Equipment Advance Sample Clauses

Equipment Advance. (a) On the Closing Date, Bank will make an advance (the "Equipment Advance") not exceeding the Committed Equipment Line. The Equipment Advance may only be used to finance or refinance Equipment as follows: (yy) Borrower may use up to $5,000,000, but in not event less than $3,000,000, of the Equipment Advance for Equipment purchased between November 1, 2001 and December 31, 2002; and (zz) Borrower may use any balance of the Equipment Advance remaining for Equipment purchased on or after January 1, 2003 and prior to March 31, 2003. (b) One hundred percent (100%) of the Equipment Advance must be used to purchase Equipment, provided, however that software, leasehold improvements or other soft costs, including, without limitation, taxes, shipping, warranty charges, freight discounts and installation expense may constitute up to thirty percent (30%) of the aggregate of Equipment purchased with the proceeds of the Equipment Advance. The number of Equipment Advances is limited to one (1). (c) Interest accrues from the date of the Equipment Advance at the rate in Section 2.2 (a) and is payable monthly. The Equipment Advance is payable in thirty six (36) equal monthly installments of principal, plus accrued interest, beginning on the first day of May 2002 and ending on April 29, 2005. The Equipment Advance shall be evidenced by the Equipment Term Note to be executed and delivered by Borrowers to Bank on the Closing Date. The Equipment Advance when repaid may not be reborrowed. (d) Promptly after purchasing any Equipment with an Equipment Advance, the Company must deliver to Bank a completed supplement in substantially the form attached as Exhibit B ("Loan Supplement"). (e) Thereafter, at the time any proceeds from the Committed Equipment Line are used to purchase Equipment permitted to be purchased under this Agreement, the Company shall promptly deliver to Bank copies of invoices for the Equipment being financed marked "paid", together with a UCC Financing Statement, if requested by Bank, covering the Equipment being purchased with the Equipment Advance, and such additional information as Bank may reasonably request within five (5) Business Days of the purchase. (f) In the event the balance of the Equipment Advance is not used by the Company on or before March 31, 2003, the Borrowers shall immediately remit to Bank the unused balance, which amount shall be applied to the payment of the Obligations in the inverse order of maturity.
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Equipment Advance. As used herein, "Equipment Advance" means a borrowing requested by Borrower and made by Bank under the Equipment Line of the Loan Agreement, including a LIBOR Option Advance and/or a Prime Rate Option Advance.
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Equipment Advance. Except as set forth in Section 2.3(b), the outstanding principal balance of each Equipment Advance shall bear interest (computed daily on the basis of a 360 day year and actual days elapsed), at a variable rate equal to the Prime Rate plus 1.75%; provided however that at no time shall the rate be less than 5.50% per annum.
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Equipment Advance. Section 2.1.3 of the Loan Agreement hereby is amended and restated in its entirety and replaced with the following:
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Equipment Advance. (a) Not later than September 25, 1997, Borrower may request one (1) advance (the "Equipment Advance") from Bank in an aggregate principal amount equal to the lesser of Two Hundred Thousand Dollars ($200,000) or Sixty Five Percent (65%) of the book value of Equipment approved by Bank to be financed by the Equipment Advance. (b) Interest shall accrue from the date of the Equipment Advance at a floating rate equal to the Prime Rate plus One and Three-quarters Percent (1.75%) per annum. The Equipment Advance will be payable in thirty-six (36) equal monthly installments of principal, plus accrued interest, on the seventeenth day of each month beginning September 17, 1997. The entire principal balance and all accrued but unpaid interest shall be due and payable on August 17, 2000. (c) When Borrower desires to obtain an Equipment Advance, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission received no later than 3:00 p.m. California time one (1) Business Day before the day on which the Equipment Advance is to be made. Such notice shall be in substantially the form of EXHIBIT B. The notice shall be signed by a Responsible Officer and include a list of the Equipment to be financed and evidence satisfactory to Bank of the book value of such Equipment. (d) The Equipment Advance shall be deemed an "Advance" for the purpose of calculating availability under Sections 2.1 and 2.2 until Bank receives evidence satisfactory to Bank that Borrower has achieved a Debt Service Coverage of not less than 2.00 to 1.00 for two consecutive fiscal quarters. 4. Sections 6.8, 6.9, 6.10 and 6.11 are amended, and Section
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Equipment Advance. Except as set forth in Section 2.4(b), all Equipment Advances shall bear interest, on the average Daily Balance thereof, at a rate equal to one half of one (0.50) percentage point above the Prime Rate.
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Equipment Advance. Each employee may request an advance of up to a maximum of six months of their regular monthly clothing allowance. During their first year of employment new hires may request an advance of up to 12 months of their regular monthly clothing allowance. Any employee receiving such advancement shall be liable to the County for such amount and shall agree to repayment through subsequent withholding of the amount until paid. An employee whose employment is terminated for any reason prior to repayment of such amount shall be liable for repayment of funds advanced. Repayment of the advance payment shall be accomplished by withholding an employee’s Uniform Allowance until the entire advancement has been met.
Sample 1
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Equipment Advance. Except as set forth in Section ----------------- 2.3(b), all Equipment Advances shall bear interest, on the average Daily Balance thereof, at a rate equal to one half of one percentage point (0.5%) above the Prime Rate; provided, however, that Borrower shall have a one-time option to elect to have the Equipment Advances bear interest, on the average Daily Balance thereof, at a rate equal to three percentage points (3%) above the yield of the 36 month Treasury Note as reported in the Western edition of The Wall Street --------------- Journal, which rate shall be fixed at the time of Borrower's election. Borrower ------- shall give written notice to Bank of its interest rate election on the Equipment Availability Date. If Borrower fails to give such notice, then the applicable rate shall be the Prime Rate described herein.
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Equipment Advance 
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Related to Equipment Advance

