Equipment Line Sample Clauses
The Equipment Line clause defines the specific items of equipment that are covered or referenced within a contract or agreement. Typically, this clause lists each piece of equipment by description, serial number, or other identifying details, ensuring both parties are clear about what is included. For example, in a lease or service agreement, the Equipment Line would enumerate all machines or devices provided to the customer. Its core function is to eliminate ambiguity regarding which equipment is subject to the contract, thereby reducing the risk of disputes over coverage or responsibility.
Equipment Line. The Equipment Line Early Termination Fee when due pursuant to the terms of Clause 2.1.2(d).
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. The maximum availability under the Equipment Line is hereby increased to $3,000,000 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. 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. After expiration of any Interest Period, any principal portion of the Advances under the Equipment Line corresponding to such Interest Period which has not been converted or renewed in accordance with the terms of this Agreement shall accrue interest automatically at the Prime Rate from the date of expiration of such Interest Period until paid in full, unless and until receipt by Bank of a request for another interest rate in accordance with the terms of this Agreement.
Equipment Line. On the Closing Date, a Facility Fee equal to $2,500, which shall be non-refundable; provided, however, that upon the occurrence of an Equity Event, Borrower shall pay to Bank an additional Facility Fee equal to $500, which shall be non-refundable; provided, further, that upon the occurrence of an IPO/Equity Infusion, Borrower shall pay to Bank an additional Facility Fee equal to $7,500.
Equipment Line. Accrued interest will be due and payable on -------------- the 15th day of each month. From and after each respective Tranche A Conversion Date or Tranche B Conversion Date (as each is hereinafter defined), advances under the Equipment Line made during the corresponding Tranche A Borrowing Period or Tranche B Borrowing Period (as each is hereinafter defined) shall be due and payable in thirty-six (36) equal consecutive monthly installments, commencing on the 15th day of the month following the respective Tranche A Conversion Date or Tranche B Conversion Date, and continuing on the 15th day of each month thereafter until paid in full. Each principal payment shall be in an amount determined by dividing (i) the principal amount of advances made during the respective Tranche A Borrowing Period or Tranche B Borrowing Period and outstanding under the Equipment Line on the respective Tranche A Conversion Date or Tranche B Conversion Date, by (ii) thirty-six (36). The outstanding balance of any tranche and any accrued but unpaid interest thereon shall be due and payable on the 15th day of the 36th month following the respective Tranche A Conversion Date or Tranche B Conversion Date, but in no event later than June 30, 2005.
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.
Equipment Line. The following Section 2.7 is hereby added to the Original Agreement:
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: