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").
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Capital Expenditure Loans. (a) Subject to The Borrowers shall repay 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 principal amount of all outstanding Capital Expenditure Loans shall not exceed the Maximum each Capital Expenditure Loan Amount. All Capital Expenditure Loans must be in original principal amounts consecutive monthly installments commencing on the first day of not less than Two Hundred Fifty Thousand Dollars ($250,000). Once repaid, a the calendar month immediately succeeding the calendar month in which such Capital Expenditure Loan may not be reborrowed. Capital Expenditure Loans may consist of either Domestic Rate Loans or Eurodollar Rate Loans was made, and may be converted pursuant to Section 2.2 hereof.
(b) Advances constituting Capital Expenditure Loans shall be amortized continuing 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, until the earlier of payment in full of such Capital Expenditure Loan or the Termination Date, with all outstanding principal and accrued interest on such Capital Expenditure Loan due on the Termination Date. Each monthly installment for each Capital Expenditure Loan (other than a final payment equal installment in the amount to of the then outstanding and unpaid Capital Expenditure Loansprincipal balance thereof, together with any accrued interest thereon, due and payable upon on the last day Termination Date), shall be in a principal amount equal to (a) the original principal amount of such Capital Expenditure Loan divided by (b) the Term, subject lesser of (1) thirty-six (36) or (2) the number of calendar months remaining prior to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this AgreementStated Termination Date at the time such Capital Expenditure Loan is made. Each Lender's Commitment Percentage The Borrowers may prepay Capital Expenditure Loans at any time. In the event that any of the Capital Expenditure Loan Equipment that served as the basis, in whole or in part, on which any Capital Expenditure Loan was made, shall be sold or otherwise disposed of by the applicable Borrower (which sale or other disposition shall be made in accordance with the terms of Section 5.11), such Borrower shall prepay such Capital Expenditure Loan in an amount equal to the portion of the outstanding principal amount of such Capital Expenditure Loan allocable to the Capital Expenditure Loan Equipment to be sold or otherwise disposed of. In the event that any such sale or other disposition shall be made of Capital Expenditure Loan Equipment with respect to a Capital Expenditure Loan (A) that had been paid in full prior to such sale or other disposition, or (B) with respect to which the outstanding principal balance is less than the proceeds of such sale or other disposition, the prepayment described in the immediately preceding sentence (or the excess amount following prepayment in full of a Capital Expenditure Loan with respect to which the outstanding principal balance is less than the proceeds of the applicable sale or other disposition) shall be applied to the Capital Expenditure Loan made most recently prior to the date of such sale or other disposition. Any prepayment of any Capital Expenditure Loan shall be applied to the principal installments due under such Capital Expenditure Loan in the inverse order of their maturity, and shall be accompanied by the payment of all accrued but unpaid interest thereon. The Capital Expenditure Loans shall owing by RMC, NWR, Hutch, Willow and RML to each Lender will be evidenced by a promissory note and be subject to the terms of attached grid (each, a secured promissory note, "Capital Expenditure Loan Note") in substantially the form attached hereto as Exhibit 2.5(b) (collectivelyF, the "Capital Expenditure Note")with appropriate insertions.
Appears in 1 contract
Samples: Loan and Security Agreement (Roadmaster Industries Inc)
Capital Expenditure Loans. The Capital Expenditure Loan shall be evidenced by, and repaid with interest in accordance with, one or more promissory notes (a) Subject to the terms and conditions set forth in this Agreement (includingeach, 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 (a "Capital Expenditure LoansLoan Note") of Borrower in substantially the sum equal form of Exhibit B hereto. On the Closing Date, Borrower shall deliver 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 each 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, Lender a Capital Expenditure Loan may not be reborrowed. Note in a principal amount equal to the amount of such Lender's Capital Expenditure Loans may consist Loan Commitment, payable to such Lender for the account of either Domestic Rate Loans or Eurodollar Rate Loans its Applicable Lending Office, and may dated the Closing Date. In the event there shall be converted pursuant to Section 2.2 hereof.
