Fixed Asset Advance means a portion of the Domestic Revolving Loans equal to the then current Fixed Asset Borrowing Base.
Fixed Asset Advance as either (a) the formulation reflected in the current Agreement and (b) the margined appraised value of certain equipment collateral and certain mortgaged real estate, whichever is greater for each calendar month. The appraisal must be reasonably acceptable to Agent. The advance rate shall be determined by the Agent in its sole discretion.
Examples of Fixed Asset Advance in a sentence
Notwithstanding anything in this Agreement to the contrary, the Fixed Asset Advance shall at all times bear interest at a rate per annum equal to the Eurodollar Rate (determined on the basis of the Applicable Margin applicable to Fixed Asset Advances).
In each Conversion/Continuation Notice, the Domestic Borrower shall designate whether any Advance is a Fixed Asset Advance.
In each Conversion/Continuance Notice, the Domestic Borrower shall designate whether any Advance is a Fixed Asset Advance or a Capex Advance.
In each Conversion/Continuance Notice, the Borrower shall designate whether any Advance is a Fixed Asset Advance or a Capex Advance.
Until such time as the Fixed Asset Advance has been reduced to zero, the Borrowers shall pay to the Lender a fee equal to .1% of the amount of the Fixed Asset Advance as of the last day of each month.
More Definitions of Fixed Asset Advance
Fixed Asset Advance. Amount shall mean, with respect to each period below, the respective amount set forth below: ------------------------------------------------------------- Period Advance ------------------------------------------------------------- April 30, 2002 - May 31, 2002 $3,000,000 ------------------------------------------------------------- June 1, 2002 - June 30, 2002 $2,000,000 ------------------------------------------------------------- July 1, 2002 - October 30, 2002 $1,500,000 ------------------------------------------------------------- October 31, 2002 - November 30, 2002 $3,000,000 ------------------------------------------------------------- December 1, 2002 - December 31, 2002 $2,000,000 ------------------------------------------------------------- January 1, 2003 - March 31, 2003 $1,500,000 ------------------------------------------------------------- Fixed Asset Advance Amount Fee shall have the meaning set forth in Section 2.3.
Fixed Asset Advance means the following amounts for the following periods:
Fixed Asset Advance means $50,000,000.
Fixed Asset Advance means the principal amount of Revolving Credit Loans, which shall be drawn fully on the Closing Date, attributable to the Fixed Asset Availability.
Fixed Asset Advance second to Revolving Loans attributable to the Fixed Asset Advance, and third to the CapEx Loans, and (iii) in the case of any mandatory prepayment pursuant to SECTION 2.04(d), such prepayment shall be applied: (A) if the asset disposed of consisted of a CapEx Asset purchased with the proceeds of a CapEx Loan, first, to the CapEx Loans, second to Revolving Loans attributable to the Fixed Asset Advance, and third to Revolving Loans other than the Fixed Asset Advance, and (B) if the asset disposed of consisted of any other machinery, equipment or tangible assets, first, an amount equal to the appraised value of such asset to the Revolving Loans attributable to the Fixed Asset Advance, second, to the Revolving Credit Loans other than the Fixed Asset Advance and third to the CapEx Loans, PROVIDED, HOWEVER, that upon the occurrence and during the continuance of an Event of Default, such prepayment shall be applied to the Loans in such order as the Agent so elects. With respect to any prepayment of any Loans, the Agent shall apply such prepayments: first, to the payment of accrued interest in respect of outstanding Base Rate Loans; second, to the principal amount of outstanding Base Rate Loans; third, to accrued interest in respect of outstanding Eurodollar Loans; fourth, to the principal amount of outstanding Eurodollar Loans; and fifth, to all other outstanding Obligations. In the case of any prepayment of CapEx Loans, such prepayments shall be applied to the installments thereof in reverse order of maturity. The Commitments shall be automatically and permanently reduced as a result of any mandatory prepayment made pursuant to SECTION 2.04(a), SECTION 2.04(c) or SECTION 2.04(d) by an amount corresponding to the amount of such prepayment; PROVIDED, HOWEVER, that if the Borrowers' Agent advises the Agent in writing at the time of any prepayment of Revolving Loans with the Net Cash Proceeds from any asset disposition as required by SECTION 2.04(d) that, as contemplated by SECTION 2.17, a portion of the Revolving Commitments gives rise to a Reserved Commitment Amount, unless any portion of the Reserved Commitment Amount is not utilized on or before the 179th day of receipt to reinvest in assets permitted by SECTION 7.10(f), the Revolving Commitments shall not be permanently reduced by the Reserved Commitment Amount. The Revolving Commitments shall be automatically and permanently reduced by the amount of any Reserved Commitment Amount remaining unutilized after 179...
Fixed Asset Advance means, for each calendar month, the greater of:
Fixed Asset Advance means the principal amount of Revolving Credit Loans which shall be drawn fully on the Closing Date pursuant to the Fixed Asset Availability. On the last day of each calendar month beginning in March, 2003, the Fixed Asset Advance will amortize based on a seven year, straight-line amortization schedule, and the Fixed Asset Availability will be reduced dollar for dollar with such amortization. The advance rates for Eligible Accounts are subject to the Agent's confirmation of a receivables dilution percentage of not more than 5%, based on periodic field examinations to be completed by the Agent. The advance rate and dollar limit on Eligible Inventory is subject to the Agent's review and satisfaction with the results of a field examination and an inventory appraisal. The Agent shall have the right, upon the completion of field examinations and inventory and other appraisals conducted prior to the term of the Credit Facility, and periodic field examinations and inventory appraisals conducted from time to time by the Agent during the term of the Credit Facility, in each case, as described in "CONDITIONS PRECEDENT" below, to reduce advance rates, impose further dollar limits on eligible collateral, establish reserves and impose other criteria for determining the eligibility of collateral. COLLATERAL "COLLATERAL AVAILABILITY" will be defined as the amount AVAILABILITY: by which (a) the Borrowing Base exceeds (b) the sum of all J.P. MORGAN BUSINESS CREDIT CORP. CXXXXXXXXXXX outstanding Revolving Credit Loans, Letters of Credit, accrued charges, interest and fees, and exposure under Hedging Agreements. REVOLVING "REVOLVING AVAILABILITY" will be defined as the amount AVAILABILITY: by which (a) the lesser of (i) the Borrowing Base and (ii) the Maximum Revolving Commitment Amount exceeds (b) the sum of all outstanding Revolving Credit Loans, Letters of Credit, accrued charges, interest and fees, and exposure under Hedging Agreements. The Credit Parties shall have minimum Revolving Availability as of the Closing Date (after giving effect to the funding of all Revolving Credit Loans and the issuance of all Letters of Credit to be funded or issued as of the Closing Date) of not less than $9,000,000. PURPOSE: The proceeds of the Credit Facility shall be used solely: (i) to refinance existing senior secured indebtedness of the Credit Parties, (ii) to pay fees and expenses incurred in connection with the closing of the Credit Facility and the Exchange Notes, (iii) to financ...