Fixed Asset Amount definition
Fixed Asset Amount means an amount equal to the sum of (A) 80% of the Forced Liquidation Value of the Eligible Fixed Asset Equipment and (B) the aggregate Applicable Real Property Amounts, as such amount may be redetermined from time to time pursuant to the terms of the second sentence of Section 2.1(b).
Fixed Asset Amount means, as of any date of determination, the amount, as reasonably determined by Agent, to be the lesser of (i) $10,000,000, (ii) 20% of the appraised fair market value of Eligible Real Property and Eligible Equipment and (iii) 25% of the net orderly liquidation value of Eligible Real Property and Eligible Equipment. In the event of any disposition, condemnation or casualty of Eligible Real Property or Eligible Equipment of Borrower or a Restricted Subsidiary pursuant to Section 9.7 hereof (or in the event of a receipt of any condemnation awards or casualty insurance proceeds in respect thereof), the value of which Eligible Real Property or Eligible Equipment has been included in the Fixed Asset Amount, the amounts calculated in clauses (ii) and (iii) of this definition shall be reduced on the date of such event to reflect the elimination of such Eligible Real Property or Eligible Equipment from the foregoing calculation of the fair market value of such Eligible Real Property or Eligible Equipment as shown on Agent's most recently received appraisals for such Eligible Real Property or Eligible Equipment and not at the amount of the proceeds received at any disposition, condemnation or casualty. In the event that the aggregate appraised fair market value of the Eligible Real Property and the net orderly liquidation value of the Eligible Equipment is determined to be less than $60,000,000 at any time, Agent shall establish a Reserve against the amount set forth in clause (i) of this definition in an amount equal to the amount by which such aggregate appraised fair market value is less than $60,000,000 until the difference between the Fixed Asset Amount and the Reserve described above equals $0. Borrower may, from time to time, add Eligible Real Property or Eligible Equipment for purposes of determining the Fixed Asset Amount.
Fixed Asset Amount means the net book value of the Fixed Assets as shown on the books and records of Seller on the last day of the month immediately preceding the Closing Date.
Examples of Fixed Asset Amount in a sentence
Borrower shall make a payment to Lender in respect of the Loans in an amount equal to 50% of the proceeds received by the Borrower from the sale of any Eligible Real Estate if, before or after giving effect to the reduction in the Fixed Asset Amount corresponding to the release by Lender of its liens on such Eligible Real Estate in connection with such sale, Borrower has Excess Loan Availability of less than $15,000,000.
However, the Fixed Asset Amount shall increase by an amount equal to seventy-five percent (75%) of the orderly liquidation value of the Lackman Facility Equipment ▇▇ ▇▇▇ermined by appraisal of the Lackman Facility Equipment.
U.S. Maximum Fixed Asset Amount - an amount equal to the lesser of (i) the sum of 80% of the net orderly liquidation value of the U.S. Borrowers’ Equipment plus 65% of the fair market value of the U.S. Borrowers’ Real Estate, in each case, as determined on the Closing Date, or (ii) $28,870,000.
If such appraisal is acceptable to Agent at Agent's commercially reasonable discretion, the Fixed Asset Amount will be increased by the results of such appraisal within such thirty (30) day period.
If the total fixed assets of the Company, adjusted to exclude the Divested Items, as set forth on the December Balance Sheet (the "December Fixed Asset Amount") is less than $9,086,445.81, then the Seller Entities shall deliver to the Buyer cash in an amount equal to the amount of any such shortfall immediately after the Closing.
