Common use of Facility B Equipment Advances Clause in Contracts

Facility B Equipment Advances. (i) Subject to and upon the terms and conditions of this Agreement, at any time from the date of this Amendment through the day prior to the first anniversary of such date, Bank agrees to make advances (each an “Facility B Equipment Advance” and, collectively, the “Facility B Equipment Advances”) to Borrower in an aggregate amount not to exceed the Facility B Equipment Line. Each Equipment Advance shall not exceed one hundred percent (100%) of the invoice amount of equipment and software on any invoice approved by Bank (which Borrower shall, in any case, have purchased within 90 days of the date of the corresponding Facility B Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense. Facility B Equipment Advances for software approved by Bank shall not exceed Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate of all Facility B Equipment Advances. Notwithstanding the foregoing, subject to and upon the terms and conditions of this Amendment and the Agreement, and subject to the limitation above on software, Bank agrees to make a single Facility B Equipment Advance on or about the date of this Amendment (the “Amendment Date Equipment Advance”) for equipment and software approved by Bank (which Borrower shall have purchased after January 1, 2004, and which may not already be financed by Bank). (ii) Interest shall accrue from the date of each Facility B Equipment Advance at the rate specified in Section 2.3(a), and shall be payable monthly on the last day of each month so long as any Facility B Equipment Advances are outstanding. The Amendment Date Equipment Advance shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on the last day of the first full month following the date of the Amendment Date Equipment Advance, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances (excluding the Amendment Date Equipment Advance) that are outstanding on January 31, 2005 shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on February 28, 2005, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances that are outstanding on July 31, 2005 (excluding the Amendment Date Equipment Advance and any Facility B Equipment Advances which were outstanding on January 31, 2005) shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on August 30, 2005, and continuing on the same day of each month thereafter through the Facility B Equipment Maturity Date, at which time all amounts owing under this Section 2.1(d) and any other amounts owing under this Agreement shall be immediately due and payable. Facility B Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Facility B Equipment Advances without penalty or premium. (iii) When Borrower desires to obtain an Facility B Equipment Advance, Borrower shall notify Bank 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 Facility B 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 and proof of payment of such invoice for any Equipment to be financed.” 5. Section 2.3(a) of the Agreement hereby is amended and restated in its entirety to read as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Tippingpoint Technologies Inc)

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Facility B Equipment Advances. (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Facility B Equipment Advances to Borrower at any time from the date of this Amendment January 31, 2008 through the day prior to the first anniversary earlier of such date, Bank agrees to make advances (each an “Facility B Equipment Advance” and, collectively, the “Facility B Equipment Advances”a) to Borrower in an aggregate amount not to exceed the Facility B Equipment LineFull Utilization Date, and (b) the Facility B Availability End Date. Each Facility B Equipment Advance shall not exceed one hundred percent (x) 100%) % of the invoice amount of new equipment and software on any invoice approved by Bank (which Borrower shall, in any case, have purchased within 90 days of the date of the corresponding Facility B Equipment Advance)from time to time, excluding taxes, shipping, warranty charges, freight discounts and installation expense. Facility B Equipment Advances ; and (y) 100% of the invoice amount for software approved by Bank shall leasehold improvements, not to exceed Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate of all Facility B Equipment Advances. Notwithstanding the foregoing, subject to and upon the terms and conditions of this Amendment and the Agreement, and subject to the limitation above on software, Bank agrees to make a single Facility B Equipment Advance on or about the date of this Amendment (the “Amendment Date Equipment Advance”) for equipment and software approved by Bank (which Borrower shall have purchased after January 1, 2004, and which may not already be financed by Bank)2,000,000. (ii) Interest shall accrue from the date of each Facility B Equipment Advance at the rate specified in Section 2.3(a), and shall be payable monthly on the last day of each month so long as any in accordance with Section 2.3(c). Any