Examples of Supplemental Equipment Advance in a sentence
Each Supplemental Equipment Advance must be in a minimum amount of greater than or equal to Two Hundred Thousand Dollars ($200,000), or, if less, the amount that has not yet been drawn under the Equipment Line.
Supplemental Equipment 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 Funding Date of each Supplemental Equipment Advance; provided, however, the first Supplemental Equipment Advance may be used to finance Eligible Equipment purchased on or after July 1, 2012.
Subject to the prior satisfaction of all other applicable conditions to the making of a Supplemental Equipment Advance set forth in this Agreement, to obtain a Supplemental 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.
No Supplemental Equipment 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).
Subject to Section 2.6(c), the principal amount outstanding for each (i) Equipment Advance shall accrue interest at a fixed per annum rate equal to five and one half of one percent (5.50%) and (ii) Supplemental Equipment Advance shall accrue interest at a fixed per annum rate equal to three percent (3.00%), which interest shall be payable monthly in accordance with Section 2.6(f) below.
Notwithstanding the foregoing, all unpaid principal and interest on each Supplemental Equipment Advance shall be due on the applicable Supplemental Equipment Maturity Date.