Net Forced Liquidation Value definition

Net Forced Liquidation Value means a professional opinion of the estimated most probable Net Cash Proceeds which could typically be realized at a properly advertised and conducted public auction sale without reserve, held under forced sale conditions and under economic trends current within 60 days of the appraisal. The opinion may consider physical location, difficulty of removal, adaptability, specialization, marketability, physical condition, overall appearance and psychological appeal.
Net Forced Liquidation Value means, as to Eligible Equipment, at any time, the value of such Eligible Equipment, determined on a forced liquidation basis, reduced by such commissions, fees, costs and expenses as may be reasonably expected in connection with the liquidation thereof, as set forth in the most recent appraisal delivered, at the sole cost and expense of Borrowers, to Lender, as to the Eligible Equipment, in form, scope, and methodology acceptable to Lender in its Permitted Discretion and performed by an appraiser acceptable to Lender in its Permitted Discretion, addressed to Lender and upon which Lender is permitted to rely.

Examples of Net Forced Liquidation Value in a sentence

If the Lender at any time obtains an appraisal of the Equipment as permitted under Section 6.9(d) herein, and the appraisal shows the aggregate outstanding principal balance of the Term Note to exceed Net Forced Liquidation Value of Eligible Equipment, then the Borrower, upon demand by the Lender, shall make additional monthly principal payments in an amount equal to the amount of such excess divided by 60 months, together with any prepayment fee.

The Lender agrees, subject to the terms and conditions of this Agreement, to make a single advance to the Borrower on the Funding Date (the “Term Advance”) in an amount not exceeding the lesser of $340,000 or one hundred percent (100%) of the Net Forced Liquidation Value of the Borrower’s Eligible Equipment.

The Net Forced Liquidation Value of Eligible Equipment and the appraised fair market value of Eligible Real Property as of the date of the Appraisal delivered prior to the Closing Date, are set forth on Schedule 1.14.

If the Lender at any time obtains an appraisal of Eligible Equipment as permitted under Section 6.10(d) herein, and the appraisal shows the aggregate outstanding principal balance of the Equipment Term Note to exceeds (i) 85% of the Net Orderly Liquidation Value of Eligible Equipment or (ii) 100% of the Net Forced Liquidation Value of Eligible Equipment, then the Domestic Borrower, upon demand by the Lender, shall immediately prepay the Equipment Term Note in the amount of such excess.

If the Lender at any time obtains an appraisal of the Equipment as permitted under Section 6.8(d) herein, and the appraisal shows the aggregate outstanding principal balance of the Term Note to exceed 100% of the Net Forced Liquidation Value of Eligible Equipment, then the Borrower, upon demand by the Lender, shall immediately prepay the Term Note in the amount of such excess.


More Definitions of Net Forced Liquidation Value

Net Forced Liquidation Value means, with respect to Eligible Equipment, the estimated most probable net amount, expressed in terms of currency, which could typically be realized at a public auction sale of such Eligible Equipment under forced sale conditions and under present-day economic trends, as of the effective date of the most recent acceptable appraisal of equipment received by Lender in accordance with this Agreement, net of all direct auction expenses and exclusive of a buyer’s premium.
Net Forced Liquidation Value means (a) with respect to Eligible Trade Names, the appraised value of Eligible Trade Names, on a net forced liquidation basis, consistent with the most recent third-party appraisal of such Eligible Trade Names delivered to and accepted by the Term Agent by an appraiser reasonably acceptable to the Term Agent, and (b) with respect to Real Estate, the appraised value of such Real Estate as set forth in the most recent appraisal of Hilco Real Estate or another third-party appraiser reasonably acceptable to the Term Agent, which appraisal assumes a marketing time of no greater than six months. For purposes of the Closing Date and until receipt of a subsequent appraisal of the Borrowing Base Real Estate, the Net Forced Liquidation Value of the Borrowing Base Real Estate shall be determined by reference to the appraisals of the Borrowing Base Real Estate dated July 28, 2012 by Hilco Real Estate.
Net Forced Liquidation Value means the US Dollar Amount to be realized from any forced liquidation of BorrowersEligible Equipment as set forth in the most recent acceptable appraisal received by Lender and upon which Lender may rely, net of all operating expenses and associated costs and expenses of such liquidation, commissions and taxes, such amount to be as determined from time to time by an appraisal company selected or approved by Lender.
Net Forced Liquidation Value means the value of Borrowersowned towboats, barges and other vessels that is estimated to be recoverable in a forced liquidation of such vessels net of all associated costs and expenses of such liquidation, such value to be as determined from time to time by an appraisal company in connection with an appraisal conducted in accordance with the terms hereof.
Net Forced Liquidation Value means the value of the BorrowersEligible ABL Priority Collateral Vessels that is estimated to be recoverable in a forced liquidation of such Eligible ABL Priority Collateral Vessels, net of all associated costs and expenses of such liquidation, such value to be as determined from time to time by an Approved Broker in connection with a Vessel Appraisal conducted in accordance with the terms hereof.
Net Forced Liquidation Value means, with respect to the Eligible Equipment of any Operating Company, the estimated net recovery value as determined by Agent based on the most recent equipment appraisal report performed by an appraiser acceptable to Agent which reflects the estimated gross cash value expected by the appraiser to be derived from a forced sale or disposition at a liquidation of such Eligible Equipment after deducting all costs, expenses and fees attributable to such sale or disposition, including, without limitation, all fees, costs and expenses of any liquidator(s) engaged to conduct such sale or disposition and all costs and expenses of removing and delivering the same to a purchaser.