Equipment Loan. Subject to Section 2.3(b), the principal amount outstanding under the Equipment Loan shall accrue interest at a floating per annum rate equal to the greater of (X) the aggregate of the Prime Rate plus one percent (1.00%) and (Y) seven percent (7.00%), which interest shall be payable monthly in accordance with Section 2.3(f) below.
Equipment Loan. Section 2.1.2 of the Loan Agreement is amended in its entirety and replaced with the following:
Equipment Loan. Lender shall loan to Borrower, in its sole but reasonable discretion and pursuant to the terms and conditions hereof, those amount(s) listed on one or more Funding Requests submitted to Lender in such form and substance acceptable to the Lender, setting forth a request for funding and attaching thereto a "Schedule A" describing in detail that portion of the Borrower's goods and Equipment against which an advance is to be made hereunder. In no event shall the aggregate amount of the advances made hereunder exceed FOUR MILLION Dollars ($4,000,000.00). This is not a revolving line of credit and Borrower may not repay and re-borrow the amounts advanced or to be advanced hereunder. Advances under this Equipment Loan (the "Loan") will be available through February 28, 2005, provided that the Conditions Precedent have been satisfied in accordance with Section 2.5 of this Loan Agreement.
Equipment Loan. Subject to and upon the terms and conditions of this Agreement, Silicon shall make an equipment loan to Borrower in an amount equal to the lesser of (i) 100% of the invoice value (excluding taxes, shipping, warranty charges, freight discounts and installation expense) of Borrower's Eligible Equipment purchased on or after May 1, 2003 or (ii) $500,000.00 (the "Equipment Loan"). Beginning on August 31, 2004 and continuing on last day of each month thereafter, Borrower shall pay to Silicon (a) equal monthly installments of principal based upon the initial principal amount the Equipment Loan divided by thirty-six (36), PLUS (b) interest on the outstanding amount of the Equipment Loan at the rate applicable to the Equipment Loan as set forth on the Schedule. The entire outstanding principal balance, plus all accrued and unpaid interest and other charges under the Equipment Loan shall be due and payable upon the Maturity Date applicable to the Equipment Loan.
Equipment Loan. During the Takedown Period Lender shall loan to Borrower pursuant to the terms and conditions hereof, those amount(s) listed on one or more Funding Requests submitted to Lender in such form and substance acceptable to the Lender, setting forth a request for funding and attaching thereto a “Schedule B” describing in detail that portion of the Borrower’s goods, Soft Costs and Equipment against which an advance is to be made hereunder; provided, Soft Costs shall comprise no more than 15% of any advance. Advances shall be made for 100% of Equipment Cost, provided no Equipment with an Equipment Cost of less than $1,000 shall be required to be financed by Lender, provided, further, purchases of operating system software shall be reviewed for loan eligibility at a loan value that is mutually acceptable. Such Funding Requests shall be no more than once per calendar month, for a minimum amount to be advanced of (a) $100,000 prior to November 12, 2003, and (b) $250,000 on and after November 12, 2003. Except as otherwise provided herein, the aggregate amount of the advances made hereunder shall not exceed Seven Million Dollars ($7,000,000). This is not a revolving line of credit and Borrower may not repay and re-borrow the amounts advanced or to be advanced hereunder.
Equipment Loan. If, at any time, the aggregate principal amount of all outstanding Equipment Loans shall exceed the Equipment Loan Borrowing Base, then any such excess amount shall, without limiting any other rights or remedies of Lender hereunder, be immediately paid by Borrower to the Lender.
Equipment Loan. Bank agrees, on the terms and conditions set forth in this Agreement, to make one (1) Advance to Borrower under the Equipment Loan contemporaneously with the execution and delivery of this Agreement such that the aggregate principal amount of such Advance will not exceed the Maximum Loan Amount (the “Equipment Loan”). Notwithstanding the foregoing, the aggregate amount of the Advances by Bank from time to time shall be subject to any reserves that Bank in its sole and absolute discretion may deem proper and/or necessary. The Equipment Loan is not revolving, Borrower may not reborrow any sums previously repaid.
Equipment Loan. (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make one (1) or more Equipment Advances to Borrower.
Equipment Loan. Either party to this Agreement may provide equipment to -------------- the other party under the terms of an Equipment Loan Agreement attached as Exhibit E to this Agreement, solely for use in the other party's manufacturing, --------- testing, adapting and/or supporting the OEM Products. The parties agree that an Equipment Loan Agreement will be completed and executed within six (6) months of the effective date of this Agreement. All equipment will be clearly segregated from the receiving company's property and identified as the sole property of the loaning company. Loaned equipment may not be transferred, assigned, loaned or otherwise encumbered in any way. Loaned equipment may be provided to third parties for fulfillment of either party's obligations hereunder only upon the loaning party's prior written consent. Loaned equipment will be returned to the loaning party, at the receiving party's expense, upon termination of this Agreement.
Equipment Loan. Bank shall make one or more additional extensions of credit to Equipment Loan Borrower under the Equipment Loan in an aggregate amount not to exceed the maximum principal amount of the Equipment Loan to finance capital equipment expenditures, subject to the following terms and conditions:
