Equipment Facility. 7 2.1.2 Letter of Credit Facility......................... 7 2.2 Interest Rates, Payments, and Calculations............... 8 2.3
Equipment Facility. (a) Subject to and upon the terms and conditions of this Agreement, Bank agrees at any time from the date hereof through the Equipment Availability Date, to make Advances under the Equipment Facility to Borrower in an aggregate principal amount of up to the Committed Loan Amount. On the date of each such Advance, Borrower shall provide invoices and other documents as requested by Bank, in form and content satisfactory to Bank, demonstrating that the Advances then outstanding under the Equipment Facility (A) shall be used to finance or refinance, as the case may be, Eligible Equipment, and (B) (i) shall not exceed one hundred percent (100%) of the cost of such Eligible Equipment, excluding any and all installation, freight or warranty expenses or sales taxes and (ii) that no more than twenty-five percent (25%) of the value of such Eligible Equipment for each such Advance is comprised of software licenses, leasehold improvements or other soft costs. Amounts borrower pursuant to this Section 2.1.1 may not be reborrowed once repaid.
Equipment Facility. (a) Subject to the terms and conditions of this Agreement, Bank agrees to lend to Borrower, from time to time prior to the Commitment Termination Date, equipment advances (each an "Equipment Advance" and collectively the "Equipment Advances") in an aggregate amount not to exceed the Committed Equipment Line. When repaid, the Equipment Advances may not be re-borrowed. The proceeds of the Equipment Advances shall be used solely to reimburse Borrower for the purchase of Eligible Equipment purchased within ninety (90) days (determined based upon the applicable invoice date of such Eligible Equipment) of the Equipment Advance and to purchase new Eligible Equipment. Not withstanding the foregoing, the proceeds of the first Equipment Advance shall be used to reimburse the Borrower for the purchase of Eligible Equipment purchased within one hundred twenty (120) days (determined based upon the applicable invoice date of such Eligible Equipment) of the Equipment Advance. Bank's obligation to lend hereunder shall terminate on the earlier of (i) the occurrence and continuance of an Event of Default, or (ii) the Commitment Termination Date. For purposes of this Section, the minimum amount of each Equipment Advance is One Hundred Thousand Dollars ($100,000.00). The Borrower may only request a total of ten (10)
Equipment Facility. The Company and its Subsidiaries shall have borrowed not less than $23,000,000 pursuant to a loan and security agreement in form and substance reasonably satisfactory to Parent (the “Equipment Facility”) and shall have used the proceeds of such Equipment Facility (i) to refinance borrowings under the Credit Agreement which were used by the Company to repay and terminate all present and future lease obligations, and other obligations of the Company and its Subsidiaries, in respect of the buy-out of the leases of the Company and/or any of its Subsidiaries for the following vessels: (A) Florida (official number: 506446), (B) Key West (official number: 684596) and (C) G.L. 184 (official number: 652202) and (ii) for working capital and general corporate purposes, and such Equipment Facility shall be in full force and effect after giving effect to the transactions contemplated hereby without material default thereunder.
Equipment Facility. Subject to the terms and conditions herein set forth, during the Equipment Facility Commitment Period, the Bank agrees to make available to the Borrower an equipment finance facility (the "Equipment Facility"), under which the Bank shall make advances (each an "Equipment Loan" and collectively the "Equipment Loans") to the Borrower from time to time to finance the acquisition of the Financed Equipment. Amounts borrowed under the Equipment Facility and repaid may not be reborrowed. The amounts outstanding under each Equipment Loan shall be evidenced by separate promissory notes, substantially in the form of Exhibit A hereto (together with any attachments thereto and amendments or modifications thereof in effect from time to time, an "Equipment Loan Note" and collectively the "Equipment Loan Notes"). The Equipment Loans shall be Fixed Rate Loans.
Equipment Facility. Bank has made a term loan to Borrower, evidenced by that certain Amended and Restated Promissory Note dated November 5, 2010, in the principal amount of One Million One Hundred Twelve Thousand Eight Hundred Twenty Seven and No/100 Dollars ($1,112,827.00). The Equipment Facility shall be fully funded as of November 5, 2010.
Equipment Facility. (a) Subject to the terms and conditions of this Agreement, Bank agrees to lend to Borrower, from time to time prior to the Commitment Termination Date, equipment advances (each an "Equipment Advance" and collectively the "Equipment Advances") in an aggregate amount not to exceed the Committed Equipment Line. When repaid, the Equipment Advances may not be re-borrowed. The proceeds of the Equipment Advances will be used solely to reimburse Borrower for the purchase of Eligible Equipment purchased within 120 days of the Equipment Advance. Each Equipment Advance shall be considered a promissory note evidencing the amounts due hereunder for all purposes. Bank's obligation to lend hereunder shall terminate on the earlier of (i) the occurrence and continuance of an Event of Default, or (ii) the Commitment Termination Date. For purposes of this Section, there shall be no more than six (6) Equipment Advances, and the minimum amount of each Equipment Advance is $200,000. Not more than $1,500,000 of the Equipment Advances may be used to finance the purchase of Eligible Equipment which is not located in the United States.
Equipment Facility. (a) Subject to the terms and conditions of this Agreement, Bank agrees to lend to Borrower, from time to time prior to the Commitment Termination Date, equipment advances (each an “Equipment Advance” and collectively the “Equipment Advances”) in an aggregate amount not to exceed the Committed Equipment Line. When repaid, the Equipment Advances may not be re-borrowed. The proceeds of the Equipment Advances will be used solely to reimburse Borrower for the purchase of Eligible Equipment purchased within 90 days of the Equipment Advance, provided however, the proceeds of the initial Equipment Advance may be used to finance (i) Eligible Equipment purchased as far back as November 20, 2001 and (ii) Other Equipment up to $165,057 without invoices. Each Equipment Advance shall be considered a promissory note evidencing the amounts due hereunder for all purposes. Bank’s obligation to lend hereunder shall terminate on the earlier of (i) the occurrence and continuance of an Event of Default, or (ii) the Commitment Termination Date. For purposes of this Section, the minimum amount of each Equipment Advance is $100,000 (with the exception of the initial Equipment Advance and the final Equipment Advance which may be a lesser amount) and the maximum number of Equipment Advances that will be made is 6.
Equipment Facility. The Bank has extended to Borrower equipment advances (each an “Equipment Facility Advance” and collectively the “Equipment Facility Advances”). Any Payment/Advance Form and/or Loan Agreement Supplement - Equipment Facility Advances delivered to Bank by Borrower are hereby incorporated by reference herein and are Loan Documents under this Agreement. As of the Effective Date, the outstanding principal amount of Equipment Facility Advances is 165,706.03. When repaid, the Equipment Facility Advances may not be re-borrowed. Bank’s obligation to lend hereunder terminated on the Equipment Facility Commitment Termination Date.
Equipment Facility. (a) Bank has made three advances (“Equipment Advance” and, collectively, “Equipment Advances”). No further Equipment Advances shall be made to Borrower under the Committed Equipment Line, and the total outstanding principal amount of Equipment Advances as of the date of this Agreement is $5,328,909.53.
