Revolving Equipment Loan definition

Revolving Equipment Loan means each Loan made by the Lender to the Borrower pursuant to Section 2.01(c)(i).
Sample 1

Examples of Revolving Equipment Loan in a sentence

  • The University System of Maryland (USM) requires that equipment exceeding $50,000 that would be leased, be financed for purchase through the Revolving Equipment Loan Program.

  • Commencing on the first day of the month immediately following the expiration of the Takedown Period, and on the first day of each calendar month thereafter, Debtor shall pay to Bank forty-eight (48) equal monthly installments of principal together with all unpaid interest as it shall have accrued on the Non- Revolving Equipment Loan amortized over such forty-eight (48) months.

  • Each request for a Revolving Equipment Loan must be accompanied by a copy of the purchase order or invoice for the Eligible Equipment to be purchased with the proceeds of such Revolving Equipment Loan, together with such other documentation reasonably requested by the Lender to perfect the Lender’s security interest in such Eligible Equipment.

  • The proceeds of the Revolving Loan shall be used for general working capital purposes and the proceeds of the Revolving Equipment Loan shall be used only for Borrower's Capital Equipment Requirements.

  • Borrower authorized Bank to make Revolving Equipment Loan based upon telephonic notice or upon such other instructions as Bank received from anyone purporting to be an authorized representative of the Borrower, received within the time prior to the Banking Day of the proposed Revolving Equipment Loan as set forth in the Revolving Note, or, if not therein set forth, then by 10:00 a.m. of the Banking Day of the proposed Revolving Equipment Loan.

  • Subject to the terms and conditions hereof, between the date of the Agreement and January 31, 1996 (the "Revolving Equipment Loan Termination Date"), so long as no Default or Potential Default has occurred and is continuing, Bank shall extend to Borrower such loan ("Revolving Equipment Loan") as Borrower may request from time to time in an aggregate unpaid principal amount not exceeding at any one time One Million Five Hundred Thousand Dollars ($1,500,000) (the "Revolving Equipment Credit Commitment").

  • Within the limits of time and amount set forth in this Section 1.1.2, Borrower may borrow, repay and reborrow all or part of the Revolving Equipment Loan.

  • The principal amount of each Revolving Equipment Loan shall not exceed 90% of the purchase price of such Eligible Equipment.

  • Each Revolving Equipment Loan shall be used to purchase Eligible Equipment for use in the Borrower's business.

Related to Revolving Equipment Loan

  • Revolving Facility Loan means a Loan made by a Revolving Facility Lender pursuant to Section 2.01(b). Unless the context otherwise requires, the term “Revolving Facility Loans” shall include the Other Revolving Loans.

  • Revolving Loan Note means a promissory note in the form of Exhibit 2.5-1, as it may be amended, supplemented or otherwise modified from time to time.

  • Revolving Credit Advance means an advance by a Bank to a Borrower as part of a Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate Advance, each of which shall be a “Type” of Advance.

  • Revolving Facility Loans shall include the Other Revolving Loans.

  • Revolving Credit Loan has the meaning specified in Section 2.01(b).

  • Revolving Loan Facility means the credit facility or portion thereof established by Lender in favor of Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations may be made and repaid on a continuous basis based solely on credit availability on the Export-Related Borrowing Base during the term of such credit facility

  • Revolving Loan Notes means with respect to any Borrower the promissory notes of such Borrower in favor of each Lender evidencing the Revolving Loans made to such Borrower and substantially in the form of Exhibit 2.7(a), as such promissory notes may be amended, modified, supplemented or replaced from time to time.

  • ABR Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of Article II.

  • Revolving Facility Credit Exposure means, at any time, the sum of (a) the aggregate principal amount of the Revolving Facility Loans outstanding at such time, (b) the Swingline Exposure at such time and (c) any Revolving L/C Exposure at such time. The Revolving Facility Credit Exposure of any Lender at any time shall be the product of (x) such Lender’s Revolving Facility Percentage and (y) the aggregate Revolving Facility Credit Exposure of all Lenders, collectively, at such time.

  • Revolving Credit Advances has the meaning assigned to such term in Section 2.1.

  • Maximum Revolving Advance Amount means $25,000,000.

  • Revolving Advances means Advances made other than Letters of Credit.

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • Overadvance Loan means a Base Rate Loan made when an Overadvance exists or is caused by the funding thereof.

  • Incremental Revolving Credit Loans shall have the meaning provided in Section 2.14(b).

  • Incremental Revolving Facility Lender means a Lender with an Incremental Revolving Facility Commitment or an outstanding Incremental Revolving Loan.

  • Extended Revolving Credit Loans shall have the meaning provided in Section 2.14(g)(ii).

  • Revolving Facility Usage means at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swing Loans, and the Letter of Credit Obligations.

  • Revolving Credit Loans as defined in Section 2.1.

  • Maximum Revolving Loan Amount means, as of any date of determination, the lesser of (a) the Revolving Loan Commitment(s) of all Lenders minus the Letter of Credit Reserve and (b) the Borrowing Base minus the Letter of Credit Reserve.

  • Revolving Facility Lender means a Lender (including an Incremental Revolving Facility Lender) with a Revolving Facility Commitment or with outstanding Revolving Facility Loans.

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans of the same Class.

  • Revolving Credit Note means a promissory note of the Borrower payable to any Revolving Credit Lender or its registered assigns, in substantially the form of Exhibit C-2 hereto, evidencing the aggregate Indebtedness of the Borrower to such Revolving Credit Lender resulting from the Revolving Credit Loans made by such Revolving Credit Lender to the Borrower.

  • Canadian Swingline Loan means any Loan made by the Canadian Swingline Lender pursuant to Section 2.12.

  • Revolving Interest Rate means, with respect to Revolving Advances, an interest rate per annum equal to (a) the lesser of (i) the sum of the Alternate Base Rate plus the Applicable Revolving Domestic Rate Margin and (ii) the Maximum Rate, with respect to Domestic Rate Loans, and (b) the lesser of (i) the sum of the Eurodollar Rate plus the Applicable Revolving Eurodollar Rate Margin and (ii) the Maximum Rate, with respect to the Eurodollar Rate Loans.