Revolving Equipment Loans. If at any time the aggregate amount of outstanding Revolving Equipment Loans exceeds the Revolving Equipment Loans Limit, the Borrowers shall be deemed to have repaid such excess with Revolving Working Capital Loans up to the amount that would not cause an Overadvance (such amount, the “Deemed Working Capital Conversion”). Any amount in excess of the Deemed Working Capital Conversion shall be an Overadvance and shall be repaid in cash in accordance with Section 1.7(a).
Revolving Equipment Loans. Each request for a Revolving Equipment Loan must be accompanied by a copy of the purchase order or invoice for the Eligible Equipment to be purchased with the proceeds of such Revolving Equipment Loan, together with such other documentation reasonably requested by the Lender to perfect the Lender’s security interest in such Eligible Equipment.
Revolving Equipment Loans. Subject to the terms and conditions of this Agreement and the other Financing Documents, the Lender agrees to make Revolving Equipment Loans from time to time on any Business Day prior to the Revolving Commitment Termination Date in an aggregate amount at any one time outstanding not to exceed (1) the Maximum Equipment Revolver Amount minus (2) the then aggregate outstanding principal amount of Revolving Equipment Loans. The Lender shall have no obligation to make Revolving Equipment Loans to the extent such Revolving Equipment Loans would cause the aggregate outstanding principal balance of Revolving Equipment Loans to exceed the Maximum Equipment Revolver Amount. Each Revolving Equipment Loan shall be used to purchase Eligible Equipment for use in the Borrower's business. The principal amount of each Revolving Equipment Loan shall not exceed 90% of the purchase price of such Eligible Equipment. All Equipment acquired with the proceeds of such Revolving Equipment Loans shall be free and clear of any Liens of others except the Liens of the Lender. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Equipment Loans prior to the Revolving Commitment Termination Date.
