LOAN AND SECURITY AGREEMENTLoan and Security Agreement • March 31st, 2010 • WLG Inc • Arrangement of transportation of freight & cargo • Pennsylvania
THIS LOAN AND SECURITY AGREEMENT, as amended, restated, extended or otherwise modified by the parties hereto, their successors and assigns, from time to time, including, without limitation, all schedules and attachments hereto (“Agreement”), is made and entered into this 24th day of February 2010, by and between WLG (USA) LLC and World Commerce Services, L.L.C., limited liability companies organized and existing under the laws of the State of Illinois with principal places of business located at 920 East Algonquin Road, Suite 120, Schaumburg, IL 60173(each a “Borrower” and collectively, the "Borrowers") and NOVA Business Credit, a division of NOVA Bank, with offices located at 1235 Westlakes Drive, Suite 420, Berwyn, PA 19312 ("Lender").
Revolving Loan NoteRevolving Loan Note • March 31st, 2010 • WLG Inc • Arrangement of transportation of freight & cargo
This Note is issued pursuant to the Agreement between the Borrowers and the Lender, and is the Revolving Loan Note referred to in the Agreement. All terms used and not otherwise defined in this Note shall have the meanings given to them in the Agreement. Upon the occurrence of any Event of Default set forth in the Agreement, the entire unpaid balance of principal and accrued interest of this Note and all other amounts due under the Agreement shall, at the option of the Lender, be immediately due and payable without presentment, demand, protest or notice of any kind, all of which are expressly waived.
SURETY AGREEMENTSurety Agreement • March 31st, 2010 • WLG Inc • Arrangement of transportation of freight & cargo • Pennsylvania
To induce NOVA Business Credit, a division of NOVA Bank, with an office at 1235 Westlakes Drive, Suite 420, Berwyn, Pennsylvania, 19312 (the “Lender”) to make or maintain loans, extensions of credit or other financial accommodations to, or for the account of WLG (USA) LLC and World Commerce Services, L.L.C. both limited liability companies, with principal places of business at 920 East Algonquin Road, Suite 120, Schaumburg, Illinois 60173 (each a “Borrower”, and collectively, the “Borrowers”) or to third parties based on the endorsement, guaranty or other accommodation of the Borrowers, and in consideration of such loans, extensions or financial accommodations heretofore or hereafter made, and due to the close business and financial relationship between Borrowers and the undersigned, whereby it is in the direct interest and benefit of the undersigned, and for other good and valuable consideration received the undersigned, WLG Inc., with an address at 920 East Algonquin Road, Suite 120,
AGREEMENT OF SUBORDINATION AND STANDSTILLAgreement of Subordination and Standstill • March 31st, 2010 • WLG Inc • Arrangement of transportation of freight & cargo • Pennsylvania
THIS AGREEMENT OF SUBORDINATION AND STANDSTILL, including amendments, modifications, and supplements (all hereinafter referred to as the "Agreement") as of this 24th day of February, 2010 by and among WLG (USA) LLC and World Commerce Services, L.L.C., jointly and severally, both limited liability companies organized and existing under the laws of the State of Illinois, with principal places of business located at 920 East Algonquin Road, Suite 120, Schaumburg, Illinois, 60173 (“collectively, Debtor”) NOVA Business Credit, a division of NOVA Bank, having its office at 1235 Westlakes Drive, Suite 420, Berwyn, PA 19312 ("Senior Lender"), and WLG Inc., a corporation organized and existing under the laws of the State of Delaware with principal offices located at 920 East Algonquin Road, Suite 120, Schaumburg, Illinois, 60173 ("Subordinator").
