Equipment Loans. (i) Following the date which is the first anniversary of the Closing Date, subject to the terms and conditions of this Agreement, each Lender, severally and not jointly, shall, from time to time, make Advances (each, an “Equipment Loan” and collectively, the “Equipment Loans”) to one or more Borrowers in an amount equal to such Lender’s Equipment Loan Commitment Percentage of the applicable Equipment Loan to finance Borrowers’ purchase of equipment for use in Borrowers’ business. All such Equipment Loans shall be in such amounts as are requested by Borrowing Agent, but in no event shall any Equipment Loan exceed eighty percent (80%) of the Net Invoice Cost of the equipment being purchased by Borrowers and the total amount of all Equipment Loans advanced shall not exceed, in the aggregate, the Maximum Equipment Loan Amount. Once repaid, Equipment Loans may not be re-borrowed.
(ii) Equipment Loans shall be made available to Borrowers during the period commencing on the date which is the first anniversary of the Closing Date and ending on the date which is the second anniversary of the Closing Date (the “Borrowing Period”) so long as no Default or Event of Default shall have occurred and subject to the conditions set forth in Section 8.3 hereof. At the end of the Borrowing Period, Agent shall calculate the aggregate principal balance of all then outstanding Equipment Loans, which amount shall amortize in equal and consecutive monthly installments of principal, based on a 36-month amortization schedule, the first of which installments shall be due and payable on the first day of the next month after the end of the Borrowing Period, and the remaining installments of which shall be due and payable on the first day of each month thereafter (the amount of each such monthly installment, the “Borrowing Period Monthly Installment”), provided, however, that the aggregate principal balance of all Equipment Loans, together with all accrued and unpaid interest thereon, and all unpaid fees, costs and expenses payable hereunder in connection therewith, shall be due and payable in full upon the expiration of the Term, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement. Equipment Loans shall be evidenced by one or more secured promissory notes (collectively, the “Equipment Note”) in substantially the form attached hereto as Exhibit 2.3(b). The Equipment Loans may consist of Domestic Rate Loans or LIBOR Rat...
Equipment Loans. Section 2.3(b) of the Loan Agreement shall be amended and restated in its entirety as follows:
Equipment Loans. With respect to each Equipment Loan (as identified in Schedule III-A), the applicable Originator hereby represents and warrants, and the Issuers hereby represent and warrant with respect to any Equipment Loan pledged prior to the Series Closing Date or purchased or substituted by such Issuer from a third party (subject to Section 2.05 of the Property Management Agreement), as of the date herein below specified or, if no such date is specified, as of the Series Closing Date, except as set forth on Schedule III hereto, that:
(a) Immediately prior to the transfer and assignment of the Equipment Loan to the Issuer, the applicable Originator had good and insurable fee title to, and was the sole owner and holder of, the Equipment Loan, free and clear of any and all liens, encumbrances and other interests on, in or to the Equipment Loan. Such transfer and assignment from the applicable Originator to the Issuer of the Equipment Loan by collateral assignment and by individual allonges of the related Equipment Loan notes and assignments of the related security agreements in blank validly assigns all of the applicable Originator’s right, title and ownership of the Equipment Loan to the Issuer (and, with respect to the related security agreement, to the Collateral Agent) free and clear of any pledge, lien, encumbrance or security interest.
(b) The applicable Originator has full right and authority to sell, contribute, assign and transfer the Equipment Loan to the Issuer. The entire agreement with the applicable Originator (whether originated by such Originator or a different originator) is contained in the Loan Documents and there are no warranties, agreements or options regarding such Equipment Loan or the related secured equipment not set forth therein. Other than the Loan Documents, there are no agreements between any predecessor in interest in the Equipment Loan and the Borrower.
(c) The information pertaining to the Equipment Loan set forth in the equipment loan schedule attached to the related Purchase and Sale Agreement was true and correct in all material respects as of the related Transfer Date. The Equipment Loan was originated or acquired in accordance with, and fully complies with, the related underwriting guidelines in all material respects. The related Loan File contains all of the documents and instruments required to be contained therein.
(d) [Reserved].
(e) [Reserved].
(f) The applicable Originator has not waived any material default, breach, violatio...
Equipment Loans. (a) Subject to and upon the terms and conditions of this Agreement, at any time from the date hereof through February 28, 2000, (the "Equipment Availability End Date"), but no more frequently than once during each calendar month, Bank agrees to make advances (each an "Equipment Loan") to Borrower in an aggregate amount not to exceed the Equipment Commitment. Borrower shall deliver to Bank, at the time of each Equipment Loan request, an invoice for the equipment to be financed by such Equipment Loan. The Equipment Loans shall be used only to purchase or refinance Equipment purchased on or after 90 days prior to the date hereof (provided, that the initial advance to Borrower under this Section 2.1.2 may be utilized to refinance Equipment purchased by Borrower at any time on or after January 1, 1998) and shall not exceed 100% of the invoice amount of such equipment approved from time to time by Bank, including sales taxes, freight, and installation expenses.
