Fixed Asset Sub-Line Amount means $7,004,000; provided that the Fixed Asset Sub-Line Amount shall be permanently reduced (i) on the first day of each month, commencing April 1, 2015, by an amount equal to $83,380.95, (ii) on each date that any mandatory reduction is required to be made pursuant to Section 2.3(f)(ii) in an amount equal to the amount of such required mandatory reduction, (iii) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Equipment (after taking into account any reductions under clauses (i) and (ii) above) at any time is in excess of the appraised "net orderly liquidation value" of all Eligible Equipment (such reduction to be on the date Agent receives such appraisal setting forth such "net orderly liquidation value") and (iv) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Real Estate (after taking into account any reductions under clauses (i) and (ii) above) at any time is in excess of the appraised fair market value of all Eligible Real Estate (such reduction to be on the date Agent receives such appraisal setting forth the fair market value). In the event Borrowers deliver to Agent the Real Estate Deliveries, the foregoing Fixed Asset Sub-Line Amount shall be increased by an amount equal to 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, provided that in no event shall the aggregate amount of the Fixed Asset Sub-Line Amount exceed $7,004,000 (the amount of such increase, the "Eligible Real Estate Predicated Amount"), and thereafter permanently reduced by an additional amount per month based on a 120 month amortization schedule of such Eligible Real Estate Predicated Amount.
Fixed Asset Sub-Line Amount means $5,000,000; provided that the Fixed Asset Sub-Line Amount shall be permanently reduced (i) on the first day of each month following the Fixed Asset Availability Date by an amount equal to (a) Fixed Asset Availability (as in effect on the Fixed Asset Availability Date) divided by (b) 84 (for example, if Fixed Asset Availability on the Fixed Asset Availability Date is equal to $5,000,000, the Fixed Asset Sub-Line would reduce on the first day of each month by an amount equal to $59,523.81), (ii) on each date that any mandatory reduction is required to be made pursuant to Section 2.3(f)(ii) in an amount equal to the amount of such required mandatory reduction, (iii) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Equipment (after taking into account any reductions under clauses (i) and (ii) above) at any time is in excess of the appraised "net orderly liquidation value" of all Eligible Equipment (such reduction to be on the date Agent receives such appraisal setting forth such "net orderly liquidation value") and (iv) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Real Estate (after taking into account any reductions under clauses (i) and (ii) above) at any time is in excess of the appraised fair market value of all Eligible Real Estate (such reduction to be on the date Agent receives such appraisal setting forth the fair market value).
Fixed Asset Sub-Line Amount means $21,760,000; provided that the Fixed Asset Sub-Line Amount shall be permanently reduced (i) on the first day of each month (beginning on March 1, 2013) by an amount equal to $259,048,and (ii) by the amount of each mandatory prepayment pursuant to Section 2.4(e)(iii) required to reduce the Fixed Asset Sub-Line Amount pursuant to Section 2.4(f)(iii) (to be applied against the remaining reductions in clause (i) above in the inverse order of maturity); providedfurther, that within 60 days following the completion of an appraisal, in form and substance satisfactory to Agent, calculating the Net Orderly Liquidation Value of Eligible Equipment, Borrower may by written notice to Agent, so long as no Event of Default exists and the Fixed Charge Coverage Ratio for the 12 month period most recently ended prior to such notice for which Agent has received financial statements for Parent pursuant to Schedule 5.1 is at least 1.1 to 1.0, elect to cause the Fixed Asset Sub-Line Amount to be increased to an amount equal to 85% of the Net Orderly Liquidation Value of Eligible Equipment based on such appraisal (but in no event shall the Fixed Asset Sub-Line Amount exceed $50,000,000); providedfurther, that such election shall not be made more than twice during the term of this Agreement and if such Fixed Asset Sub-Line Amount is so increased such amount shall be reduced(x) on the first day of each month (beginning on the first day of the first month following Exhibit 10.1 such increase in the Fixed Asset Sub-Line Amount) by an amount equal to the amount of such increased Fixed Asset Sub-Line Amount divided by 84, and (y) by the amount of each mandatory prepayment pursuant to Section 2.4(e)(iii) required to reduce the Fixed Asset Sub-Line Amount pursuant to Section 2.4(f)(iii) (to be applied against the remaining reductions in clause (x) above in the inverse order of maturity). Agent may establish a reserve and reduce the Fixed Asset Sub-Line Amount by an amount equal to 85% of the Net Orderly Liquidation Value of each item of Equipment subject to (or required to be subject to) a certificate of title which is included in the calculation of Fixed Asset Availability Amount as of the Closing Date but for which Agent does not have a first priority perfected Lien (subject to Permitted Liens); provided, that Agent shall not establish any such reserve for any Eligible Equipment of a Borrower (other than Transfresh) until the 60th day following the Closing Date.
