FIRST AMENDMENT TO EIGHTH AMENDED AND RESTATED LOAN AND SECURITY AGREEMENTLoan and Security Agreement • May 3rd, 2007 • Restoration Hardware Inc • Retail-furniture stores • California
The Applicable Margin shall thereafter be adjusted quarterly as of the first day of each fiscal quarter of the Borrowers commencing with the fiscal quarter beginning August 7, 2007, based upon the Borrowers’ Average Net Availability for the immediately preceding fiscal quarter. Upon the occurrence and during the continuance of an Event of Default, at the option of the Agent or at the direction of the Majority Lenders, interest shall be immediately increased to that set forth in Level III (even if the Average Net Availability requirements for a different Level have been met) and interest shall accrue at the rate set forth in Section 2.1.2.”
