Equipment Loan Sample Clauses

Equipment Loan. (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make one (1) or more Equipment Advances to Borrower.

Equipment Loan. Bank shall make one or more additional extensions of credit to Equipment Loan Borrower under the Equipment Loan in an aggregate amount not to exceed the maximum principal amount of the Equipment Loan to finance capital equipment expenditures, subject to the following terms and conditions: (i) Subject to the satisfaction of the conditions precedent set forth in subsection (iii) below, Bank shall make advances of principal under the Equipment Loan (each, an “Equipment Loan Advance”) to Equipment Loan Borrower from time to time until September 28, 2026 (the “Availability Period”); provided, however, that the principal amount of all outstanding Equipment Loan Advances shall not exceed the maximum principal amount of the Equipment Loan. The Equipment Loan shall be a revolving credit facility. Subject to all applicable provisions in this Agreement, each Term Note, and any and all other agreements between Equipment Loan Borrower and Bank related to the Equipment Loan, the Equipment Loan Borrower may borrow, pay, prepay and reborrow under the Equipment Loan at any time during the Availability Period, and any amount of principal that has been repaid under any Term Note may be reborrowed as an additional Equipment Loan Advance after such repayment. Equipment Loan Borrower may request Equipment Loan Advances not more than once per calendar quarter to reimburse Equipment Loan Borrower for equipment purchased in the preceding one hundred twenty (120) day period (or prior to such one hundred twenty (120) day period to the extent approved by PNC); and the preceding three hundred (300) day period for the initial Equipment Loan Advance after the date hereof; provided, however, that Equipment Loan Borrower may not request any Equipment Loan Advance in an amount less than $500,000.00. (ii) Each Equipment Loan Advance shall be evidenced by a separate term note (each, as modified, amended, renewed, restated or replaced from time to time, a “Term Note”) in the amount of each respective Equipment Loan Advance, made by all Equipment Loan Borrowers (jointly and severally as co-borrowers) payable to Bank in accordance with the terms thereof. Each Term Note shall (a) bear interest at a variable rate equal to 2.75% above the greater of (I) the Variable Loan Rate (as defined in the applicable Term Note), or (II) 0.00% (collectively, the “Equipment Loan Rate”), (b) be repaid in monthly payments of principal (calculated using an amortization period equal to the term of such Equipment Lo...

Equipment Loan. Subject to Section 2.3(b), the principal amount outstanding under the Equipment Loan shall accrue interest at a floating per annum rate equal to the greater of (X) the aggregate of the Prime Rate plus one percent (1.00%) and (Y) seven percent (7.00%), which interest shall be payable monthly in accordance with Section 2.3(f) below.” and inserting in lieu thereof the following:

Equipment Loan. Section 2.1.2 of the Loan Agreement is amended in its entirety and replaced with the following:

Equipment Loan. Pursuant to the terms of this Agreement and subject to the satisfaction of the conditions precedent referred to in Section 6 hereof, the Bank agrees to lend to the Borrower, and the Borrower may, in its sole discretion, borrow from the Bank, advances not to exceed in the aggregate at any time the maximum credit limit (the "Equipment Loan") equal to Four Million Dollars ($4,000,000.00). Advances under the Equipment Loan shall be made in an amount equal to up to one hundred percent (100%) of the purchase price of each such piece of equipment, as reflected on an invoice in form acceptable to the Bank. Advances under the Equipment Loan may be made to the Borrower during the period from the date hereof until June 30, 2000, unless an Event of Default or a Default occurs, subject to the maximum credit amount set forth in this Section 3. 1. On June 30, 2000, the principal balance then outstanding under the Equipment Loan shall no longer be available to the Borrower for borrowing on a revolving basis. Such amount shall be repaid as provided in that certain promissory note in the form of Exhibit 3.1A attached hereto, and any amendments, modifications, replacements or substitutions thereof ("Equipment Note 2000"), which shall provide for, among other things, a seven (7) year straight-line amortization schedule. Such amount shall be repaid in accordance with the terms of Equipment Note 2000. Any unused portion of the Equipment Loan available on June 30, 2000 and not evidenced by Equipment Note 2000 shall be available to the Borrower for revolving advances under the Equipment Loan until June 30, 2001. On June 30, 2001, the line of credit feature of the Equipment Loan shall terminate, and the then outstanding principal balance of the Equipment Loan plus accrued and unpaid interest thereon shall be repaid in accordance with the terms of that certain promissory note in the form of Exhibit 3.1B attached hereto, and any amendments, modifications, replacements or substitutions thereof ("Equipment Note 2001"), which shall provide for, among other things, a seven (7) year straight-line amortization schedule.

Equipment Loan. Either party to this Agreement may provide equipment to -------------- the other party under the terms of an Equipment Loan Agreement attached as Exhibit E to this Agreement, solely for use in the other party's manufacturing, --------- testing, adapting and/or supporting the OEM Products. The parties agree that an Equipment Loan Agreement will be completed and executed within six (6) months of the effective date of this Agreement. All equipment will be clearly segregated from the receiving company's property and identified as the sole property of the loaning company. Loaned equipment may not be transferred, assigned, loaned or otherwise encumbered in any way. Loaned equipment may be provided to third parties for fulfillment of either party's obligations hereunder only upon the loaning party's prior written consent. Loaned equipment will be returned to the loaning party, at the receiving party's expense, upon termination of this Agreement.

Equipment Loan. During the Takedown Period Lender shall loan to Borrower pursuant to the terms and conditions hereof, those amount(s) listed on one or more Funding Requests submitted to Lender in such form and substance acceptable to the Lender, setting forth a request for funding and attaching thereto a “Schedule B” describing in detail that portion of the Borrower’s goods, Soft Costs and Equipment against which an advance is to be made hereunder; provided, Soft Costs shall comprise no more than 15% of any advance. Advances shall be made for 100% of Equipment Cost, provided no Equipment with an Equipment Cost of less than $1,000 shall be required to be financed by Lender, provided, further, purchases of operating system software shall be reviewed for loan eligibility at a loan value that is mutually acceptable. Such Funding Requests shall be no more than once per calendar month, for a minimum amount to be advanced of (a) $100,000 prior to November 12, 2003, and (b) $250,000 on and after November 12, 2003. Except as otherwise provided herein, the aggregate amount of the advances made hereunder shall not exceed Seven Million Dollars ($7,000,000). This is not a revolving line of credit and Borrower may not repay and re-borrow the amounts advanced or to be advanced hereunder.

Equipment Loan. Bank agrees, on the terms and conditions set forth in this Agreement, to make one (1) Advance to Borrower under the Equipment Loan contemporaneously with the execution and delivery of this Agreement such that the aggregate principal amount of such Advance will not exceed the Maximum Loan Amount (the “Equipment Loan”). Notwithstanding the foregoing, the aggregate amount of the Advances by Bank from time to time shall be subject to any reserves that Bank in its sole and absolute discretion may deem proper and/or necessary. The Equipment Loan is not revolving, Borrower may not reborrow any sums previously repaid.

Equipment Loan. Family Accommodations can loan a commode chair, cot, crib, shower chair/bench and/or bed rails, upon request. Respiratory equipment is not provided or serviced within FamilyAccommodations.