Congress Loan Agreement definition

Congress Loan Agreement means the Loan and Security Agreement by and between CFC and Borrower dated May 16, 2000, as amended to the date hereof and as may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Congress Loan Agreement means the Loan and Security Agreement, dated as of May 5, 1994, between Ampex Finance Corporation, a Delaware corporation ("AFC") and Congress Financial (Western), as in effect on the date hereof or as the same may be amended, supplemented or modified from time to time in accordance with the terms thereof.

Congress Loan Agreement means that certain Loan and Security Agreement, dated November 12, 1996, as amended as of the date hereof pursuant to the Congress Ratification Agreement, by and between Congress, the Borrowers and the Guarantors (but without further amendment, waiver or modification).

Examples of Congress Loan Agreement in a sentence

• The Borrowers and the Guarantors shall have no Indebtedness or other liabilities other than (1) Indebtedness to Congress under the Congress Loan Agreement, (2) Indebtedness permitted under the Congress Loan Agreement but only to the extent such Indebtedness exists as of the date hereof, and (3) Indebtedness permitted under the Loan Documents.

• No "Event of Default" (as defined in the Congress Loan Agreement) has occurred under the Congress Loan Agreement which has not been either waived by Congress prior to the Closing Date or cured prior to the Closing Date.

• The Obligations shall bear interest at a rate (the "Interest Rate") per annum equal to the greater of (i) the highest per annum interest rate for "Loans" (as such term is used in the Congress Loan Agreement) in effect from time to time under the Congress Loan Agreement plus 3% and (ii) 12%.

• Not later than 5 days following each date set forth on Schedule VI hereto, Borrowers and Guarantors shall deliver to the Lenders a certificate of the Designated Financial Officer setting forth the balance of all outstanding advances under the Congress Loan Agreement and the other Congress Debt Documents as of such date.

• No authorization or approval or other action by, and no notice to or filing with any governmental authority or regulatory body or any other person is required to be obtained or made by Borrower for the due execution, delivery, and performance of any of the Loan Documents to which it is a party, except for the consent of CFC pursuant to the Congress Loan Agreement, and the consents of third parties to certain leases and agreements in which Borrower is granting a security interest hereunder.

• No Borrower or Guarantor shall incur, create, assume, become or be liable in any manner with respect to, or permit to exist, any obligation or Indebtedness, except (a) Indebtedness to Congress under the Congress Loan Agreement or any other Congress Debt Document, (b) Indebtedness permitted under the Congress Loan Agreement but only to the extent such Indebtedness exists as of the date hereof, and (c) Indebtedness permitted under the Loan Documents.

• Lenders and Borrower acknowledge and agree that the Secured Indebtedness is subordinated in right of payment and priority to the prior payment in full of the obligations of Borrower to CFC under the Congress Loan Agreement to the extent set forth in the Intercreditor Agreement and, to the extent that any terms of the Intercreditor Agreement conflict with the terms of this Agreement, the terms of the Intercreditor Agreement shall control.

• The proceeds of the Term Loans shall be used first to retire the $5,000,000 Congress Supplemental Line (and any and all accrued and unpaid interest, fees and expenses with respect thereto) under the Congress Loan Agreement, and thereafter for general working capital through the Effective Date in the ordinary course of business of the Borrowers and the Guarantors.

• Borrower will also deliver to CDF true copies of the Congress Loan Agreement and all amendments thereto, immediately upon the execution thereof, and copies of all notices of Default or Event of Default thereunder delivered by either Borrower or Congress to the other, immediately upon Borrower's delivery or receipt thereof, as applicable.

• Notwithstanding the foregoing, Borrower may reduce the Inventory Facility Amount, or terminate this Agreement prior to the Scheduled Termination Date, upon at least ninety (90) days' advance notice to CDF; provided, however, that Borrower may terminate this Agreement, with such termination to be effective any time on or after the date on which the Congress Loan Agreement is terminated, regardless of the length of the notice period given by Borrower.

More Definitions of Congress Loan Agreement

Congress Loan Agreement means the loan agreement made as of December 3, 2004 by and among the Borrower and the Nominees as borrowers and Congress as lender, as the same may from time to time be restated, supplemented or amended and in effect;

Congress Loan Agreement means that certain Loan and Security Agreement, dated as of August 30, 2002, by and among Borrower, the Guarantors, Congress, and the other Congress Lenders, as amended by that certain Amendment No. 1 to Loan and Security Agreement, dated as of December 31, 2002, by and among Borrower, Congress, and the other Congress Lenders, that certain Amendment No. 2 to Loan and Security Agreement, dated as of February 7, 2003, by and between Borrower and Congress, as consented to by the other Congress Lenders, that certain Amendment No. 3 to Loan and Security Agreement, dated as of July 25, 2003, by and between Borrower and Congress, as consented to by the other Congress Lenders, that certain Amendment No. 4 to Loan and Security Agreement, dated as of November 4, 2004, by and between Borrower and Congress, as consented to by the other Congress Lenders and the Congress Loan Agreement Amendment, as the same may be amended, modified, supplemented, extended, renewed, restated or replaced from time to time to the extent permitted hereunder.

Congress Loan Agreement means the Loan and Security Agreement dated March 28, 2003, among WPSRC, as Borrower, WPS, as Initial Servicer, the lenders party thereto from time to time, and Congress, as agent for such lenders, as amended and in effect on the Petition Date.

Congress Loan Agreement means that certain Loan and Security Agreement dated as of April 23, 2004, by and among Congress Financial Corporation (Florida), as agent, the financial institutions parties thereto as lenders, and the Company, as amended by Amendment No. 1 to Loan and Security Agreement and Amendment No. 2 to Loan and Security Agreement, and as the same may be further amended, modified, supplemented, extended, restated or replaced from time to time.

Congress Loan Agreement means that certain Loan and Security Agreement between Congress Financial, as Lender, and Grossman's as B▇▇▇▇▇▇▇, ▇ated May 2, 1996, as amended and in effect from time to time.

Congress Loan Agreement that certain Loan and Security Agreement of even date herewith between Congress Agent, Congress Lenders, Borrower and the Guarantors with respect to the Congress Loan.