Fixed Asset Amount means an amount equal to $13,381,025; provided, however, that such amount shall decrease by $500,000 on the first day of each calendar quarter, commencing on the calendar quarter beginning on or about October 1, 2002. The Fixed Asset Amount shall increase (a) by an additional amount equal to 70% of the appraised value of the Chillicothe property at such time as the Agent has received a (i) first priority Mortgage, (ii) title policy, (iii) flood certificates , (iv) environmental questionnaires with respect to the Chillicothe property and (v) any other documents derived therefrom in form and substance reasonably satisfactory to Agent and the Lenders in their sole discretion and (b) by an additional amount equal to 70% of the incremental revised appraised value of the (i) 9700 Commerce Parkway property and (ii) 16002 W. 110th Street propexxx. Xxx xxxxxxxxx xalue referenced in xxxxxxx (x) xxx (x) xhall be mutually satisfactory to Agent, Lenders and the Borrower.
Fixed Asset Amount means the net book value of the Fixed Assets as shown on the books and records of Seller on the last day of the month immediately preceding the Closing Date.
Fixed Asset Amount means (a) prior to any Fixed Asset Financing Date, an amount equal to $150,000,000 and (b) following any Fixed Asset Financing Date, an amount not less than zero equal to $150,000,000 minus the aggregate amount of Fixed Asset Collateral Value relating to each Fixed Asset Financing occurring after the date hereof.
Examples of Fixed Asset Amount in a sentence
The Base Purchase Price shall be further reduced, at Closing, by $1.00 for each $1.00 that the value of the Seller's Tangible Fixed Assets, as reflected on the Preliminary Closing Balance Sheet (the "Closing Tangible Fixed Asset Amount") is less than $115,000 (the "Closing Tangible Fixed Asset Adjustment").
However, the Fixed Asset Amount shall increase by an amount equal to seventy-five percent (75%) of the orderly liquidation value of the Lackman Facility Equipment xx xxxermined by appraisal of the Lackman Facility Equipment.
The Firm's determination will be based on the definitions of Sprintank Inventory Amount, Sprintank Prepaid Expenses Amount and Sprintank Fixed Asset Amount included herein.
The fees and expenses of the Independent Accountant related to the resolution of the December Fixed Asset Amount shall be paid by the Party whose estimate of the December Fixed Asset Amount is farthest from the Independent Accountant’s final calculation of thereof.
If an optionee whose employment terminates for reasons other than death or disability dies during the three-month period described above, such optionee's Options shall expire one year from the date of termination of employment, during which time they may be exercised to the extent exercisable on the date of termination.
More Definitions of Fixed Asset Amount
Fixed Asset Amount means, as of any date of determination, the amount, as reasonably determined by Agent, to be the lesser of (i) $10,000,000, (ii) 20% of the appraised fair market value of Eligible Real Property and Eligible Equipment and (iii) 25% of the net orderly liquidation value of Eligible Real Property and Eligible Equipment. In the event of any disposition, condemnation or casualty of Eligible Real Property or Eligible Equipment of Borrower or a Restricted Subsidiary pursuant to Section 9.7 hereof (or in the event of a receipt of any condemnation awards or casualty insurance proceeds in respect thereof), the value of which Eligible Real Property or Eligible Equipment has been included in the Fixed Asset Amount, the amounts calculated in clauses (ii) and (iii) of this definition shall be reduced on the date of such event to reflect the elimination of such Eligible Real Property or Eligible Equipment from the foregoing calculation of the fair market value of such Eligible Real Property or Eligible Equipment as shown on Agent's most recently received appraisals for such Eligible Real Property or Eligible Equipment and not at the amount of the proceeds received at any disposition, condemnation or casualty. In the event that the aggregate appraised fair market value of the Eligible Real Property and the net orderly liquidation value of the Eligible Equipment is determined to be less than $60,000,000 at any time, Agent shall establish a Reserve against the amount set forth in clause (i) of this definition in an amount equal to the amount by which such aggregate appraised fair market value is less than $60,000,000 until the difference between the Fixed Asset Amount and the Reserve described above equals $0. Borrower may, from time to time, add Eligible Real Property or Eligible Equipment for purposes of determining the Fixed Asset Amount.
