Common use of Equipment Advances Clause in Contracts

Equipment Advances. (a) Subject to the terms and conditions of this Agreement, Bank agrees to lend to Borrowers, from time to time prior to the Commitment Termination Date, equipment advances (each an “Equipment Advance” and collectively the “Equipment Advances”) in an aggregate amount not to exceed the Committed Equipment Line. When repaid, the Equipment Advances may not be reborrowed. The proceeds of the Equipment Advances will be used solely to reimburse Borrowers for the purchase of Eligible Equipment purchased within one hundred twenty (120) days of the Equipment Advance provided that the first Equipment Advance may be used to reimburse Borrowers for Eligible Equipment purchased since January 1, 2002 if such first Equipment Advance is completed within one hundred twenty (120) days of the Closing Date. All Equipment Advances shall be evidenced by the Equipment Term Note to be executed and delivered by Borrowers to Bank on the Closing Date and shall be repaid in accordance with the terms of the Equipment Term Note. Bank’s obligation to lend hereunder shall terminate on the earlier of (i) the occurrence and continuance of an Event of Default, or (ii) the Commitment Termination Date. For purposes of this Section, the minimum amount of each Equipment Advance is One Hundred Thousand Dollars ($100,000) and the maximum number of Equipment Advances that will be made is five (5).

Equipment Advances. (a) Subject to the terms and conditions of this Agreement, Bank agrees to lend to Borrowers, from time to time prior to the Commitment Termination Date, equipment advances (each an “Equipment Advance” and collectively the “Equipment Advances”) in an aggregate amount not to exceed the Committed Equipment Line, less all Equipment Advances made under the Original Loan Agreement. As of the Closing Date, the outstanding principal balance of all Equipment Advances made by Bank under the Original Loan Agreement or otherwise (the “Outstanding Equipment Advances”) is $994,475.69 and the Outstanding Equipment Advances remain payable in accordance with each Loan Supplement delivered to Bank at the time of each such Equipment Advance, including such Final Payment terms as are set forth in such Loan Supplements with respect to the Outstanding Equipment Advances. Attached hereto as Schedule 2.4 is a list of all Outstanding Equipment Advances and the repayment terms (including Final Payments) applicable thereto. When repaid, the Equipment Advances may not be reborrowed. The proceeds of the Equipment Advances will be used solely to reimburse Borrowers for the purchase of Eligible Equipment or the purchase or license of Other Equipment (to the extent permitted in this Agreement), purchased within one hundred twenty ninety (12090) days of the Equipment Advance provided that the first Equipment Advance may be used to reimburse Borrowers for Eligible Equipment purchased since January 1, 2002 if such first Equipment Advance is completed within one hundred twenty (120) days of the Closing Date. All Equipment Advances shall be evidenced by the Equipment Term Note to be executed and delivered by Borrowers to Bank on the Closing Date and shall be repaid in accordance with the terms of the Equipment Term NoteAdvance. Bank’s obligation to lend hereunder shall terminate on the earlier of (i) the occurrence and continuance of an Event of DefaultDefault (as defined herein) of which the Company has been given notice if required under this Agreement, or (ii) the Commitment Termination Date. For purposes of this Section, the minimum amount of each Equipment Advance is One Hundred Twenty Five Thousand Dollars ($100,00025,000) and the maximum number of Equipment Advances that will be made is five eight (5)8).

