Equipment Advances Clause Samples

Equipment Advances. (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Equipment Advances to Borrowers in two tranches, Tranche A and Tranche B. Administrative Borrower may request Equipment Advances under Tranche A at any time from the date hereof through the Tranche A Availability End Date. Administrative Borrower may request Equipment Advances under Tranche B at any time from the Tranche A Availability End Date through the Tranche B Availability End Date. The aggregate outstanding amount of Tranche A Equipment Advances and Tranche B Equipment Advances shall not exceed the Equipment Line. Each Equipment Advance shall not exceed 80% of the invoice amount of equipment and software approved by Bank from time to time (which Borrowers shall, in any case, have purchased within 90 days of the date of the corresponding Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense. In no event shall outstanding Equipment Advances made based upon software exceed 10% of 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 under Tranche A on the Tranche A Availability End Date shall be payable in 36 equal monthly installments of principal, plus all accrued interest, beginning on March 26, 2008, and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with Tranche A Equipment Advance made under this Section 2.1(c) shall be immediately due and payable. Any Equipment Advances that are outstanding under Tranche B on the Tranche B Availability End Date shall be payable in 36 equal monthly installments of principal, plus all accrued interest, beginning on October 26, 2008, and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with Tranche B Equipment Advance made under this Section 2.1(c) and any other amounts due under this Agreement shall be immediately due and payable. Equipment Advances, once repaid, may not be reborrowed. Borrowers may prepay any Equipment Advances without penalty or premium. (iii) When Borrowers desire to obtain an Equipment Advance, Administrative Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no la...

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,...

Equipment Advances. (a) Subject to and upon the terms and conditions of this Agreement, at any time from the date hereof through September 30, 1998 (the "Equipment Availability End Date"), Bank agrees to make advances (each an "Equipment Advance" and collectively, the "Equipment Advances") to Borrower in an aggregate outstanding amount not to exceed the Committed Equipment Line. To evidence the Equipment Advance or Equipment Advances, Borrower shall deliver to Bank, at the time of each Equipment Advance request, an invoice for the equipment to be purchased. The Equipment Advances shall be used only to purchase equipment purchased on or after January 1, 1998 and shall not exceed One-Hundred Percent (100%) of the invoice amount of such equipment approved from time to time by Bank, excluding taxes, shipping, warranty charges, freight discounts and installation expense. Software may, however, constitute up to twenty-five percent (25%) of the aggregate of all Equipment Advances. (b) Interest shall accrue from the date of each Equipment Advance at the per annum rate equal to one and one-half (1.5) percentage points above the Prime Rate and shall be payable monthly for each month through the month in which the Equipment Availability End Date falls. Any Equipment Advances that are outstanding on the Equipment Availability End Date will be payable in thirty-six (36) equal monthly installments of principal and interest, beginning on the Payment Date of the month following the Equipment Availability End Date and ending on the Equipment Maturity Date, at which time all unpaid Equipment Advances, interest accrued thereon and all other charges, shall be due and payable in full. Equipment Advances, once repaid, may not be reborrowed. (c) 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. Eastern time one (1) Business Day 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 copy of the invoice for the equipment to be financed. (d) In addition to the facility fee set forth in Section 2.5(a) hereof, Borrower shall pay a facility fee for the Committed Equipment Line equal to Two Thousand Five Hundred and No/100 Dollars ($2,500.00), which fee shall be due on the date of the Loan Modification Agreement and shall be full...

Equipment Advances. (a) Bank will make an advance (the "Initial Equipment Advance") not exceeding the Committed Equipment Line. The Initial Equipment Advance may not exceed the lesser of (i) 50% of the net book value of the continous passive motion devices in the rental base or (ii) the Committed Equipment Line. All subsequent Equipment Advances (the "Subsequent Equipment Advances") shall be made on a semi-annual basis not to exceed the lesser of (i) 75% of the in-service cost of newly manufactured and rebuilt devices or (ii) the Committed Equipment Line. Equipment Advances made under this Section may be repaid and reborrowed during the term of the Committed Equipment Line. (b) Interest accrues from the date of the Initial and Subsequent Equipment Advances at the rate in Section 2.3(a) and is payable monthly until the May 1, 2000 (the "Equipment Maturity Date"). The Initial Equipment Advance payment will be determined by dividing the outstanding principal balance by 30, which sum will constitute the monthly principal payments due to Bank. Such payments shall be payable for 30 months beginning one month following the date of the Initial Equipment Advance and all subsequent payments of principal will be due on the same day of each month thereafter through the Equipment Maturity Date. The repayment of all outstanding Subsequent Equipment Advances shall be 4 determined on a semi-annual basis, following the Initial Equipment Advance by dividing the aggregate outstanding Equipment Advances by 30, which sum will constitute the monthly principal payment due to Bank. Such payments shall be payable beginning one month following the date of the Subsequent Equipment Advance and all subsequent payments of principal will be due on the same day of each month thereafter through the Equipment Maturity Date. (c) To obtain an Equipment Advance, Borrower must notify Bank (the notice is irrevocable) by facsimile no later than 3:00 p.m. Pacific time 1 Business Day before the day on which the Equipment Advance is to be made. The notice in the form of Exhibit B (Payment/Advance Form) must be signed by a Responsible Officer or designee and include a copy of the invoice for the Equipment being financed.

