Equipment Term Loan. Subject to the terms and conditions of this Agreement, Lender agrees to provide a term loan to the Borrowers in the amount of Nine Million Two Hundred Thousand Dollars ($9,200,000.00) (the “Equipment Term Loan”).
Equipment Term Loan. (i) Bank has heretofore made a term loan (the "Equipment Term Loan") to Borrower to refinance certain equipment leases and for equipment acquisitions. The Equipment Term Loan was advanced in three tranches, herein called "Existing Tranche A"
Equipment Term Loan. 1. EQUIPMENT TERM LOAN. Lender will make a term loan (the "Equipment Term Loan") to LPC in a principal amount not to exceed ONE MILLION NINE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,900,000.00). The Equipment Term Loan shall be subject to repayment in accordance with, and bear interest as provided in, Section 2.A.2 of this Agreement and shall otherwise be evidenced by, and repayable in accordance with, the Equipment Term Note.
Equipment Term Loan. The Company may elect to have the entire principal balance of any Equipment Term Loan as of a Conversion Date bear interest at a Quoted Rate for the Applicable Interest Period by delivering to the Bank an appropriate Notice of Borrowing confirming the Quoted Rate as provided in Section 2.3 hereof.
Equipment Term Loan. (a) Equipment Term Loan. Bank hereby grants an “Equipment Term Loan” pursuant to which Bank agrees to make on the Funding Date, a non-revolving advance to Borrower, for the purposes of financing new machinery and equipment and building improvements (the “Assets”), in the amount of Eighteen Million Dollars ($18,000,000). Funding of the loan shall be in accordance with the conditions set forth in Section 4 below.
Equipment Term Loan. (i) Borrowers acknowledge that Bank has provided Equipment Advances and that the current outstanding principal balance of the Equipment Advances is $153,210.00.
Equipment Term Loan. Lender agrees to consolidate and reset the Equipment Term Loan as of the Closing Date such that the current principal amount of One Million Eight Hundred Twenty Six Thousand Six Hundred Forty One and 25/100 Dollars ($1,826,641.25) shall be repaid in successive monthly installments in accordance with the terms of the Amended, Restated and Consolidated Equipment Term Note ("Equipment Note"). Each monthly installment shall be due and payable on the first day of each month, commencing on July 1, 2000, followed by a final installment which shall be due and payable on the earlier to occur of August 1, 2004, the end of the Original Term or Renewal Term (as applicable), termination of this Agreement or acceleration of the Obligations hereunder. The Equipment Term Loan shall be secured by all of the Collateral.
Equipment Term Loan. The Borrowers hereby unconditionally promise to pay to the Lender monthly principal installments in respect of the Equipment Term Loan on the first day of each month commencing May 1, 2003 equal in amount to 70,000.00 each month. To the extent not previously paid, the Term Loan shall be due and payable in full on the Term Loan Maturity Date.
Equipment Term Loan. Except as set forth in Section 2.3(b), the Equipment Term Loan shall bear interest, on the outstanding daily balance thereof, at a rate equal to 1.5% above the Prime Rate.
Equipment Term Loan. Upon the request of Borrower made at any time and from time to time prior to the Equipment Advance Final Availability Date, and so long as no Event of Default has occurred, Bank shall lend to Borrower pursuant to this Section 2.3 (the "Equipment Term Loan") advances in the aggregate principal amount of up to Two Million Five Hundred Thousand Dollars ($2,500,000.00) on the terms and conditions set forth herein.