Equipment Advances. (a) Subject to the terms and conditions of this Agreement, from the date hereof through six months from the date of this Agreement, Borrower may request Equipment Advances of up to an aggregate principal amount of $500,000 to finance the acquisition of Equipment. Each Equipment Advance shall not exceed 100% of the invoice price of Equipment (which is not to including soft costs) approved by Bank agrees to lend to Borrowers, from time to time prior to time. On the Commitment Termination Datelast day of each month, equipment advances (each an “Equipment Advance” and collectively the “Equipment Advances”) in an aggregate amount not to exceed the Committed Equipment Line. When repaid, the Borrower shall pay Lender all accrued Finance Charges on all outstanding Equipment Advances may not be reborrowedduring such month. The proceeds of the Any Equipment Advances will be used solely to reimburse Borrowers for the purchase of Eligible Equipment purchased within one hundred twenty (120) days of the Equipment Advance provided that the first Equipment Advance may be used to reimburse Borrowers for Eligible Equipment purchased since January 1, 2002 if such first Equipment Advance is completed within one hundred twenty (120) days of the Closing Date. All Equipment Advances shall be evidenced by the Equipment Term Note to be executed and delivered by Borrowers to Bank on the Closing Date and shall be repaid in accordance with the terms of the Equipment Term Note. Bank’s obligation to lend hereunder shall terminate outstanding on the earlier of (i) six months from the occurrence and continuance date of an Event of Default, this Agreement or (ii) the Commitment Termination Date. For purposes of this Section, the minimum date that Borrower has requested Equipment Advances in an aggregate principal amount of each Equipment Advance $500,000 (the “Term Out Date”) shall be payable in thirty-six (36) equal monthly installments of principal, plus all accrued Finance Charges, beginning the last day of the month after the Term Out Date (or on the Term Out Date if it is One Hundred Thousand Dollars ($100,000the last day of the month) and continuing on the maximum number same day of each month thereafter until all of the Equipment Advances have been repaid in full, provided, if this Agreement is terminated prior to all Equipment Advances are paid in full, all outstanding principal balance plus all accrued Finance Charges of Equipment Advances that will shall be made is five (5)due at the time of the termination. Once the Equipment Advances are termed out, the Finance Charge Percentage for Equipment Advances shall be fixed at such rate effective as of the Term Out Date. Equipment Advances may be prepaid, but may not be reborrowed.

Equipment Advances. (a) Subject to the terms and conditions of this Agreement, Bank agrees to lend to Borrowers, from time to time prior to the Commitment Termination Date, equipment advances (each an “"Equipment Advance” " and collectively the “"Equipment Advances”") in an aggregate amount not to exceed the Committed Equipment Line. When repaid, the Equipment Advances may not be reborrowed. The proceeds of the Equipment Advances will be used solely to reimburse Borrowers for the purchase of Eligible Equipment purchased within one hundred twenty ninety (12090) days of the Equipment Advance provided that the first Equipment Advance may be used to reimburse Borrowers for Eligible Equipment purchased since January 1, 2002 if such first Equipment Advance is completed within one hundred twenty (120) days of the Closing Datefirst Equipment Advance. All Equipment Advances shall be evidenced by the Equipment Term Note to be executed and delivered by Borrowers to Bank on the Closing Date and shall be repaid in accordance with the terms of the Equipment Term Note. Bank’s 's obligation to lend hereunder shall terminate on the earlier of (i) the occurrence and continuance of an Event of Default, or (ii) the Commitment Termination Date. For purposes of this Section, the minimum amount of each Equipment Advance is One Hundred Twenty Five Thousand Dollars ($100,00025,000) and the maximum number of Equipment Advances that will be made is five eight (5)8).

Equipment Advances. (a) Subject to the terms and conditions of this Agreement, Bank agrees to lend to BorrowersBorrower, from time to time prior to the Commitment Termination Date, equipment advances (each an “"Equipment Advance” " and collectively the “"Equipment Advances”") in an aggregate amount not to exceed the Committed Equipment Line. Notwithstanding the foregoing, no Equipment Advances shall be made until Viacord, Inc. executes a Guaranty in favor of the Bank and provides authority documents to the Bank in connection therewith, each in form and substance acceptable to the Bank. When repaid, the Equipment Advances may not be reborrowedre-borrowed. The proceeds of the Equipment Advances will shall be used solely to reimburse Borrowers Borrower for the purchase of Eligible Equipment purchased within one hundred twenty sixty (12060) days (determined based upon the applicable invoice date of such Eligible Equipment) of the Equipment Advance provided that Advance. Notwithstanding the first foregoing, an Equipment Advance made on the Closing Date may be used to reimburse Borrowers Borrower for the purchase of Eligible Equipment purchased since January on or after July 1, 2002 if such first Equipment Advance is completed within one hundred twenty (120) days of the Closing Date. All Equipment Advances shall be evidenced by the Equipment Term Note to be executed and delivered by Borrowers to Bank on the Closing Date and shall be repaid in accordance with the terms of the Equipment Term Note1999. Bank’s 's obligation to lend hereunder shall terminate on the earlier of (i) the occurrence and continuance of an Event of Default, or (ii) the Commitment Termination Date. For purposes of this Section, the minimum amount of each Equipment Advance is One Hundred Fifty Thousand Dollars ($100,00050,000.00). The Borrower may request no more than six (6) and the maximum number of Equipment Advances that will be made is five (5)for the refinance of Equipment.