Common use of CAPITAL EXPENDITURE LINE Clause in Contracts

CAPITAL EXPENDITURE LINE. Subject to the terms and conditions of this Agreement, Foothill may, in its sole discretion, make a series of term loans to Borrower (each, a "Capital Expenditure Loan") in an aggregate amount at any one time outstanding not to exceed $2,000,000 (the "Capital Expenditure Line"). Each Capital Expenditure Loan shall be repayable in 60 equal monthly installments of principal, such installments to be payable on the first day of each month commencing with the first day of the first month following the date on which the Capital Expenditure Loan is made and continuing on the first day of each succeeding month until and including the date on which the unpaid balance of the Capital Expenditure Loan is paid in full. The outstanding principal balance and all accrued and unpaid interest under each Capital Expenditure Loan shall be due and payable upon the termination of this Agreement, whether by its terms, by prepayment, by acceleration, or otherwise. Each Capital Expenditure Loan shall be made by Foothill at such times and in such amounts as Borrower may request in writing, shall be advanced directly to the applicable vendor or Borrower, as the case may be, and once borrowed may be prepaid in whole or in part without penalty or premium at any time during the term of this Agreement upon 30 days prior written notice by Borrower to Foothill, all such prepaid amounts to be applied to the installments due on all of the Capital Expenditure Loans in the inverse order of their maturity. The foregoing to the contrary notwithstanding, (a) each requested Capital Expenditure Loan shall be in a principal amount of not less than (i) $200,000, or (ii) such lesser amount as is the then unfunded balance of the Capital Expenditure Line, (b) each Capital Expenditure Loan shall be in an amount, as determined by Foothill, not to exceed 80% of Borrower's invoice cost (net of shipping, freight, installation, and other so-called "soft costs") of (i) new Equipment that is to be purchased by Borrower with the proceeds of such Capital Expenditure Loan, or (ii) new Equipment that has been purchased by Borrower within 30 days prior to the date of the making of such Capital Expenditure Loan, (c) the new Equipment that is to be acquired or that has been purchased by Borrower must be acceptable to Foothill in all respects, not be a fixture, and not be intended to be affixed to real property or to become installed in or affixed to other goods, (d)

CAPITAL EXPENDITURE LINE. Subject to the terms and conditions of this Agreement, Foothill may, in its sole discretion, agrees to make a series of term loans to Borrower (each, a "Capital Expenditure Loan") in an aggregate amount at any one time outstanding not to exceed $2,000,000 6,000,000 (the "Capital Expenditure LineLine Commitment"). Each Capital Expenditure Loan shall be repayable in 60 36 equal monthly installments of principal, such installments to be payable on the first day of each month commencing with the first day of the first month following the date on which the Capital Expenditure Loan is made and continuing on the first day of each succeeding month until and including the date on which the unpaid balance of the Capital Expenditure Loan is paid in full. The outstanding principal balance and all accrued and unpaid interest under each Capital Expenditure Loan shall be due and payable upon the termination of this Agreement, whether by its terms, by prepayment, by acceleration, or otherwise. Each Capital Expenditure Loan shall be made by Foothill at such times and in such amounts as Borrower may request in writing, shall be advanced directly to the applicable vendor or Borrower, as the case may be, and once borrowed may be prepaid in whole or in part without penalty or premium at any time during the term of this Agreement upon 30 days prior written notice by Borrower to Foothill, all such prepaid amounts to be applied to the installments due on all of the Capital Expenditure Loans in the inverse order of their maturity. The foregoing to the contrary notwithstanding, (a) each requested Capital Expenditure Loan shall be in a principal amount of not less than (i) $200,000250,000, or (ii) such lesser amount as is the then unfunded balance of the Capital Expenditure LineLine Commitment, (b) each Capital Expenditure Loan shall be in an amount, as determined by Foothill, not to exceed 8060% of Borrower's invoice cost (net of shipping, freight, installation, and other so-called "`soft costs"') of (i) new Equipment that is to be purchased by Borrower with the proceeds of such Capital Expenditure Loan, or (ii) new Equipment that has been purchased by Borrower within 30 90 days prior to the date of the making of such Capital Expenditure Loan, (c) the new Equipment that is to be acquired or that has been purchased by Borrower must be acceptable to Foothill in all respects, it must be located at Borrower's place of business in the United States of America, it must not be a fixture, and not be intended to be affixed to real property or to become installed in or affixed to other goods, and (d)) the aggregate amount of all Capital Expenditure Loans outstanding at any time (including giving effect to any requested Capital Expenditure Loan) shall not exceed the lesser of cost or fair market value, of all of the Equipment acquired or financed with the proceeds of such Capital Expenditure Loans. All amounts outstanding under the Capital Expenditure Loans shall constitute Obligations.