  • Equipment Advances (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Equipment Advances to Borrower. Borrower may request Equipment Advances at any time during the Draw Period, provided that the initial Equipment Advance shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000) (the “Initial Equipment Advance”). The aggregate outstanding amount of Equipment Advances shall not exceed the Equipment Line. Each Equipment Advance shall not exceed sixty percent (60%) of the invoice amount of equipment and software listed in that certain Machinery and Equipment 2013 Projection delivered to Bank on or about the Closing Date (which Borrower shall, in any case, have purchased, (i) with respect to the Initial Equipment Advance, within one hundred eighty (180) days and (ii) with respect to all subsequent Equipment Advances, within ninety (90) days, of the date of the corresponding Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense. Each Equipment Advance must be in an amount equal to the lesser of One Hundred Fifty Thousand Dollars ($150,000) or the amount that has not yet been drawn under the Equipment Line. (ii) Interest shall accrue from the date of each Equipment Advance at the rate specified in Section 2.3(a), and shall be payable in accordance with Section 2.3(c). Any Equipment Advances that are outstanding on June 30, 2013 shall be payable in twenty seven (27) equal monthly installments of principal, plus all accrued interest, beginning on July 1, 2013, and continuing on the same day of each month thereafter through the Equipment Maturity Date. Any Equipment Advances made by Bank after June 30, 2013 shall immediately amortize and be payable in equal monthly installments of principal, plus all accrued interest, beginning on the first (1st) day of the month immediately following such Equipment Advance and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with the Equipment Advances made under this Section 2.1(b) shall be immediately due and payable. Equipment Advances, once repaid, may not be reborrowed. Except as set forth in the Pricing Addendum, Borrower may prepay the Equipment Advances prior to the Equipment Maturity Date, provided that on the date of such prepayment Borrower shall, (i) prepay all but not less than all of the Equipment Advances and (ii) in connection with such prepayment, pay to the Bank to the Prepayment Fee, if applicable. (iii) When Borrower desires to obtain an Equipment Advance, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:00 p.m. Pacific time three (3) Business Days before the day on which the Equipment Advance is to be made. Such notice shall be substantially in the form of Exhibit C. The notice shall be signed by a Responsible Officer or its designee and include a copy of the invoice for any Equipment to be financed. Bank shall be entitled to rely on any facsimile notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance.” 2. Section 2.1(c) of the Agreement hereby is amended and restated in its entirety to read as follows:

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Subsequent Advances The obligation of FINOVA to make any advance shall be subject to the further conditions precedent that, on and as of the date of such advance: (a) the representations and warranties of Borrower set forth in this Agreement shall be accurate, before and after giving effect to such advance or issuance and to the application of any proceeds thereof; (b) no Event of Default and no event which, with notice or passage of time or both, would constitute an Event of Default has occurred and is continuing, or would result from such advance or issuance or from the application of any proceeds thereof; (c) no material adverse change has occurred in the Borrower's business, operations, financial condition, in the condition of the Collateral, or other assets of Borrower or in the prospect of repayment of the Obligations; and (d) FINOVA shall have received such other approvals, opinions or documents as FINOVA shall reasonably request.

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to one percent (1.0%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.3(d) below.

