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. 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. 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. EQUIPMENT TERM LOAN. Lender will make a term loan (the "Equipment Term Loan") to LPC in a principal amount of ONE MILLION FIVE HUNDRED THIRTY THOUSAND AND NO/100 DOLLARS ($1,530,000.00). 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. (a) Bank will make an Equipment Term Loan available to Borrower. On the Closing Date, Bank will make a single advance to Borrower in an amount not to exceed 75% of the eligible Equipment previously financed under Borrower's existing Equipment facility. Up to 15% of eligible Equipment may include software and other soft costs, including sales tax, freight and installation expenses. Borrower will deliver to Bank with the request for the Equipment Term Loan an invoice for the Equipment to be refinanced.
(b) Borrower will pay 36 equal installments of principal plus interest (the "Equipment Term Loan Payment"). Each Equipment Term Loan Payment is payable on the 11th of each month during the term of the Equipment Term Loan.
(c) Borrower's final Equipment Term Loan Payment, due on April 30, 2004, includes (i) all outstanding Equipment Term Loan principal and accrued interest, plus (ii) an additional payment equal to 5% of the total amount advanced under the Equipment Term Loan.
Equipment Term Loan. Upon completion of satisfactory due diligence with respect to the Equipment conducted by Lender, Lender shall make a term loan to Borrowers, on the basis of the Equipment as described in the June 1997 Accuval appraisal, in an original principal amount of Six Million Dollars ($6,000,000) (the "Equipment Term Loan"). Borrowers shall utilize a portion of the proceeds of the Equipment Term Loan to repay, in full, their outstanding term loan obligations to The CIT Group/Equipment Financing, Inc. The Equipment Term Loan shall be evidenced by, and payable in accordance with the terms of, a promissory note, substantially in the form of Exhibit 2.5 attached hereto, executed by Borrower to the order of Lender, providing for, among other terms, amortization of principal on a straight-line basis over eight-four (84) months (the "Equipment Term Loan Note").
Equipment Term Loan. Borrower may terminate the Equipment Term Loan in whole, but not in part, upon three (3) Business Days' prior written notice to Lender at any time prior to the maturity thereof, by paying to Lender upon such termination (a) the then outstanding principal amount, accrued interest, and any other applicable charges thereon, including attorneys' fees and (b) if Borrower has selected the interest rate alternative set forth in Section 2.3.2.2 hereof, Borrower shall pay to Lender as liquidated damages for Lender's loss of the benefit of its bargain and not as a penalty, an amount equal to the product of (i) the outstanding principal amount of the Equipment Term Note at the time of such termination and (ii) the percentage set forth opposite the applicable date in the following table: If Terminated Prior to Percentage ---------------------- ---------- April 30, 1999 5% April 30, 2000 4% April 30, 2001 3% April 30, 2002 2% April 30, 2003 1%
Equipment Term Loan. Section 1.7A(d) is hereby deleted in its entirety and replaced with the following:
Equipment Term Loan. The Equipment Term Loan Note shall be deemed to have been issued pursuant to the Loan Agreement and the Equipment Term Loan shall be deemed Indebtedness as defined in the Loan Agreement. All of the collateral that secures the Borrower's indebtedness and obligations under the Loan Agreement (including but not limited to the obligations evidenced by the Revolving L/C Loan Note and the Existing Equipment Term Loan Note, as heretofore amended) shall secure the Equipment Term Loan to full extent and with the same priority as such collateral secured the Non-Revolving Equipment L/C Loan Note and the indebtedness evidenced thereby.
Equipment Term Loan. Subject to the terms and conditions of this Agreement, the Lender agrees to make one or more Equipment Advances to the Borrower from time to time from the date of this Agreement to, but not including, the Equipment Term Loan Maturity Date, in the aggregate principal amount at any time outstanding up to, but not exceeding, the amount of the Equipment Term Commitment. Amounts borrowed and repaid may not be reborrowed.
