CapEx Advances Sample Clauses
CapEx Advances. Lender shall fund CapEx Advances, to be used solely to pay or reimburse Borrower for the Mezzanine Loan Percentage of Approved Capital Expenses at the Property, provided the following conditions precedent are satisfied, as reasonably and in good faith determined by L▇▇▇▇▇:
(a) all of the general conditions precedent set forth in Section 2.9.5 hereof have been satisfied (unless such condition is expressly stated to be applicable to a specific type of Advance that is not a CapEx Advance);
(b) there shall be no more than one CapEx Advance during any calendar month;
(c) the minimum amount of any CapEx Advance (together with any “CapEx Advance” under the Mortgage Loan) shall be at least $[***] (unless same is the last Advance of Loan proceeds hereunder), it being agreed that Borrower shall be permitted to aggregate amounts otherwise eligible to be funded as part of a Leasing Advance in order to satisfy the minimum advance threshold (with Lender agreeing to fund such aggregated amounts as a single Advance);
(d) Mortgage Lender shall have made or concurrently therewith is making a “CapEx Advance” under the Mortgage Loan Agreement with respect to the Approved Capital Expenses that are the subject of the requested CapEx Advance;
(e) in no event shall the aggregate amount of all CapEx Advances previously made by L▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ and the proposed CapEx Advance exceed the Maximum CapEx Advance Amount; and
(f) if Lender reasonably determines that, after giving effect to the subject CapEx Advance and the “CapEx Advance” then being made under the Mortgage Loan (which determination shall be conclusive and binding on Borrower absent manifest error), the portion of the Maximum CapEx Advance Amount and the “Maximum CapEx Advance Amount” with respect to the Mortgage Loan remaining undisbursed is less than the Approved Capital Expenses that are unpaid and will not be paid by Borrower concurrently with the CapEx Advance, then, prior to Mortgage Lender making any additional CapEx Advance, Owner shall deposit into the Capital Expense Subaccount (as defined in the Mortgage Loan Agreement) an amount equal to such shortfall, as reasonably and in good faith determined by Mortgage Lender, and such amount shall be disbursed by Mortgage Lender as if a CapEx Advance for purposes of this Section 2.9.2 prior to Mortgage Lender making any further CapEx Advance.
CapEx Advances. The Lender agrees, on the terms and subject to the conditions herein set forth, to make advances to any Borrower from time to time from the Funding Date to the CapEx Note Consolidation Date (the "CapEx Advances"). The Lender shall have no obligation to make a CapEx Advance to a Borrower if, after giving effect to such requested CapEx Advance, (a) the sum of the CapEx Advances made to such Borrower would exceed the lesser of (i) the CapEx Maximum Line or (ii) 80% of the cost (excluding taxes, shipment costs, and similar charges) of such Borrower's New Unencumbered Equipment, or (b) the sum of the CapEx Advances made to all Borrowers would exceed the lesser of (i) the CapEx Maximum Line or (ii) 80% of the cost (excluding taxes, shipment costs, and similar charges) of all of the Borrowers' New Unencumbered Equipment. Each Borrower's obligation to pay the CapEx Advances shall be evidenced by the CapEx Note and shall be secured by the Collateral as provided in Article III. Each Borrower agrees to comply with the following procedures in requesting CapEx Advances:
(1) Such Borrower shall make each request for a CapEx Advance to the Lender before 11:00 a.m. (Denver time) two Banking Days before the day of the requested CapEx Advance. Requests may be made in writing or by telephone, specifying the date of the requested CapEx Advance and the amount thereof.
(2) Each CapEx Advance shall be in a minimum amount of $250,000.
(3) Each request shall be by an individual authorized pursuant to Section 2.1(a).
CapEx Advances. Section 2.1 (b) is amended in its entirety to read as follows:
CapEx Advances. The Borrower shall pay to the Administrative Agent for the ratable benefit of each CapEx Lender the aggregate outstanding principal amount of the CapEx Advances in quarterly installments each equal to five percent (5%) of the aggregate CapEx Advances outstanding on the CapEx Commitment Termination Date (after giving effect the CapEx Advances, if any, made on the CapEx Commitment Termination Date). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with the first such payment date occurring after the CapEx Commitment Termination Date through and including September 30, 2015, and commencing again with March 31, 2017, and a final installment of the remaining, unpaid principal balance of the CapEx Advances payable on the CapEx Maturity Date.
CapEx Advances. As of the Sixth Amendment Effective Date, the outstanding total principal balance of the 2000 Capex Note, 2001 Capex Note, and 2004 CapEx Note was $721,715.40, with interest paid through May 31, 2005. No Borrower has any claim, defense or offset to enforcement of the 2000 Capex Note, the 2001 CapEx Note or the 2004 CapEx Note.”
CapEx Advances. Borrowers may, upon at least five Business Days prior written notice to Agent, prepay the principal of any Capex Advance, in whole or in part. Each prepayment made pursuant to this Section 2.4(d)(ii) shall be accompanied by the payment of accrued interest to the date of such payment on the amount prepaid. Each such prepayment shall be applied against the remaining installments of principal due on the Capex Advances in the inverse order of maturity (for the avoidance of doubt, any amount that is due and payable on the Maturity Date shall constitute an installment).
CapEx Advances. The Lender agrees, on the terms and subject to the conditions herein set forth, to make advances to the Borrower from time to time from the Funding Date to the Termination Date (the "CapEx Advances"). The Lender shall have no obligation to make a CapEx Advance under this Section 2.4 if, after giving effect to such requested CapEx Advance, the outstanding principal balance of the CapEx Advances would exceed the lesser of: (i) $1,500,000, (ii) 90% of the invoice amount, less taxes, freight, and set up charges of the Manufacturing Equipment to be purchased, or (iii) the appraisal value as of the date of acquisition of the Manufacturing Equipment or actual appraised value of the Manufacturing Equipment at the time of purchase; reduced by the aggregate amount of the scheduled principal payments described in Section
CapEx Advances. Notwithstanding anything in the Credit Agreement to the contrary, the Borrower shall be permitted to make, and the Lenders shall advance, a CapEx Advance in an amount equal to $732,530 on the Second Amendment Date; provided, that the Forced Liquidation Value, as determined by the appraisal currently being conducted by Superior, is no less than $40,000,000; and provided, further, that such CapEx Advance and the Capital Expenditures acquired with the proceeds of such CapEx Advance shall be excluded from the calculations of the Financial Covenants.
CapEx Advances. The Borrower shall pay to the Administrative Agent for the ratable benefit of each CapEx Lender the aggregate outstanding principal amount of the CapEx Advances in quarterly installments each equal to 6.25% of the aggregate CapEx Advances outstanding on the CapEx Commitment Termination Date. Such quarterly installments shall be due and payable on each March 31, June 30, September 30, and December 31, commencing with the first payment date occurring after the end of the CapEx Commitment Termination Date, and a final installment of the remaining, unpaid principal balance of the CapEx Advances payable on the CapEx Maturity Date.
CapEx Advances. Section 2.11 Payment of Term Advance and CapEx Advances