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Document Preview Line of Credit Agreement for the Acquisition of Equipment |
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Title: |
Line of Credit Agreement for the Acquisition of Equipment |
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Entities: |
International Electronics Inc.; International Electronics Inc. |
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Date: |
2003 |
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Size: |
Preview shows 5KB of 15KB total |
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Price: |
$39 |
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ID: |
#184034 |
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LINE OF CREDIT AGREEMENT
FOR THE ACQUISITION OF EQUIPMENT
January 14, 2003
International Electronics, Inc.
427 Turnpike Street
Canton, Massachusetts 02021
Attn: John Waldstein, President and Treasurer
Gentlemen:
We (hereinafter Bank) are please to advise you (hereinafter referred to as the Borrower) that Bank has established a line of credit of up to Five Hundred Thousand ($500,000.00) Dollars (hereinafter the Credit Limit) for Borrower to be used exclusively for the purchase of new or used equipment; subject to Banks periodic review. This line of credit will be subject to the following terms and conditions:
1. Any advances, extensions of credit, or loan of funds pursuant to this line of credit (hereinafter collectively and separately referred to as the Loan) will be made only if in the opinion of Bank there has been no material adverse change of circumstances and if there exists no Event(s) of Default (as hereinafter defined). No advances, extensions of credit or loan of funds will be made on or after February 29, 2004. Any sums repaid hereunder shall not be readvanced.
2. Borrower may draw upon this line of credit from time to time by presenting to Bank for each Loan: (i) an invoice from the vendor of such equipment in a form reasonably acceptable to Bank, which includes, without limitation, the purchase price of such equipment, including all accessions thereto, net of all discounts, rebates, and other dealer or manufacturer incentives; (ii) a certificate of origin, bill of sale, or other documentation reasonably satisfactory to Bank indicating whether the equipment being purchased is new or used (hereinafter referred to as the Equipment Documentation); and (iii) an Equipment Documentation Certification in the form of Exhibit A annexed hereto. Except for the last draw which may be in the amount of the unused portion of the Credit Limit, all draws will be in the amounts equal to or greater than Fifty Thousand ($50,000.00) Dollars.
3. The aggregate principal amount of any Loan made against any Equipment Documentation shall not exceed the lesser of (i) the Credit Limit, less any previous Loan, or (ii) one hundred (100%) percent of the net purchase price (exclusive of any soft costs, transportation or installation charges) of the new equipment referred to therein, or (iii) seventy (70%) percent of the net purchase price (exclusive of any soft costs, transportation or installation charges) of the used equipment referred to therein, provided, however, that the above limit may be exceeded if the Banks appraisal (conducted on an auction value basis) of Borrowers equipment would exceed the limit for the purpose of purchasing used equipment.
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