Committed Line Of Credit Note $6,000,000 October 1, 2008Committed Line of Credit Note • October 6th, 2008 • New Horizons Worldwide Inc • Services-educational services
FOR VALUE RECEIVED, NEW HORIZONS WORLDWIDE, INC. (the “Borrower”), with an address at 1 West Elm Street, Suite 125, Conshohocken, PA, 19428, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United States of America in immediately available funds at its offices located at 1600 Market Street, 22nd Floor, Philadelphia, PA 19103, or at such other location as the Bank may designate from time to time, the principal sum of SIX MILLION DOLLARS ($6,000,000) (the “Facility”) or such lesser amount as may be advanced to or for the benefit of the Borrower hereunder, together with interest accruing on the outstanding principal balance from the date hereof, all as provided below.
Security AgreementSecurity Agreement • October 6th, 2008 • New Horizons Worldwide Inc • Services-educational services • Pennsylvania
THIS SECURITY AGREEMENT (this “Agreement”), dated as of October 1, 2008, is made by the Companies identified as such on the signature pages hereof (each individually a “Grantor” and collectively, the “Grantors”) in favor of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 1600 Market Street, 22nd Floor, Philadelphia, PA 19103.
Loan AgreementLoan Agreement • October 6th, 2008 • New Horizons Worldwide Inc • Services-educational services • Pennsylvania
THIS LOAN AGREEMENT (the “Agreement”), is entered into as of Ocotober 1, 2008, between NEW HORIZONS WORLDWIDE, INC. (the “Borrower”), with an address at 1 West Elm Street, Suite 125, Conshohocken, PA, 19428, and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 1600 Market Street, 22nd Floor, Philadelphia, PA 19103.
Guaranty and Suretyship AgreementGuaranty and Suretyship Agreement • October 6th, 2008 • New Horizons Worldwide Inc • Services-educational services • Pennsylvania
THIS GUARANTY AND SURETYSHIP AGREEMENT (this “Guaranty”) is made and entered into as of October 1, 2008, by and among the Guarantors identified as such on the signature pages hereof (each individually, a “Guarantor” and, collectively, the “Guarantors”), in consideration of the extension of credit by PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 1600 Market Street, 22nd Floor, Philadelphia, PA 19103, to NEW HORIZONS WORLDWIDE, INC. (the “Borrower”), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.
