Fixed Asset Availability definition
Fixed Asset Availability means, an amount equal to the lesser of (a) the Fixed Asset Sub-Line Amount and (b) the amount equal to the sum of (x) eighty-five percent (85%) of the "net orderly liquidation value" of all Eligible Equipment as set forth in the most recent reasonably acceptable appraisal of the Equipment of Borrowers received by Agent which is addressed to Agent and upon which Agent is expressly entitled to rely, net of operating expenses, liquidation expenses and commissions (to the extent not already reflected in such appraisal of the Equipment of Borrowers), and (y) sixty percent (60%) of the fair market value of all Eligible Real Estate as set forth in the most recent reasonably acceptable appraisal of the real property of Borrowers received by Agent which is addressed to Agent and upon which Agent is expressly entitled to rely (it being agreed and understood that until Borrowers shall have delivered to Agent the Real Estate Deliveries, none of the Fixed Asset Availability shall be predicated on Eligible Real Estate).
Fixed Asset Availability means the amount equal to the lesser of:
Fixed Asset Availability means the amount equal to the lesser of (a) the sum of the Equipment Availability and the Real Property Availability or (b) the Fixed Asset Availability Limit.
Examples of Fixed Asset Availability in a sentence
Then, the Fixed Asset Availability may be increased by the difference between the Fixed Asset Borrowing Base immediately after to the updated appraisals and the Fixed Asset Borrowing Base immediately prior to the updated appraisal.
Tranche A Fixed Asset Availability Amount — on any date of determination, the lesser of (x) $65,000,000 minus the Tranche A-1 Real Estate Amount on such date and (y) Tranche A Real Estate Amount on such date.
The Fixed Asset Availability shall be reduced monthly based on a seven (7) year amortization beginning on July 1, 1998.
Borrowers hereby acknowledge and agree that until such time as Borrowers deliver each of the items required by this Section 5.19, the Fixed Asset Availability under clause (b)(i) of such definition shall equal $0.
Upon the consummation of the Merger contemplated by the Merger Letter Agreement, all Fixed Asset Availability and Credit CAPEX Availability shall cease, and Borrowers shall have no further right to any Fixed Asset Advances or CAPEX Credit Advances.
More Definitions of Fixed Asset Availability
Fixed Asset Availability means $15,949,276; PROVIDED, THAT, effective on the first day of each month after the date hereof the Fixed Asset Availability shall be reduced by the amount equal to $231,681 on the first day of each such month.
Fixed Asset Availability means, as of any date of determination, the lesser of (a) $4,000,000, (b) the amount that Administrative Borrower elects to include as Fixed Asset Availability on the first Borrowing Base Certificate delivered after the Closing Date that includes an amount for “Fixed Asset Availability”, or (c) eighty- five percent (85%) of the Net Orderly Liquidation Value of all Eligible Equipment as set forth in the NOLV Appraisal most recently delivered to Lender prior to the first inclusion of an amount for “Fixed Asset Availability” on the first Borrower Base Certificate after the Closing Date that includes an amount for “Fixed Asset Availability”, which amount shall be reduced by 1/60 on a monthly basis beginning on the first day of the first month after the first inclusion of any amount for “Fixed Asset Availability” on the first Borrowing Base Certificate after the Closing Date; provided, that “Fixed Asset Availability” shall be $0.00 at all times either (a) Administrative Borrower has not yet elected after the Closing Date to include an amount for “Fixed Asset Availability” on a Borrowing Base Certificate or (b) after March 31, 2018, if Administrative Borrower has not elected to include an amount for “Fixed Asset Availability” on a Borrowing Base Certificate prior to such date.
Fixed Asset Availability means the amount equal to the lesser of:
(a) the Fixed Asset Availability Limit; or
(b) the sum of:
(i) sixty (60%) percent of the fair market value of Eligible Real Property as set forth in the most recent acceptable appraisal (or acceptable updates of existing appraisals) of such Real Property received by Agent in accordance with Section 7.4 hereof, plus
(ii) eighty-five (85%) percent of the forced liquidation value of the Eligible Equipment as set forth in the most recent acceptable appraisal (or acceptable updates of existing appraisals) of such Equipment received by Agent in accordance with Section 7.4 hereof, net of estimated liquidation expenses, costs and commissions; Provided, that, the Fixed Asset Availability shall be reduced as of the first day of each month, commencing on the first day of the month after the date hereof, by an amount equal to the initial Fixed Asset Availability divided by eighty-four (84).
Fixed Asset Availability means the lesser of:
Fixed Asset Availability means, at any time, the amount of $5,000,000; provided, that, the Fixed Asset Availability shall be reduced by an amount equal to $69,444.44 on December 1, 2009 and on the first day of each month thereafter, and subject to other reductions based on sales or other dispositions of any of the Eligible Real Property that were included in the calculation thereof.
Fixed Asset Availability means the sum of (x) with respect to Eligible Real Property owned by Borrowers, as of the Closing Date, $11,289,000 ("Closing Date Real Property Availability"), which Closing Date Real Property Availability will amortize on a monthly basis by an amount equal to $134,393, commencing on December 1, 2004 and on the first day of each month thereafter, (y) with respect to Eligible Equipment owned by Borrowers as of the Closing Date, $19,591,000 ("Closing Date Equipment Availability"), which Closing Date Equipment Availability will amortize on a monthly basis by an amount equal to $272,097, commencing on December 1, 2004 and on the first day of each month thereafter, and (z) with respect to Eligible Real Property acquired by Borrowers after the Closing Date ("Eligible New Real Property") and/or Eligible Equipment acquired by Borrowers after the Closing Date ("Eligible New Equipment", and together with "Eligible New Real Property", collectively, "Eligible New Fixed Assets"), the sum of (I) 60% of the fair market value of such Eligible New Real Property, as determined by written appraisals thereof, prepared by appraisers, and in form and substance, reasonably satisfactory to Agent, and (II) the lesser of (A) 85% multiplied by the Net Liquidation Value of such Eligible New Equipment, as determined by written appraisals thereof, prepared by appraisers, and in form and substance, reasonably satisfactory to Agent, or (B) 75% multiplied by the Hard Cost (as defined below in this definition of Borrowing Base) of such Eligible New Equipment; provided, that, (a) no Eligible New Fixed Assets shall be included for purposes of calculating Fixed Asset Availability until from and after the first anniversary of this Agreement, (b) Fixed Asset Availability shall be available solely with respect to Eligible New Fixed Assets that have not previously been included in the Borrowing Base and shall in no event exceed (i) $5,500,000 as of the first anniversary of this Agreement and $5,500,000 for each twelve (12) - month period following the date of this Agreement, or (ii) $2,750,000 for any six (6) month period following the first anniversary of this Agreement, (c) without in any manner limiting the generality of the criteria for Eligible Equipment and Eligible Real Property, Agent shall have received written appraisals, in accordance with Section 7.4, with respect to any Equipment and Real Property that was not previously included in the Borrowing Base as Eligible Fixed Assets, (d) F...
Fixed Asset Availability means 85% of the Net Forced Liquidation Value of all Eligible Equipment. The Fixed Asset Availability will be adjusted on the first Business Day of each month and reduced by $29,125.00 accordingly on such date, based upon a four (4) year amortization schedule for all Eligible Equipment as of September 13, 2013.