Equipment Loan Sample Clauses
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.” and inserting in lieu thereof the following:
Equipment Loan. Subject to the terms and conditions hereof, the Bank agrees to make one or more equipment loans to the Borrower in an amount not to exceed (a) Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) in the aggregate (the “Equipment Loan Commitment”, and the equipment loans made pursuant thereto being referred to herein as the “Equipment Loan”) and (b) with respect to each Equipment Loan (other than the Equipment Loan to be made on the date hereof to refinance indebtedness of the Borrower to RBS Asset Finance, Inc.), 100% of the purchase price of the Equipment being purchased with the proceeds of such Equipment Loan as demonstrated by an invoice delivered to the Bank in accordance with Section 1.7, at such times as the Borrower may from time to time request during the period from and including the date hereof to but not including the Equipment Loan Commitment Termination Date, at which time the commitment of the Bank to make Equipment Loans shall expire. Any portion of the Equipment Loan Commitment not advanced on the Equipment Loan Commitment Termination Date shall thereupon expire. Principal amounts repaid on the Equipment Loans may not be borrowed again. The Equipment Loans shall be made against and evidenced by a single promissory note of the Borrower in the form (with appropriate insertions) attached hereto as Exhibit C (the “Equipment Note”). The Equipment Note shall be dated the date of issuance thereof and be expressed to bear interest as set forth in Section 0 hereof. The Equipment Note, and the Equipment Loans evidenced thereby, shall mature in equal monthly principal installments based upon the straight line five-year amortization of the aggregate principal balance of the Equipment Loans as of the Equipment Loan Commitment Termination Date, commencing on April 30, 2011, and continuing on the last day of each month thereafter, with a final installment in the amount of all principal not sooner paid due and payable on the Equipment Loan Final Maturity Date. Without regard to the principal amount of the Equipment Note stated on its face, the actual principal amount at any time outstanding and owing by the Borrower on account of the Equipment Note shall be the sum of all Equipment Loans made hereunder less all payments of principal thereof actually received by the Bank.
Equipment Loan. Section 2.1.2 of the Loan Agreement is amended in its entirety and replaced with the following:
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. 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. 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. (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. Subject to and upon the provisions of this Agreement and relying upon the representations and warranties herein set forth, the Lender agrees to make to the Borrowers, on the date hereof, a term loan in the principal amount of $20,770,826.00.
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.