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

• 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.

• Upon any increase of the aggregate Revolver Commitments in accordance with this Section, each of the Dollar amounts contained in the definition of Eligible Containers and Compactors Formula Amount, Eligible Inventory Formula Amount, Eligible Real Estate Formula Amount and Eligible Other Equipment Formula Amount shall be increased by an amount (net of any decreases in the aggregate Revolver Commitments) proportionate to such aggregate increase in Revolver Commitments.

• 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.

• Prior to giving effect to the Transaction, the Equipment Formula Amount calculation as amortized to account for the quarterly steps-downs is presently calculated to be equal to $14,082,120.

More Definitions of Equipment Formula Amount

Equipment Formula Amount as of any date of determination, an amount equal to the lesser of (i) $6,000,000 and (ii) 85% 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 October 1, 2017 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 85% 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, at any time of calculation, an amount equal to the NOLV of Eligible Equipment,

Equipment Formula Amount set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety as follows:

Equipment Formula Amount the lesser of (a) $15,000,000; and (b) 85% of the NOLV Percentage of the Value of Eligible Equipment, in each case as reduced by the Value of Eligible Equipment sold, transferred or otherwise disposed of by Borrowers; provided, however, that the Value of Eligible Equipment shall be subject to quarterly step-downs starting on the first day of the first full calendar quarter following the Closing Date and on the 1st day of each calendar quarter thereafter based on a level 10-year straight line amortization schedule.

Equipment Formula Amount subject to the proviso below, the sum (without duplication) of (a) 85% of the NOLV Percentage of the Value of Eligible Equipment determined from the most recent appraisal performed by an appraiser and on terms satisfactory to Agent, plus (b) 80% of the Value of Eligible Equipment which has not been appraised as provided in clause (a) above; provided, however, that (i) the Equipment Formula Amount shall be zero unless and until at least $40,000,000 of Value of Vehicles of Borrowers as to which certificates of title with Agent's Lien noted thereon have been delivered to Agent after the Closing Date and (ii) in no event shall the Equipment Formula Amount at any time exceed $20,000,000. Equipment Loan: a Base Rate Equipment Loan or a LIBOR Equipment Loan. Equipment Reserve: reserves established by Agent in its discretion to reflect factors that may negatively impact the Value of Vehicles, including obsolescence and reserves for potential Liens and regulatory requirements.

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 the product of (a) 85%, multiplied by (b) the appraised NOLV of Eligible Equipment (according to appraisals conducted by Xxxxxx Xxxxxxxx Group, LLC or such other appraisal company acceptable to Administrative Agent in its sole discretion, as such appraisals may be updated from time to time), as such NOLV is adjusted to deduct the amount of book depreciation attributable to such Eligible Equipment for each calendar month, commencing with the first day of the calendar month beginning on May 1, 2023; provided, however, that the Equipment Formula Amount shall be reset (to disregard prior reductions for book depreciation) with each updated appraisal delivered in connection therewith.