CAPEX Advances definition
CAPEX Advances means Advances of Principal, if any, made by L▇▇▇▇▇ to Borrower for Approved Capital Expenses pursuant to Section 2.9 hereof.
CAPEX Advances means each advance made by Lenders under the CAPEX Loan Commitment pursuant to subsection 2.1(A). -----------------
CAPEX Advances has the meaning specified therefor in Section 2.2(a) of the Agreement.
Examples of CAPEX Advances in a sentence
Amounts borrowed under this subsection 2.1(C) and prepaid ----------------- on or after the Seventh Amendment Effective Date (after giving effect to the CAPEX Advances described in the proviso in the preceding sentence) may not be reborrowed.
Any Notice of Disagreement shall specify in reasonable detail the Dollar amount, nature and basis of any disagreement so asserted.
Interest on the outstanding principal balance of the CAPEX Advances shall be due and payable on each Interest Payment Date.
More Definitions of CAPEX Advances
CAPEX Advances shall have the meaning set forth in Section 2.1 (b) hereof.
CAPEX Advances shall have the meanings set forth in subsection 2.1(C) hereof.
CAPEX Advances means advances equal to 75% of the hard cost (as hereinafter defined) of equipment purchased by any of the Debtors after March 31, 2000, which advances shall not exceed, in the aggregate, $1,500,000 and which advances, together with the sum of $170,000.36 representing the unpaid balance of the advances made as part of the Prior CAPEX Accommodations, shall be repayable in monthly installments of principal, payable on the first day of each month commencing September 1, 2000, together with interest at the rate provided in the Financing Agreements. Each monthly installment of principal shall be equal to an amount calculated by dividing the then unpaid principal balance of the CAPEX Advances (including the unpaid balance of the Prior CAPEX Accommodations) by a number which shall be (i) 60 in the case of the principal installment due on September 1, 2000 and (ii) in the case of all subsequent monthly principal installments, 60 reduced by one for each principal installment that was payable prior to the date such principal installment is being made. The "hard cost" of an item of equipment means the gross amount paid by Debtor, less shipping and installation charges and all taxes. Such advances shall only be made if the equipment to be purchased meets CIT's eligibility standards then in effect and only upon CIT receiving evidence, satisfactory to it, that (i) CIT has or will obtain a first priority security interest in the equipment being purchased, subject to no other liens or encumbrances; (ii) the Debtor has received possession of the equipment; (iii) the entire purchase price of the equipment has or will be paid to the vendor; and (iv) the Debtor has title to the equipment. The CAPEX Advances are not intended to be a revolving facility and accordingly no additional CAPEX Advances shall become available by reason of repayment of the outstanding principal amount of such advances. The unpaid balance of the CAPEX Advances shall be due and payable in full upon termination of the Financing Agreements for any reason.