Loan Advances and Repayment. This Agreement sets forth the terms and conditions for a loan or loans to be made by Lender to Co-Borrowers. Provided there is no event of Default, Co-Borrowers may request that Lender make a loan or loans to Co-Borrowers (each an “Advance” or collectively the “Advances”) provided that the principal amount of the Obligations do not exceed the lesser of (a) seventy percent (70%) of the liquidation value of the Eligible Equipment (defined below) as determined by Lender in its sole reasonable discretion, or (b) the declining dollar amount for the applicable month set forth on attached Exhibit A (collectively the “Borrowing Base”). Co-Borrowers may make one request per month for an Advance, and the request must be made not less than ten (10) days prior to the end of the month for an Advance to be made on the first day of the following month. In addition to payments of interest and the Unpaid Borrowing Base Fee set forth in the Note, on the first day of each month Borrower shall pay Lender the dollar amount that outstanding principal amount of the Note exceeds the Borrowing Base. Eligible Equipment” means equipment that (a) is owned by the Co-Borrowers free of any title defect or any lien or interest of any person except the lien in favor of the Lender; (b) is located at locations set forth in this Agreement; (c) in the Lender’s opinion, is not obsolete, unsalable, damaged or unfit for further use; (d) is appraised by an appraiser satisfactory to the Lender, and all such appraisals shall be in form and substance satisfactory to the Lender;
Loan Advances and Repayment. 24 2.02 Authorization to Obtain Loans and Letters of Credit.............. 27 2.03 Interest on the Loans............................................ 27 2.04 Fees............................................................. 31 2.05 Payments......................................................... 32 2.06
Loan Advances and Repayment. (a) Loan Availability; Credit Facilities.
Loan Advances and Repayment. (10 LOAN AVAILABILITY.
Loan Advances and Repayment. (a) Loan Availability. -----------------
Loan Advances and Repayment
