REPAYMENT OF EQUIPMENT LOANS Sample Clauses

REPAYMENT OF EQUIPMENT LOANS. Principal of and interest on each Equipment Loan shall be payable as set forth in the Note (substantially in the form of Exhibit “B”) evidencing such Loan, which Note, shall provide substantially as follows. Principal and interest at the Designated Rate shall be fully amortized over a period of 30 months in equal, monthly installments, commencing after an initial 6-month period of interest-only, monthly payments. In particular, on the Borrowing Date applicable to the Equipment Loan evidenced by such Note, Borrower shall pay to Lender (i) interest only at a rate of 0.8333% per month, in advance, on the outstanding principal balance of the Loan evidenced by such Note, for the period from such Borrowing Date through the last day of the calendar month in which such Borrowing Date occurs, and (ii) a first (1st) interest only installment at a rate of 0.8333% per month, in advance, on the outstanding principal balance of the Note for the ensuing month. Commencing on the first day of the second full month after the Borrowing Date, and continuing on the first day of the third through the sixth full months after the Borrowing Date, Borrower shall pay interest only at a rate of 0.8333% per month, in advance, on the outstanding principal balance of this Note for the ensuing month. Commencing on the first day of the seventh full calendar month after the Borrowing Date, and continuing on the first day of each consecutive calendar month thereafter, principal and interest at the Designated Rate shall be payable, in advance, in 30 equal consecutive installments in an amount sufficient to fully amortize the Loan(s) evidenced by such Note. Borrower shall pay the Terminal Payment on the date of the last amortization payment.
Sample 1
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REPAYMENT OF EQUIPMENT LOANS. (Section 1.10): Borrower may request Equipment Loans from the Closing Date through December 31, 2003 (the “Equipment Availability End Date”), and Silicon will make Equipment Loans not exceeding the Equipment Loan Amount. To obtain an Equipment Loan, Borrower will deliver to Silicon copies of invoices for the Equipment being financed, and such additional information as Bank may request at least five (5) Business Days before the proposed funding date. The Equipment Loans may only be used to finance or refinance Equipment purchased three hundred sixty five (365) days before the date of each Equipment Loan (the “Funding Date”) and may not exceed one hundred percent (100%) of the equipment invoice, including taxes, shipping, warranty charges, freight discounts and installation expense. Each Equipment Loan must be for a minimum of Two Hundred Thousand Dollars ($200,000). Silicon Valley Bank Amended and Restated Loan and Security Agreement Interest accrues from the Funding Date of each Equipment Loan at the rate in Section 1.2 and is payable monthly. Equipment Loans are payable in thirty six (36) equal monthly installments of principal and accrued interest, beginning on the first day of each month (each date being called a “Payment Date”), after the Funding Payment Date. On the Funding Date (unless such Funding Date is the first Business Day of the month) Borrower shall pay to Silicon an amount (the “Interim Payment”) equal the number of days from the Funding Date until the first Payment Date with respect to such Equipment Advance.
Sample 1
REPAYMENT OF EQUIPMENT LOANS. (Section 1.10): Borrower will continue to repay the outstanding balance of the Equipment Loan in equal monthly principal payments of principal and interest in accordance with Schedule 2 attached hereto. The provisions of this Agreement and the Loan Documents shall supersede all prior agreements with respect to the Equipment Loan.
Sample 1
REPAYMENT OF EQUIPMENT LOANS. (Section 1.7): Borrower may request Equipment Loans from the Closing Date through September 30, 2002 (the “Equipment Availability End Date”), and Silicon will make Equipment Loans not exceeding the Equipment Sublimit. To obtain an Equipment Loan, Borrower will deliver to Silicon copies of invoices for the Equipment being financed, together with a UCC Financing Statement, if requested by Silicon, covering the Equipment described thereon, and such additional information as Bank may request at least five (5) Business Days before the proposed funding date. The Equipment Loans may only be used to finance or refinance Equipment purchased on or after ninety (90) days before the date of each Equipment Loan and may not exceed one hundred percent (100%) of the equipment invoice, excluding taxes, shipping, warranty charges, freight discounts and installation expense. Software may constitute up to twenty five percent (25%) of the aggregate Equipment Loans. Each Equipment Loan must be for a minimum of One Hundred Thousand Dollars ($100,000). The number of Equipment Loans is limited to four (4). Interest accrues from the date of each Equipment Loan at the rate in Section 1.2 and is payable monthly. Equipment Loans are payable in thirty six (36) equal monthly installments of principal, plus accrued interest, beginning on the last day of the first month following the making of the Equipment Loan.
Sample 1

Related to REPAYMENT OF EQUIPMENT LOANS

  • Equipment Loans Section 2.3(b) of the Loan Agreement shall be amended and restated in its entirety as follows:

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to one and one half percent (1 .50%) above the Prime Rate.

  • Repayment of Excess Advances The aggregate balance of Advances outstanding at any time in excess of the maximum amount of Advances permitted hereunder shall be immediately due and payable without the necessity of any demand, at the Payment Office, whether or not a Default or Event of Default has occurred.

  • Repayment of the Loans The Companies (a) may prepay the Obligations from time to time in accordance with the terms and provisions of the Notes (and Section 17 hereof if such prepayment is due to a termination of this Agreement); (b) shall repay on the expiration of the Term (i) the then aggregate outstanding principal balance of the Loans together with accrued and unpaid interest, fees and charges and; (ii) all other amounts owed Laurus under this Agreement and the Ancillary Agreements; and (c) subject to Section 2(a)(ii), shall repay on any day on which the then aggregate outstanding principal balance of the Loans are in excess of the Formula Amount at such time, Loans in an amount equal to such excess. Any payments of principal, interest, fees or any other amounts payable hereunder or under any Ancillary Agreement shall be made prior to 12:00 noon (New York time) on the due date thereof in immediately available funds.

  • Notes; Repayment of Loans (a) All Revolving Credit Loans made by a Lender to the Borrowers shall be evidenced by a single Revolving Credit Note, duly executed on behalf of the Borrowers, dated the Closing Date, in substantially the form of EXHIBIT B annexed hereto, delivered and payable to such Lender in a principal amount equal to its Revolving Credit Commitment on such date. The outstanding balance of each Revolving Credit Loan, as evidenced by any such Revolving Credit Note, shall mature and be due and payable on the Revolving Credit Termination Date if such date occurs earlier than the Conversion Date or, subject to the terms and conditions of this Agreement, including, without limitation, that no Default or Event of Default shall then exist, shall be converted to a Term Loan on the Conversion Date. The Term Loan made by a Lender on the Conversion Date shall be evidenced by a single Term Note, duly executed on behalf of the Borrowers, dated the Conversion Date, in substantially the form of EXHIBIT A annexed hereto, delivered and payable to such Lender in a principal amount equal to its PRO RATA share (based on its Revolving Credit Commitment) of the Revolving Credit Loans being converted on such date; PROVIDED, HOWEVER, that the failure of the Borrowers to deliver Term Notes pursuant to the provisions of this Section shall not affect the liability of the Borrowers to repay the amount of Revolving Credit Loans being converted.

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Repayment of Loans; Evidence of Debt (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date.

  • Prepayment of the Loan The Company may from time to time prepay all or any portion of the Loan without premium or penalty of any type. The Company shall give the Lender at least three Business Day prior written notice of its intention to prepay the Loan, specifying the date of payment and the total amount of the Loan to be paid on such date.

  • Repayment of the Loan The Borrower shall repay the outstanding principal amount of the Loan in full on the Maturity Date.

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

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