Capital Expenditure Loans. (a) Subject to the terms and conditions set forth in this Agreement (including, but not limited to, Sections 2.2 and 8.3 hereof), each Lender, severally and not jointly, agrees to make Advances to Borrower to finance Borrower's purchase of Equipment for use in Borrower's business ("Capital Expenditure Loans") in the sum equal to such Lender's Commitment Percentage of an amount not to exceed eighty percent (80%) of the net invoice cost of such Equipment purchased by a Borrower (which shall be exclusive of shipping, handling, taxes, installation and all other "soft" costs), provided that the total amount of all outstanding Capital Expenditure Loans shall not exceed the Maximum Capital Expenditure Loan Amount. All Capital Expenditure Loans must be in original principal amounts of not less than Two Hundred Fifty Thousand Dollars ($250,000). Once repaid, a Capital Expenditure Loan may not be reborrowed. Capital Expenditure Loans may consist of either Domestic Rate Loans or Eurodollar Rate Loans and may be converted pursuant to Section 2.2 hereof.
(b) Advances constituting Capital Expenditure Loans shall be amortized on the basis of an assumed sixty (60) month term and be payable, with respect to principal, in equal (or nearly equal) monthly installments based upon the amortization schedule set forth above, commencing on the last day of the first calendar month following the first disbursement of Capital Expenditure Loans, and on the last day of each calendar month thereafter, with a final payment equal in amount to the then outstanding and unpaid Capital Expenditure Loans, together with any accrued interest thereon, due and payable upon the last day of the Term, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement. Each Lender's Commitment Percentage of the Capital Expenditure Loans shall be evidenced by and be subject to the terms of a secured promissory note, in substantially the form attached hereto as Exhibit 2.5(b) (collectively, the "Capital Expenditure Note").
Capital Expenditure Loans. Subject to the terms and conditions of this Agreement and the Other Agreements, from time to time after the initial Loans are advanced hereunder, but in no event after the date which is six months prior to the last day of the Term, Agent shall make advances to the Borrowers up to eighty percent (80%) of the purchase price (exclusive of sales taxes, delivery charges and other "soft" costs related to such purchase) of Equipment to be purchased with the proceeds of such advances, which Equipment is acceptable to Agent in its reasonable discretion, and upon which Agent on behalf of Lender shall have a first priority perfected security interest; provided, that (i) the aggregate amount advanced during the Term for such purchases shall not exceed One Million Dollars ($1,000,000), (ii) at least five (5) Business Days prior to any such advance hereunder, the Borrowers shall have furnished to Agent an invoice and acceptance letter for the Equipment being purchased and shall have executed such documents and taken such other actions as Agent shall required to assure that Agent has a first priority perfected security interest in such Equipment, (iii) each advance hereunder shall be in an amount not less than Two Hundred Fifty Thousand Dollars ($250,000), and (iv) the Borrowers shall have executed and delivered to Agent a CapEx Note in the form of Exhibit D annexed hereto. The CapEx Line shall not be available for further advances at any time during which a Default or Event of Default has occurred unless the Agent in its sole discretion waives such Default or Event of Default in writing.
Capital Expenditure Loans. Each Lender agrees, severally on a Pro Rata Capital Expenditure Loan basis up to its Capital Expenditure Loan Commitment, on the terms set forth herein, to make Capital Expenditure Loans to Borrowers from time to time through the Capital Expenditure Commitment Termination Date.
Capital Expenditure Loans. (a) In addition to the other credit provided under this Agreement, during the availability period set forth below, unless a Default or Event of Default exists under this Agreement, Borrower may request Capital Expenditure Loans from Bank in an aggregate principal amount not to exceed $6,000,000. The availability period for such loans is from the date of this Agreement through January 30, 2001. Any amount repaid with respect to Capital Expenditure Loans may not be reborrowed.
(b) Unless Borrower elects an optional interest rate for Capital Expenditure Loans in the manner described in Section 5, Capital Expenditure Loans shall bear interest at Bank's Reference Rate. Interest on Capital Expenditure Loans will be paid at the times set forth herein as applicable to interest due in respect of Facility No. 2.
(c) Each Capital Expenditure Loan shall be used to finance a portion of the purchase price for rotable gears or Shipsets for use in the ordinary course of Borrower's business. All rotable gears and Shipsets acquired with the proceeds of Capital Expenditure Loans shall be free and clear of any security interests, liens, encumbrances or rights of others except the security interests of Bank under any security agreements required under this Agreement. Each request for a Capital Expenditure Loan shall be accompanied by either (i) a copy of the purchase order or invoice for the equipment to be purchased with the proceeds of the advance, or (ii) a detailed cost schedule for the rotable gear or Shipset constructed and such other information as Bank may reasonably require. The amount of each Capital Expenditure Loan shall not exceed the lesser of (x) the cash purchase price or cost to construct the rotable gear or Shipset or (y) 70% of:
(i) if Bank in its discretion requests an appraisal, the appraised value of the related rotable gear or Shipset (as determined by a qualified independent appraiser approved by Bank); or
(ii) if Bank waives the requirement of such an appraisal, the purchase price paid by Borrower or HP UK for the related rotable gear or Shipset.
(d) As conditions precedent to each Capital Expenditure Loan which is made in connection with any capital expenditure which is in excess of $1,000,000 or which results in the aggregate principal amount of capital expenditures made during the then current fiscal year being in excess of $1,500,000:
(i) Borrower will deliver to Bank evidence acceptable to Bank of its compliance with all of the terms of this Agree...