Facility B Equipment Advances that are outstanding. The Amendment outstanding as of the Facility B Amortization Start Date Equipment Advance shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on the last day first Business Day of the first full month following after the date of the Amendment Date Equipment AdvanceFacility B Amortization Start Date, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances (excluding the Amendment Date Equipment Advance) that are outstanding on January 31, 2005 shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on February 28, 2005, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances that are outstanding on July 31, 2005 (excluding the Amendment Date Equipment Advance and any Facility B Equipment Advances which were outstanding on January 31, 2005) shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on August 30, 2005, and continuing on the same day of each month thereafter through but no later than the Facility B Equipment Maturity Date, at which time all amounts owing Facility B Equipment Advances made under this Section 2.1(d2.1(c) and any other amounts owing due under this Agreement shall be immediately due and payable. Facility B Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Facility B Equipment Advances without penalty or premium. (iii) When Borrower desires to obtain an a Facility B 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 Eastern time three (3) Business Days before the day on which the Facility B Equipment Advance is to be made. Such notice shall be substantially in the form of Exhibit B. C. The notice shall be signed by a Responsible Officer or its designee and include a copy of the invoice and proof of payment of such invoice for any Equipment to be financed.” 53. Section 2.3(a) of the Agreement is hereby is amended and restated in its entirety to read as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Dexcom Inc)

Facility B Equipment Advances. (ia) Subject to and upon the terms and conditions of this Agreement, at any time from the date of this Amendment hereof through the day prior to the first anniversary of such dateJune 30, 2000, Bank agrees to make advances (each an “a "Facility B Equipment Advance” and", collectively, the "Facility B Equipment Advances", and, collectively with the Facility A Equipment Advances, the "Equipment Advances") to Borrower in an aggregate outstanding amount not to exceed the Facility B Equipment Line. Each The Facility B Equipment Advance Advances shall be used only to purchase Equipment, software, and furniture approved from time to time by Bank purchased on or after ninety (90) days prior to the date hereof, and shall not exceed one hundred percent (100%) of the invoice amount of equipment and software on any invoice approved by Bank (which Borrower shall, in any case, have purchased within 90 days of the date of the corresponding Facility B Equipment Advance)such equipment, excluding taxes, shipping, warranty charges, freight discounts and installation expense. Facility B Equipment Advances for software approved by Bank shall not exceed Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate of all Facility B Equipment Advances. Notwithstanding the foregoing, subject to and upon the terms and conditions of this Amendment and the Agreement, and subject to the limitation above on software, Bank agrees to make a single Facility B Equipment Advance on or about the date of this Amendment (the “Amendment Date Equipment Advance”) for equipment and software approved by Bank (which Borrower shall have purchased after January 1, 2004, and which may not already be financed by Bank). (iib) Interest shall accrue from the date of each Facility B Equipment Advance at the rate specified in Section 2.3(a), and shall be payable monthly on the last day of each month so long as any through June 30, 2000. Any Facility B Equipment Advances that are outstanding. The Amendment Date Equipment Advance outstanding on June 30, 2000 shall be payable in thirty thirty-six (36) equal monthly installments of principal, plus all accrued interest, beginning on the last day of the first full month following the date of the Amendment Date Equipment AdvanceJuly 31, 2000, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances (excluding the Amendment Date Equipment Advance) that are outstanding on January 31, 2005 shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on February 28, 2005, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances that are outstanding on July 31, 2005 (excluding the Amendment Date Equipment Advance and any Facility B Equipment Advances which were outstanding on January 31, 2005) shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on August 30, 2005, and continuing on the same last day of each month thereafter through the Facility B Equipment Maturity Date, at which time all amounts owing due under this Section 2.1(d) and any other amounts owing under this Agreement 2.1.5 shall be immediately due and payable. Facility B Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Facility B Equipment Advances without penalty or premium. (iiic) When Borrower desires to obtain an a Facility B 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 one (31) Business Days Day before the day on which the Facility B 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 and proof of payment of such invoice for any Equipment to be financed.” 5. Section 2.3(a) of the Agreement hereby is amended and restated in its entirety to read as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Bsquare Corp /Wa)

