Equipment Advance definition
Examples of Equipment Advance in a sentence
Interest for each Equipment Term Note will be fixed and determined three (3) business days prior to each Equipment Advance and shall accrue at the Federal Home Loan Bank of Boston Seven-Year Classic Advance Rate plus two and one-half of one percent (2.50%), rounded to the nearest one-eight (0.125%) percent, but in no event shall the interest rate be less than seven percent (7%), all as set forth in each Equipment Term Note.
The Borrower hereby irrevocably authorizes the Lender to make or cause to be made on the books of the Lender, at or following the time of making each Loan (and each Revolving Advance and Equipment Advance) and of receiving any payment of principal, an appropriate notation reflecting such transaction and the then aggregate unpaid principal balance of the Loans.
Simultaneous with each Equipment Advance made by the Lender to the Borrower, the Borrower shall execute and deliver to the Lender an Equipment Term Note in the amount of such Equipment Advance.
The Lender agrees to make the Equipment Advance to the Borrower within a reasonable period of time by crediting the Borrower’s Operating Account or as otherwise directed in writing by the Borrower, or determined by the Lender, so long as the Borrower has satisfied the conditions precedent for the funding of such Equipment Advance set forth in this Section 2.3 and in Section 4.1 of this Credit Agreement.
The Borrower’s promise and obligation to repay each Equipment Advance shall be and hereby are evidenced by this Credit Agreement and by the Equipment Notes, and the principal amount of each Equipment Advance shall be added to the principal balance due under the Equipment Notes.