Equipment Availability definition

Equipment Availability means the amount of Revolving Credit Advances against Eligible Equipment Lender may from time to time make available to Borrowers up to seventy percent (70%) of the appraised net forced liquidation value as determined by an appraiser acceptable to Lender of Borrowers’ Eligible Equipment.

Equipment Availability means, at any time, the amount equal to the lesser of eighty percent (80.0%) multiplied by (a) the Appraised Value of the Eligible Equipment as such Appraised Value is identified in the most recent Acceptable Appraisal of Eligible Equipment at such time or (b) $7,222,630.

Equipment Availability means, (i) from the date hereof until a new Equipment Appraisal is received by Co-Collateral Agents after the Closing Date, an amount equal to the lesser of (a) one hundred percent (100%) of the Net Book Value of Eligible Equipment as set forth in the most current Equipment Appraisal received by Co-Collateral Agents and (b) eighty-five percent (85%) of the Net Orderly Liquidation Value of Eligible Equipment as set forth in the most current Equipment Appraisal received by Co-Collateral Agents, and (ii) after the Co-Collateral Agents’ receipt of the first new Equipment Appraisal after the Closing Date, eighty-five (85%) percent of the Net Orderly Liquidation Value of Eligible Equipment as set forth in the then-most current Equipment Appraisal received by Co-Collateral Agents; provided, however, that (a) a purchase (not yet reflected in an Equipment Appraisal) of Eligible Equipment shall result in an increase in such Net Orderly Liquidation Value of Eligible Equipment in an amount equal to the sum of the actual invoice price paid (excluding taxes, delivery fees and any other fees and charges paid), for such purchased Eligible Equipment (which invoice price may be paid in part by the trade-in of existing Eligible Equipment for new Eligible Equipment, in which case such existing Eligible Equipment shall no longer be included in the Borrowing Base and such new Eligible Equipment shall be included in the Borrowing Base), (b) a disposition (not yet reflected in an Equipment Appraisal) of Eligible Equipment shall result in a decrease in such Net Orderly Liquidation Value of Eligible Equipment in an amount equal to such Eligible Equipment’s contribution to Net Orderly Liquidation Value of Eligible Equipment immediately prior to its disposition, (c) such Net Orderly Liquidation Value of Eligible Equipment shall be reduced by one percent (1%) on the last day of each fiscal quarter until a more current Equipment Appraisal is received by Co-Collateral Agents, and (d) for the avoidance of doubt, a subsequent Equipment Appraisal (adjusted for purchases and dispositions as provided for, respectively, in clause (a) and clause (b) of this definition) shall not result in an increase in the Net Orderly Liquidation Value of Eligible Equipment as calculated in accordance with clauses (a), (b) and (c) of this definition immediately preceding the receipt of the subsequent Equipment Appraisal.

Examples of Equipment Availability in a sentence

• For purposes of determining liquidated damages under the preceding formula, the amount by which the Modified Pooled OMC Equipment Availability Factor for the LD Period in question falls below the applicable threshold shall be rounded to the nearest one-tenth of one percent (0.001).

• For each LD Period, a Modified Pooled OMC Equipment Availability Factor shall be calculated as provided in accordance with Section 1 (Modified Pooled OMC Equipment Availability Factor (“MPXEEAF”)) of Attachment Q (Calculation of Certain Metrics) to this Agreement.

• A deration or outage required by Company pursuant to the preceding sentence shall be considered “unplanned” and, until the conditions that led to the deration or outage are resolved by Seller and Seller notifies Company of the same, any such deration shall “count against” Seller for purposes of calculating the Performance Index and any such outage shall “count against” Seller for the purpose of calculating the Modified Pooled OMC Equipment Availability Factor.

• In the event the Modified Pooled OMC Equipment Availability Factor is less than 97% (the "Modified Pooled OMC Equipment Availability Factor Performance Metric") for any LD Period, Seller shall be subject to liquidated damages as set forth in this Section 2.5(b) (Modified Pooled OMC Equipment Availability Factor Performance Metric and Liquidated Damages).

• Each Party agrees and acknowledges that (i) the damages that Company would incur if the Seller fails to achieve the Modified Pooled OMC Equipment Availability Factor Performance Metric for a LD Period would be difficult or impossible to calculate with certainty and (ii) the aforesaid liquidated damages are an appropriate approximation of such damages.

More Definitions of Equipment Availability

Equipment Availability means, collectively, the US Equipment Availability and the Canadian Equipment Availability.

Equipment Availability means $10,000,000; provided, that, effective on the first day of the month immediately after the date hereof and continuing on the first day of each consecutive month thereafter, the Equipment Availability shall be reduced by the amount equal to $277,777.

Equipment Availability means the amount of Revolving Credit Advances against Eligible Equipment Lender may from time to time make available to Borrower up to seventy percent (70%) of the appraised forced liquidation value of $584,850 (as of April 1, 2017) which was determined by an appraiser acceptable to Lender of Borrower’s Eligible Equipment, which amount shall be reduced in equal monthly installments over a 36 month period commencing April 1, 2017.”

Equipment Availability means the amount of such Revolving Credit Advances against Eligible Equipment as set forth on the attached Schedule VI, and the amount of such future Revolving Credit Advances against Eligible Equipment as may be added to Schedule VI from time to time in Lender’s sole and absolute discretion, based upon seventy percent (70%) of the appraised forced liquidation value of such Eligible Equipment, as determined by an appraiser then acceptable to Lender, each of which amounts shall be reduced in equal monthly installments as set forth on Schedule VI, as such schedule may be amended by the Lender from time to time.

Equipment Availability means, at any time, an amount equal to (a) the lesser of the Equipment Loan Commitment, minus (b) the unpaid principal balance of the Equipment Loans.

Equipment Availability means (a) prior to the date on which the Equipment Availability Conditions have been satisfied, zero (0), and (b) from and after the date on which the Equipment Availability Conditions have been satisfied as reasonably determined by Agent, the amount equal to eighty five (85%) percent of the net liquidation value of the Eligible Equipment as set forth in the most recent acceptable appraisal of such Equipment received by Agent in accordance with the terms hereof (net of liquidation expenses, costs and commissions): provided, that, the Equipment Availability shall be reduced on the first day of each calendar quarter, commencing with the first full calendar quarter following the date on which the Equipment Availability Conditions have been satisfied, by an amount equal to the initial Equipment Availability Calculated in accordance with this clause (b) divided by twenty (20).

Equipment Availability means (i) from the Closing Date through and including March 31, 2002, an amount equal to $11,200,000 multiplied by the Equipment Availability Adjustment, and (ii) from April 1, 2002, through and including the Termination Date, an amount equal to $7,100,000 multiplied by the Equipment Availability Adjustment.