Facility B Equipment Advances. (i) Subject to to, and upon the terms and conditions of this Agreement, at any time from the date of this Amendment hereof through the day prior to the first anniversary of such dateMarch 19, 2005, Bank agrees to make advances (each an each, a “Facility B Equipment Advance” and, collectively, the “Facility B Equipment Advances”) to Borrower in an aggregate amount not to exceed the Two Million Dollars ($2,000,000). Each Facility B Equipment Line. Each Equipment Advance shall not exceed one hundred percent (100%) of the invoice amount of equipment new equipment, furniture, software, and software on any invoice approved by Bank leasehold improvements (which Borrower shall, in any case, have purchased within 90 one hundred twenty (120) days of the date of the corresponding Facility B Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expenseexpenses. Facility B Equipment Advances for software approved by Bank shall not exceed and leasehold improvements will be limited to Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate of all (“Facility B Software Advances”). Facility B Equipment Advances for equipment and furniture are hereinafter referred to as “Standard Facility B Equipment Advances. Notwithstanding the foregoing, subject to and upon the terms and conditions of this Amendment and the Agreement, and subject to the limitation above on software, Bank agrees to make a single Facility B Equipment Advance on or about the date of this Amendment (the “Amendment Date Equipment Advance) for equipment and software approved by Bank (which Borrower shall have purchased after January 1, 2004, and which may not already be financed by Bank). (ii) Interest shall accrue from the date of each Standard Facility B Equipment Advance at the rate specified in Section 2.3(a)2.3, and shall be payable monthly on the last 19th day of each month so long as any through the Facility B Equipment Maturity Date. Any Standard Facility B Equipment Advances that are outstanding. The Amendment Date Equipment Advance outstanding on June 19, 2004, shall be payable in thirty six thirty-three (3633) equal monthly installments of principal, plus all accrued interest, beginning on the last day of the first full month following the date of the Amendment Date Equipment AdvanceJuly 19, 2004, and continuing on the same day of each month thereafter until paid in fullthrough the Facility B Equipment Maturity Date. Any Standard Facility B Equipment Advances (excluding the Amendment Date Equipment Advance) that are outstanding on January 31September 19, 2005 2004 (which were not outstanding on June 19, 2004), shall be payable in thirty six (3630) equal monthly installments of principal, plus all accrued interest, beginning on February 28October 19, 20052004, and continuing on the same day of each month thereafter until paid in fullthrough the Facility B Equipment Maturity Date. Any Standard Facility B Equipment Advances that are outstanding on July 31December 19, 2005 2004 (excluding the Amendment Date Equipment Advance and any Facility B Equipment Advances which were not outstanding on January 31September 19, 2005) 2004), shall be payable in thirty six twenty-seven (3627) equal monthly installments of principal, plus all accrued interest, beginning on August 30January 19, 2005, and continuing on the same day of each month thereafter through the Facility B Equipment Maturity Date. Any Standard Facility B Equipment Advances that are outstanding on March 19, 2005 (which were not outstanding on December 19, 2004) shall be payable in twenty-four (24) equal monthly installments of principal, plus all accrued interest, beginning on April 19, 2005, and continuing on the same day of each month thereafter through the Facility B Equipment Maturity Date, at which time all amounts owing under this Section 2.1(d) 2.1(e), and any other amounts owing under this Agreement Agreement, shall be immediately due and payable. Standard Facility B Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Standard Facility B Equipment Advances without penalty or premium. (iii) When Borrower desires to obtain an Interest shall accrue from the date of each Facility B Equipment AdvanceSoftware Advance at the rate specified in Section 2.3 hereof, Borrower and shall notify Bank by facsimile transmission to be received no later than 3:00 p.m. Pacific time three (3) Business Days before payable monthly on the 19th day on which of each month through the Facility B Equipment Advance is to be madeSoftware Maturity Date. Such notice Any Facility B Software Advances that are outstanding on June 19, 2004, shall