateral provided under this Section 2.3(b) and to the extent such cash collateral is insufficient then such payments shall constitute additional Advances Revolving Loans to Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay to the Lender, in advance, a charge on open Accommodations at the rate of .75% per annum (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if the Accommodation as requested, plus fees and costs for issuance, would cause the outstanding Indebtedness to exceed the Borrowing Base or cause the The aggregate undrawn face amount of outstanding Accommodations to exceed at any time the Accommodation Sublimit of $40,000,000.00.
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;Accommodations
Appears in 1 contract
Accommodations. (a) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at any Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for such Borrower's account ("Accommodations"). Each such Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance reasonably acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to such Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, the Borrower requesting the Accommodation shall pay monthly to the Lender, in advanceon the first day of each month, a charge on such Borrower's open Accommodations at the rate of .75% per annum set forth in Section 10.3(a) (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if (i) unless the full amount of the Accommodation as requested, plus fees and costs for issuanceissuance (unless paid by Borrower), is less than the Net Availability existing immediately prior to the issuance of the requested Accommodation, or (ii) if the requested Accommodation would cause the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or (iii) if the requested Accommodation would cause the open amount of outstanding Accommodations issued to exceed all Borrowers to exceed, at any time time, the Accommodation Sublimit sublimit set forth in Section 10.3(b), or (iv) if the expiry date of $40,000,000.00the requested Accommodation extends beyond the initial term (or any renewal terms if applicable) of this Agreement.
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "IndebtednessObligations," as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;
Appears in 1 contract
Accommodations. (a) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("Accommodations"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay monthly to the Lender, in advanceon the first day of each month, a charge on open Accommodations at the rate of .75% per annum set forth in Section 10.3 (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if unless the full amount of the Accommodation as requested, plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodation, or if the requested Accommodation would cause the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit set forth in Section 10.3.
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," Obligations", as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;
Appears in 1 contract
Accommodations. (a) Lender may, in its sole discretion, issue or cause Accommodations to be issued, from time to time, at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("Accommodations"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances to Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay to the Lender, in advance, a charge on open Accommodations at the rate of .75% per annum (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if the Accommodation as requested, plus fees and costs for issuance, would cause the outstanding Indebtedness to exceed the Borrowing Base Base, or cause the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit sublimit of $40,000,000.0010,000,000.00.
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," as defined herein, and shall include, without limitation, without
(i) all amounts due or which may become due under any Accommodation;
(ii) all amounts charged or chargeable to Borrower or to Lender by any bank, other financial institution or correspondent bank which opens, issues or is involved with such Accommodations; (iii) Lender's Accommodation Charges and all fees, costs and other charges of any issuer of any Accommodation; and (iv) all duties, freight, taxes, costs, insurance and all such other charges and expenses which may pertain directly or indirectly to any Indebtedness or Accommodations are to the goods or documents relating thereto.
(e) Borrower unconditionally agrees to indemnify and hold Lender harmless from any and all loss, claim or liability (including reasonable attorneys' fees) arising from any transactions or occurrences relating to any Accommodations established or opened for Borrower's account, the Collateral relating thereto and any drafts or acceptances thereunder, including any such loss or claim due to any action taken by an issuer of any Accommodation. Borrower further agrees to indemnify and hold Lender harmless for any errors or omissions in connection with the Accommodations, whether caused by Lender, by the issuer of any Accommodation or otherwise. Borrower's unconditional obligation to indemnify and hold Lender harmless under this provision shall not be modified or diminished for any reason or in any manner whatsoever, except for Lender's willful misconduct. Borrower agrees that any charges made to Lender by any issuer of any Accommodation shall be conclusive on borrower and may be charged to Borrower's account.
(f) Lender shall not be responsible for: the conformity of any goods to the documents presented; the validity or genuineness of any documents; delay, default, or fraud by the Borrower or shipper and/or anyone else in connection with the Accommodations or any underlying transaction.
(g) Borrower agrees that with respect to any action taken by Lender, if taken in good faith, or any action taken by an issuer of any Accommodation, under or in connection with any Lender in furtherance thereof, Lender shall have the full right and authority to clear and resolve any questions of noncompliance of documents; to give any instructions as to acceptance or rejection of any documents or goods; to execute for Borrower's account any and all applications for steamship or airway guarantees, indemnities or delivery orders; to grant any extensions of the maturity of time of payment for, or time of presentation of, any drafts, acceptances or documents; and to agree to any amendments, renewals, extensions, modifications, changes or cancellations of any of the terms or conditions of any of the applications or Accommodations. All of the foregoing actions may be taken in Lender's sole name, and the issuer thereof shall be entitled to comply with and honor any and all such documents or instruments executed by or received solely from Lender, all without any notice to or any consent from Borrower. None of the foregoing actions described in this subsection (9) may be taken by Borrower without Lender's express written consent.
Appears in 1 contract
Samples: Loan Agreement (Labor Ready Inc)
Accommodations. (a) Subject to the terms and conditions contained herein, Lender may, may in its sole discretion, issue or cause Accommodations to be issued, from time to time, time at Borrower's request and on terms and conditions and for purposes satisfactory to Lender, credit accommodations consisting of letters of credit, bankers' acceptances, merchandise purchase guaranties or other guaranties or indemnities for Borrower's account ("Accommodations"). Borrower shall execute and perform additional agreements relating to the Accommodations in form and substance acceptable to Lender and the issuer of any Accommodations, all of which shall supplement the rights and remedies granted herein. Any payments made by Lender or any affiliate of Lender in connection with the Accommodations shall constitute additional Advances Revolving Loans to Borrower.
(b) In addition to the fees and costs of any issuer in connection with issuing or administering Accommodations, Borrower shall pay monthly to the Lender, in advanceon the first day of each month, a charge on open the face amount of all outstanding Accommodations computed daily from the date of issuance until termination or payment, at the rate of .75% per annum set forth in Section 10.3(a) (the "Accommodation Charges"). Accommodation Charges shall be due and payable on the date of issuance of any Accommodation and on the first day of each calendar quarter thereafter.
(c) No Accommodation will be issued if unless the full amount of the Accommodation as requestedrequested (but only 65% of the cost of the inventory plus duty and freight charges in the case of Accommodations for the purchase of Eligible Inventory), plus fees and costs for issuance, is less than the Net Availability existing immediately prior to the issuance of the requested Accommodations, or if the requested Accommodation would cause the sum of the outstanding Indebtedness Obligations to exceed the Borrowing Base Maximum Credit, or cause the sum of the open amount of outstanding Accommodations to exceed exceed, at any time time, the Accommodation Sublimit of $40,000,000.00sublimit set forth in Section 10.3(b).
(d) All indebtedness, liabilities and obligations of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with any Accommodation shall be included in the term "Indebtedness," Obligations", as defined herein, and shall include, without limitation, (i) all amounts due or which may become due under any Accommodation;, (ii) all amounts charged or chargeable to Borrower or to Lender by any bank, other financial institution or correspondent bank which opens, issues or is involved with such Accommodations; (iii) Lender's Accommodation Charges and all fees, costs and other charges of any issuer of any Accommodation; and (iv) all duties, freight, taxes, costs, insurance and all such other charges and expenses which may pertain directly or indirectly to any Obligations or Accommodations or to the goods or documents relating thereto.
Appears in 1 contract
