“Overadvance
Amount”
shall mean $2,000,000, less $83,300 on the fifteenth (15th)
day of each month commencing with July 15, 2007 but reducing to $0
upon
the end of the Term.
|
“(y)
an amount up to the sum (without duplication) of (i) up to 85% of
Commercial Receivables aged 60 days or less from invoice date, (ii)
up to
85% of Commercial Broker Receivables aged up to 90 days from the
due date,
up to 120 days from invoice date, (iii) up to 85% of Acceptable Government
Agency Receivables aged 60 days or less from the due date, up to
150 days
from invoice date, (iv) up to 50% of Acceptable Unbilled Amounts
aged 60
days (the foregoing applicable percentages being referred to as the
“Advance Rates”) subject, in each case, to clause (b) of the definition of
“Eligible Receivables”, (v) Amortizing Availability and (vi) Overadvance
Amount minus
(vii) such reserves as Agent may reasonably deem proper and necessary
from
time to time. The amount determined pursuant to this Section
2.2(a)(y)
at
any time and from time to time shall be referred to as the “Formula
Amount.” For purposes of this Section
2.2,
reserves shall include all L/C Obligations from time to time
outstanding.”
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BORROWER:
|
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.,
|
a
Delaware corporation
|
|
By:
/s/ Steven Baughman
|
|
Name:
Steven
Baughman
|
|
Title:
Vice
President
|
|
LENDERS:
|
PNC
BANK, NATIONAL ASSOCIATION,
|
in
its capacity as Agent and as Lender
|
|
By:
/s/Alex
M
Council
|
|
Name:
Alex M. Council
|
|
Title:
Vice President
|
|
CONSENTED
AND AGREED TO:
|
|
SCHREIBER,
YONLEY AND ASSOCIATES, INC.
|
|
PERMA-FIX
TREATMENT SERVICES, INC.
|
|
PERMA-FIX
OF FLORIDA, INC.
|
|
PERMA-FIX
OF MEMPHIS, INC.
|
|
PERMA-FIX
OF DAYTON, INC.
|
|
PERMA-FIX
OF FT. LAUDERDALE, INC.
|
|
PERMA-FIX
OF ORLANDO, INC.
|
|
PERMA-FIX
OF SOUTH GEORGIA, INC.
|
|
PERMA-FIX
OF MICHIGAN, INC.
|
|
DIVERSIFIED
SCIENTIFIC SERVICES, INC.
|
|
INDUSTRIAL
WASTE MANAGEMENT, INC.
|
|
|
EAST
TENNESSEE MATERIALS & ENERGY CORPORATION
|
PERMA-FIX
OF MARYLAND, INC.
|
|
PERMA-FIX
OF PITTSBURGH, INC.
|
|
By:
/s/Steven
Baughman
|
|
Name:
Steve
Baughman
|
|
Title:
Vice
President
|
|
of
each of the foregoing
entities
|