be substantially payable in twenty-one (21) equal monthly installments of principal, plus all accrued interest, beginning on July 19, 2004, and continuing on the form same day of Exhibit B. The notice each month thereafter through the Facility B Software Maturity Date. Any Facility B Software Advances that are outstanding on September 19, 2004 (which were not outstanding on June 19, 2004), shall be signed by a Responsible Officer payable in eighteen (18) equal monthly installments of principal, plus all accrued interest, beginning on October 19, 2004, and continuing on the same day of each month thereafter through the Facility B Software Maturity Date. Any Facility B Software Advances that are outstanding on December 19, 2004 (which were not outstanding on September 19, 2004), shall be payable in fifteen (15) equal monthly installments of principal, plus all accrued interest, beginning on January 19, 2005, and continuing on the same day of each month thereafter through the Facility B Software Maturity Date. Any Facility B Software Advances that are outstanding on March 19, 2005 (which were not outstanding on December 19, 2004), shall be payable in twelve (12) equal monthly installments of principal, plus all accrued interest, beginning on April 19, 2005, and continuing on the same day of each month thereafter through the Facility B Software Maturity Date, at which time all amounts due under this Section 2.1(e)(iii) shall be immediately due and payable. Facility B Software Advances, once repaid, may not be reborrowed. Borrower may prepay any Facility B Software Advances without penalty or its designee and include a copy of the invoice and proof of payment of such invoice for any Equipment to be financedpremium.” 5. Section 2.3(a) of the Agreement hereby is amended and restated in its entirety to read as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Safeguard Scientifics Inc)

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Facility B Equipment Advances. (ia) Subject to and upon the terms and conditions of this Agreement, at any time from on the date of this Amendment through the day prior to the first anniversary of such dateAmendment, Bank agrees to make advances (each an Facility B Equipment Advance” and, collectively, the “Facility B Equipment Advances”) Advance to Borrower in an the aggregate outstanding amount not to exceed of the Facility B Equipment Line. Each The Facility B Equipment Advance shall not exceed one hundred percent (100%) of the invoice amount of equipment software and software on any invoice corporate purposes approved by Bank (which Borrower shall, in any case, have purchased within 90 days of the date of the corresponding Facility B Equipment Advance), excluding including taxes, shipping, warranty charges, freight discounts and installation expense. Facility B Equipment Advances for software approved by Bank shall not exceed Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate of all Facility B Equipment Advances. Notwithstanding the foregoing, subject to and upon the terms and conditions of this Amendment and the Agreement, and subject to the limitation above on software, Bank agrees to make a single Facility B Equipment Advance on or about the date of this Amendment (the “Amendment Date Equipment Advance”) for equipment and software approved by Bank (which Borrower shall have purchased after January 1, 2004, and which may not already be financed by Bank). (iib) Interest shall accrue from the date of each The Facility B Equipment Advance at the rate specified in Section 2.3(a), and shall be payable monthly on the last day of each month so long as any Facility B Equipment Advances are outstanding. The Amendment Date Equipment Advance shall be payable in thirty six twenty four (3624) equal monthly installments of principal, plus all accrued interest, beginning on the last day of the first full month following after the date of the Amendment Date Equipment Advance, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances (excluding the Amendment Date Equipment Advance) that are outstanding on January 31, 2005 shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on February 28, 2005, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances that are outstanding on July 31, 2005 (excluding the Amendment Date Equipment Advance and any Facility B Equipment Advances which were outstanding on January 31, 2005) shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on August 30, 2005, and continuing on the same day of each month thereafter through the Facility B Equipment Maturity Date, at which time all amounts owing due under this Section 2.1(d) and any other amounts owing under this Agreement 2.1.4 shall be immediately due and payable. Facility B Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Facility B Equipment Advances without penalty or premium. (iiic) When Borrower desires to obtain an the Facility B Equipment Advance, Borrower shall will notify Bank by facsimile transmission to be received or telephone no later than 3:00 p.m. Pacific California time, on the Business Day that