Common use of STATEMENT OF THE TRANSACTION Clause in Contracts

STATEMENT OF THE TRANSACTION. Capitalized terms used in this statement of the transaction shall have the meanings ascribed to such terms in Section 1.2. The Parent Company, acting on behalf of Borrowers, has applied to Agent and Lenders for financing in the form of a revolving line of credit and an equipment term loan to refinance the Existing Lender Loans and the Cohanzick Debt, to pay closing costs associated herewith, and to supplement Borrowers' working capital needs on an ongoing basis, in connection with the purchase or generation of receivables and inventory and for other lawful purposes authorized by this Agreement. Agent and Lenders have agreed to provide this financing, subject, however, to the terms, covenants and conditions hereinafter set forth.

STATEMENT OF THE TRANSACTION. Capitalized terms used in this statement of the transaction shall have the meanings ascribed to such terms in Section 1.2. The Parent Company, acting on behalf of Borrowers, has applied to Agent and Lenders for financing in the form of a revolving line of credit and an equipment term loan loans to refinance the Existing Term Lender Loans and Loans, the Cohanzick Debt, Debt and to pay closing costs associated herewith, and with any remainder to be used to supplement Borrowers' working capital needs on an ongoing basisneeds, in connection with the purchase or generation of receivables and inventory and for other lawful purposes authorized by this Agreement. Agent and Lenders have agreed to provide this financing, subject, however, to the terms, covenants and conditions hereinafter set forth.