Equipment Line. Thirty-six (36) months from the date of the final -------------- draw under the Equipment Line. Borrower shall make no more than five (5) draws under the Equipment Line, which draws must be requested and made within the twelve (12) month period immediately following the Closing Date (the "Equipment Line Expiration Date").
Equipment Line. The maximum availability under the Equipment Line is hereby increased to $3,000,000 as of the Amendment Date. All Advances under the Equipment Line shall be limited to 100% of the face amount of equipment invoices (excluding taxes, shipping and installation) submitted with any Advance Request.
Equipment Line. Subject to Section 2.3(b), at Borrower’s election, the principal amount outstanding for each Equipment Advance shall accrue interest at either: (i) the greater of (x) a floating per annum rate equal to one percentage point (1.0%) above the Prime Rate, or (y) six and three-quarters of one percent (6.75%), or (ii) a fixed per annum rate equal to eight and one-quarter of one percent (8.25%), determined by Bank as of the applicable Funding Date, which interest shall be payable monthly in accordance with Section 2.3(f).” and inserting in lieu thereof the following:
Equipment Line. On the Closing Date, a Facility Fee equal to $2,500, which shall be non-refundable; provided, however, that upon the occurrence of an Equity Event, Borrower shall pay to Bank an additional Facility Fee equal to $500, which shall be non-refundable; provided, further, that upon the occurrence of an IPO/Equity Infusion, Borrower shall pay to Bank an additional Facility Fee equal to $7,500.
Equipment Line. The following Section 2.7 is hereby added to the Original Agreement:
Equipment Line. (a) From time to time during the availability period, the Bank will make equipment loans (the "Equipment Loans") to the Borrower as provided herein. Each Equipment Loan must be for at least Twenty Five Thousand Dollars ($25,000), or for the amount of the remaining available line of credit, if less. The total of all Equipment loans outstanding under the Equipment Line (the "Facility No. 2") plus the outstanding amounts of any standby letter of credit issued pursuant to Paragraph 2.4, including amounts drawn on letters of credit and not yet reimbursed, may not exceed at any one time Five Million Dollars ($5,000,000) (the "Facility No. 2 Commitment").
Equipment Line. The Equipment Line shall be available at the -------------- Closing Date in such amounts as determined pursuant to the Borrowing Base Rider. Advances under the Equipment Line shall be limited to 90% of the face amount of equipment invoice (excluding taxes, shipping and installation) submitted with any Advance Request (as provided below in 2.5).
Equipment Line. The term "EQUIPMENT LINE" means the One Million Five Hundred Thousand Dollar ($1,500,000.00) line of credit under which: (a) the LENDER provides the equipment term loans to the BORROWER in accordance with the provisions of Section 3.4 of this AGREEMENT; and (b) the LENDER or LEASECORP acquires items of EQUIPMENT selected by the BORROWER and leases such EQUIPMENT to the BORROWER in accordance with the provisions of Section 3.4 of this AGREEMENT.
Equipment Line. The LENDER agrees: (a) to extend to the BORROWER, under the EQUIPMENT LINE, term loans from time to time in order to finance the acquisition of items of EQUIPMENT, provided, that the principal amount of any such term loan shall not exceed one hundred percent (100%) of the lesser of (i) the fair market value for the EQUIPMENT purchased with such loan advance, or (ii) the actual net invoice price paid by the BORROWER (less the value of all rebates, trade-ins, and all shipping and installation costs) for the EQUIPMENT purchased with such loan advance; and (b) to acquire, or cause LEASECORP to acquire, items of EQUIPMENT selected by the BORROWER and lease, or cause LEASECORP to lease, such items of EQUIPMENT to the BORROWER; provided, however, that the aggregate of the principal amount of all term loans advanced under the EQUIPMENT LINE plus the LEASED EQUIPMENT COST shall never exceed the cumulative principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00). The minimum amount of any term loan advanced under the EQUIPMENT LINE shall be Ten Thousand Dollars ($10,000.00) and the minimum amount of the LEASED EQUIPMENT COST in any single lease transaction shall be Ten Thousand Dollars ($10,000.00).