Examples of Fixed Asset Sub-Line Amount in a sentence
Each such prepayment shall be applied against the scheduled reductions of the Fixed Asset Sub-Line Amount in the inverse order of maturity (for the avoidance of doubt, any amount that is to be reduced on the Maturity Date shall constitute a scheduled reduction).(vi) Current Asset Loans.
More Definitions of Fixed Asset Sub-Line Amount
Fixed Asset Sub-Line Amount means $2,670,972; provided that the Fixed Asset Sub-Line Amount shall be reduced (i) on the first day of each month (beginning on May 1, 2014) by an amount equal to $44,516.20, (ii) by the amount required pursuant to Section 2.4(f)(iii) in connection with each prepayment pursuant to Section 2.4(e)(iv) and (iii) on the date Agent notifies Borrowers of Agent’s receipt of an appraisal of the Net Orderly Liquidation Value of the Eligible Equipment, by the amount, if any, by which the Fixed Asset Sub-Line Amount on such date is in excess of 85% of the Net Orderly Liquidation Value of the Eligible Equipment based on such appraisal (it being understood that (a) the reductions required under clause (ii) are in addition to, and shall not affect or reduce, the reductions required by clause (i) and (b) any reduction in the Fixed Asset Sub-Line Amount under clause (i), clause (iii) and, except as provided in Section 2.4(f)(iii), clause (ii) shall be permanent)).
Fixed Asset Sub-Line Amount means $7,004,000; provided that the Fixed Asset Sub-Line Amount shall be permanently reduced (i) on the first day of each month, commencing September 1, 2014, by an amount equal to $83,380.95, (ii) on each date that any mandatory reduction is required to be made pursuant to Section 2.3(f)(ii) in an amount equal to the amount of such required mandatory reduction, (iii) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Equipment (after taking 5955638v5 8/5/2014 4:37 PM 1989.330 into account any reductions under clauses (i) and (ii) above) at any time is in excess of the appraised "net orderly liquidation value" of all Eligible Equipment (such reduction to be on the date Agent receives such appraisal setting forth such "net orderly liquidation value") and (iv) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Real Estate (after taking into account any reductions under clauses (i) and (ii) above) at any time is in excess of the appraised fair market value of all Eligible Real Estate (such reduction to be on the date Agent receives such appraisal setting forth the fair market value).
Fixed Asset Sub-Line Amount means $7,400,000; provided that the Fixed Asset Sub-Line Amount shall be permanently reduced (i) on the first day of each month, commencing September 1, 2014, by an amount equal to $[88,095.24], (ii) on each date that any mandatory reduction is required to be made pursuant to Section 2.3(f)(ii) in an amount equal to the amount of such required mandatory reduction, (iii) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Equipment (after taking into account any reductions under clauses
Fixed Asset Sub-Line Amount means $7,004,000; provided that the Fixed Asset Sub-Line Amount shall be permanently reduced (i) on the first day of each month, commencing April 1, 2015, by an amount equal to $83,380.95, (ii) on each date that any mandatory reduction is required to be made pursuant to Section 2.3(f)(ii) in an amount equal to the amount of such required mandatory reduction, (iii) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Equipment (after taking into account any reductions under clauses (i) and (ii) above) at any time is in excess of the appraised "net orderly liquidation value" of all Eligible Equipment (such reduction to be on the date Agent receives such appraisal setting forth such "net orderly liquidation value") and (iv) the amount by which the portion of the Fixed Asset Sub-Line Amount predicated on Eligible Real Estate (after taking into account any reductions under clauses (i) and(ii) above) at any time is in excess of the appraised fair market value of all Eligible Real Estate (such reduction to be on the date Agent receives such appraisal setting forth the fair market value). In the event Borrowers deliver to Agent the Real Estate Deliveries, the foregoing Fixed Asset Sub-Line Amount shall be increased by an amount equal to 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, provided that in no event shall the aggregate amount of the Fixed Asset Sub-Line Amount exceed $7,004,000 (the amount of such increase, the "Eligible Real Estate Predicated Amount"), and thereafter permanently reduced by an additional amount per month based on a 120 month amortization schedule of such Eligible Real Estate Predicated Amount.