LOAN AND SECURITY AGREEMENT between AVATECH SOLUTIONS, INC., A Delaware Corporation and AVATECH SOLUTIONS SUBSIDIARY, INC., A Delaware Corporation Collectively, “Borrowers” and MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, “Lender” $5,000,000.00...Loan and Security Agreement • February 14th, 2006 • Avatech Solutions Inc • Services-prepackaged software • Maryland
The initial APPLICABLE MARGINS shall be based on Tier Level 1. Beginning with the CALCULATION DATE immediately following the fiscal quarter of the BORROWER ending on December 31,2005 and quarterly thereafter, the APPLICABLE MARGINS shall be determined and adjusted by the then current AVATECH CAPITAL LEVEL and CAPITAL LEVERAGE RATIO as determined in accordance with the quarterly COMPLIANCE CERTIFICATES to be provided by the BORROWER in accordance with Section 5.12.7 of this AGREEMENT. The lowest tier at which the BORROWER must satisfy both the CAPITAL level and the CAPITAL LEVERAGE RATIO for such tier shall be applicable. If the BORROWER fails to timely provide a COMPLIANCE CERTIFICATE for any fiscal quarter of the BORROWER as required by and within the time limitations set forth in Section 5.12.7, the APPLICABLE MARGIN from the applicable date of such failure shall be based on Tier Level 1 until five (5) BUSINESS DAYS after a COMPLIANCE CERTIFICATE has been provided, whereupon the Tier
Discharge and Satisfaction of IndebtednessDischarge and Satisfaction of Indebtedness • February 14th, 2006 • Avatech Solutions Inc • Services-prepackaged software • Delaware
This Discharge and Satisfaction of Indebtedness Agreement (the “Agreement”) is made and entered into as of the 23rd day of January, 2006 by and between Avatech Solutions Subsidiary, Inc. (“Borrower”), Dassault Systemes Corp. (“Lender”), and Avatech Solutions, Inc. (“Guarantor”).
