Equipment Sublimit definition

Equipment Sublimit means the amount set forth on Schedule 1.46 with respect to the period set forth opposite such amount.

Equipment Sublimit means a limit established by Administrative Agent in its sole discretion, exercised in a commercially reasonable manner, for the amount to be included in the Borrowing Base for machinery and equipment, which is reasonably expected to be limited to Two Million Dollars ($2,000,000).

Equipment Sublimit means (a) $17,500,000, which amount shall be reduced, on the first day of each Fiscal Quarter, beginning on July 1, 2021, by an amount equal to the Fixed Asset Amortization, minus (b) the value of Equipment disposed of by Borrowers following the Closing Date, but only to the extent such value exceeds, when aggregated with the value of all other Equipment disposed of by Borrowers following the Closing Date, $2,500,000.

Examples of Equipment Sublimit in a sentence

• It is further agreed that the Equipment Sublimit and the Real Estate Sublimit are reducing components of the Borrowing Base as provided by SECTION 4.3, and that the Borrowers are not entitled to any subsequent additional advances thereunder.

• If Borrower's Obligations under Section 2.1.1 exceed the lesser of either (i) the Committed Revolving Line or (ii) the Borrowing Base, minus in each case, the outstandings under the Temporary Equipment Sublimit, Borrower must immediately pay Bank the excess.

• If the total Equipment Advances at any time exceeds the Equipment Sublimit, the Borrowers shall immediately repay the amount of the excess together with accrued interest thereon and any amount which may be due pursuant to SECTION 2.20 on account of such payment.

• Subject to Section 2.2(b)(i)(A) and Section 3.2(a)(ii), to the extent LIBOR Rate Revolving Loans are available under the terms of this Agreement, the Borrowers shall request that the Revolving Loans outstanding under the Equipment Sublimit shall be funded as or continued as LIBOR Rate Revolving Loans with a single Interest Period of one month.

• All Equipment Advances issued under the Temporary Equipment Sublimit will be considered an Advance under the Committed Revolving Line until such time as Borrower has met the criteria as described in subsection (d) (ii) of Section 2.1.2. At such time as Borrower has met such criteria the Temporary Equipment Sublimit shall be deleted and all outstanding Equipment Advances thereunder will be considered Equipment Advances under the Committed Equipment Line.

More Definitions of Equipment Sublimit

Equipment Sublimit set forth in Section 1 of the Loan Agreement is amended and restated in its entirety, as follows:

Equipment Sublimit means, as to each Borrower, at any time, the amount equal to the Equipment Cap minus the then outstanding principal amount of Loans to the other Borrower based on Eligible Equipment.

Equipment Sublimit means, as to each Borrower, its Equipment Cap.

Equipment Sublimit means (i) until the later to occur of (1) July 31, 2010, and (2) such time as Agent completes its due diligence with respect the Equipment, the results of which are satisfactory to Agent, $16,033,850.00, and (ii) at all times thereafter, the amount set forth on Schedule 1.49 with respect to the period set forth opposite such amount.” Agent will endeavor in good faith to complete its due diligence with respect to the Equipment by July 31, 2010.

Equipment Sublimit means, as of any date of determination, the lesser of (a) $30,000,000 minus the Equipment Sublimit Reduction or (b) in the Agent's reasonable discretion, fifty percent (50.0%) of the most recent Orderly Liquidation Value appraisal of the Borrower's Equipment received by the Agent pursuant to Section 6.5, minus the portion of the Equipment Sublimit Reduction for the period from the date of such appraisal through the date of determination.

Equipment Sublimit means $27,937,500 provided, however, that beginning on the first day of the first calendar quarter following the Eighth Amendment Effective Date and on the first day of each calendar quarter thereafter, the Equipment Sublimit shall be reduced by $698,438.”

Equipment Sublimit means Two Million Dollars ($2,000,000.00).