Capital Expenditure Loans. Subject to the terms and conditions of this Agreement and the Other Agreements, from time to time after the initial Loans are advanced hereunder, each Lender severally and not jointly agrees to make advances to Borrowers in an amount equal to its Pro Rata Share up to seventy-five percent (75%) of the purchase price (exclusive of sales taxes, delivery charges and other “soft” costs related to such purchase), of Equipment to be purchased with the proceeds of such advances, which Equipment is acceptable to Agent in its Permitted Discretion, and upon which Agent shall have a first priority perfected security interest; provided, that (i) the aggregate amount advanced by all Lenders for such purchases shall not exceed Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000) and the aggregate amount advanced by any Lender shall not exceed its Capital Expenditure Loan Commitment, (ii) at least five (5) Business Days prior to any such advance hereunder, Borrowers shall have furnished to Agent an invoice and acceptance letter for the Equipment being purchased and shall have executed such documents and taken such other actions as Agent shall require to assure that Agent has a first priority perfected security interest in such Equipment, and (iii) each advance hereunder shall be in an amount not less than Five Hundred Thousand and No/100 Dollars ($500,000). Amounts repaid with respect to the Capital Expenditure Loans may not be reborrowed.
Capital Expenditure Loans. (a) After the Partnership Note is paid in full, Star shall lend or shall arrange for loans to be made to the Partnership (“Capital Expenditure Commitment”), up to an aggregate amount of $15 million, to finance expenditures for capital assets or acquisitions of properties which the Partnership (with the consent of both partners) proposes to acquire (“Capital Expenditure Loans”). Capital Expenditure Loans shall not be used for working capital or to meet day to day obligations or trade liabilities. The Capital Expenditure Commitment shall be guaranteed by CPE. The Partnership shall not be entitled to reborrow the Capital Expenditure Loans when repaid. Capital Expenditure Loans shall bear interest at the rate of not more than 11% per annum and in the case of a Capital Expenditure Loan made by Star, the rate shall be 11% per annum. If the Partnership obtains a loan from a person other than Star to finance capital expenditures or acquisitions which bears a variable interest rate, then at such time as such interest rate exceeds 11% per annum the Partnership shall, at the request of the Xxxxx Partner, be entitled to draw upon the Capital Expenditure Commitment to the extent available to refund or refinance such loan. Each Capital Expenditure Loan shall be repayable in 120 equal consecutive installments comprising principal and interest, sufficient to repay such Capital Expenditure Loan in fixed level installments over 10 years, with the first such installment due on the first day of the month following the date the Theatre Property which is the subject of such loan is opened (in the case of new construction) or acquired (in the case of an acquisition) or the date the capital assets which are the subject of such loan are acquired. All Capital Expenditure Loans shall be evidenced by a Promissory Note of the Partnership in form satisfactory to the Partners, and will be secured by each Partner’s interest in the Partnership and by all of the assets of the Partnership but otherwise shall be without recourse to the Partners. After the Capital Expenditure Loans shall have been expended by the Partnership, the Partners shall meet to discuss in good faith the method of financing further capital expenditures and acquisitions.
Capital Expenditure Loans. Section 2(d) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
Capital Expenditure Loans. (B) Subject to the terms and conditions of this Agreement and the Other Agreements, from time to time after the initial Loans are advanced hereunder, Lender shall make advances to Borrower xx xx eighty percent (80%) of the purchase price (exclusive of sales taxes, delivery charges and other "soft" costs related to such purchase) of Equipment to be purchased with the proceeds of such advances, (including, without limitation, Equipment purchased since June 30, 2001) which Equipment is acceptable to Lender in its sole discretion, and upon which Lender shall have a first priority perfected security interest; provided, that (i) the aggregate amount advanced for such purchases shall not exceed Four Million and No/100 Dollars ($4,000,000.00), (ii) at least (5) Business Days prior to any such advance hereunder, Borrower shall have furnished to Lender an invoice and acceptance letter for the Equipment being purchased and shall have executed such documents and taken such other actions as Lender shall reasonably require to assure that Lender has a priority perfected securitx xxxxrest in such Equipment, and (iii) all such advances hereunder shall occur on or before the date that is eight (8) months after the date hereof.
Capital Expenditure Loans. 19 2.5. Maximum Advances..............................................................................19 2.6.
Capital Expenditure Loans. Each Lender agrees, severally on a Pro Rata Capital Expenditure Loan basis up to its Capital Expenditure Loan Commitment, on the terms set forth herein, to make Capital Expenditure Loans to Borrowers from time to time from the Closing Date with respect to Capital Expenditure Loans used to purchase Equipment and from the Term Loan/Capital Expenditure Loan (Real Estate) Closing Date with respect to Capital Expenditure Loans used to purchase or refinance Real Estate through the Capital Expenditure Commitment Termination Date. Notwithstanding anything to the contrary set forth in this Agreement or any of the other Loan Documents, the Capital Expenditure Loan Commitment of each Lender to refinance or finance the purchase of Real Estate shall expire on the Term Loan/Capital Expenditure Loan Expiration Date, and if the Term Loan/Capital Expenditure Loan (Real Estate) Closing Date does not occur on or before the Term Loan/Capital Expenditure Loan Expiration Date, then no Lender shall have any obligation to make any Capital Expenditure Loans for the refinance or purchase of Real Estate.
