Capex Loan. The Lender may loan to the Borrower, and the Borrower may borrow from the Lender, from the date hereof through November 30, 2008, up to Three Million Dollars ($3,000,000.00) (the “CapEx Loan”) for the purpose of acquiring capital assets and equipment. Assets to be acquired hereunder shall be free of all liens other than the Lender’s. Each advance shall not exceed 80% of the actual purchase price of the asset. At the time of each request for an advance hereunder, Borrower shall provide to Lender copies of purchase orders, invoices, and any other documentation reasonably required by Lender to evidence the purchase of such asset and its purchase price. All advances hereunder shall be evidenced by a promissory note of even date herewith (the “CapEx Note”) which shall provide for the payment of interest only monthly through November 30, 2008, and thereafter no further borrowings shall be permitted under the CapEx Line. The CapEx Note shall further provide that commencing December 1, 2008 and on the first Banking Day of each month thereafter Borrower shall pay principal and interest on the CapEx Loan in an amount sufficient to amortize the outstanding balance thereunder on a five (5) year schedule. Each advance shall be recorded in an account on the Lender’s books in which shall also be recorded accrued interest on advances, payments on such advances, and other appropriate debits and credits as herein provided, and such account shall constitute prima facie evidence of the information contained therein.”
2. All references to the CapEx Note in the Loan Agreement shall hereafter mean the Amended and Restated CapEx Promissory Note of even date herewith by Borrower in favor of Lender.
3. The following definitions in Section 5.10 of the loan Agreement are hereby amended and restated as follows:
Capex Loan. Upon the terms and subject to the conditions of, ---------- and in reliance upon the representations and warranties made under, this Agreement, Lender agrees to make Capex Loans to Borrower from time to time from the Effective Date to but not including the date that is 180 days prior to the Termination Date, as requested by Borrower from time to time in accordance with the terms of Section 4.2, in an amount up to the Capex Loan Availability, ----------- provided, that the aggregate amount funded by Lender under all Capex Loans shall -------- not exceed $1,000,000. Subject to the terms of this Agreement, each Loan under the Capex Loan shall be funded at such times on and after the Effective Date as Lender and Borrower may determine by mutual agreement.
Capex Loan. Lessor hereby agrees to make the loan evidenced by the Capex Note for the purposes, and pursuant to the terms, set forth in the Capex Note. In consideration of Lessor agreeing to make such loan, effective as of the “Due Date” as defined in the Capex Note, Lessee and each the Sublessees hereby transfers, assigns, and conveys to Lessor all right, title and interest in and to all fixtures, equipment and other property acquired with the proceeds of the loans evidenced by the Capex Note. The Capex Note shall constitute a Transaction Document.
Capex Loan. Subject to the provisions of Section 4 hereof and the other terms and conditions hereof, Lender shall extend to Borrower after August 19, 1997 and prior to the CAPEX Loan Termination Date, upon Borrower's request therefor, a loan or loans (each, individually, a "CAPEX Advance" and, collectively, the "CAPEX Advances" or the "CAPEX Loan") based on CAPEX Equipment purchased by Borrower after August 19, 1997; provided that the amount of any such CAPEX Advance shall not exceed eighty percent (80%) of the Orderly Liquidation Value of the item of CAPEX Equipment for which such CAPEX Advance is requested; and provided, further that Lender shall not be
Capex Loan. Borrower shall repay the outstanding principal amount of the CAPEX Loans as follows: (i) commencing on the First CAPEX Loan Payment Date and on the first day of each of the next seven Fiscal Quarters, payment in the amount of 2.5% of the Maximum CAPEX Loan Amount; and (ii) on the first day of each subsequent Fiscal Quarter until the CAPEX Loan Termination Date, payment in the amount of 6.25% of the Maximum CAPEX Loan Amount. The remaining outstanding amount under the CAPEX Loans will be due on the CAPEX Loan Termination Date.
Capex Loan. Under the LSA in December 2014, the Company entered into a Capex Loan in the aggregate outstanding amount not to exceed $3,000,000. The Capex Loan finances new asset purchases for modernization and improvement of the beverage bottling equipment in the Los Angeles plant. Interest only on the Capex Loan is paid from time to time until the end of each fiscal quarter, at which time the principal amounts of each outstanding Capex Loan will be aggregated and repaid in 48 equal monthly installments of principal plus accrued but unpaid interest. Upon the maturity date of the Capex Loan, the entire unpaid principal balance of the loan is due and payable. The interest rate on the Capex Loan is the prime rate plus 5.75% (9.25% at March 31, 2016). On June 30, 2016, the loan funding will close and the Company will begin repayments in July, 2016. On May 13, 2016, pursuant to Amendment No. 12 the Company and PMC extended the maturity date of the Capex Loan to October 1, 2107 and PMC agreed to add $210,000 to the Capex Loan for a total borrowing cap of $3,210,000. In conjunction with this loan the Company has placed equipment with a cost of $341,000 at a co-packing facility to enable the co-packer to manufacture our products. Should the Company be unable to secure access to the equipment in the event of failure of the co-packer, the amount will become due and payable by the Company immediately.
Capex Loan. Borrowers shall repay the outstanding principal amount of the CAPEX Loans as follows: (i) commencing on the First CAPEX Loan Payment Date and on the first day of each of the next seven Fiscal Quarters, payment in the amount of 2.5% of the outstanding principal amount of the CAPEX Loans on the Final CAPEX Loan Availability Date; and (ii) on the first day of each subsequent Fiscal Quarter until the CAPEX Loan Termination Date, payment in the amount of 6.25% of the outstanding principal amount of the CAPEX Loans on the Final CAPEX Loan Availability Date. The remaining outstanding amount under the CAPEX Loans will be due on the CAPEX Loan Termination Date.
Capex Loan. A Capital Expenditure line of credit ("Capex Loan") in an aggregate principal amount not to exceed the lesser of (i) $10,000,000 and (ii) 85% of the purchase price for new equipment and/or 85% of the orderly liquidation value (as determined by Lender) of used equipment, in each case exclusive of taxes, licenses, delivery and installation expenses. Draws under the Capex Loan, once repaid, may not be reborrowed. Advances under the Capex Loan will be made upon Borrower's request for funds to finance the acquisition of new or used equipment, on the terms and subject to the conditions contained in this Agreement. Draws on the Capex Loan during each 12-month period following the Closing Date shall be combined into a single promissory note (each, a "Capex Note") at the end of such period, repayable based upon a 60-month amortization, and payable in full at the end of the Initial Term. Until so evidenced by a Capex Note, Capex Loans shall be payable interest-only. If the Revolving Loan is terminated by Lender or Borrower for any reason, the Capex Loan shall be immediately due and payable in full.
Capex Loan. Upon the terms and subject to the conditions of, and in reliance upon the representations and warranties made under this Agreement, the Lender shall make one or more CAPEX Loans to the Borrowers as requested by the Borrowers in accordance with the terms of SECTION 2C.2, from the Amendment No.3 Effective Date until the CAPEX Lock-in Date, each in an original principal amount which, when added to all CAPEX Loans previously made hereunder, does not exceed eighty percent (80%) of the aggregate Hard Cost Capital Expenditures incurred during the period beginning on the Amendment No.3 Effective Date and ending on the date of the relevant CAPEX Loan, PROVIDED that the aggregate original principal amount of all CAPEX Loans shall not exceed the amount of the CAPEX Loan Facility.
Capex Loan
