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). Upon fulfillment of the applicable conditions set forth in Article IV, the Lender shall deposit the proceeds of the requested CapEx Advance by crediting the same to such Borrower's demand deposit account specified in Section 2.1
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. 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. 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. As to each CAPEX Advance, (a) at least 5 Business Days before such CAPEX Advance is to be made Lender shall have received a request by Borrower therefor in the form of Exhibit B to Amendment No. 1 an appraisal identifying the proposed CAPEX Equipment and the estimated Orderly Liquidation Value and "forced sale value" of such Equipment; (b) the Equipment for which such CAPEX
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. 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
CapEx Advances. (a) The Lender agrees, subject to the terms and conditions of this Agreement, to make advances to the Borrowers from time to time from the Funding Date to the date of the first anniversary of the Funding Date (each a “CapEx Advance”). The Lender shall have no obligation to make a CapEx Advance if, after giving effect to such requested CapEx Advance: (a) the aggregate amount of all CapEx Advances made would exceed $1,000,000, (b) the Debt Service Coverage Ratio would be less than 1.20 to 1, or (c) the amount of the requested CapEx Advance would exceed 80% of the purchase price (excluding tax, freight and installation charges) for the new Equipment purchased by Borrowers in anticipation of such CapEx
