Equipment Line of Credit. Subject to Section 5.2 and the other terms and conditions hereinafter set forth, the Lender has established the Equipment Line Facility, available in the discretion of the Lender to the Borrower from time to time during the period from the Closing Date up to but not including the Equipment Line Maturity Date, in an aggregate principal amount of $1,500,000, less the amount of Equipment Line Loans made under the Prior Agreement (the “Equipment Line Commitment”). No reborrowing is available under the Equipment Line Facility. The Lender will consider Borrower’s requests for Equipment Line Loans, but shall have the sole and absolute discretion whether to make any Loan (or any portion of any Loan) requested by Borrower, regardless of any general availability under the Equipment Line Facility.
Equipment Line of Credit. (a) The Bank hereby establishes in favor of the Borrower a line of credit (the "Equipment Line of Credit") pursuant to which the Borrower may obtain advances during the Revolving Period on a revolving basis in accordance with the terms hereof to finance equipment (collectively, the "Equipment") purchased by the Borrower for use by it in the ordinary course of business. The Borrower may borrow, repay and reborrow funds under the Equipment Line of Credit in accordance with the terms hereof for so long as the aggregate outstanding principal amount under the Equipment Line of Credit does not exceed $3,500,000.00 at any time. The Equipment Line of Credit shall be evidenced by the following promissory notes: (i) promissory note executed by the Borrower in favor of the Bank in the principal amount of $3,500,000.00 (as amended, extended or renewed from time to time, the "Sub-Line Note"); and (ii) such other fully amortizing notes (as amended, extended or renewed from time to time, the "Term Notes") as the balance of the Sub-Line Note may be rolled into from time to time in accordance with the terms hereof. The Equipment Line of Credit (including, without limitation, all amounts outstanding under the Sub-Line Note and the Term Notes) shall be secured by a first priority security interest in, and lien upon, all Equipment financed with advances thereunder pursuant to the Security Agreement (as amended or restated from time to time, the "Security Agreement") dated November 25, 1998, executed by the Borrower in favor of the Bank.
Equipment Line of Credit. The Bank agrees to provide an equipment line of credit to Borrower in the amount of Seven Hundred Thousand and No/100 Dollars ($700,000.00) (the “Equipment Line of Credit”) during the availability period described in Section 5.2 below. The Equipment Line of Credit shall be evidenced by an Equipment Line of Credit Note (the “Equipment Line of Credit Note”), which Borrower shall execute and deliver to the Bank at Closing. All advances to Borrower by the Bank under the Equipment Line of Credit Note shall be made by the Bank by deposit to Borrower’s designated account maintained at the Bank.
Equipment Line of Credit. (a) Bank will establish for Borrowers for and during the Equipment Line Advance Period, subject to the terms and conditions hereof, a revolving discretionary equipment line facility (the "EQUIPMENT LINE") pursuant to which Bank may, from time to time, in its sole and absolute discretion, make loans to Borrowers in a principal amount not to exceed at any one time outstanding in the aggregate the Maximum Equipment Line Amount. Each Advance under the Equipment Line shall be in an amount not to exceed (i) one hundred percent (100%) of the Eligible Equipment Costs with respect to new equipment and (ii) eighty percent (80%) of the Eligible Equipment Costs with respect to used equipment. Within the limitations set forth above, Borrowers may borrow, repay and reborrow under the Equipment Line. Each Advance under the Equipment Line shall be evidenced by a promissory note (individually and collectively the "EQUIPMENT LINE NOTE") in the original principal amount of such Advance, which promissory note shall be (A) in form and content satisfactory to Bank and (B) executed and delivered by Borrowers to Bank contemporaneously with or prior to such Advance. The Equipment Line shall be subject to the review and renewal at the sole discretion of Bank.
Equipment Line of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including June 1, 1999, not to exceed at any time the aggregate principal amount of Three Million Dollars ($3,000,000.00) ("Equipment Line of Credit"), the proceeds of which shall be used to finance the purchase and/or development of equipment and software. Borrower's obligation to repay advances under the Equipment Line of Credit shall be evidenced by a promissory note substantially in the form of Exhibit B attached hereto ("Equipment Line of Credit Note"), all terms of which are incorporated herein by this reference.
Equipment Line of Credit. 12 SECTION 3.
