Second Equipment Advances Sample Clauses

Second Equipment Advances. (a) Through January 15, 2006, Bank will make advances (each a “Second Equipment Advance” and, collectively, “Second Equipment Advances”) not exceeding the aggregate of $500,000.00 (the “Second Committed Equipment Line”), but only up to $175,000 may be used to purchase trailers, and the remaining $375,000 may be used to purchase forklifts, as long as, prior to any such Second Equipment Advance, Palfinger Inc. or any other supplier of any forklifts has provided Bank an acceptable agreement to purchase or repurchase such goods after any Event of Default has occurred and is continuing. The Second Equipment Advances may only be used to finance or refinance Equipment purchased prior to January 15, 2006 and on or after 90 days before the date of such Second Equipment Advance and may not exceed 100% of the equipment invoice excluding taxes, shipping, warranty charges, freight discounts and installation expense. Each Second Equipment Advance must be for a minimum of $20,000. The number of Second Equipment Advances is limited to 4.
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Second Equipment Advances. Except as set forth in Section 2.3(b), if the Borrowers are in compliance with Section 6.7(a), then the Second Equipment Advances shall bear interest, on the outstanding daily balance thereof, at a variable annual rate equal to the greater of: (A) 3.25% above the Prime Rate then in effect; or (B) 6.50%. Alternatively, except as set forth in Section 2.3(b), if the Borrowers are in compliance with Section 6.7(b)(ii) and are not in compliance with Section 6.7(a), then, the Second Equipment Advances shall bear interest, on the outstanding daily balance thereof, at a variable annual rate equal to the greater of: (A) 4.25% above the Prime Rate then in effect; or (B) 7.50%.
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Second Equipment Advances. (a) Subject to and upon the terms and conditions of this Agreement, at any time commencing on June 21, 2002 through the Second Equipment Availability End Date, Bank agrees to make advances (each a "Second Equipment Advance" and, collectively, the Second Equipment Advances") not exceeding the Second Committed Equipment Line. To evidence the Second Equipment Advance or Second Equipment Advances, Borrower shall deliver to Bank, at the time of each Second Equipment Advance request, an invoice for the Equipment to be purchased. The Second Equipment Advances shall be used only to purchase or refinance Equipment acceptable to Bank, purchased on or after ninety (90) days prior to June 21, 2002, and shall not exceed one hundred percent (100%) of the invoice amount of such equipment approved from time to time by Bank, excluding taxes, shipping, warranty charges, freight discounts and installation expense, provided, however, that software, taxes, shipping and other "soft cost", acceptable to Bank, may constitute up to 25% of each Second Equipment Advance. Each Second Equipment Advance shall be in an amount of no less than $500,000. The maximum number of Second Equipment Advances may not exceed 10.
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Second Equipment Advances. Except as set forth in Section 2.3(b), the Second Equipment Advances shall bear interest on the average daily balance thereof, at a per annum rate equal to the Prime Rate plus 35 basis points."
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Second Equipment Advances. Borrower acknowledges and agrees that Bank will place a "hold" in such Collateral Deposits until no Second Equipment Advances are available for borrowing under the Second Committed Equipment Line and all outstanding Second Equipment Advances have been paid in full in immediately available funds. In connection with the Collateral Deposits, Borrower agrees to deliver to Bank control agreement(s) in form and substance satisfactory to Bank. Bank agrees that upon Borrower's fulfillment of the requirements under this Section 6.13, any existing Events of Default arising out of Borrower's violation such Sections shall be considered cured as follows: (i) with respect to Section 6.11, such violation shall be considered cured and the covenant set forth therein shall be deleted in its entirety, and (ii) with respect to Section 6.8, the violation shall be considered cured (to the extent that the violation is the result of the amounts outstanding under the Second Equipment Advances) and the definition of Commitment Amount therein shall not include amounts outstanding under the Second Equipment Advances or any amounts available for borrowing under the Second Committed Equipment Line. Borrower understands and agrees that, after the fulfillment of the requirements in this Section 6.13, the covenant set forth in Section 6.8 will continue to be effective and calculated in accordance with the revised definition of Committed Amount set forth above."
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Second Equipment Advances. (a) At any time from the date hereof through DECEMBER 19, 1997 (the "Second Equipment Availability End Date"), Borrower may from time to time request advances (each a "Second Equipment Advance" and collectively, the "Second Equipment Advances") from Bank in an aggregate amount not to exceed the Second Committed Equipment Line. To evidence the Second Equipment Advance or Second Equipment Advances, Borrower shall deliver to Bank, at the time of each Second Equipment Advance request, a Payment/Advance Form in substantially the form of Exhibit B hereto accompanied by an invoice for the Equipment to be financed. The Second Equipment Advances shall be used only to finance Equipment purchased after September 30, 1996 and shall not exceed SEVENTY-FIVE PERCENT (75%) of the invoice amount of such equipment approved from time to time by Bank, excluding taxes, shipping, warranty charges, freight discounts and installation expense.
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Second Equipment Advances. Section 2.1.8 is amended in its entirety and replaced with the following:
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Second Equipment Advances. The principal amount outstanding for Second Equipment Advances made after the Effective Date hereof shall accrue interest from the date when made, continued or converted until paid in full at a rate per annum equal to a floating per annum rate equal to the Prime Rate or the LIBOR Rate plus the LIBOR Rate Margin or a fixed per annum rate (the “Second Equipment Advance Fixed Rate Option”) equal to the Prime Rate on the date of the Second Equipment Advance, which interest shall be payable monthly. Borrower shall elect the floating or fixed rate options on or before the date of each Second Equipment Advance, and if Borrower fails to make an election with respect to any Second Equipment Advance, including without limitation, any election after termination of any Interest Period, then the interest rate for the outstanding principal of such Second Equipment Advance shall be the floating Prime Rate. On and after the expiration of any Interest Period applicable to any LIBOR Second Equipment Advance outstanding on the date of occurrence of an Event of Default or acceleration of the Obligations, the Effective Amount of such LIBOR Second Equipment Advance shall, during the continuance of such Event of Default or after acceleration, bear interest at a rate per annum equal to the Prime Rate plus three percent (3.00%). If Borrower elects the floating Prime Rate option or the Second Equipment Advance Fixed Rate Option as of the date of the Second Equipment Advance, then such election is irrevocable with respect to such Second Equipment Advance. If Borrower elects the LIBOR Rate plus the LIBOR Rate Margin as of the date of the Second Equipment Advance, then Borrower may convert the interest rate on such Second Equipment Advance to the floating Prime Rate and/or back to the LIBOR Rate plus the LIBOR Rate Margin in accordance with the terms set forth in Section 3.6.
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Related to Second Equipment Advances

