Amortizing Availability means $4,000,000, less $48,000 on the fifteenth (15th) day of each month commencing with April 15, 2005 but reducing to $0 upon the end of the Term. In the event any Tennessee Equipment is sold on or after the Amendment No. 4 Effective Date, the Amortizing Availability shall be further reduced by 80% of the appraised OLV value of the applicable Tennessee Equipment as set forth in the appraisal referenced in the defined term “Tennessee Equipment”.
Amortizing Availability means (A) the Initial Amortizing Availability minus the product of one-twenty fourth of the amount determined under the definition of Initial Amortizing Availability and the number of full Fiscal Quarters that have occurred since the Amendment No. 8 Effective Date, plus (B) the Additional Amortizing Availability, minus (C) an amount equal to (i) 50% of the Fair Market Value of any Eligible Real Estate as of the Amendment No. 8 Effective Date or the date it is purchased by Borrower or 85% of the Net Orderly Liquidation Value of any Eligible Equipment as of the Amendment No. 8 Effective Date or the date it is purchased by Borrower, which is the basis of Amortizing Availability, and which is subject to a loss, sale, destruction or other disposition, less (ii) the product of (I) (x) in the case of Eligible Real Estate or Eligible Equipment included in Amortizing Availability pursuant to clause (A) above, one-twenty fourth of the amount determined under the preceding clause (i) or (y) in the case of Eligible Real Estate or Eligible Equipment included in Amortizing Availability pursuant to clause (B) above, one-twentieth of the amount determined under the preceding clause (i), and (II) the number of full Fiscal Quarters that have occurred since the Amendment No. 8 Effective Date or the purchase of such Eligible Real Estate or Eligible Equipment to the date of such loss, sale, destruction or other disposition, as the case may be. In no event, at any time, shall the amount included in Amortizing Availability based upon the Fair Market Value of Eligible Real Estate exceed 50% of such Amortizing Availability. Notwithstanding the foregoing, in the event that the Reloading Accordion option is exercised under the US Credit Agreement, (a) clause (A) of the definition of “Amortizing Availability” shall mean the sum of (i) 50% of the Fair Market Value of the Eligible Real Estate as set forth on the Reloading Appraisal, plus (ii) 85% of the Net Orderly Liquidation Value of the Eligible Equipment as set forth on the Reloading Appraisal, minus (iii) one-twentieth of the sum of subclauses (i) and (ii) of this sentence commencing with the Fiscal Quarter ending immediately following the effective date of the Reloading Accordion and (b) subclause (C)(ii) of the definition of “Amortizing Availability” shall mean the product of one-twentieth of the amount determined under the subclause (C)(i) and the number of full Fiscal Quarters that have occurred since the effective date of the...
Amortizing Availability means $4,000,000, less $66,666.67, on the fifteenth (15th) day of each month commencing with July 15, 2003 and reducing to $0 upon the end of the Term. In the event any Equipment of East Tennessee Materials & Energy Corporation is sold on or after the Amendment No. 2 Effective Date, the Amortizing Availability shall be further reduced by the greater of (i) 75% of the fair market value of such Equipment or (ii) 45% of the liquidation in place value of such Equipment, in each case as set forth in the appraisal dated March 2, 2002 conducted by Xxxxxxxx and Xxxxxxx Valuation Consulting.
Examples of Amortizing Availability in a sentence
Notwithstanding the foregoing, Agent and Lenders consent to the dissolution of SI, provided, that (i) upon the dissolution of SI, the assets of SI shall have been transferred to SMP and remain subject to Agent’s and Lenders’ first priority perfected security interest and (ii) upon dissolution of SI, the amount of SI Amortizing Availability, shall become $0 and the amount of SI Amortizing Availability, immediately prior to such dissolution shall be added to SMP Amortizing Availability.
More Definitions of Amortizing Availability
Amortizing Availability means (A) US$756,000 less US$31,000 per Fiscal Quarter commencing with the Fiscal Quarter ending March 31, 2006, plus (B) the Additional Amortizing Availability, minus (C) an amount equal to (i) 50% of the Fair Market Value of any Eligible Real Estate as of December 29, 2005 or the date it is purchased by Borrower or 85% of the Net Orderly Liquidation Value of any Eligible Equipment of Borrower as of December 29, 2005 or the date it is purchased by Borrower, which is the basis of Amortizing Availability, and which is subject to a loss, sale, destruction or other disposition, less (ii) the product of one-twenty fourth of the amount determined under the preceding clause (i) and the number of full Fiscal Quarters that have occurred since December 29, 2005 or the purchase of such Eligible Real Estate or Eligible Equipment to the date of such loss, sale, destruction or other disposition, as the case may be.
Amortizing Availability means an amount equal to (i) (A) the lesser of (a) $11,200,000 or (b) up to seventy five percent (75%) subject to the provisions of Section 2.1(b) hereof (the "Equipment Advance Rate"), of the orderly liquidation value of the Eligible Equipment, less (ii) on the first day of each month during the Term commencing with the first full month following the Amendment No. 1 Effective Date, the Amortized Amount, less (iii) the orderly liquidation value of any Equipment included in the calculation of clause (i) of this definition which is sold, transferred, scrapped, or otherwise disposed of by Borrower or is transferred to any location other than any of Borrower's locations listed on Schedule 4.5 to this Agreement.
Amortizing Availability means $2,800,000 less $77,778 per month commencing December 1, 2004 and on the first day of each month thereafter.
Amortizing Availability means the sum of $14,100,000 less $100,000 per month commencing November 1, 2000 and on the first day of each month thereafter until April 1, 2004 when such amount shall be reduced to $0, subject to earlier reduction pursuant to Section 2.13 hereof..
Amortizing Availability means $400,000 less $8,333.33 per month commencing October 1, 1996 and on the first day of each month thereafter, subject to adjustment as provided in paragraph 8(h) of this Agreement.
Amortizing Availability means an amount equal to (i) (A) the lesser of (a) the sum of (i) $11,200,000 minus (ii) the Previously Amortized Amount or (b) up to seventy five percent (75%) subject to the provisions of Section 2.1(b) hereof (the "Equipment Advance Rate"), of the orderly liquidation value of the Eligible Equipment, less (ii) on the first day of each month during the Facility Term commencing with the first full month following the Closing Date, the Amortized Amount, less (iii) the orderly liquidation value of any Equipment included in the calculation of clause (i) of this definition which is sold, transferred, scrapped, or otherwise disposed of by the Borrower or is transferred to any location other than any of the Borrower's locations listed on Schedule 4.5 to this Agreement.
Amortizing Availability means $4,000,000, less $66,666.67, on the fifteenth (15th) day of each month commencing with July 15, 2003 and reducing to $0 upon the end of the Term. In the event any Equipment of East Tennessee Materials & Energy Corporation is sold on or after the Amendment No. 2 Effective Date, the Amortizing Availability shall be further reduced by the greater of (i) 75% of the fair market value of such Equipment or