Equipment Line. The Equipment Line Early Termination Fee when due pursuant to the terms of Clause 2.1.2(d).
Equipment Line. The maximum availability under the Equipment Line is hereby increased to $1,000,000 as of the Amendment Date. All Advances under the Equipment Line shall be limited to 100% of the face amount of equipment invoices (excluding taxes, shipping and installation) submitted with any Advance Request.
Equipment Line. Subject to Section 2.3(b), at Borrower's election, the principal amount outstanding for each Equipment Advance shall accrue interest at either: (i) the greater of (x) a floating per annum rate equal to one percentage point (1.0%) above the Prime Rate, or (y) six and three-quarters of one percent (6.75%), or (ii) a fixed per annum rate equal to eight and one-quarter of one percent (8.25%), determined by Bank as of the applicable Funding Date, which interest shall be payable monthly in accordance with Section 2.3(f)." 3 The Loan Agreement shall be amended by deleting the following appearing as Section 3.4 thereof:
Equipment Line. Thirty-six (36) months from the date of the final -------------- draw under the Equipment Line. Borrower shall make no more than five (5) draws under the Equipment Line, which draws must be requested and made within the twelve (12) month period immediately following the Closing Date (the "Equipment Line Expiration Date").
Equipment Line. All advances under the Equipment Line must be requested and made within the three hundred sixty four (364) day period immediately following the Closing Date (the "EQUIPMENT LINE EXPIRATION DATE"). Six months from the Closing Date (the "FIRST TERM LOAN CONVERSION DATE") all Equipment Line advances then outstanding will convert into a term loan (the "FIRST TERM LOAN"). On the Equipment Line Expiration Date, all Equipment Line advances made since the First Term Loan Conversion Date shall be converted into a second term loan (the "SECOND TERM LOAN"). Each of the First Term Loan and the Second Term Loan shall provide for repayment of principal and interest in twenty four (24) equal monthly installments.
Equipment Line the Prime Rate plus 1.75% per annum
Equipment Line. (i) no Advances shall be available under the Equipment Line until the earlier of (A) the consummation by the Borrower of a new round of equity financing which results in net proceeds to the Borrower of at least One Million Dollars ($1,000,000); and (B) certification by the Borrower that it has attained a Tangible Net Worth, calculated in accordance with GAAP, consistently applied, of at least Two Hundred Fifty Thousand Dollars ($250,000);
Equipment Line. Section 2.1 3(c) of the Loan Agreement is hereby deleted in its entirety and the following is inserted in substitution thereof:
Equipment Line. Subject to Section 2.3(b), at Borrower’s election, the principal amount outstanding for each Equipment Advance shall accrue interest at either: (i) the greater of (x) a floating per annum rate equal to one percentage point (1.0%) above the Prime Rate, or (y) six and three-quarters of one percent (6.75%), or (ii) a fixed per annum rate equal to eight and one-quarter of one percent (8.25%), determined by Bank as of the applicable Funding Date, which interest shall be payable monthly in accordance with Section 2.3(f). Commencing on the Third Loan Modification Effective Date and subject to Section 2.3(b), the principal amount outstanding for each Equipment Advance shall accrue interest at a floating per annum rate equal to three percentage points (3.00%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.3(f) below.” 3 The Loan Agreement shall be amended by deleting the following appearing at the end of Section 6.2(a) thereof: “Notwithstanding the foregoing, during any period in which Borrower maintains unrestricted and unencumbered cash at Bank, plus the Availability Amount, in an amount greater than $2,500,000, or when there are no Credit Extensions outstanding or requested under the Revolving Line, Borrower shall only be required to provide the Bank with reports pursuant to clause (a)(i) above on a monthly basis.” 4 The Loan Agreement shall be amended by deleting the following appearing as Section 6.9 (Financial Covenants) thereof: “ Borrower shall maintain, as of the last day of each month, unless otherwise noted:
Equipment Line. The term "EQUIPMENT LINE" means the One Million Five Hundred Thousand Dollar ($1,500,000.00) line of credit under which: (a) the LENDER provides the equipment term loans to the BORROWER in accordance with the provisions of Section 3.4 of this AGREEMENT; and (b) the LENDER or LEASECORP acquires items of EQUIPMENT selected by the BORROWER and leases such EQUIPMENT to the BORROWER in accordance with the provisions of Section 3.4 of this AGREEMENT.