the Facility B Prime Rate Equipment Advance is to be made, and 3:00 p.m. California time on the Business Day that is three (3) Business Days before prior to the Business day on which the Facility B LIBOR Rate Equipment Advance is to be made. Each such notification shall be promptly confirmed by a Payment/Advance Form in substantially the form of Exhibit B-1 hereto, signed by a Responsible Officer or a designee thereof. Each such notice shall specify: (i) the date such Facility B Equipment Advance is to be made, which shall be a Business Day; (ii) the amount of such Facility B Equipment Advance; (iii) whether such Facility B Equipment Advance is to be a Facility B Prime Rate Equipment Advance or a Facility B LIBOR Rate Equipment Advance; and (iv) if the Facility B Equipment Advance is to be madea Facility B LIBOR Rate Equipment Advance, the Interest Period for such Facility B Equipment Advance. Such notice Each written request for an Facility B Equipment Advance, and each confirmation of a telephone request for such an Facility B Advance, shall be in substantially in the form of Exhibit B. The notice shall be signed B-1 hereto executed by a Responsible Officer or its designee and include a copy of the invoice and proof of payment of such invoice for any Equipment to be financedBorrower.” 5. Section 2.3(a) of the Agreement hereby is amended and restated in its entirety to read as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Seebeyond Technology Corp)

Facility B Equipment Advances. (i) Subject to and upon the terms and conditions of this Agreement, at any time from the date of this Amendment through the day prior to the first anniversary of such dateNovember 27, 2004, Bank agrees to make advances (each an “Facility B Equipment Advance” and, collectively, the “Facility B Equipment Advances”) to Borrower in an aggregate amount not to exceed the Facility B Equipment Line. Each Equipment Advance shall not exceed one hundred percent (100%) of the invoice amount of equipment and software on any invoice approved by Bank (which Borrower shall, in any case, have purchased within 90 days of the date of the corresponding Facility B Equipment Advance), excluding taxes, shipping, warranty charges, charges and freight discounts and installation expensediscounts. The aggregate amount of Facility B Equipment Advances used for the purchase of software or leasehold improvements approved by Bank shall may not exceed Seven Hundred Fifty Thousand Dollars twenty percent ($750,00020%) in of the aggregate of all Facility B Equipment Advances. Notwithstanding the foregoing, subject to and upon the terms and conditions of this Amendment and the Agreement, and subject to the limitation above on software, Bank agrees to make a single Facility B Equipment Advance on or about the date of this Amendment (the “Amendment Date Equipment Advance”) for equipment and software approved by Bank (which Borrower shall have purchased after January 1, 2004, and which may not already be financed by Bank). (ii) Interest shall accrue from the date of each Facility B Equipment Advance at the rate specified in Section 2.3(a)2.3, and shall be payable monthly on the last first day of each month so long as any Facility B Equipment Advances are outstanding. The Amendment Date Any Facility B Equipment Advance Advances that are outstanding on November 27, 2004 shall be payable in thirty six (3630) equal monthly installments of principal, plus all accrued interest, beginning on the last day of the first full month following the date of the Amendment Date Equipment AdvanceDecember 27, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances (excluding the Amendment Date Equipment Advance) that are outstanding on January 31, 2005 shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on February 28, 2005, and continuing on the same day of each month thereafter until paid in full. Any Facility B Equipment Advances that are outstanding on July 31, 2005 (excluding the Amendment Date Equipment Advance and any Facility B Equipment Advances which were outstanding on January 31, 2005) shall be payable in thirty six (36) equal monthly installments of principal, plus all accrued interest, beginning on August 30, 2005, 2004 and continuing on the same day of each month thereafter through the Facility B Equipment Maturity Date, at which time all amounts owing under this Section 2.1(d) and any other amounts owing under this Agreement shall be immediately due and payable. Facility B Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Facility B Equipment Advances without penalty or premium. (iii) When Borrower desires to obtain an Facility B 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 Facility B 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 and proof of payment (if applicable) of such invoice for any Equipment to be financed.” 53. Section 2.3(a2.3(a)(iii) of hereby is added to the Agreement hereby is amended and restated in its entirety to read as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Tci Solutions Inc)

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