Progress Payment Advance definition

Progress Payment Advance means an advance of funds for the purchase ------------------------ of an item of Equipment or a System, as the case may be, before such Equipment or System is finally accepted by Lessee for lease hereunder, but with respect to which Lessee fully expects to accept for lease hereunder at a future date. Progress Payment Advances may consist of vendor deposits and/or vendor progress payments made directly to the applicable vendor or as reimbursement to Lessee for same.
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Examples of Progress Payment Advance in a sentence

  • No event has occurred and is continuing -------------------- that is a Default or Event of Default and no Casualty has occurred with respect to any item of Equipment to be delivered on each Delivery Date or item of Equipment to which any Progress Payment Advance pertains.

  • The Equipment being delivered on such Delivery Date ------------ (or, if applicable, the Equipment with respect to which any Progress Payment Advance pertains) and all of the other Collateral is free and clear of all Lessor Liens attributable to Trustee, in its individual capacity, as Trustee or both.

  • No casualty shall have occurred with respect to any ----------- item of Equipment (a) being delivered on such Delivery Date or (b) with respect to which a Progress Payment Advance is being made on such Delivery Date, as the case may be.

  • Similarly, Lessee has delivered (or will, on or prior to each applicable Delivery Date, deliver) true, correct and complete copies of invoices or other appropriate documentation evidencing payment by Lessee to the Vendors for the amount of Progress Payment Advance for which Lessee requests reimbursement as of such Delivery Date.

  • The Equipment being delivered on such Delivery Date ------------ (or, if applicable, the Equipment with respect to which any Progress Payment Advance pertains) and all of the other Collateral is free and clear of all Lessor Liens attributable to such Certificate Purchaser.

  • The Equipment being delivered on such Delivery Date ------------ (or, if applicable, the Equipment with respect to which any Progress Payment Advance pertains) and all of the other Collateral is free and clear of all Lessor Liens attributable to Administrative Agent.