Capital Expenditure Advances Sample Clauses

Capital Expenditure Advances. (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make advances (each a “Capital Expenditure Advance” and, collectively, the “Capital Expenditure Advances”) to Borrower in three tranches, Tranche A, Tranche B and Tranche C. The advances under Tranche A shall be made on or before September 20, 2003, in a single advance, and shall be used solely to pay or reimburse Borrower for capital expenditures of Borrower approved by Bank that were incurred by Borrower after January 1, 2003 but before the date of this Agreement, as reflected in a capital expenditure report delivered to Bank on or about the date of the Tranche A Advance that has been certified as accurate by a Responsible Officer; provided, that if the advance under Tranche A is made after July 20, 2003, then the amount of the advance under Tranche A must be at least $2,000,000.00 (regardless of the amount set forth in the capital expenditure report) and Borrower must obtain an advance under Tranche A. Borrower may request Capital Expenditure Advances under Tranche B at any time from the day after the Tranche A Capital Expenditure Advance through the Tranche B Availability End Date. Borrower may request Capital Expenditure Advances under Tranche C at any time from the Tranche B Availability End Date through the Tranche C Availability End Date. The aggregate amount of the Tranche A Capital Expenditure Advances, Tranche B Capital Expenditure Advances and Tranche C Capital Expenditure Advances shall not exceed the Capital Expenditure Line. Whenever Borrower desires a Capital Expenditure Advance under Tranche B or Tranche C, Borrower shall deliver to Bank for its reasonable approval a capital expenditure report reflecting the capital expenditures incurred by Borrower during the prior 90 days for which Borrower desires an advance, which capital expenditure report shall exclude any capital expenditures for which Borrower has previously requested a Capital Expenditure Advance under this Agreement and which capital expenditure report shall be certified as accurate by a Responsible Officer. Each Capital Expenditure Advance shall not exceed 80% of the amount (excluding taxes, shipping, warranty charges, freight discounts and installation expense) of certified capital expenditures (which Borrower shall, in any case, have incurred within 90 days of the date of the corresponding Capital Expenditure Advance, except with respect to Tranche A which shall have been incurred no earlier tha...
Sample 1
AutoNDA by SimpleDocs
Capital Expenditure 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 July 5, 2000 (the "Capital Expenditure Advances"); provided that there are no Defaults then existing and such Advance will not cause a Default. The Lender shall have no obligation to make a Capital Expenditure Advance under this Section 2.4 if, after giving effect to such requested Capital Expenditure Advance, the outstanding aggregate principal balance of the Capital Expenditure Advances would exceed the lesser of (A) One Million Five Hundred Thousand Dollars ($1,500,000), or (B) eighty-five percent (85%) of the invoiced purchase price of new Equipment (exclusive of installation and other soft costs), plus eighty percent (80%) of the orderly liquidation value, based on a desktop appraisal by an independent appraiser satisfactory to the Lender, provided by the Borrower to the Lender at the Borrower's expense of used Equipment, in each case of used Equipment, in each case purchased by the Borrower after the date hereof, reduced by the aggregate amount of the scheduled principal payments described in Section
Sample 1
Capital Expenditure Advances. Except as set forth in Section 2.3(b), the Capital Expenditure Advances shall bear interest, on the outstanding daily balance thereof, at a rate equal to 1.25% above the Prime Rate; provided, however, that in no event shall the applicable rate of interest ever be less than 5.50% per annum.
Sample 1
Capital Expenditure Advances. Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Capital Expenditure Advances to Borrower, from time to time during the period commencing on the Closing Date and ending on October 1, 2002, in aggregate principal amounts, at any time, equal to such Lender's Commitment Percentage of up to the lesser of (i) $5,800,000; or (ii) 70% of the appraised orderly liquidation value of Borrower's domestic Equipment (For purposes of this Subsection 2.2(a), the term "Equipment" shall include only the Equipment of the Borrower). Upon receipt by Agent of an appraisal calculating the appraised orderly liquidation value of Borrower's domestic Equipment, Borrower shall reimburse each Lender their Commitment Percentage of any Capital Expenditure Line Advances provided to Borrower in excess of the value of 70% of the appraised orderly liquidation value of Borrower's domestic Equipment. The Capital Expenditure Advances shall be evidenced by the secured promissory note (the "Capital Expenditure Line Note"), substantially in the form attached as Exhibit 2.2(a). The amount derived from the calculation of the lesser of (i) and (ii) above shall be referred to as the "Capital Expenditure Line Formula Amount".
Sample 1
Capital Expenditure Advances. Lender shall, provided no Event of Default or Incipient Event of Default shall have occurred hereunder, provide advances to Borrower in the amount of up to $5,700,000 for the purchase of certain fixed assets acceptable to Lender (the "Capital Expenditure Advances"). The Capital Expenditure Advances will be used by Borrower solely for the purchase of fixed assets acceptable to Lender. Prior to each Capital Expenditure Advance, Borrower will deliver to Lender a detailed budget and description of the particular capital expenditure, which expenditure shall be subject to prior approval by Lender. Provided no Event of Default or Incipient Event of Default shall have occurred hereunder, the capital expenditures described on Schedule 2(k)3 annexed hereto for the second (2nd), third (3rd) and fourth (4th) fiscal quarters of 2001 have been approved by Lender and so long as no Event of Default or Incipient Event of Default shall have occurred hereunder, the applicable amount shall be credited to Borrower's account with Lender on the first business day of the months of May, July and October, 2001. Capital Expenditure Advances will be limited to $2,000,000 per fiscal quarter of Borrower. No Capital Expenditure Advances shall be made by Lender to Borrower prior to May 1, 2001." (i) Section 2(l) of the Agreement is hereby amended by deleting the existing text of said section in its entirety and by substituting the following in its place and stead:
Sample 1
Capital Expenditure Advances. Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Capital Expenditure Advances to Borrower, from time to time during the period commencing on the Closing Date and ending on November 30, 2002, in aggregate principal amounts, at any time, to such Lender's Commitment Percentage of up to the lesser of (i) $15,000,000; or (ii) 70% of the Liquidation Value of In-Place Domestic Property, Plant and Equipment. Capital Expenditure Line Advance Rates shall mean the percentage referred to in clause (ii) above and the proviso to Section 2.2(c)). The Capital Expenditure Advances shall be evidenced by the secured promissory note (the "Capital Expenditure Line Note"), substantially in the form attached as Exhibit 2.2(a). The amount derived from the calculation of the lesser of (ii) and (iii) above shall be referred to as the "Capital Expenditure Line Formula Amount".
Sample 1

