Progress Payment Agreement definition

Progress Payment Agreement means any agreement that is entered into by and between Parent or any Subsidiary and any commercial or investment bank, commercial lending company or finance company providing for progress payments or similar payments with respect to equipment to be leased by Parent or such Subsidiary.
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Progress Payment Agreement an agreement substantially in the form of Exhibit D, as amended, supplemented or otherwise modified from time to time, which may be executed as to any one, more or all items of Equipment pursuant to Section 3(a) of the Lease.
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Examples of Progress Payment Agreement in a sentence

  • If Lessee has executed and delivered a Master Progress Payment Agreement, Lessor may, in its sole discretion, at any time by written notice to Lessee, declare all prior Certificates executed in connection with the Master Progress Payment Agreement to be and constitute the Acceptance and Delivery Certificate for all purposes under the Lease, and the Date of Acceptance of the Lease shall be the date determined by Lessor in its sole discretion which shall not be earlier than the date of the last Certificate.

  • If any Unit suffers a Casualty from the Shipment Date until the Acceptance Date, Lessee shall pay Lessor any sum required to be paid under any Progress Payment Agreement entered into between Lessor and Lessee in relation to such Unit.

  • If any Unit suffers a Casualty from the Shipment Date until the Acceptance Date (as defined in the applicable Schedule), Lessee shall pay Lessor any sum required to be paid under any Progress Payment Agreement entered into between Lessor and Lessee in relation to such Unit.

  • Each Schedule shall incorporate by reference the terms and conditions of this Master Lease Agreement, and together with the Acceptance and Delivery Certificate and Master Progress Payment Agreement, if applicable, shall constitute a separate Lease.

  • In the event any Vendor requires any advance payments, progress payments or full payments prior to the Lease Addition Date of the Equipment proposed to be added to the Lease for any Phase, the Lessee shall execute and deliver to the Lessor a Progress Payment Agreement for such Phase, and the Lessor will make available amounts pursuant thereto for such purpose.

  • No person shall have any voting rights under any Loan Document solely as a result of the existence of obligations owed to it under any such Secured Hedge Agreement, Secured Cash Management Agreement, Secured Letter of Credit or Secured Progress Payment Agreement.

  • For any Equipment which is the subject of any payments made by the Lessor under a Progress Payment Agreement for any Phase, unpaid Additional Rent under such Progress Payment Agreement with respect to such Equipment shall be capitalized and, together with the amount of such payments made by the Lessor with respect to such Equipment, shall be added to and constitute part of the Equipment Cost for such Phase.

  • Lessee shall pay rent for the Interim Term (“Interim Rent”) at the times and in amounts equal to the interest payments payable by Lessee pursuant to the Progress Payment Agreement and shall pay rent for the Base Term (“Base Rent”) at the times and in the amounts as specified in the applicable Schedule.

  • Borrower hereby authorizes Lender to pay the Supplier(s) listed below the amounts specified below for the Equipment identified below or to reimburse Borrower for previous payments to such Supplier, all of which payments by Lender shall constitute Progress Payment Loans made by Lender to Borrower under and subject to the Progress Payment Agreement.

  • Lessee assumes all risk of, and shall promptly notify Lessor of any occurrence of, any damage to or loss, theft, confiscation, or destruction of (together, “Casualty”) each Unit from any cause whatsoever from the date the Unit is delivered to and accepted by Lessee as evidenced by a Request for Advance with respect to such Unit under the Progress Payment Agreement entered into between Lessee and Lessor with respect to such Unit.