Equipment Advances. (a) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make advances (each an "Equipment Advance" and collectively, the "Equipment Advances") to Borrower: (i) in one advance to take place at any time after --- the Closing Date through thirty (30) days after the Closing Date (the "Equipment Availability End Date No. 1") in the aggregate outstanding amount not to exceed Two Million Dollars ($2,000,000.00) (the "Equipment Line No. 1"), and (ii) at any time and from time to time from the Equipment Availability End Date No. 1 through June 30, 1999 (the "Equipment Availability End Date No. 2") in the aggregate outstanding amount not to exceed Three Million Dollars ($3,000,000.00) less the cumulative Equipment Advances made ---- under Equipment Line No. 1 (the "Equipment Line No. 2"), and (iii) at any time and from time to time from March 13, 2000 through March 31, 2000 (the "Equipment Availability End Date No. 3") in the aggregate outstanding amount not to exceed Two Million Dollars ($2,000,000.00) (the "Equipment Line No. 3"), and (iv) at any time and from time to time from __________, 2000 through September 30, 2000 (the "Equipment Availability End Date No. 4") in the aggregate outstanding amount not to exceed Four Million Dollars ($4,000,000.00) (the "Equipment Line No. 4"), and (v) at any time and from time to time from the Equipment Availability End Date No. 4 through March 31, 2001 (the "Equipment Availability End Date No. 5") in the aggregate outstanding amount not to exceed Four Million Dollars ($4,000,000.00) less the ---- cumulative Equipment Advances made under Equipment Line No.

Equipment Advances. Subject to Section 2.6(c), the principal amount outstanding for each Equipment Advance shall accrue interest at a fixed per annum rate equal to five and one half of one percent (5.50%), which interest shall be payable monthly in accordance with Section 2.6(f) below.

Equipment Advances. Subject to Section 2.3(b), the principal amount outstanding for each Equipment Advance shall accrue interest at a floating per annum rate equal to two and three-quarters of one percentage points (2.75%) above the Prime Rate, which interest shall be payable monthly commencing upon the making of each Equipment Advance.

Equipment Advances. Subject to the prior satisfaction of all other applicable conditions to the making of an Equipment Advance set forth in this Agreement, to obtain an Equipment Advance, Borrower must notify Bank (which notice shall be irrevocable) by electronic mail or facsimile no later than 12:00 p.m. Pacific time one (1) Business Day before the proposed Funding Date. The notice shall be a Payment/Advance Form, must be signed by a Responsible Officer or designee, and shall include a copy of the invoice for the Equipment being financed. If Borrower satisfies the conditions of each Equipment Advance, Bank shall disburse such Equipment Advance by transfer to the Designated Deposit Account.

Equipment Advances. (a) Through April 30, 2005 (the “Equipment Availability End Date”), Bank will make advances (“Equipment Advance” and, collectively, “Equipment Advances”) not exceeding the Committed Equipment Line, but only up to $600,000 may be used to purchase GPS goods and technology, including tracking units, servers and related intellectual property rights, and the remaining unused portion of the Committed Equipment Line may be used to purchase forklifts as long as, prior to any such Equipment Advance, the supplier thereof has provided Bank an acceptable agreement to purchase or repurchase such goods after any Event of Default has occurred and is continuing. The Equipment Advances may only be used to finance or refinance Equipment purchased on or after 90 days before the date of each Equipment Advance and may not exceed 100% of the equipment invoice excluding taxes, shipping, warranty charges, freight discounts and installation expense. Each Equipment Advance must be for a minimum of $20,000. The number of Equipment Advances is limited to 4. (b) Interest accrues from the date of each Equipment Advance at the rate in Section 2.3.1(a) and is payable monthly until the Equipment Availability End Date occurs. Equipment Advances outstanding on the Equipment Availability End Date are payable in 36 equal monthly installments of principal, plus accrued interest, beginning on the last day of each month following the Equipment Availability End Date and ending on April 30, 2008 (the “Equipment Maturity Date”). Equipment Advances when repaid may not be reborrowed. (c) To obtain an Equipment Advance, Borrower must notify Bank (the notice is irrevocable) by facsimile no later than 12:00 p.m. Pacific time 1 Business Day before the day on which the Equipment Advance is to be made. The notice in the form of Exhibit B (Payment/Advance Form) must be signed by a Responsible Officer or designee and include a copy of the invoice for the Equipment being financed.