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. (a) Section 2.1(b) is amended to read as follows: (b)
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(b) unless the Lender and such Borrower shall agree in writing to another manner of disbursement. Upon the Lender's request, such Borrower shall promptly confirm each telephonic request for a CapEx Advance by executing and delivering an appropriate confirmation certificate to the Lender. The Borrowers shall be obligated to repay all CapEx Advances notwithstanding the Lender's failure to receive such confirmation and notwithstanding the fact that the person requesting the same was not in fact authorized to do so. Any request for a CapEx Advance, whether written or telephonic, shall be deemed to be a representation by such Borrower that the conditions set forth in Section 4.2 have been satisfied as of the time of the request. (3)
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 2.5. The 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.
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. 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:
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. Subject to the terms and conditions set forth in this Agreement and provided no Event of Default nor any incipient Event of Default shall have occurred and shall be continuing under this Agreement, Lender shall make Capex Advances to the Borrower in a sum equal to up to Five Million Dollars ($5,000,000.00) in the aggregate to permit Borrower to finance permitted capital expenditures. Such financing will be in an amount up to fifty percent (50%) of the net invoice cost of such Equipment (exclusive of shipping, handling, taxes, installation and all other "SOFT" costs) or with respect to self-constructed assets, the market value of such assets pursuant to an appraisal acceptable to Lender, subject to the provisions of Section 2.1(c) hereof ("Capex Advance Rate") (collectively, "CAPEX ADVANCES"). Once repaid, a Capex Advance may not be reborrowed. Capex Advances shall bear interest at the Capex Interest Rate. Capex Advances shall be accumulated until the earlier of (i) the first anniversary of the Closing Date or (ii) the date on which the aggregate amount of Capex Advances outstanding equals $5,000,000.00 (the "BORROWING PERIOD"). At the end of the Borrowing Period, the sum of all Capex Advances will be amortized on the basis of a six year amortization schedule. Monthly payments will be determined for the Capex Advances made during the Borrowing Period. The Capex Advances shall be, with respect to principal, payable in equal monthly installments commencing on the first Business Day following the end of the Borrowing Period, and on the last Business Day of each month thereafter, with a final installment in an amount equal to the entire outstanding balance thereof payable on the last day of the Term, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement, and in accordance with, the terms of that certain secured promissory note, (the "CAPEX PROMISSORY NOTE"), in the form attached hereto as Exhibit 2.1(b).
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. 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.