More Definitions of Fixed Asset Amount
Fixed Asset Amount set forth in Annex A to Credit Agreement is hereby amended and restated to read in its entirety as follows:
Fixed Asset Amount means, as of any date of determination, the lesser of (i) $11,840,000, which amount shall decrease by $246,666.67 on October 1, 2001 and on the first day of each calendar month occurring thereafter or such smaller amount as may be remaining until such amount equals $0 and (ii) the difference between (A) 50% of the appraised value of each parcel of Eligible Real Estate as shown on Schedule 1.13.5 attached hereto, (as such Schedule may be amended from time to time) MINUS (B) the amount that represents the amortized portion of such Eligible Real Estate as shown on Schedule 1.13.5 attached hereto (as such Schedule may be amended from time to time); provided that the amount determined by clause (ii) of this definition shall automatically be reduced on the day any Eligible Real Estate becomes ineligible in an amount equal to the amount reflected on Schedule 1.13.5 hereto for such Eligible Real Estate. It being agreed and understood that Borrower may add, substitute for or remove any Eligible Real Estate, provided such addition, substitution or removal complies with the terms and conditions pursuant hereto.
Fixed Asset Amount means (a) prior to any Fixed Asset Financing Date, an amount equal to $150,000,000 and (b) following any Fixed Asset Financing Date, an amount not less than zero equal to $150,000,000 minus the aggregate amount of Fixed Asset Collateral Value relating to each Fixed Asset Financing occurring after the date hereof.
Fixed Asset Amount means an amount equal to $8,720,000; provided, however, that such amount shall decrease by $500,000 on the first day of each calendar quarter, commencing on the calendar quarter beginning on October 1, 2004. The Fixed Asset Amount shall increase by an additional amount equal to the lesser of (i) 70% of the appraised fair market value of the Real Estate owned by Borrower located at 1500 Industrial Avenue, Bedford, Taylor County, ▇▇▇▇ (▇▇▇ "▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇") ▇▇ (▇▇) $329,000 at such time when Agent shall have received each of the following agreements and documents in respect of the Bedford Property, in form and substance reasonably satisfactory to the Agent and the Lenders in their sole discretion: (i) duly executed first-priority Mortgage by Borrower in favor of Agent and related UCC fixture filing, (ii) survey and title insurance policy, (iii) flood certificates, (iv) Phase I environmental site assessment, (v) a legal opinion of an Iowa local counsel reasonably satisfactory to Agent and Lenders, (v) an appraisal in form and substance, and prepared by an appraiser reasonably satisfactory to Agent, Lenders and Borrower, and (vi) any other documents, agreements or certificates reasonable requested by Agent or Lenders in connection therewith.
Fixed Asset Amount. ELIGIBLE INVENTORY", "ELIGIBLE EQUIPMENT", "ELIGIBLE REAL PROPERTY", "ELIGIBLE RECEIVABLE", "ELIGIBLE FINISHED GOODS", "ELIGIBLE RAW MATERIALS", ELIGIBLE WORK-IN-PROCESS", "ELIGIBLE SUPPLIES" and "ELIGIBLE PARTS". and PROVIDED, FURTHER, that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement or the other Loan Documents.
Fixed Asset Amount means, as of any date of determination, the lesser of (a) $20,000,000; or (b) the sum of (x) eighty-five percent (85%) of the appraised Net Orderly Liquidation Value of Eligible Equipment as determined pursuant to the most recently delivered appraisal received by Agent prior to the date hereof (the "Equipment Sublimit") plus (y) seventy-five percent (75%) of the appraised Fair Market Value of Eligible Real Property as determined pursuant to the most recently delivered appraisal received by Agent prior to the date hereof (the "Real Property Sublimit"), in each case under clause (b), as reduced from time to time pursuant to Section 2.4. "Fixed Charge Coverage Ratio" shall mean, with respect to Borrower and its Subsidiaries on a consolidated basis for any fiscal period, the ratio of EBITDA to Fixed Charges.
Fixed Asset Amount means (A) prior to the satisfaction of the conditions set forth in SECTION 3.3, $15,000,000; and (B) thereafter, the lesser of (a) $30,000,000 and (b) the sum of (i) 75% of the orderly liquidation value of the Borrower's Eligible Equipment and (ii) 50% of the Fair Market Value of the Borrower's Eligible Real Property, as determined by the Administrative Agent on the basis of the most recent appraisal provided to the Administrative Agent in accordance with SECTION 6.11; PROVIDED, HOWEVER, that the Fixed Asset Amount shall be further adjusted as required by SECTIONS 6.11(D) AND 8.4.