Related to Capital Expenditure Advances

  • Capital Expenditures The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

  • Capital Expenditure Make or incur any Capital Expenditure if, after giving effect thereto, the aggregate amount of all Capital Expenditures by Borrower in any fiscal year would exceed the amount set forth on the Schedule;

  • Maximum Capital Expenditures The Parent and the Borrower will, and will cause each Consolidated Subsidiary to, not make Capital Expenditures on a consolidated basis that exceed $30,000,000 in any fiscal year (the “Base Capital Expenditure Amount”). Notwithstanding anything to the contrary, the Base Capital Expenditure Amount shall be increased by the following amounts: (i) to the extent that the aggregate amount of Capital Expenditures made by the Parent and its Consolidated Subsidiaries in any fiscal year is less than the Base Capital Expenditure Amount, the amount of such difference may be carried forward and used to make Capital Expenditures in succeeding fiscal years, provided that in any fiscal year, the amount permitted to be applied to make Capital Expenditures pursuant to this clause (i) shall in no event exceed an amount equal to 75% of the unused portion of the Base Capital Expenditure Amount for such fiscal year (without giving effect to any prior adjustments), (ii) if no Default or Event of Default has occurred and is continuing, or would result after giving effect thereto, the Parent and its Consolidated Subsidiaries may make additional Capital Expenditures to the extent that the amount of such excess is deducted from the Base Capital Expenditure Amount in succeeding fiscal years, provided that in any fiscal year, the amount permitted to be applied to make Capital Expenditures pursuant to this clause (ii) shall in no event exceed an amount equal to 25% of the Base Capital Expenditure Amount (without giving effect to any prior adjustments) and (iii) the Base Capital Expenditure Amount shall exclude any Capital Expenditures that are funded with the Available Credits; provided that, at the time of such Capital Expenditures, the Borrower shall deliver a certificate of a Financial Officer stating the portion of Capital Expenditures that is being made from the Available Credit, and setting forth a calculation of the Available Credit immediately before and immediately after such Capital Expenditures.

