Equipment Purchase Facility Sample Clauses
The Equipment Purchase Facility clause establishes the terms under which one party can acquire equipment from another, typically through a structured financing or credit arrangement. This clause outlines the process for requesting, approving, and funding equipment purchases, often specifying eligible equipment types, payment schedules, and any security interests or collateral requirements. Its core practical function is to provide a clear and reliable framework for financing equipment acquisitions, thereby facilitating business operations while managing financial risk for both parties.
Equipment Purchase Facility. The Bank agrees to make loans and Advances to the Borrower, upon the Borrower's written request therefor made prior to the Expiration Date (as defined below in this Section 2.04), to assist the Borrower in purchasing items of Equipment. Each Advance made hereunder shall be in an amount not to exceed 100% of the Value of the items of Equipment being purchased; provided however, that at no time shall the total aggregate outstanding principal amount of Advances made under this Equipment Purchase Facility exceed the sum of $1,000,000.00. This Equipment Purchase Facility is on a non-revolving basis and any amounts repaid under the Equipment Purchase Facility may not be reborrowed. A.
Equipment Purchase Facility. (a) Subject to and upon the terms and conditions contained herein, at any time and from to time after the later to occur of (i) the “Completion Date” under and as defined in the Kentucky IRB Lease Agreement and (ii) the Covenant Election Date, but prior to April 29, 2022 (or such later date as agreed to by Lender in its discretion) (the “Equipment Loan Advance Period”), at the request of Borrowers (such requests to be made by Borrowers no more frequently than one (1) time in any consecutive thirty (30) day period and not more than four (4) times during the Equipment Loan Advance Period), Lender may, in its sole and absolute discretion, make one or more Equipment Loans to Borrowers in an amount equal to eighty percent (80%) of the Hard Costs of Eligible New Equipment purchased by Borrowers after the Closing Date and prior to the expiration of the Equipment Loan Advance Period. The proceeds of any Equipment Loan made at Lender’s discretion shall be used solely for the payment of the purchase price (or to reimburse Borrowers for the cash payments previously paid by Borrowers for the purchase price) for the Eligible New Equipment specified in the Equipment Loan Request applicable to such Equipment Loan; provided, that, (x) to the extent that the proceeds of any Equipment Loan are used to reimburse Borrowers for the cash payments paid by Borrowers for the purchase price of any Eligible New Equipment, Borrowers shall have taken possession of such Eligible New Equipment within ninety (90) days prior to the date of Borrowers’ request for such Equipment Loan, and (y) no Equipment Loan Request shall include any Eligible New Equipment that supports any other Equipment Loan or other financing. Each Equipment Loan shall be in an amount of not less than $100,000.00. A single Equipment Loan may be used for the purchase price of one or more items constituting Eligible New Equipment specified in the Equipment Loan Request required to be delivered to Lender pursuant to Section 2.19(d)(i) below. The minimum amount of each Equipment Loan applies to the amount of such Equipment Loan, not to the amount of the purchase price of any individual item of Eligible New Equipment.
(b) The outstanding aggregate principal amount of the Equipment Loans made by Lender shall not at any time exceed the Equipment Loan Limit, as reduced by the amount of all principal payments in respect of Equipment Loans. If at any time the outstanding aggregate principal amount of all Equipment Loans shall e...
Equipment Purchase Facility. The Bank hereby agrees to make loans and advances ("Advances") to assist the Borrower in purchasing items of equipment, upon a request therefor made by the Borrower to the Bank prior to the Expiration Date (the "Equipment Purchase Facility"). Each Advance made hereunder shall be in an amount not to exceed 100% of the Equipment Value of the item(s) of new and used Equipment being purchased; provided, however, that at no time shall the total aggregate outstanding principal amount of Advances made hereunder exceed the sum of $1,000,000.00; and provided further that the amount of any Advance which is repaid, in whole or in part, may not be reborrowed.
Equipment Purchase Facility. An equipment purchase facility (the "Equipment Purchase Facility") consisting of term loans for purchases of new equipment (each a "Equipment Term Loan"), available to Borrower upon request made from time to time until April 30, 1999 (subject to extension at the sole discretion of Lender), so long as no
Equipment Purchase Facility. The Bank hereby agrees to make loans and Equipment Advances to assist each Borrower in purchasing items of Equipment, upon a written request therefor made by any Borrower to the Bank prior to November 30, 1998 (the "Equipment Purchase Facility"). Each Equipment Advances made hereunder shall be in an amount not to exceed 80% of the Value of the item(s) of equipment being purchased; provided, however, that at no time shall the total aggregate outstanding principal amount of Equipment Advances made hereunder exceed the sum of $3,000,000; and provided further that the amount of any Equipment Advances made hereunder which is repaid, in whole or in part, may not be reborrowed.
Equipment Purchase Facility
Equipment Purchase Facility