(b) Advances constituting any assignment by any such Capital Expenditure Loans Lender, or an Assignee of its interest in a Capital Expenditure Loan Note in accordance with the provisions hereof, Borrower shall be amortized upon surrender of such Note, issue to each of such Lender, or such Assignee, as the case may be, and its Assignee a new Capital Expenditure Loan Note in a principal amount equal to its respective Capital Expenditure Loan Commitment (after giving effect to such assignment). Each Capital Expenditure Lender is hereby authorized by Borrower to endorse on the basis of an assumed sixty (60) month term and be payable, with respect schedule attached 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 LoansLoan Note held by it the amount of each Loan, the Type of each Loan, and on the last day each renewal, conversion, continuation and payment of each calendar month thereafter, with a final payment equal in principal 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 Agreementreceived by such Lender. Each Lender's Commitment Percentage The principal of the Capital Expenditure Loans shall be evidenced by payable commencing on the first Quarterly Payment Date occurring after the earlier of: (1) the date of making the last Capital Expenditure Loan available to be made under this Agreement, or (2) the Capital Expenditure Loan Commitment Termination Date and be subject to thereafter on each succeeding Quarterly Payment Date through and including, unless prepaid in full in accordance with the terms of a secured promissory notethis Agreement, June 30, 2002 in substantially equal quarterly installments, such that on each date an equal amount of the form attached hereto as Exhibit 2.5(b) (collectivelytotal principal amount of the Capital Expenditure Loan is paid, provided, however, the "last such payment on the last such date shall be in the amount required to repay the Capital Expenditure Note")Loans in full.
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Capital Expenditure Loans. (a1) Subject to the terms and conditions set forth in this Agreement (including, but not limited to, Sections 2.2 and 8.3 Section 13(c) hereof), each Lender, severally and not jointly, agrees to make Advances Loans 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 one hundred percent (80100%) 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 ) nor shall the total amount of all outstanding Capital Expenditure Loans shall not exceed the Maximum Capital Expenditure Loan AmountLine. All Capital Expenditure Loans must be in original principal amounts of not less than Two Hundred Fifty Thousand Dollars ($250,000)100,000. 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.
(b2) Advances Each Loan constituting a Capital Expenditure Loans shall Loan will be amortized on based upon the basis number of an assumed sixty (60) months remaining from the first full month term immediately following the date such Loan was advanced to Borrower to the month immediately preceding the month in which expiration of the Term occurs and be payableshall be, with respect to principal, payable in equal (or nearly equal) monthly installments based upon the such amortization schedule set forth aboveschedule, commencing on the first day of the first full month following the date any such Capital Expenditure Loan was advanced to Borrower and on the first day of each month thereafter, with the final payment of the remaining unpaid principal balance payable 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, Term together with any accrued interest thereoninterest, due costs and payable upon the last day of the Termexpenses, subject to acceleration upon the occurrence of an Event of Default under this Agreement or earlier 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(b2(m) (collectively, the "Capital Expenditure ------------ Note")."
Appears in 1 contract
Samples: Revolving Credit and Security Agreement (World Wrestling Federation Entertainment Inc)
Capital Expenditure Loans. (a) Subject to the terms and conditions set forth in this Agreement (including, but not limited to, Sections 2.2 and Section 8.3 hereof), each Lender, severally and not jointly, Lender agrees to make Advances to Borrower Borrowers to finance Borrowera Loan Party's purchase of Equipment for use in Borrowersuch Loan Party's business ("Capital Expenditure Loans") in the sum equal to such Lender's Commitment Percentage of an amount not to exceed eighty eighty-five percent (8085%) of the net invoice cost of such Equipment purchased by a Borrower Loan Party (which shall be exclusive of shipping, handling, taxes, installation and all other "soft" costs), provided 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)100,000. Once repaid, a Capital Expenditure Loan may not be reborrowed. Capital Expenditure Loans may consist of either Domestic Rate Loans or Eurodollar LIBOR Rate Loans and may be converted pursuant to Section 2.2 hereofLoans.
(b) Advances constituting Capital Expenditure Loans shall be accumulated during each quarter (each a "Borrowing Period") during the Term. Each Borrowing Period shall consist of three months with the first Borrowing Period commencing on October 1, 2000 and ending on December 31, 2000. At the end of each Borrowing Period, the sum of the principal amount of all Capital Expenditure Loans made during such Borrowing Period will be amortized on the basis of an assumed sixty eighty-four (6084) month term amortization schedule (such amount as determined with respect to any Borrowing Period, the "Amortization Amount"). Monthly principal payments will be initially determined for the Capital Expenditure Loans made during the initial Borrowing Period and the amount of such monthly principal payments shall be payableincreased upon the completion of each subsequent Borrowing Period by the Amortization Amount for each such subsequent Borrowing Period. The Capital Expenditure Loans shall be, with respect to principal, payable in equal (or nearly equal) monthly installments based upon the amortization schedule set forth above, commencing on the last day first Business Day of the first calendar month following the first disbursement of Borrowing Period in which such Capital Expenditure Loans, Loans were made and on the last first 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 one or more secured promissory notenotes, in substantially the form attached hereto as Exhibit 2.5(bEXHIBIT 2.4(b) (collectively, the "Capital Expenditure Note").