Equipment Loans. (i) Subject to the terms and conditions of this Agreement, each Lender, severally and not jointly, shall, from time to time, make available Advances to Borrowers (each, an "Equipment Loan" and collectively, the "Equipment Loans") at any time during the period ending on the first anniversary of the date of this Agreement (the "Borrowing Period") to finance Borrowers' purchase of Equipment for use in Borrowers' business. All such Equipment Loans shall be in such amounts as are requested by Borrowing Agent, but in no event shall any Equipment Loan exceed eighty percent (80%) of the net invoice cost (excluding taxes, shipping, delivery, handling, installation, overhead and other so called "soft" costs) of the Equipment then to be purchased by Borrowers and the total amount of all Equipment Loans outstanding hereunder shall not exceed, in the aggregate, the sum of two million dollars ($2,000,000). Once repaid Equipment Loans may not be reborrowed.
(ii) Advances constituting Equipment Loans shall be accumulated during the Borrowing Period. At the end of the Borrowing Period, the sum of all Equipment Loans made during the Borrowing Period shall amortize on the basis of a six (6) year schedule (such amount as determined with respect to the Borrowing Period, the "Amortization Amount"). The Equipment Loans shall be, with respect to principal, payable in equal monthly installments based upon the amortization schedule set forth above, commencing on October 1, 2001 and on the first day of each month thereafter with the balance payable upon the expiration of the Term, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement, and shall be evidenced by one or more secured promissory notes
Equipment Loans. Principal payable on account of the Equipment Loans shall be payable by Borrowers in accordance with the terms of the Equipment Loans.
Equipment Loans. Subject to the fulfilment of the conditions precedent, to compliance with the conditions set out in clause 4.1 above and to compliance with the following conditions, the Bank shall make an Equipment Loan under the Equipment Facility during the Availability Period only if:
4.2.1. the Borrower shall have delivered to the Bank a Drawdown Request for such Equipment Loan, specifying a date for making such Equipment Loan, being at least 7 (seven) Business Days after the date of delivery of such Drawdown Request. Any Drawdown Request will upon delivery thereof be irrevocable;
4.2.2. the minimum amount of each Equipment Loan shall be a minimum amount of US $1,000,000 (one million United States Dollars) and an integral multiple of US $1,000,000 (one million United States Dollars) (other than (i) in the case of an Equipment Loan provided in connection with an Equipment L/C which shall not be required to be in any minimum amount or in any integral multiple or (ii) in the case of an Equipment Loan which shall be for the balance of the Available Commitment);
4.2.3. all Equipment Loans made under this Agreement shall be in US Dollars; and
4.2.4. all Equipment Loans shall be made by the Bank by credit of the amount to be loaned by the Bank to the Charged Account.
Equipment Loans. A request for an Equipment Loan shall be made in the following manner: MFRI, on its behalf and on behalf of each other Lender, may give Agent notice of Borrowers’ intention to borrow an Equipment Loan, in which MFRI shall specify the amount of the proposed borrowing (consistent with Section 1.4) and the proposed borrowing date, which shall be a Business Day, no later than 11:00 a.m. (Chicago, Illinois time) on the date 2 Business Days prior to such proposed borrowing date (or in accordance with subsection 3.1.7, 3.1.8 or 3.1.9, as applicable, in the case of a request for a LIBOR Equipment Portion); provided, however, that no such request may be made at a time when there exists a Default or an Event of Default. In addition, Borrowers shall also comply with the requirements of Section 1.4 with respect to such Equipment Loan.
Equipment Loans. Subject to the terms and conditions hereof, all Equipment Loans shall be outstanding as Prime Lending Rate Portions; provided, however, at any time from and after the Equipment Loans Conversion Date, Borrowers shall have the option to convert the entire outstanding balance of Equipment Loans to COF Lending Rate Loans upon three (3) Business Days’ prior written notice to Agent.. If Borrowers fail to exercise such option, the Equipment Loans shall continue to be outstanding as Prime Lending Rate Portions from and after the Equipment Loans Conversion Date. Once the Equipment Loans have been converted to COF Lending Rate Loans pursuant to this clause (iii), such COF Lending Rate Loans may not be converted back to Prime Lending Rate Portions.
Equipment Loans. Except with respect to Equipment Loans whose outstanding principal balance is less than or equal to $10,000, the Borrower has a perfected first priority Lien in the Equipment that is subject to the Equipment Loans.
