Equipment Loan Advance definition

Equipment Loan Advance means any Equipment Loan funds advanced under Section 2.2 of this Agreement.
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Equipment Loan Advance is defined in Section 2.5.
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Examples of Equipment Loan Advance in a sentence

  • Borrower shall have the option to prepay each Equipment Loan Advance from time to time under this Agreement without premium or penalty, provided Borrower (i) shall provide written notice to Bank of its election to prepay such Equipment Loan Advance at lease five (5) days prior to such prepayment and (ii) pays, on the date of such prepayment, (a) all outstanding principal and accrued interest, plus (b) all other sums, if any, that shall have become due and payable.

  • All unpaid principal accrued and unpaid interest on each Equipment Loan Advance is due and payable in full on the Equipment Loan Maturity Date.

  • Equipment Loan Advances may only be used to finance Eligible Equipment purchased within ninety (90) days (determined based upon the applicable invoice date of such Eligible Equipment) before the date of each Equipment Loan Advance; provided, however that the initial Equipment Loan Advance may be used to finance Equipment purchased on or after September 1, 2008.

  • Subject to Section 2.5(f), the principal amount outstanding for each Equipment Loan Advance shall accrue interest at a fixed per annum rate equal to six and one half of one percent (6.5%) (the “Equipment Loan Interest Rate”), which interest shall be payable monthly.

  • Subject to the prior satisfaction of all other applicable conditions to the making of an Equipment Loan Advance set forth in this Agreement, to obtain an Equipment Loan 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.

  • For each Equipment Loan Advance, Borrower shall make thirty six (36) consecutive equal monthly payments of principal, plus accrued interest commencing on the first (1st) day of the first (1st) month after each Funding Date and ending on the Equipment Loan Maturity Date.

  • Each Equipment Loan Advance must be in an amount equal to the lesser of Two Hundred Fifty Thousand Dollars ($250,000.00) or the amount that has not yet been drawn under the Equipment Loan Amount.

  • No Equipment Loan Advance may exceed one hundred percent (100%) of the total invoice for Eligible Equipment (excluding taxes, shipping, warranty charges, freight discounts and installation expenses relating to such Eligible Equipment except to the extent such are allowed to be financed pursuant hereto as Other Equipment).

  • If Borrower satisfies the conditions of each Equipment Loan Advance, Bank shall disburse such Equipment Loan Advance by transfer to the Designated Deposit Account.

  • Immediately upon the occurrence and during the continuance of an Event of Default, each Equipment Loan Advance shall bear interest at a rate per annum which is five percent (5%) above the Equipment Loan Interest Rate (the “Default Rate”).

Related to Equipment Loan Advance

  • Equipment Loan means middle market equipment loans that consist of loans made to obligors in the United States of America primarily secured by new or used transportation equipment and managed by the Equipment Finance reporting category of the Commercial Lending and Leasing division of GE Capital.

  • Equipment Advance is defined in Section 2.1.1.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Term Advance has the meaning specified in Section 2.01(a).

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • Receivables Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(i) hereof.

  • Equipment Line is an Equipment Advance or Equipment Advances in an aggregate amount of up to One Million Dollars ($1,000,000).

  • Facility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

  • Revolving Advance has the meaning given in Section 2.1.

  • Equipment Note means and includes any equipment notes issued under the Indenture in the form specified in Section 2.01 thereof (as such form may be varied pursuant to the terms of the Indenture) and any Equipment Note issued in exchange therefor or replacement thereof pursuant to Section 2.07 or 2.08 of the Indenture.

  • Term SOFR Advance means an Advance denominated in Dollars which, except as otherwise provided in Section 2.11, bears interest at the Adjusted Term SOFR Rate.

  • Term Loan Interest Rate means for any day a per annum rate of interest equal to the greater of either (i) 9.25% plus the prime rate as reported in The Wall Street Journal minus 3.50% and (ii) 9.25%.

  • Original Loan shall have the meaning set forth in the recitals hereto.

  • Overadvance Loan means a Base Rate Revolving Loan made when an Overadvance exists or is caused by the funding thereof.

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Tranche A Advance has the meaning specified in Section 2.01(a).

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Replacement Loans has the meaning specified in Section 10.01.

  • Additional Loan means the Eligible Loans evidenced by a Note or Notes sold from time to time during the Supplemental Purchase Period pursuant to an Additional Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Servicer Advance or "Servicing Advance" as defined in the applicable Purchase and Servicing Agreement.