Circumstances of the agreement. Lender and Borrower entered into a Second Amended and Restated Loan Agreement dated December 12, 2002 ("Loan Agreement"). Borrower recently requested (i) that Lender modify the Loan Agreement in certain respects and (ii) that Lender consent to Borrower's borrowing from Xxx Acquisition Corp., a Massachusetts corporation ("Xxx"), of certain sums needed by Borrower (a) to perform its new contracts with the states of Georgia and Oklahoma and (b) to refinance its contracts with the states of Arkansas and Wisconsin, as more fully described on the attached Schedule 1 ("Xxx Loans"). Lender has approved Borrower's requests on the terms and conditions stated in this agreement.
Circumstances of the agreement. BRAI, the Trustee, and Lender enter into this agreement in the following circumstances.
A. Through wholly-owned subsidiaries, BRAI operates a chain of sixteen restaurants. Such restaurants (“Restaurants”) are listed on the schedule attached to this agreement as Schedule 1.
B. The Trustee owns three connected condominium units in Boston, Massachusetts (“Property”), which are leased to one of BRAI’s subsidiaries for its use as one of the Restaurants and for storage.
C. Pursuant to a Loan Agreement dated April 30, 2002 (“2002 Loan Agreement”), Lender established for BRAI certain credit facilities in the maximum amount of $3,500,000 (“2002 Loans”).
X. XXXX and the Trustee (“Borrowers”) have requested that Lender consolidate and restructure the 2002 Loans by making the following loans (“New Loans”):
(1) $800,000 to the Trustee (“Mortgage Loan”), the proceeds of which will be used primarily to pay off a portion of the outstanding balance of the 2002 Loans; and
(2) $1,500,000 to BRAI (“Term Loan”), the proceeds of which will be used primarily to pay off the remainder of the outstanding balance of the 2002 Loans.
E. Lender has approved Borrowers’ loan request on the terms and conditions stated in this agreement and in certain other legal documents signed on this date.
Circumstances of the agreement. Borrower and Lender enter into this agreement in the following circumstances.
A. Through wholly-owned subsidiaries, Borrower operates a chain of sixteen restaurants. Borrower has opened several of the restaurants in recent years, and in certain cases Borrower has borrowed from a bank a portion of the money needed to build the restaurant. Borrower’s long-term plan is to open additional restaurants.
B. Borrower has requested that Lender (1) consolidate Borrower’s existing loans into a single term loan (“Consolidation Loan”) and (2) establish a new credit facility that will finance the build-out costs of new restaurants. Lender has approved Borrower’s requests on the terms and conditions stated in this agreement and in certain other legal documents signed on this date.
Circumstances of the agreement. Borrower and Lender enter into this agreement in the following circumstances.
A. Borrower is in the business of developing and implementing digital identification systems and biometric identification technology. Among Borrower’s customers are (1) state governments and state government agencies which use Borrower’s systems to produce drivers’ licenses and other identification cards, (2) third parties which enter into contracts with state governments or state government agencies and then engage Borrower by subcontract to provide identification systems, and (3) third parties which engage Borrower to provide identification systems in commercial applications.
B. As of June 15, 2000, Borrower and Lender entered into a Loan Agreement (“Original Loan Agreement”) pursuant to which Lender established for Borrower a revolving credit facility in the maximum principal amount of $4,000,000 (“Revolver”).
C. Shortly after the date of the Original Loan Agreement, the Department of Transportation of the Commonwealth of Pennsylvania (“Pennsylvania”) awarded Borrower a contract designated as Contract No. 359-820, dated June 19, 2000 (“Pennsylvania Contract”), which obliged Borrower to furnish a digital imaging system to be used to produce drivers’ licenses (“Pennsylvania System”).
D. Borrower requested that Lender finance Borrower’s performance of the Pennsylvania Contract. Lender approved the request. The parties then replaced the Original Loan Agreement with an Amended and Restated Loan Agreement dated February 7, 2001 (“First Restated Loan Agreement”), in which Lender (1) continued the availability of the Revolver and (2) made available to Borrower a $4,000,000 term credit facility (“Pennsylvania Loan”).
E. Thereafter the Department of Transportation of the Commonwealth of Kentucky (“Kentucky”) awarded Borrower a contract designated as Xxxxxxxx Xx. X-000000, dated March 14, 2001 (“Kentucky Contract”), which obliged Borrower to furnish a digital imaging system to be used to produce drivers’ licenses (“Kentucky System”).
F. Borrower requested that Lender provide term financing in the maximum amount of $3,200,000 (“Kentucky Loan”) for the Kentucky Contract. Lender approved the request. The parties then entered into a First Amendment of Amended and Restated Loan Agreement dated September 11, 2001 (“First Amendment”), pursuant to which Lender made available to Borrower the Kentucky Loan.
G. Borrower then requested that Lender temporarily increase the maximum borrowing available...
Circumstances of the agreement. On the date of this agreement Viisage and Commerce have entered into a Loan Agreement ("Loan Agreement") pursuant to which from time to time Commerce may advance to Viisage as much as $4,000,000 ("Loan"). Viisage's obligations to Commerce in connection with the Loan are secured by documents which include a Security Agreement (all assets) of even date between Viisage and Commerce ("Security Agreement"). The collateral transferred to Commerce through the Security Agreement includes Viisage's rights and interests arising from various contracts between Viisage and its customers. The purpose of this agreement is to supplement the Loan Agreement and the Security Agreement with respect to such contracts.
