Eligible Fixed Assets means, as of any date, those tangible fixed assets owned by a Borrower or a Guarantor in which such Borrower or Guarantor has granted to the Agent and Lenders a first-priority perfected security interest pursuant to the Security Agreements, subject to only such Liens as are permitted Section 5.2(f)(i),but not including any such fixed asset (a) that is not usable in the business of a Borrower or Guarantor, (b) that is located outside the United States or Canada or such other jurisdiction approved by the Agent, (c) that is subject to, or any accounts or other proceeds resulting from the sale or other disposition thereof could be subject to, any Lien (except those in favor of the Agent and the Lenders under the Security Agreements, (d) that is not in the possession of the Company, (e) that is held for sale or lease or is the subject of any lease, (f) that is subject to any trademark, trade name or licensing arrangement, or any law, rule or regulation, that could limit or impair the ability of the Agent and the Lenders to promptly exercise all rights of the Agent and the Lenders under the Security Agreements, (g) if such fixed asset is located on premises not owned by the Company and the landlord or other owner of such premises shall not have waived its distraint, lien and similar rights with respect to such fixed asset, and shall not have agreed to permit the Agent to enter such premises after the
Eligible Fixed Assets means, collectively, Eligible Equipment and Eligible Real Estate.
Eligible Fixed Assets means, as of any date, the equipment owned by the Company or Manufacturing in which the Company or Manufacturing has granted to the Agent for the benefit of the Lenders a first-priority security interest pursuant to the Security Agreement, valued, in the case of any equipment owned as of the Effective Date, at the orderly liquidation value as determined by appraisals acceptable to the Required Lenders, and, in the case of any equipment purchased after the Effective Date, at the hard cost of such equipment, but not including any such fixed asset (a) that is not useable in the business of the Company or Manufacturing, (b) that is located outside the United States (which shall not be deemed to include any territories of the United States) or Canada, (c) that is subject to, or any accounts or other proceeds resulting from the sale or other disposition thereof could be subject to, any Lien (except those in favor of the Agent for the benefit of itself and the Lenders under the Security Documents and other Permitted Liens which are junior in priority to those in favor of the Agent), (d) that is not in the possession of the Company or Manufacturing (provided that such assets shall be deemed in possession of the Company or Manufacturing if they are located on premises owned or leased by the Company or Manufacturing), (e) that is held for sale or lease or is subject of any lease, (f) that is subject to any trademark, trade name or licensing arrangement, or any law, rule or regulation, that would limit or impair the ability of the Lenders and the Agent to promptly exercise all rights of the Lenders and the Agent under the Security Documents, (g) if such fixed asset is located on premises not owned by the Company or Manufacturing and, on or before sixty (60) days after the Effective Date, the landlord or other owner of such premises shall not have waived its distraint, lien and similar rights with respect to such fixed asset, and shall not have agreed to permit the Lenders and the Agent to enter such premises after the occurrence of an Event of Default pursuant to a waiver and agreement of such person in favor of and in form and substance acceptable to the Agent (h) with respect to which any insurance proceeds are not payable to the Lenders and the Agent as a lender loss payee or are payable to any loss payee other than the Lenders and the Agent or the Company or Manufacturing or (i) that for any other reason is at any time reasonably deemed by the Agent to be ineligi...
Examples of Eligible Fixed Assets in a sentence
For projects when the amount of Qualified Debt being refinanced is more than 90 percent of the value of the Eligible Fixed Asset(s) securing the Qualified Debt, the Borrower must provide additional cash or other fixed asset collateral acceptable to SBA so as not to exceed a 90% loan to value of the Refinancing Project.
The Third Party Lender must have a first lien position, and the 504 loan must have a second lien position, on all Eligible Fixed Assets securing the Refinancing Project.
For any projects that include the financing of Eligible Business Expenses, a maximum 85% loan to value of the Refinancing Project will apply and the Eligible Business Expenses portion of the Project may not exceed 20% of the value of the Eligible Fixed Asset(s) securing the Qualified Debt.
In considering the Borrower’s application, the CDC must obtain evidence that lien(s) are securing the Qualified Debt with Eligible Fixed Asset(s), and state in its credit memorandum that it has verified that the lien(s) has been in place for at least 2 years prior to the date of application.
Revised the guidance on 504 refinancing without expansion to remove the “Secured Debt” and “Business Operating Expenses” and for projects that include the financing of Eligible Business Expenses, limited the percentage of of Eligible Business Expenses to 20% of the value of the Eligible Fixed Asset(s) securing the Qualified Debt.
More Definitions of Eligible Fixed Assets
Eligible Fixed Assets means Equipment owned by a Borrower, in each case acceptable to the Administrative Agent in its reasonable discretion to be eligible for inclusion in the calculation of the Borrowing Base, and without limiting the foregoing satisfies each of the following conditions:
Eligible Fixed Assets is the net book value of fixed assets of the Borrower and its Subsidiaries as determined under GAAP and reflected in the Borrower’s consolidated financial statements.
Eligible Fixed Assets means, as determined from time to time, --------------------- pursuant to an appraisal acceptable to Agents, Equipment, Fixtures and owned furniture of each Borrower; provided, however, that Eligible Fixed Assets shall -------- ------- not include any such fixed asset as to which any of the following exclusionary criteria applies:
Eligible Fixed Assets means the machinery and equipment (i) owned by the Borrower and its Domestic Subsidiaries which are Guarantors, (ii) located in the United States of America, (iii) in which the Agent shall have a First Priority Lien, (iv) which are properly insured in accordance with the provisions of Section 7.5, and (v) which are listed on that certain schedule of Eligible Fixed Assets attached to the Term Loan Borrowing Base Certificate delivered to the Agent on or prior to the Closing Date.
Eligible Fixed Assets means, at any date, the total of:
Eligible Fixed Assets means the collective reference to all Equipment of each Borrower, valued at the lower of the net purchase cost (excluding the costs of delivery, installation, taxes, and other “soft” costs) or market value excluding, however, any such Equipment that consists of:
Eligible Fixed Assets. The Headquarters Facility to the extent that it is (a) owned by the Borrowers, (b) subject to a Mortgage, (c) properly insured in accordance with the provisions of Section 4.9, and (d) not encumbered by an Encumbrance other than Permitted Encumbrances.