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to one and one half percent (1 .50%) above the Prime Rate.

  • Loan Advances (a) Subject to and upon the terms and conditions of this Agreement, during the Revolving Loan Period, Bank agrees to make one or more Loan Advances to Borrower for Approved Purposes in an aggregate principal amount at any one time outstanding up to but not exceeding the Maximum Loan Amount. Within the limit of the Maximum Loan Amount in effect from time to time, during the Revolving Loan Period, Borrower may borrow, repay, and reborrow at any time and from time to time from the Effective Date to the earlier of (a) the expiration of the Revolving Loan Period, or (b) the Termination Date. If, by virtue of payments made on the Note during the Revolving Loan Period, the principal amount owed on the Note prior to the Termination Date reaches zero at any point, Borrower agrees that all of the Collateral and all of the Loan Documents shall remain in full force and effect to secure any Loan Advances made thereafter and the Obligations, and Bank shall be fully entitled to rely on all of the Collateral and all of the Loan Documents unless an appropriate release of all or any part of the Collateral or all or any part of the Loan Documents has been executed by Bank. Borrower acknowledges and agrees that the Maximum Loan Amount is calculated in conjunction with the Maximum Purchase Amount under the Mortgage Warehouse Agreement such that in no event shall the aggregate of the outstanding principal balance of the Loan hereunder and the outstanding Purchase Price of the Purchased Mortgage Loans exceed $200,000,000 at any time. Upon the expiration of the Revolving Loan Period, and provided that no Default or Event of Default has occurred and is continuing, the Revolving Loans shall, without any further action by Bank or Borrower, convert to a term loan (the “Term Loan”) in accordance with the terms of the Promissory Note. Borrower shall initiate each Loan Advance by submitting to Bank a written Advance Request no later than 1:00 p.m., Jacksonville, Florida time, on the Advance Date. Bank shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Bank’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically, by facsimile or electronically, and purporting to have been sent to Bank by Borrower and Bank shall have no duty to verify the origin of any such communication or the identity or authority of the Person sending it. Subject to the terms and conditions of this Agreement, each Loan Advance shall be made available to Borrower by depositing the same, in immediately available funds, in an account of Borrower designated by Borrower maintained with Bank. If the conditions to making a Loan Advance as set forth in Section 5 are satisfied, then no later than the Advance Date, Bank shall reflect on its computer system the Loan Advance (the “Confirmation”). In the event Borrower disagrees with any terms of the Confirmation, Borrower shall immediately notify Bank of such disagreement. An objection by Borrower must state specifically that it is an objection, must specify the provision(s) being objected to by Borrower, must set forth such provision(s) in the manner that Borrower believes they should be stated, and must be received by Bank no more than one (1) Business Day after the Confirmation was received by Borrower.

  • Equipment Loans Section 2.3(b) of the Loan Agreement shall be amended and restated in its entirety as follows:

  • Subsequent Advances The obligation of TEXTRON to make any advance shall be subject to the further conditions precedent that, on and as of the date of such advance: (i) the representations and warranties of Borrower set forth in this Agreement shall be accurate, before and after giving effect to such advance or issuance and to the application of any proceeds thereof; (ii) no Event of Default and no event which, with notice or passage of time or both, would constitute an Event of Default has occurred and is continuing, or would result from such advance or issuance or from the application of any proceeds thereof; (iii) no material adverse change has occurred in the Borrower's business, operations, financial condition, or assets or in the prospect of repayment of the Obligations; and (iv) TEXTRON shall have received such other approvals, opinions or documents as TEXTRON shall reasonably request.

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

  • Agent Advances (i) Subject to the limitations set forth below and notwithstanding anything else in this Agreement to the contrary, the Administrative Agent is authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s sole discretion, (A) at any time that a Default exists, or (B) at any time that any of the other conditions precedent set forth in Article 4 have not been satisfied, to make Base Rate Advances to the Borrowers on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed the lesser of (y) the Revolving Loan Commitment minus all Aggregate Revolving Credit Obligations and (z) $10,000,000, which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (3) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including costs, fees and expenses as provided under this Agreement (any of such advances are herein referred to as “Agent Advances”); provided, that (i) such amount shall not be outstanding more than 30 days and (ii) the Majority Lenders may at any time revoke the Administrative Agent’s authorization to make Agent Advances. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. The Administrative Agent shall promptly provide to the Administrative Borrower written notice of any Agent Advance.

  • Conditions to Subsequent Advances Lenders will have no obligation to fund any Advance after the initial Revolving Loan Advance unless:

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Initial Advances The obligation of each Lender to make the initial Advance to be made by it or of the Administrative Agent to issue the initial Letters of Credit is subject to the following conditions precedent, each of which shall be satisfied prior to the making of the initial Advances (unless all of the Lenders, in their sole and absolute discretion, shall agree otherwise):

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