Finance Charge Percentage means (a) with respect to Receivables Advances, a rate per year equal to the Prime Rate plus 1,00 percentage point plus an additional 5.00 percentage points during any period that an Event of Default has occurred and is continuing, and (b) with respect to Growth Capital Advances, a rate per year equal to the Prime Rate plus 2.00 percentage points plus an additional 5.00 percentage points during any period that an Event of Default has occurred and is continuing.
FX Sublimit means the International Sublimit less any amounts outstanding under the Letter of Credit Sublimit.
GAAP means generally accepted accounting principles consistently applied and used consistently with prior practices.
Growth Capital Advance(s) has the meaning given to such term in Section 1.12 of this Agreement.
Growth Capital Advance Closing Date has the meaning given to such term in Section 1.12 of this Agreement.
Growth Capital Advances Commitment means $1,500,000.00.
Growth Capital Advances Conversion Date means May 7, 2019.
Growth Capital Advances Fee means $15,000.00.
Growth Capital Advances Maturity Date means November 7, 2021.
International Sublimit means a sublimit of $100,000 under the Credit Limit; which shall be available for Letter of Credit and FX Forward Contract services.
Inventory means and includes all of Borrowers now owned or hereafter acquired goods, merchandise and other personal property, wherever located, to be furnished under any consignment, arrangement, contract of service or held for sale or lease, all raw materials, work in process, finished goods and materials and supplies of any kind, nature or description which are or might be used or consumed in Borrowers business or used in selling or furnishing such goods, merchandise and other personal property, and all documents of title or other documents representing them.
Lender means WESTERN ALLIANCE BANK, an Arizona corporation, and its successors and assigns.
Letter of Credit Sublimit means the International Sublimit, less any amounts outstanding under the FX Sublimit.
Maturity Date means, as applicable, the Receivables Maturity Date or the Growth Capital Advances Maturity Date, or such earlier date as Lender shall have declared the Obligations immediately due and payable pursuant to Section 7.2.
Month End means the last calendar day of each month.
Obligations means all liabilities and obligations of Borrower to Lender of any kind or nature, present or future, arising under or in connection with this Agreement or under any other document, instrument or agreement, whether or not evidenced by any note, guarantee or other instrument, whether arising on account or by overdraft, whether direct or indirect (including those acquired by assignment) absolute or contingent, primary or secondary, due or to become due, now owing or hereafter arising, and however acquired; including, without limitation, all Advances, Finance Charges, fees, interest, expenses, professional fees and attorneys fees.
Overadvance means at any time an amount equal to the greater of (a) the amounts (if any) by which the total amount of the outstanding Receivables Advances (including deemed Advances with respect to the FX Sublimit and the Letter of Credit Sublimit) exceeds the lesser of the Credit Limit or the Borrowing Base or (b) the amounts (if any) by which the total amount of the outstanding deemed Advances with respect to the FX Sublimit or the Letter of Credit Sublimit exceeds the International Sublimit.