Equipment Term Loan Sample Clauses

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. 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. 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. Subject to the terms and conditions set forth in this Term Loan Agreement, each Lender agrees to lend to the Borrower on the Closing Date an Equipment Term Loan in an amount equal to such Lender's Commitment Percentage of the Equipment Term Loan Commitment Amount. Any portion of the Equipment Term Loan Commitment Amount not advanced on the Closing Date may not be borrowed thereafter.

Equipment Term Loan. Subject to the terms and conditions of this Agreement, on the Closing Date Lender agrees to make a term loan (the “Equipment Term Loan”) to Borrower in an amount equal to the Equipment Term Loan Amount. The principal of the Equipment Term Loan shall be repaid in consecutive monthly installments of $350,000.00 each, commencing September 2, 2013, and continuing on the first day of each month thereafter. The outstanding unpaid principal balance and all accrued and unpaid interest on the Equipment Term Loan shall be due and payable on the Termination Date. Any principal amount of the Equipment Term Loan that is repaid or prepaid may not be reborrowed.

Equipment Term Loan. Section 4 of the Financing Agreement is hereby amended and restated in its entirety as follows:

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. Section 2.1(e) of the Original Agreement respecting the Equipment Term Loan is hereby amended to read as follows:

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.