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.
Equipment Loan. Section 2.1.2 of the Loan Agreement is amended in its entirety and replaced with the following:
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. 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:
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. If, at any time, the aggregate principal amount of all outstanding Equipment Loans shall exceed the Equipment Loan Borrowing Base, then any such excess amount shall, without limiting any other rights or remedies of Lender hereunder, be immediately paid by Borrower to the Lender.
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. Subject to and upon the terms and conditions of this Agreement, Silicon shall make an equipment loan to Borrower in an amount equal to the lesser of (i) 100% of the invoice value (excluding taxes, shipping, warranty charges, freight discounts and installation expense) of Borrower's Eligible Equipment purchased on or after May 1, 2003 or (ii) $500,000.00 (the "Equipment Loan"). Beginning on August 31, 2004 and continuing on last day of each month thereafter, Borrower shall pay to Silicon (a) equal monthly installments of principal based upon the initial principal amount the Equipment Loan divided by thirty-six (36), PLUS (b) interest on the outstanding amount of the Equipment Loan at the rate applicable to the Equipment Loan as set forth on the Schedule. The entire outstanding principal balance, plus all accrued and unpaid interest and other charges under the Equipment Loan shall be due and payable upon the Maturity Date applicable to the Equipment Loan.
Equipment Loan. Subject to the terms and conditions of this Agreement, each Lender, severally and not jointly, shall, from time to time, make available advances to the Borrowers to finance any such Borrower’s purchase of Equipment for use in such Borrower’s business (each, an “Equipment Loan” and collectively, the “Equipment Loans”). All such Equipment Loans shall be in such amounts as are requested by Borrower, but in no event shall any Equipment Loan exceed 80% of the net invoice cost (excluding taxes, shipping, delivery, handling, installation, overhead and other so called “soft” costs) of the Equipment then to be purchased by Borrower and the total amount of all Equipment Loans outstanding hereunder shall not exceed, in the aggregate, the Maximum Equipment Loan Amount. Once repaid an Equipment Loan may not be reborrowed. Advances consisting of Equipment Loans shall be accumulated from the Restatement Date through the one (1) year anniversary of the Restatement Date (the “Borrowing Period”). At the end of the Borrowing Period, no additional Equipment Loans shall be made and the sum of all Equipment Loans made during the Borrowing Period shall amortize on the basis of a sixty (60) month schedule. The Equipment Loans shall be, with respect to principal, payable in equal monthly installments based upon the amortization schedule set forth above, commencing on January 1, 2016 and on the first (1st) day of each month thereafter with the balance payable upon the expiration of the Term, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement. The Equipment Loans shall be evidenced by one or more secured promissory notes (collectively, the “Equipment Note”). The Equipment Loans may consist of Domestic Rate Loans or Eurodollar Rate Loans, or a combination thereof, as Borrower may request. In the event that Borrower desires to obtain or continue a Eurodollar Rate Loan or to convert a Domestic Rate Loan to a Eurodollar Rate Loan, Borrower shall comply with the notification requirements set forth in Sections 2.2(c) and (d) and the provisions of Sections 2.2(c) through (g) shall apply.
Equipment Loan. Except as set forth in Section 2.2(b), the Equipment Advances and the 2005 Equipment Advances shall bear interest, on the outstanding daily balance thereof, at a rate equal to the Prime Rate or as set forth in the LIBOR/Cost of Funds Addendum to Loan & Security Agreement attached as Exhibit B.