(c) Subject to the satisfaction of the conditions set forth in Section 8.3 hereof, in the event any Borrower desires a Capital Expenditure Loan, Borrowing Agent shall give Lender at least three (3) Business Days prior written notice.
Appears in 1 contract
Samples: Credit and Security Agreement (Cold Metal Products Inc)
Capital Expenditure Loans. (a) Subject to the terms and conditions set forth in of this Agreement (including, but not limited to, Sections 2.2 and 8.3 hereof)Agreement, each LenderLender with a Revolver Commitment (severally, severally not jointly or jointly and not jointly, severally) agrees to make Advances to Borrower to finance Borrower's purchase a series of Equipment for use in Borrower's business loans (each, a "Capital Expenditure Loan" and collectively the "Capital Expenditure Loans") to or for the benefit of Borrower, in the sum equal an aggregate amount at any one time outstanding for such Lender not to exceed such Lender's Commitment Percentage of an amount not to exceed eighty percent (80%) Pro Rata Share 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 Each borrowing consisting 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 advanced directly to the basis applicable vendor or Borrower, as Borrower may request. Any new or used Equipment that is to be acquired or that has been purchased by Borrower using a Capital Expenditure Loan must be acceptable to Agent, in its sole discretion in all respects, must not be a fixture, and must not be intended to be affixed to real property or to become installed in or affixed to other goods. All amounts outstanding under the Capital Expenditure Loans shall constitute Obligations. Anything herein to the contrary notwithstanding, (a) each borrowing consisting of Capital Expenditure Loans shall be in a principal amount of not less than (i) $500,000, or (ii) such lesser amount as is the then unfunded balance of the Capital Expenditure Loan Amount; (b) each borrowing consisting of Capital Expenditure Loans shall be in an assumed amount, as determined by Agent, not to exceed 80% of Borrower's invoice cost (net of shipping, freight, installation, and other so-called `soft costs') of (i) new or used Equipment that is to be purchased by Borrower with the proceeds of such Borrowing, or (ii) new or used Equipment that has been purchased by Borrower within 90 days prior to the date of such borrowing; (c) the Lender Group shall have no obligation to fund any Capital Expenditure Loan hereunder to the extent that the making thereof would cause the then outstanding amount of all Capital Expenditure Loans to exceed (i) the Capital Expenditure Loan Amount, or (ii) the Maximum Revolver Amount less the outstanding Advances less the Letter of Credit Usage; and (d) the aggregate amount of all Capital Expenditure Loans outstanding at any time (including giving effect to any requested 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. Each Capital Expenditure Loan shall be repaid in 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 aboveof principal (together with accrued interest), commencing such installments to be payable on the last first day of each month commencing with the first day of the first calendar day of the first month following the first disbursement of date on which such Capital Expenditure Loans, Loan is made and continuing on the last first day of each calendar month thereafter, with a final payment equal in amount to succeeding month. The outstanding principal balance of the then outstanding and unpaid Capital Expenditure Loans, together with any all accrued and unpaid interest and fees thereon, shall be due and payable upon on the last day earlier of the Term, subject to acceleration upon Maturity Date or the occurrence date of an Event of Default under this Agreement or termination of this Agreement, whether by its terms, by prepayment, by acceleration, or otherwise. Each Lender's Commitment Percentage Capital Expenditure Loans may be prepaid in whole or in part without penalty or premium (except as provided in Section 3.6) at any time during the term of this ----------- Agreement upon ninety (90) days' written notice by Borrower to Agent, all such prepaid amounts to be applied to the installments due on all of the Capital Expenditure Loans shall be evidenced by and be subject to of all Lenders in the terms inverse order of a secured promissory note, in substantially the form attached hereto as Exhibit 2.5(b) (collectively, the "Capital Expenditure Note")their maturity.