Fixed Asset Amount means an amount equal to the sum of (A) 80% of the Forced Liquidation Value of the Eligible Fixed Asset Equipment and (B) the aggregate Applicable Real Property Amounts, as such amount may be redetermined from time to time pursuant to the terms of the second sentence of Section 2.1(b).
Fixed Asset Amount means, as of any date of determination, the lesser of (a) $20,000,000; or (b) the sum of (x) eighty-five percent (85%) of the appraised Net Orderly Liquidation Value of Eligible Equipment as determined pursuant to the most recently delivered appraisal received by Agent prior to the date hereof (the "Equipment Sublimit") plus (y) seventy-five percent (75%) of the appraised Fair Market Value of Eligible Real Property as determined pursuant to the most recently delivered appraisal received by Agent prior to the date hereof (the "Real Property Sublimit"), in each case under clause (b), as reduced from time to time pursuant to Section 2.4. "Fixed Charge Coverage Ratio" shall mean, with respect to Borrower and its Subsidiaries on a consolidated basis for any fiscal period, the ratio of EBITDA to Fixed Charges.
Fixed Asset Amount means, as of any date of determination, the lesser of (i) $11,840,000, which amount shall decrease by $246,666.67 on October 1, 2001 and on the first day of each calendar month occurring thereafter or such smaller amount as may be remaining until such amount equals $0 and (ii) the difference between (A) 50% of the appraised value of each parcel of Eligible Real Estate as shown on Schedule 1.13.5 attached hereto, (as such Schedule may be amended from time to time) MINUS (B) the amount that represents the amortized portion of such Eligible Real Estate as shown on Schedule 1.13.5 attached hereto (as such Schedule may be amended from time to time); provided that the amount determined by clause (ii) of this definition shall automatically be reduced on the day any Eligible Real Estate becomes ineligible in an amount equal to the amount reflected on Schedule 1.13.5 hereto for such Eligible Real Estate. It being agreed and understood that Borrower may add, substitute for or remove any Eligible Real Estate, provided such addition, substitution or removal complies with the terms and conditions pursuant hereto.
Fixed Asset Amount set forth in Annex A to Credit Agreement is hereby amended and restated to read in its entirety as follows:
Fixed Asset Amount means an amount equal to $8,720,000; provided, however, that such amount shall decrease by $500,000 on the first day of each calendar quarter, commencing on the calendar quarter beginning on October 1, 2004. The Fixed Asset Amount shall increase by an additional amount equal to the lesser of (i) 70% of the appraised fair market value of the Real Estate owned by Borrower located at 1500 Industrial Avenue, Bedford, Taylor County, Xxxx (xxx "Xxxxxxx Xxxxxxxx") xx (xx) $329,000 at such time when Agent shall have received each of the following agreements and documents in respect of the Bedford Property, in form and substance reasonably satisfactory to the Agent and the Lenders in their sole discretion: (i) duly executed first-priority Mortgage by Borrower in favor of Agent and related UCC fixture filing, (ii) survey and title insurance policy, (iii) flood certificates, (iv) Phase I environmental site assessment, (v) a legal opinion of an Iowa local counsel reasonably satisfactory to Agent and Lenders, (v) an appraisal in form and substance, and prepared by an appraiser reasonably satisfactory to Agent, Lenders and Borrower, and (vi) any other documents, agreements or certificates reasonable requested by Agent or Lenders in connection therewith.
Fixed Asset Amount means (A) prior to the satisfaction of the conditions set forth in SECTION 3.3, $15,000,000; and (B) thereafter, the lesser of (a) $30,000,000 and (b) the sum of (i) 75% of the orderly liquidation value of the Borrower's Eligible Equipment and (ii) 50% of the Fair Market Value of the Borrower's Eligible Real Property, as determined by the Administrative Agent on the basis of the most recent appraisal provided to the Administrative Agent in accordance with SECTION 6.11; PROVIDED, HOWEVER, that the Fixed Asset Amount shall be further adjusted as required by SECTIONS 6.11(D) AND 8.4.