Common use of TERMINATION OF EQUIPMENT LOAN COMMITMENT; REPAYMENTS AND PREPAYMENTS OF EQUIPMENT LOANS Clause in Contracts

TERMINATION OF EQUIPMENT LOAN COMMITMENT; REPAYMENTS AND PREPAYMENTS OF EQUIPMENT LOANS. Bank's commitment to make Equipment Loans hereunder shall terminate on December 31, 1998, and Bank shall have no obligation hereunder to make any additional Equipment Loans to Borrower after that date. Bank's commitment to make Equipment Loans hereunder may terminate prior to December 31, 1998 in accordance with Section 13 or 14 hereof. Bank's commitment to make Equipment Loans hereunder shall also terminate on the date on which any mandatory prepayment shall be required pursuant to Section 4 hereof. Borrower promises to pay to Bank the aggregate principal of all Equipment Loans outstanding on December 31, 1998 in thirty-six (36) equal monthly installments on the last day of each calendar month commencing with the first such installment payment on December 31, 1998. The outstanding principal amount of Equipment Loans may be prepaid by Borrower at any time without premium or penalty. If any Qualified Equipment purchased (or refinanced) with the proceeds of any Equipment Loan is at any time sold, assigned or otherwise transferred, Borrower will prepay the outstanding principal of the Equipment Loans, on the date of such sale, assignment or transfer, in an amount equal to the fair market value of the net proceeds received by Borrower on the date of such sale, assignment or transfer after payment of any costs associated therewith. Any such optional or mandatory prepayments shall reduce each of the remaining installment payments of principal on the Equipment Loans in the inverse order of the maturities hereof. Notwithstanding anything to the contrary set forth herein, Borrower promises to pay to Bank the aggregate unpaid principal amount of all Equipment Loans on December 22, 2001, or such earlier date on which the outstanding principal of the Equipment Loans shall be declared to be or shall otherwise become due and payable pursuant to Section 4, 13 or 14 hereof (December 22, 2001 or such earlier date being called the "Equipment Loan Maturity Date".)

Appears in 2 contracts

Samples: Loan Agreement (Aspect Medical Systems Inc), Loan Agreement (Aspect Medical Systems Inc)

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TERMINATION OF EQUIPMENT LOAN COMMITMENT; REPAYMENTS AND PREPAYMENTS OF EQUIPMENT LOANS. Bank's commitment to make Equipment Loans hereunder shall terminate on December 31March 9, 19981999, and Bank shall have no obligation hereunder to make any additional Equipment Loans to Borrower after that date. Bank's commitment to make Equipment Loans hereunder may terminate prior to December 31March 9, 1998 1999 in accordance with Section 13 or 14 hereof. Bank's commitment to make Equipment Loans hereunder shall also terminate on the date on which any mandatory prepayment shall be required pursuant to Section 4 hereof. Borrower promises to pay to Bank the aggregate principal of all Equipment Loans outstanding on December 31, 1998 March 9,1999 in thirty-six three (3633) equal monthly installments on the last day of each calendar month commencing with the first such installment payment on December March 31, 19981999, and with the final installment due on the Equipment Loan Maturity Date. The outstanding principal amount of Equipment Loans may be prepaid by Borrower at any time without premium or penaltytime. If Without limiting Borrower's obligations under Section 12(b)(vi) of this Agreement, if any Qualified Equipment purchased (or refinanced) with the proceeds of any Equipment Loan is at any time sold, assigned or otherwise transferred, Borrower will prepay the outstanding principal of the Equipment Loans, on the date of such sale, assignment or transfer, in an amount equal to the fair market value of the net proceeds received by Borrower on the date of such sale, assignment or transfer after payment of any costs associated therewithtransfer. Any such optional or mandatory prepayments shall reduce each of the remaining installment payments of principal on the Equipment Loans in the inverse order of the maturities hereof, and in such manner among Equipment Loans as Bank shall determine. Notwithstanding anything to the contrary set forth herein, Borrower promises to pay to Bank the aggregate unpaid principal amount of all Equipment Loans on December 22January 31, 20012002, or such earlier date on which the outstanding principal of the Equipment Loans shall be declared to be or shall otherwise become due and payable pursuant to Section 4, 13 or 14 hereof (December 22January 31, 2001 2002 or such earlier date being called the "Equipment Loan Maturity Date".)

Appears in 1 contract

Samples: Loan Agreement (Variagenics Inc)

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TERMINATION OF EQUIPMENT LOAN COMMITMENT; REPAYMENTS AND PREPAYMENTS OF EQUIPMENT LOANS. Bank's commitment to make Equipment Loans hereunder shall terminate on December 3119, 1998, and Bank shall have no obligation hereunder to make any additional Equipment Loans to Borrower after that date. Bank's commitment to make Equipment Loans hereunder may terminate prior to December 3119, 1998 in accordance with Section 13 11 or 14 12 hereof. Bank's commitment to make Equipment Loans hereunder shall also terminate on the date on which any mandatory prepayment shall be required pursuant to Section 4 2 hereof. Borrower promises to pay to Bank the aggregate principal of all Equipment Loans outstanding on December 19, 1998 in thirty (30) equal monthly installments on the last day of each calendar month commencing with the first such installment payment on December 31, 1998. Borrower promises to pay to Bank the aggregate principal of all Equipment Loans made after December 31, 1998 and still outstanding on December 31, 1998 in thirty-six thirty (3630) equal monthly installments on the last day of each calendar month commencing with the first such installment payment on December 31, 1998. The outstanding principal amount of Equipment Loans may be prepaid by Borrower at any time without premium or penalty. If any Qualified Equipment purchased (or refinanced) with the proceeds of any Equipment Loan is at any time sold, assigned or otherwise transferred, Borrower will prepay the outstanding principal of the Equipment Loans, on the date of such sale, assignment or transfer, in an amount equal to the fair market value of the net proceeds received by Borrower on the date of such sale, assignment or transfer after payment of any costs associated therewith. Any such optional or mandatory prepayments shall reduce each of the remaining installment payments of principal on the Equipment Loans in the inverse order of the maturities hereof. Notwithstanding anything to the contrary set forth herein, Borrower promises to pay to Bank the aggregate unpaid principal amount of all Equipment Loans on December 22June 19, 2001, or such earlier date on which the outstanding principal of the Equipment Loans shall be declared to be or shall otherwise become due and payable pursuant to Section 42, 13 11 or 14 12 hereof (December 22June 19, 2001 or such earlier date being called the "Equipment Loan Maturity Date".)

Appears in 1 contract

Samples: Loan Agreement (Rowecom Inc)

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