Examples of Equipment Borrowing Base in a sentence
Equipment to be included in the Equipment Borrowing Base must be new equipment, at the time of purchase by Borrower, owned by Borrower, in good working order, must not be subject to any liens in favor of any person or entity other than Silicon, and must be subject to a first priority, perfected security interest in favor of Silicon.
An amount not to exceed the lesser of (i) $250,000 at any one time outstanding; or (ii) the amount of the "Equipment Borrowing Base", as defined below.
Equipment included in the Equipment Borrowing Base were required to be new equipment, at the time of purchase by Borrower, owned by Borrower, in good working order, were required to be subject to any liens in favor of any person or entity other than Silicon, and were required to be subject to a first priority, perfected security interest in favor of Silicon.
For purposes of this Schedule, the "Equipment Borrowing Base" meant 80% of the invoice value of equipment purchased by Borrower.
For purposes of this Schedule, the "Equipment Borrowing Base" shall mean 90% of the invoice value of equipment purchased by Borrower.
However, in the case of the $140,000 ONYX System purchase, the Equipment Borrowing Base shall include software, installation and costs.
Subject to the terms hereof, Lender will make Advances to Borrower up to the principal amount of the Commitment or 100% of Equipment Borrowing Base, on or before the Commitment Termination Date.
Subject to the terms hereof, Lender will make Advances to Borrower up to the lesser of (i) the principal amount of the Commitment or (ii) in the case of Commitment One, Commitment Two and Commitment Three, 100% of Equipment Borrowing Base, on or before the Commitment Termination Date.
However, in the case of the $140,000 ONYX System purchase, the Equipment Borrowing Base included software, installation and costs.
Equipment included in the Equipment Borrowing Base was required to be new equipment at the time of purchase by Borrower, owned by Borrower, in good working order, not subject to any liens in favor of any person or entity other than Silicon, and subject to a first priority, perfected security interest in favor of Silicon.