Appears in 1 contract
Samples: Loan and Security Agreement (DSG International LTD)
Capital Expenditure Loans. (a) Subject to the terms and conditions set forth in of this Agreement and the Other Agreements, from time to time after the initial Loans are advanced hereunder, Lender shall make advances (includingeach such advance, 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 (a "Capital Expenditure LoansCAPITAL EXPENDITURE LOAN") in to the sum equal Borrowers of up to such Lender's Commitment Percentage of an amount not to exceed eighty seventy-five percent (8075%) of the net invoice cost of such Equipment purchased by a Borrower (which shall be exclusive of shipping, handling, sales taxes, installation delivery charges and all other "soft" costs)costs related to such purchase) of Equipment to be purchased with the proceeds of such advances, provided which Equipment is acceptable to Lender in its sole discretion, exercised in a commercially reasonable manner, and upon which Lender shall have a first priority perfected security interest; PROVIDED, that (i) the total aggregate principal amount of all outstanding Capital Expenditure Loans advanced hereunder shall not exceed One Million Five Hundred Thousand and No/100 Dollars ($1,500,000) (the Maximum "CAPITAL EXPENDITURE LOAN LIMIT"), (ii) at least five (5) Business Days prior to any such Capital Expenditure Loan Amount. All advanced hereunder, the Borrower requesting the Capital Expenditure Loans must Loan 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 require to assure that Lender has a first priority perfected security interest in such Equipment, (iii) each Capital Expenditure Loan advanced hereunder shall be in original principal amounts an amount of not less than Two One Hundred Fifty Thousand and No/100 Dollars ($250,000100,000). Once repaid, and (iv) such Borrower shall have executed and delivered to Lender 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 promissory note in the basis of an assumed sixty (60) month term and be payable, with respect to principalform OF EXHIBIT D annexed hereto, in a principal amount 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 amount of the Capital Expenditure Loans shall Loan to be evidenced by and be subject made to the terms of a secured promissory note, in substantially the form attached hereto as Exhibit 2.5(b) (collectively, the "Capital Expenditure Note")such Borrower.
Appears in 1 contract
Samples: Loan and Security Agreement (DHB Capital Group Inc /De/)
Capital Expenditure Loans. (a) Subject to Upon the terms and subject to the conditions set forth of, and in reliance upon the representations and warranties made under, this Agreement (includingAgreement, each Lender agrees, severally, 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") Loans to the Borrowers from time to time from the Effective Date to May 25, 2000, as requested by the Borrowers in accordance with the sum terms of Section 2B.2, in amounts equal to such Lender's Commitment Percentage of an each such Capital Expenditure Loan requested; provided, however, that (a) (i) the aggregate principal amount of all Capital Expenditure Loans (after giving effect to the Loans requested) made hereunder shall not exceed the Capital Expenditure Loan Facility, and (ii) the aggregate principal amount of all Capital Expenditure Loans (after giving effect to the Loans requested) plus the aggregate principal amount of all outstanding Revolving Credit Loans plus the Letter of Credit Reserve shall not exceed $100,000,000, (b) each Capital Expenditure Loan shall be in a minimum principal amount of $500,000, (c) no more than one Capital Expenditure Loan shall be requested in any calendar month, (d) each Capital Expenditure Loan shall be in a principal amount not to exceed eighty percent 80% (80%or such lesser percentage as the Agent may in its reasonable judgment determine from time to time) of the net invoice cost (net of sales taxes, freight and delivery charges, and set-up charges) of item(s) of Equipment to be financed with the proceeds of such Capital Expenditure Loan, and (e) no Capital Expenditure Loan will be made against any item of Equipment which does not constitute Eligible Equipment. As used herein, "Eligible Equipment" means new Equipment purchased by the Borrowers after the Effective Date which meets the following requirements: (i) such Equipment is owned by and has been delivered to a Borrower and is subject to the perfected Security Interest and no other Lien whatsoever other than junior Permitted Liens, (which shall ii) such Equipment is in good condition, complies with the applicable purchase order and has been accepted by a Borrower, (iii) if such Equipment is (or is to be) located at a facility leased by a Borrower, the lessor has delivered to the Agent, on behalf of the Lenders, a waiver and consent in form and substance satisfactory to the Agent, and (iv) such Equipment is not determined by the Agent, on behalf of the Lenders, in its reasonable judgment, to be exclusive of shipping, handling, taxes, installation ineligible for any other reason. The Agent's and all other "soft" costs), provided that each Lender's books and records reflecting the total date and the amount of all outstanding Capital Expenditure Loans shall not exceed the Maximum each Capital Expenditure Loan Amount. All Capital Expenditure Loans must be in original and each repayment of 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 thereof 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 constitute prima facie evidence 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 accuracy of the Terminformation contained therein, subject to acceleration upon the occurrence provisions 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")Section 4.5.
Appears in 1 contract
Samples: Loan and Security Agreement (American Aircarriers Support Inc)