CAPITAL EXPENDITURE LINE. Subject to the terms and conditions of this Agreement, Foothill may, in its sole discretion, agrees to make a series of term loans to Borrower (each, a "Capital Expenditure Loan") in an aggregate amount at any one time outstanding not to exceed $2,000,000 (the "Capital Expenditure LineLine Commitment"). Each Capital Expenditure Loan shall be repayable in 60 equal monthly installments of principal, such installments to be payable on the first day of each month commencing with the first day of the first month following the date on which the Capital Expenditure Loan is made and continuing on the first day of each succeeding month until and including the date on which the unpaid balance of the Capital Expenditure Loan is paid in full. The outstanding principal balance and all accrued and unpaid interest under each Capital Expenditure Loan shall be due and payable upon the termination of this Agreement, whether by its terms, by prepayment, by acceleration, or otherwise. 29 Each Capital Expenditure Loan shall be made by Foothill at such times and in such amounts as Borrower may request in writing, shall be advanced directly to the applicable vendor or Borrower, as the case may be, and once borrowed may be prepaid in whole or in part without penalty or premium at any time during the term of this Agreement upon 30 10 days prior written notice by Borrower to Foothill, all such prepaid amounts to be applied to the installments due on all of the Capital Expenditure Loans in the inverse order of their maturity; provided, however, if the amount of prepaid principal at any one time is equal to or greater than $100,000, then any such prepayment shall be applied ratably to the principal amount payable under each remaining installment due on each Capital Expenditure Loan (excluding, however, the amount, if any, of principal otherwise due and payable on the Maturity Date with respect to any such Capital Expenditure Loan), and the amount of each such remaining installment shall be reduced accordingly. The foregoing to the contrary notwithstanding, (a) each requested Capital Expenditure Loan shall be in a principal amount of not less than (i) $200,00050,000, or (ii) such lesser amount as is the then unfunded balance of the Capital Expenditure LineLine Commitment, (b) each Capital Expenditure Loan shall be in an amount, as determined by Foothill, not to exceed 80% of Borrower's invoice cost (net of shipping, freight, installation, and other so-called "`soft costs"') of (i) new Equipment that is to be purchased by Borrower with the proceeds of such Capital Expenditure Loan, or (ii) new Equipment that has been purchased by Borrower within 30 60 days prior to the date of the making of such Capital Expenditure Loan, (c) the new Equipment that is to be acquired or that has been purchased by Borrower must be acceptable to Foothill in all respects, not be a fixture, and not be intended to be affixed to real property or to become installed in or affixed to other goods, (d) Foothill shall have no obligation to make any Capital Expenditure Loan hereunder to the extent that the making thereof would cause the then outstanding amount of Capital Expenditure Loans to exceed the Capital Expenditure Line Commitment, and (e) the aggregate amount of all Capital Expenditure Loans outstanding at any time (including giving effect to any requested Capital Expenditure Loan) shall not exceed the lesser of cost or fair market value, of all of the Equipment acquired or financed with the proceeds of such Capital Expenditure Loans, measured as of the end of the 24th month following the Closing Date, and as of the end of each 24 month period occurring thereafter (each, a "Determination Date"). All amounts outstanding under the Capital Expenditure Loans shall constitute Obligations.