Equipment Portion definition
Examples of Equipment Portion in a sentence
Interest shall accrue in the principal amount of the Base Rate Equipment Portion outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate.
To secure Borrower's obligations to Lender under each Note and the other Basic Documents to which it is or becomes a party, Borrower shall execute and deliver to Lender, on each Purchase Date, a supplement to the Mortgage (a "Mortgage Supplement"), substantially in the form of Schedule A to the Mortgage, granting to Lender a perfected purchase money security interest in the Equipment Portion being purchased from Vendor on such Purchase Date.
Borrower shall notify Lender, by 12:00 noon (Atlanta time) at least two Business Days before a proposed Funding Date, of (a) the date proposed for that Funding Date, (b) the Equipment Cost, rent, rent payment dates, and purchase option price (if any) for each Lease to be financed on that Funding Date, and (c) a description (by type) of each Equipment Portion to be financed on that Funding Date.
The Completion Date for the Equipment Portion of the Project shall occur not later than December 31, 2006 and shall be evidenced to the Director by a certificate in substantially the form of Exhibit G (the “Equipment Completion Certificate”), and signed by an Authorized Borrower Representative of each of the Borrowers.
Borrower shall specifically subject each Lease and Equipment Portion to the Lien of this Agreement on its Funding Date by means of a supplement substantially in the form of Exhibit A to this Agreement (a "Supplement").
Upon Lender's receipt of payment in full of all amounts due in connection with an Advance with respect to a Lease and the related Equipment Portion, Lender shall release its security interest in such Lease and Equipment Portion, shall return to Borrower or its designee the chattel paper original of that Lease as previously delivered to Lender, and shall take any other action required by sec.
The Financed Amount for each Aircraft shall be the Equipment Cost for the related Equipment Portion less the Downpayment for such Equipment Portion, but in no event shall the combined Financed Amount for both Equipment Portions exceed the Commitment.
On and after-the Completion Date of the Construction Portion of the Project, as certified to the Director pursuant to Section 3.3 above, the Borrowers may request the then remaining portion of the Escrow Funds to be disbursed for any Allowable Costs of the Project regardless of whether such Allowable Costs are allocable to the Equipment Portion of the Project or the Construction Portion of the Project.
The Financed Amount for each Aircraft shall be 85% of the Equipment Cost for the related Equipment Portion, so that such total Equipment Cost shall be paid 15% by Borrower and 85% by the related Note, provided, that the Financed Amount for an Aircraft shall not exceed 85% of $6,470,588.00 and Borrower shall pay 100% of Equipment Cost in excess of $6,470,588.00 for any Equipment Portion.
Unless a Default exists, Borrower shall have the right to prepay in full the outstanding principal amount of the Note issued with respect to any designated Equipment Portion, without premium or penalty.