Equipment Line of Credit. The Lender agrees to extend to the Borrower a secured equipment line of credit in the principal amount of Eight Hundred Fifty Thousand and no/100 ($850,000.00) Dollars (herein, the “Equipment Line of Credit”). The Equipment Line of Credit shall be evidenced by an equipment line note dated March 30, 1998, executed by Borrower, in the principal sum of Eight Hundred Fifty Thousand and no/100 ($850,000.00) Dollars (the “Equipment Line Note”), payable to the order of the Lender as follows: interest only payable monthly until the “Conversion Date” as therein defined, followed by eighty-four (84) equal successive monthly installments of principal (the amount of each such principal payment to be calculated by dividing the outstanding principal balance of such Note on the Conversion Date by eighty-four (84)), plus interest as provided in the following sentence, commencing on the first day of the first full month following the Conversion Date and continuing on the same day of each successive month thereafter, provided that the 84th payment shall be in an amount equal to the entire remaining principal balance of such Note, plus all accrued and unpaid interest. Interest will be payable monthly (concurrently with each payment of principal) on the unpaid principal balance thereof from time to time unpaid calculated at a variable rate per annum equal to the Prime Rate minus one-half percent (1/2%), and after default or maturity, at a rate per annum equal to the Prime Rate plug three percent (3%) per annum. In addition, a late charge equal to three percent (3%) of each late payment may be charged on any payment not received by the Lender within five (5) calendar days after the payment due date, but acceptance of payment of this charge shall not waive any Default or Event of Default. Interest on the Equipment Line Note shall be calculated on the basis of a 360-day year for the actual number of days the principal is outstanding. The proceeds of the Equipment Line of Credit shall be used by Borrower solely to purchase two Toshiba Vertical Boring Xxxxx. Borrower will provide the Lender with copies of the invoice and any purchase agreement for such equipment. Upon payment for such equipment, Borrower shall obtain a final xxxx of sale from the supplier of the equipment, and provide a copy thereof to Lender.”
Equipment Line of Credit. Subject to Section 5.2 and the other terms and conditions hereinafter set forth, the Lender has established the Equipment Line Facility, available in the discretion of the Lender to the Borrower from time to time during the period from the Closing Date up to but not including the Equipment Line Maturity Date, in an aggregate principal amount of $1,500,000. No reborrowing is available under the Equipment Line Facility. The Lender will consider Borrower’s requests for Equipment Line Loans, but shall have the sole and absolute discretion whether to make any Loan (or any portion of any Loan) requested by Borrower, regardless of any general availability under the Equipment Line Facility.
Equipment Line of Credit. The Lender agrees to extend to the Borrower a non-revolving equipment line of credit in the principal amount of Nine Million and 00/100 ($9,000,000.00) Dollars (such loan, together with any and all extensions, renewals, amendments, refinancings, modifications, conversions or consolidations thereof or thereto, the “Equipment Loan No. 2”). The Equipment Loan No. 2 shall be evidenced by an equipment line note dated June 30, 2007 executed by Borrower in the principal sum of Nine Million and 00/100 ($9,000,000.00) Dollars (such note, together with any and all extensions, renewals, amendments, refinancings, modifications, conversions or consolidations thereof or thereto, the “Equipment Note No. 2”). The Equipment Note No. 2 shall be payable to the order of the Lender in installments of principal and interest, calculated at the applicable rate set forth in the Equipment Note No. 2, the terms of which are incorporated herein by reference. The proceeds of the Equipment Loan No. 2 shall be used by Borrower solely to purchase new and used equipment to be used in Borrower’s business. Lender shall advance one hundred percent (100%) against the invoice cost (excluding all soft costs) of the equipment being purchased. Borrower will provide the Lender with copies of the invoices and any purchase agreements for such equipment.
Equipment Line of Credit. Subject to the terms and conditions of this Agreement, between the date hereof and May 31, 2000 (the "Draw Down Date"), provided that no event of default then has occurred and is continuing, Bank shall provide a non-revolving equipment line of credit (the "Equipment Line of Credit") in an amount not to exceed $1,000,000. At the Draw Down Date, all amounts previously drawn ("Equipment Loans") will then be due upon two years thereafter (the "Due Date"). The proceeds of the Equipment Line of Credit shall be used only for the purchase of new equipment.
