Common use of CapEx Advances Clause in Contracts

CapEx Advances. The Lender agrees, on the terms and subject to the conditions herein set forth, to make advances to any Borrower from time to time from the Funding Date to the CapEx Note Consolidation Date (the "CapEx Advances"). The Lender shall have no obligation to make a CapEx Advance to a Borrower if, after giving effect to such requested CapEx Advance, (a) the sum of the CapEx Advances made to such Borrower would exceed the lesser of (i) the CapEx Maximum Line or (ii) 80% of the cost (excluding taxes, shipment costs, and similar charges) of such Borrower's New Unencumbered Equipment, or (b) the sum of the CapEx Advances made to all Borrowers would exceed the lesser of (i) the CapEx Maximum Line or (ii) 80% of the cost (excluding taxes, shipment costs, and similar charges) of all of the Borrowers' New Unencumbered Equipment. Each Borrower's obligation to pay the CapEx Advances shall be evidenced by the CapEx Note and shall be secured by the Collateral as provided in Article III. Each Borrower agrees to comply with the following procedures in requesting CapEx Advances: (1) Such Borrower shall make each request for a CapEx Advance to the Lender before 11:00 a.m. (Denver time) two Banking Days before the day of the requested CapEx Advance. Requests may be made in writing or by telephone, specifying the date of the requested CapEx Advance and the amount thereof. (2) Each CapEx Advance shall be in a minimum amount of $250,000. (3) Each request shall be by an individual authorized pursuant to Section 2.1(a).

CapEx Advances. The Lender agrees, on the terms and subject to the conditions herein set forth, to make advances to any Borrower from time to time from the Funding Date to the CapEx Note Consolidation Date (the "CapEx Advances"). The Lender shall have no obligation to make a CapEx Advance to a Borrower if, after giving effect to such requested CapEx Advance, (a) the sum of the CapEx Advances made to such Borrower would exceed the lesser of (i) the CapEx Maximum Line or (ii) 80% of the cost (excluding taxes, shipment costs, and similar charges) of such Borrower's New Unencumbered Equipment, or (b) the sum of the CapEx Advances made to all Borrowers would exceed the lesser of (i) the CapEx Maximum Line or (ii) 80% of the cost (excluding taxes, shipment costs, and similar charges) of all of the Borrowers' New Unencumbered Equipment. Each Borrower's obligation to pay the CapEx Advances shall be evidenced by the CapEx Note and shall be secured by the Collateral as provided in Article III. Each Borrower agrees to comply with the following procedures in requesting CapEx Advances: (1) Such Borrower shall make each request for a CapEx Advance to the Lender before 11:00 a.m. (Denver time) two Banking Days before the day of the requested CapEx Advance. Requests may be made in writing or by telephone, specifying the date of the requested CapEx Advance and the amount thereof. (2) Each CapEx Advance shall be in a minimum amount of $250,000. (3) Each request shall be by an individual authorized pursuant to Section 2.1(a).. Upon fulfillment of the applicable conditions set forth in Article IV, the Lender shall deposit the proceeds of the requested CapEx Advance by crediting the same to such Borrower's demand deposit account specified in Section 2.1