Equipment Advance. Except as set forth in Section 2.3(b), the outstanding principal balance of each Equipment Advance shall bear interest (computed daily on the basis of a 360 day year and actual days elapsed), at a variable rate equal to the Prime Rate plus 1.75%; provided however that at no time shall the rate be less than 5.50% per annum.
Equipment Advance. As used herein, “Equipment Advance” means an Equipment Advance (as defined in the Note) requested by Borrower and made by Bank under the Note, including a LIBOR Option Advance and/or a Prime Rate Option Advance.
Equipment Advance. Except as set forth in Section ----------------- 2.3(b), all Equipment Advances shall bear interest, on the average Daily Balance thereof, at a rate equal to one half of one percentage point (0.5%) above the Prime Rate; provided, however, that Borrower shall have a one-time option to elect to have the Equipment Advances bear interest, on the average Daily Balance thereof, at a rate equal to three percentage points (3%) above the yield of the 36 month Treasury Note as reported in the Western edition of The Wall Street --------------- Journal, which rate shall be fixed at the time of Borrower's election. Borrower ------- shall give written notice to Bank of its interest rate election on the Equipment Availability Date. If Borrower fails to give such notice, then the applicable rate shall be the Prime Rate described herein.
Equipment Advance. (a) At any time from July 1, 1997 through June 30, 1998 (the "Equipment Availability Date"), Borrower may from time to time (but not more than once per month) request advances (each an "Equipment Advance" and, collectively, the "Equipment Advances") from Bank in an aggregate principal amount of up to Three Hundred Thousand Dollars ($300,000). The Equipment Advances shall be used to purchase Equipment approved from time to time by Bank and shall not exceed one hundred percent (100%) of the cost of such Equipment, excluding installation expense, freight discounts, warranty charges and taxes.
Equipment Advance. Except as set forth in Section 2.4(b), all Equipment Advances shall bear interest, on the average Daily Balance thereof, at a rate equal to one half of one (0.50) percentage point above the Prime Rate.
Equipment Advance. (i) Subject to and upon the terms and conditions of this Agreement, on or within ten (10) days after the Closing Date, Bank agrees to make an advance (the “Equipment Advance”) to Borrower in an amount not to exceed the Equipment Line. The Equipment Advance shall be used only to refinance Borrower’s existing capital lease obligations with respect to equipment agreed upon by Bank and Borrower prior to the Closing Date, which equipment will either be unencumbered on the Closing Date or will be unencumbered within 30 days after the Closing Date (other than by Bank’s Lien).
Equipment Advance. (a) On the Closing Date, Bank will make an advance (the "Equipment Advance") not exceeding the Committed Equipment Line. The Equipment Advance may only be used to finance or refinance Equipment as follows:
Equipment Advance. (a) Not later than September 25, 1997, Borrower may request one (1) advance (the "Equipment Advance") from Bank in an aggregate principal amount equal to the lesser of Two Hundred Thousand Dollars ($200,000) or Sixty Five Percent (65%) of the book value of Equipment approved by Bank to be financed by the Equipment Advance.
Equipment Advance. Section 2.1.3 of the Loan Agreement hereby is amended and restated in its entirety and replaced with the following:
Equipment Advance
