Equipment Formula Amount definition

Equipment Formula Amount means, without duplication, 90% of the aggregate total of costs of material plus labour costs for the Financed Goods as of the period of determination as evidenced by applicable invoices, receipts and account payable debit reports, provided such amount does not exceed 90% of the total purchase price provided in the applicable Guaranteed contract at any time.

Equipment Formula Amount the lesser of (a) $6,000,000 and (b) 80% of the NOLV Percentage of the Value of Eligible Equipment.”

Equipment Formula Amount means, at any time of calculation, an amount equal to the NOLV of Eligible Equipment, multiplied by 90%.

Examples of Equipment Formula Amount in a sentence

• Borrowing Base - on any date of determination thereof, an amount equal to the lesser of: (a) the aggregate amount of the Commitments on such date minus the LC Reserves on such date minus $5,000,000, or (b) an amount equal to (i) the sum of the Accounts Formula Amount plus the Inventory Formula Amount on such date plus the Equipment Formula Amount minus (ii) the Availability Reserve on such date minus (iii) $5,000,000 minus (iv) the LC Reserves on such date.

• If at any time any Equipment included in the Borrowing Base ceases to be owned by a Borrower by reason of a sale or disposition thereof or otherwise or is affected by a material casualty, such Equipment shall be excluded from the Borrowing Base and the Equipment Formula Amount shall be reduced by the NOLV of such Equipment.

• If Equipment removed from the Borrowing Base by the operation of this paragraph is replaced by new Eligible Equipment, the Equipment Formula Amount (after giving effect to the reduction thereof by the NOLV of the replaced Equipment) shall be increased by the lesser of (i) the NOLV of the Equipment replaced by such new Eligible Equipment and (ii) the NOLV of such new Eligible Equipment.

• Consolidated Fixed Charges - for any period, the sum of the following during such period, calculated on a Consolidated basis and without duplication: (i) Consolidated Interest Expense, plus (ii) scheduled principal payments of any long-term Debt coming due in the next period of equal length, plus (iii) payments made with respect to Capitalized Lease Obligations, plus (iv) the portion of the Amortizing Equipment Formula Amount amortized.

• Borrowers shall ensure that at all times the net book value (calculated in accordance with GAAP) of the Bank Revenue Equipment equals or exceeds 175% of the Equipment Formula Amount.

More Definitions of Equipment Formula Amount

Equipment Formula Amount means, at any time of calculation, an amount equal to the NOLV of Eligible Equipment, multiplied by

Equipment Formula Amount as of any date of determination, an amount equal to the lesser of (i) $5,075,000 and (ii) 80% of the lesser of (a) the net orderly liquidation Value of Eligible Equipment, as reduced on the first day of each Fiscal Quarter occurring after the Amendment No. 5 Effective Date in an amount equal to one-twentieth (1/20) of such appraised value (the “Equipment Value Amortization”) and (b) the net orderly liquidation Value of Eligible Equipment, as determined by any updated Equipment Appraisals with respect to such Equipment received by Agent, provided, that, in connection with any Permitted Asset Disposition of any Equipment that is included in calculating the Equipment Formula Amount, the Equipment Formula Amount shall be reduced by an amount equal to 80% of the net orderly liquidation Value, as reduced by the Equipment Value Amortization at such time, of such Equipment to be disposed of.”

Equipment Formula Amount means the lesser of (a) 80% of the Value of Eligible Equipment and (b) $25,000,000, which such lesser amount shall be reduced by an aggregate amount equal to $250,000 per month on the last Business Day of each calendar month, from and after September 30, 2009.

Equipment Formula Amount the lesser of (a) $1,339,000 and (b) 85% of the NOLV of Eligible Equipment, which amount shall be reduced in each case on December 1, 2010 and on the first day of each month thereafter by $22,316.67, such reductions to be permanent and cumulative.

Equipment Formula Amount means 80% of the sum of the NOLV of each item of Eligible Equipment, as reduced on the last day of the first full fiscal quarter after the Closing Date or any Revaluation Date with respect to such item of Eligible Equipment and on the last day of each fiscal quarter thereafter on an amortizing level seven year basis.

Equipment Formula Amount means, on any date of determination thereof, the applicable Equipment Sublimit on such date.

Equipment Formula Amount the lesser of (a) $1,339,000 and (b) 85% of the NOLV of Eligible Equipment, which amount shall be reduced in each case on September 1, 2014 and on the first day of each month thereafter by $22,316.67, such reductions to be permanent and cumulative. Equity Interest: the interest of any (a) shareholder in a corporation; (b) partner in a partnership (whether general, limited, limited liability or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity security or ownership interest, including any Derivative Securities. ERISA: the Employee Retirement Income Security Act of 1974. ERISA Affiliate: any trade or business (whether or not incorporated) under common control with an Obligor within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).