Examples of New container in a sentence
The Equipment Loan Advances may only be used to finance the purchase by Borrower of Used Container Equipment and New Container Equipment (collectively, together with any accessions or additions thereto and whether constituting equipment or inventory under the UCC, the “Equipment”).
If DM or Seller desires to make a Spec Change or purchase or sell any New Container under this Agreement, it shall submit to the other a proposed new Schedule 2.1 identifying the Spec Change proposed to be made or the New Container proposed to be supplied under this Agreement (a "Proposal").
Only one (1) advance under the Used Container Subfacility and two (2) advances under the New Container Subfacility will be permitted.
Seller shall indemnify and hold DM harmless from and against any and all claims of patent and other "intellectual property" infringement or misuse relating to Containers and shall bear all costs and expenses, including reasonable attorneys' fees, arising from or related to any such claim, unless the claim arises from events which occurred before the date of this Agreement or from DM's request for a Spec Change or New Container.
Prior to the Equipment Availability End Date, Borrower may request up to two (2) advances for the purpose of purchasing certain newly manufactured shipping containers set forth on Schedule 1 to each New Container Note (the “New Container Equipment”).
The obligation to repay the Used Container Advance hereunder shall be further evidenced by a promissory note (the “Used Container Note”) payable by Borrower to the order of Lender, and the obligation to repay each New Container Advance hereunder shall be further evidenced by a promissory note (the “New Container Note” and, together with the Used Container Note, collectively, the “Notes”), each payable by Borrower to the order of Lender and substantially in the form attached hereto as Exhibit B.
The New Container Subfacility shall not exceed the Committed Equipment Line minus the Used Container Subfacility.
The amount by which the aggregate principal amount of all Vendor Debt secured by Eligible Owner Containers (including without limitation any New Container to be purchased with the proceeds of any Loan) exceeds $10,000,000.
In addition, if the Equipment Loan Advance is requested under the New Container Subfacility, Borrower shall also deliver to Lender, at least five (5) Business Days before the Funding Date, copies of invoices for each unit of New Container Equipment to be funded under such Equipment Loan Advance.
Payments of principal and interest under the Used Container Note and each New Container Note, respectively, shall be due and payable as and when provided therein.