  • LENDER'S EXPENDITURES If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity.

  • Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1. (ii) The parties acknowledge and agree that the permitted Consolidated Capital Expenditure level set forth in clause (i) above shall be exclusive of the amount of Consolidated Capital Expenditures actually made with the proceeds of a cash capital contribution to Company (including the proceeds of issuance of equity securities) made by Parent from the issuance by Parent of its equity Securities after the Closing Date and specifically identified in a certificate delivered by an Authorized Officer of Company to Administrative Agent on or about the time such capital contribution is made; provided that, to the extent any such cash capital contributions constitute Net Securities Proceeds after the Closing Date, only that portion of such Net Securities Proceeds which is not required to be applied as a prepayment pursuant to Section 2.4B(ii)(c) (or pursuant to the First Lien Credit Agreement) may be used for Consolidated Capital Expenditures pursuant to this clause (ii).

  • Excluded Expenditures The Recipient undertakes that the proceeds of the Financing shall not be used to finance Excluded Expenditures. If the Association determines at any time that an amount of the Financing was used to make a payment for an Excluded Expenditure, the Recipient shall, promptly upon notice from the Association, refund an amount equal to the amount of such payment to the Association. Amounts refunded to the Association upon such request shall be cancelled.

  • Expenditure Limit The Contractor shall notify the County of Orange assigned Deputy Purchasing Agent in writing when the expenditures against the Contract reach 75 percent of the dollar limit on the Contract. The County will not be responsible for any expenditure overruns and will not pay for work exceeding the dollar limit on the Contract unless a change order to cover those costs has been issued.

  • Limitation on Capital Expenditures Make or commit to make any Capital Expenditures except: (a) Capital Expenditures made (or deemed made) with the proceeds of any Reinvestment Deferred Amount (including Capital Expenditures made during the six-month period prior to the relevant Reinvestment Event); (b) Capital Expenditures in any Fiscal Year to finance the acquisition, construction or leasing of fixed or capital assets of the Borrower and its Class I Restricted Subsidiaries in the ordinary course of business not exceeding the Applicable Consolidated EBITDA Amount for such Fiscal Year; provided, that (x) such amounts referred to above, if not so expended in the Fiscal Year for which it is permitted, may be carried over for expenditure in the next succeeding Fiscal Year and (y) Capital Expenditures made pursuant to this paragraph (b) during any Fiscal Year shall be deemed made, first, in respect of amounts permitted for such Fiscal Year as provided above and, second, in respect of amounts carried over from the prior Fiscal Year pursuant to clause (x) above; (c) to the extent that no amounts under Section 7.7(a) and (b) are available, Capital Expenditures to finance the acquisition, construction or leasing of fixed or capital assets in an amount not to exceed the Applicable Amount at the time of, and immediately prior to the making of, such Capital Expenditure; provided that, immediately prior to and after giving effect to such Capital Expenditure under this paragraph (c), no Default or Event of Default shall have occurred and be continuing; and (d) notwithstanding anything in this Section 7.7 to the contrary, and without utilization of any amounts described in paragraphs (a) through (c) of this Section 7.7, purchases of digital projectors and other digital cinema equipment from or with DCIP.

  • Eligible Expenditures 1. Subject to Article 8.7 of the Regulation, eligible expenditures of this Programme are: (a) management costs of the Programme Operator in accordance with the detailed budget in the financial plan; (b) payments to projects within this Programme in accordance with the Regulation, this programme agreement and the project contract. 2. Eligible expenditures of projects are those actually incurred by the Project Promoter or project partners, meet the criteria set in Article

  • XXXXXX’S EXPENDITURES If any action or proceeding is commenced that would materially affect Xxxxxx’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Xxxxxxxx. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!