Common use of LIMITATION ON EQUIPMENT LOANS Clause in Contracts

LIMITATION ON EQUIPMENT LOANS. Each Loan shall be in an amount not to exceed one hundred percent (100%) of the amount paid or payable by Borrower to a non-affiliated manufacturer, vendor or dealer for an item of equipment as shown on an invoice therefor (excluding any commissions and any portion of the payment which relates to the servicing of the equipment and sales taxes payable by Borrower upon acquisition, and delivery charges). Lender has the right to approve individual items of Equipment for funding. Each Loan requested by Borrower to be made on a single Business Day shall be for a minimum principal amount of Thirty Five Thousand Dollars ($35,000) except to the extent the remaining Commitment is a lesser amount.

LIMITATION ON EQUIPMENT LOANS. Each Loan shall be in an amount not to exceed one hundred percent (100%) of the amount paid or payable by Borrower to a non-affiliated manufacturer, vendor or dealer for an item of equipment as shown on an invoice therefor (excluding any commissions and any portion of the payment which relates to the servicing of the equipment and sales taxes payable by Borrower upon acquisition, and delivery charges). Lender has the right to approve individual items of Equipment for funding. Each Loan requested by Borrower to be made on a single Business Day shall be for a minimum principal amount of Thirty Five Fifteen Thousand Dollars ($35,00015,000) except to the extent the remaining Commitment is a lesser amount.