  • Agent Advances (i) Subject to the limitations set forth below, the Agent is authorized by the Borrower and the Revolving Credit Lenders, from time to time in the Agent’s sole discretion, upon notice to the Revolving Credit Lenders, (A) after the occurrence of a Default or an Event of Default, or (B) at any time that any of the other conditions precedent set forth in Article IX have not been satisfied, to make Base Rate Loans to the Borrower on behalf of the Lenders in an aggregate principal amount outstanding at any time not to exceed 10% of the Borrowing Base (provided that the making of any such Loan does not cause the Aggregate Revolver Outstandings to exceed the Maximum Revolver Amount) which the Agent, in its good faith judgment, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations (including through Base Rate Loans for the purpose of enabling Holdings and its Subsidiaries to meet their payroll and associated Tax obligations), and/or (3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement, including costs, fees and expenses as described in Section 14.7 (any of such advances are herein referred to as “Agent Advances”); provided, that the Required Lenders may at any time revoke the Agent’s authorization to make Agent Advances. Any such revocation must be in writing and shall become effective prospectively upon the Agent’s receipt thereof. (ii) The Agent Advances shall be secured by the Collateral Agent’s Liens in and to the Collateral and shall constitute Base Rate Loans and Obligations hereunder.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Refinancing Preparation Advance If the Financing Agreement provides for the repayment out of the proceeds of the Financing of an advance made by the Association or the Bank (“Preparation Advance”), the Association shall, on behalf of the Recipient, withdraw from the Financing Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Financing Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Association shall pay the amount so withdrawn to itself or the Bank, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.” 2. Paragraph (i) of Section 6.02 is modified to read as follows: “Section 6.02.

  • Termination; Advance Payments Upon termination of this Lease pursuant to Paragraph 6.2(g) or Paragraph 9, an equitable adjustment shall be made concerning advance Base Rent and any other advance payments made by Lessee to Lessor. Lessor shall, in addition, return to Lessee so much of Lessee's Security Deposit as has not been, or is not then required to be, used by Lessor.

  • Repayment of the Loan Subject to the terms and conditions set forth in the Subordination Agreement and the Senior Credit Agreement, the Borrower shall, until such time as all outstanding Obligations (other than Unasserted Obligations (as defined in the Subordination Agreement)) shall have been paid in full, repay to the Lender the outstanding principal balance of the Loan on each of September 10, 2020, December 10, 2020 and March 10, 2021, in an amount on each such date equal to $25,000,000 less any amount that has been applied to pay any Senior Obligations pursuant to Section 2.05 of the Senior Credit Agreement on such date. For avoidance of doubt, except as otherwise as set forth in the immediately succeeding sentence, accrued interest on any such principal payment shall not become due and payable at such time, and shall instead be payable in accordance with Section 2.06 hereof. Notwithstanding the foregoing, if on any date on which a payment of principal is required to be made pursuant to the first sentence of this Section 2.05, less than the required payment amount of the principal balance of the Loan remains outstanding and unpaid, the Borrower shall pay the following obligations (if any) in the following order until either the sum paid on such date equals the required payment amount for such date or all outstanding Obligations (other than Unasserted Obligations (as defined in the Subordination Agreement)) have been paid in full: (A) outstanding unpaid principal of the Loan, (B) accrued and unpaid interest on the Loan and (C) all other outstanding Obligations (other than Unasserted Obligations (as defined in the Subordination Agreement)). The outstanding unpaid principal balance of the Loan and all accrued and unpaid interest on the Loan shall be due and payable on the Scheduled Maturity Date. If all of the outstanding principal balance of the Loan and accrued interest on the Loan are fully repaid on any date, this Agreement shall terminate as of such date. Any repayment or prepayment of the Loan that is allocated to the principal amount of the Loan shall reduce the Commitment of the Lender on a dollar for dollar basis. On each Scheduled Maturity Date prior to the Final Maturity Date, Borrower shall provide written notice (an “Extension Notice”) to the Lender not less than fifteen (15) Business Days prior to such Scheduled Maturity Date of the upcoming Scheduled Maturity Date, and, subject to lender’s confirmation of receipt of such notice, such Scheduled Maturity Date shall be extended by one additional calendar year, unless the Lender shall, in its sole and absolute discretion, have delivered written notice declining such Extension Notice not less than ten (10) Business Days prior to such Scheduled Maturity Date. If the Borrower fails to provide such Extension Notice (or fails to provide it not less than fifteen (15) Business Days prior to such Scheduled Maturity Date), then the Lender shall have the right to deliver a written notice declining any further extension (a “Non-Renewal Notice”) at any time prior to thirty (30) calendar days after the Scheduled Maturity Date, and effective upon the delivery of such Non-Renewal Notice, (i) if delivered prior to the applicable Scheduled Maturity Date, then no extension shall occur on the applicable Scheduled Maturity Date and such Scheduled Maturity Date shall constitute the Final Maturity Date, or (ii) if delivered after the applicable Scheduled Maturity Date, the date occurring two Business Days following the date of such Non-Renewal Notice shall constitute the Final Maturity Date. If no Extension Notice or Non-Renewal Notice is delivered, the Scheduled Maturity Date shall be extended by one additional calendar year.

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