PFG Loan definition
Examples of PFG Loan in a sentence
PFG hereby consents to the Yuantel Sale substantially as disclosed to PFG and confirms and acknowledges that the entry into and consummation of the Yuantel Sale by the Borrower, shall not constitute a breach of any obligations or covenants, including under Section 4.6 of the Loan Agreement or otherwise be deemed an Event of Default under any of the PFG Loan Documents.
The Company will apply the proceeds of the sale of the Notes as set forth in Exhibit 10.3, including, on the date of this Agreement, towards payment of all amounts due at the Closings (as defined in the Turnpike Equity Purchase Agreements) of the transactions contemplated by the Turnpike Equity Purchase Agreements and any related expenses, and repayment of all indebtedness and other amounts outstanding under the SVB Loan Agreement and the PFG Loan Agreement.
Other than the PFG Loan, the Obligations of each of the Guarantors hereunder rank senior in priority to any other Indebtedness (as defined in the Purchase Agreement) of such Guarantor.
The Seller has (a) accelerated all Obligations (as defined in the PFG Loan Documents), and (b) on the date hereof, served a Notice of Disposition of Collateral upon CGI (among others) pursuant to Section 9-611 of the UCC.
The PFG Loan and Security Agreement together with all other documents, instruments and writings which relate to the PFG Loan and Security Agreement are collectively referred to herein as the “PFG Loan Documents” and together with the SVB Loan Documents, the “Loan Documents”.
PFG agrees to provide such notice immediately upon payment in full of the PFG Term Loans and all accrued interest thereon, provided no default or event of default has occurred and is continuing under the PFG Loan Agreement.
During the Forbearance Period, the interest rate applicable to the Outstanding PFG Loans, other than the Convertible Loan (as defined in Recital B), as set forth in Section 2 of the Schedule to the Loan and Security Agreement for each such Outstanding PFG Loan shall be reduced by three percent (3%) per annum and each such Loan and Security Agreement, other than the Convertible Loan, is deemed modified accordingly.
The proceeds from the $500,000 credit line issued in connection with the Amendment were allocated between the PFG Loan and the warrants based on their relative fair values on the date of issuance which resulted in initial carrying values of $365,000 and $135,000, respectively.
No claims of defense as to the enforcement of any PFG Loan have been asserted in writing against PFG or any of its Subsidiaries for which there is a reasonable possibility of a material adverse determination, and PFG has no Knowledge of any acts or omissions which would give rise to any claim or right of rescission, set-off, counterclaim, or defense for which there is a reasonable possibility of a material adverse determination to its Subsidiaries.
The Amendment also reduced the Company’s potential future borrowing availability under the PFG Loan agreement from $1.0 million to $500,000.