WTI Loan definition

WTI Loan means, together, the 2010 Loan Facility and the 2011 Loan Facility.

WTI Loan means both the (i) $1,500,000 loan made to ADJUICE by Venture Lending & Leasing IV, Inc. on April 6, 2009, and (ii) $1,500,000 loan made to ADJUICE by Venture Lending & Leasing V, Inc. on April 6, 2009, together will other obligations of ADJUICE that may have accrued thereunder.

Examples of WTI Loan in a sentence

• Pursuant to Sections 5.06 and 5.15 of the Plan, all notes, instruments, certificates evidencing debt to or interests in, the Debtor, including, without limitation, the DIP Facility, the WTI Loan, the Debtor’s Interests, including, without limitation, any and all options or rights to exercise warrants or options or tootherwise acquire any KDI Common Stock or any other Interest in the Debtor shall be cancelled and the obligations of the Debtor thereunder shall be discharged pursuant to the Plan.

• The $19 million amount is a significant premium on the $9.8 million outstanding on the WTI Loan as of the Petition Date.

• Furthermore, it is alarming that the Plan Sponsor Group, as one of the Plan proponents, failed to disclose the existence of the WTI Plan Support Agreement, which imposes strict restrictions on WTI with regard to the WTI Loan, and the terms thereof.15 This is indicative of the Plan Sponsor Group’s intent to exert undue influence of the Debtor’s reorganization process.

• The WTI Loan consists of two separate loan facilities, the first originated on April 15, 2010, as amended, restated, supplemented or modified from time to time (the “April 2010 Loan”),5 and the second originated on May 16, 2011, as amended, restated, supplemented or modified from time to time (the “May 2011 Loan”).6 Both loan agreements are governed by thelaws of the State of California.

• It is certainly possible that the Debtor could have located additional debtor-in-possession financing to compromise what appeared, in the Debtor’s estimation, to be a $20 million liability for 50% of the face amount of the WTI Loan Claim.

• Disciplinary and adverse actions will be timely and taken against an employee to promote the efficiency of the service.

• Just like in Papercraft, the WTI Loan was acquired without proper disclosure.

• Led by Interim Chief Executive Officer Peter Heiland, the Plan Sponsor Group’s acquisition of the WTI Loan amounted to an improper usurpation of a corporate opportunity under Delaware law, which is the law of the state where the Debtor is incorporated.

• Acquisition of nearly all of the WTI Loan and the contemporaneous execution of the WTI Plan Support Agreement ensured that a competing plan sponsor may have to contribute approximately $10 million more in purported value.

• The Plan Sponsor Group led by Mr. Heiland’s JEC, had the obligation to offer the Debtor the opportunity to similarly satisfy the WTI Loan at a discount.