Equipment Advance Sample Clauses

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 1.00%.

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.

Equipment Advance. As used herein, “Equipment Advance” means an Equipment Advance (as defined in the Note) requested by Borrower and made by Bank under the Note, including a LIBOR Option Advance and/or a Prime Rate Option Advance.

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.

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

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.

Equipment Advance. (i) Subject to and upon the terms and conditions of this Agreement, on or within ten (10) days after the Closing Date, Bank agrees to make an advance (the “Equipment Advance”) to Borrower in an amount not to exceed the Equipment Line. The Equipment Advance shall be used only to refinance Borrower’s existing capital lease obligations with respect to equipment agreed upon by Bank and Borrower prior to the Closing Date, which equipment will either be unencumbered on the Closing Date or will be unencumbered within 30 days after the Closing Date (other than by Bank’s Lien). (ii) Interest shall accrue from the date of the Equipment Advance at the rate specified in Section 2.2, and shall be payable monthly on the first day of each month so long as any portion of the Equipment Advance remains outstanding. The Equipment Advance shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on October 31, 2003 and continuing on the last day of each month thereafter through the Equipment Maturity Date, at which time any outstanding balance of the Equipment Advance shall be immediately due and payable. Once repaid, neither the Equipment Advance, nor any portion thereof, may be reborrowed. Borrower may prepay the Equipment Advance in whole or in part from time to time without penalty or premium. (iii) When Borrower desires to obtain the Equipment Advance, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:30 p.m. Eastern 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 B. The notice shall be signed by a Responsible Officer or its designee and include a detailed schedule of the capital equipment being financed.

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.

Equipment Advance. Section 2.1.3 of the Loan Agreement hereby is amended and restated in its entirety and replaced with the following:

Equipment Advance