Fixed Asset Borrowing Base definition

Fixed Asset Borrowing Base means, from the Closing Date until September 30, 2003, $25,000,000, which amount shall be reduced by $892,857.15 on the first day of each Fiscal Quarter beginning on October 1, 2003.

Fixed Asset Borrowing Base means $25,000,000, which amount shall be reduced by $892,857.15 on the first day of each Fiscal Quarter beginning on October 1, 2007; provided that if (a) 80% of the net orderly liquidation value of the Loan Parties’ machinery and equipment plus (b) 75% of the fair market value of the Loan Parties’ real property located in Wickliffe, Ohio, Cuyahoga Heights, Ohio and Wapakoneta, Ohio each as determined by an appraisal received by the Agent, is less than $25,000,000, the “Fixed Asset Borrowing Base” may be decreased in the Agent’s sole and absolute discretion, but in no event to less than the applicable advance rate set forth above multiplied by the appraised value of such assets.

Fixed Asset Borrowing Base means at any time an amount equal to 80% (or such lesser percentage as the Required Lenders may in their sole and absolute discretion determine from time to time) of the sum of (i) the appraised orderly liquidation value of the Eligible Equipment according to the Equipment Appraisal, and (ii) the appraised value of the Eligible Real Estate according to the Real Estate Appraisals.

Examples of Fixed Asset Borrowing Base in a sentence

• If Protective Advances are made in accordance with this Section 2.01(d), then the Current Asset Borrowing Base and the Fixed Asset Borrowing Base shall thereafter be deemed ratably increased (based on the Current Asset Revolving Facility Availability and the Fixed Asset Revolving Facility Availability at such time) by the amount of such permitted Protective Advances, but only for so long as the Administrative Agent allows such Protective Advances to be outstanding.

• If at any time the aggregate principal amount of the Fixed Asset Loans exceeds Fixed Asset Borrowing Base or any other applicable limitation set forth in this Agreement, the Borrower shall request a Current Asset Loan in the amount of such excess and if the conditions set forth in Section 4.2 hereof are satisfied, a Current Asset Loan shall be deemed made in the amount of such excess and used to repay the Fixed Asset Loans to the extent of such excess.

• Real Property Availability shall automatically be included in the calculation of the Fixed Asset Borrowing Base upon receipt by the Borrower of a notice from the Administrative Agent of the receipt of, and satisfaction with, the documents required by this Section 6.21.

• Notwithstanding anything to the contrary, the aggregate principal amount outstanding of the Revolving Facility shall not exceed the lesser of (a) the Total Credit Facility, MINUS, the sum of (i) the outstanding principal amount as of the date of determination of the Overadvance Advances, and (ii) the Letter of Credit Obligations, or (b) the sum of the Borrowing Base, the Fixed Asset Borrowing Base and CAPEX Borrowing Base.

• Then, the Fixed Asset Availability may be increased by the difference between the Fixed Asset Borrowing Base immediately after to the updated appraisals and the Fixed Asset Borrowing Base immediately prior to the updated appraisal.

More Definitions of Fixed Asset Borrowing Base

Fixed Asset Borrowing Base shall have the meaning assigned to such term in the definition of “Borrowing Base.”

Fixed Asset Borrowing Base means, from the Closing Date until September 30, 2003, $25,000,000, which amount shall be reduced by $892,857.15 on the first day of each Fiscal Quarter beginning with October 1, 2003; provided that if 80% of the net orderly liquidation value of the Loan Parties’ machinery and equipment (acquired as part of Amcast acquisition), as determined by an appraisal received by the Agent on or before March 31, 2005, equals or exceeds $5,000,000, the “Fixed Asset Borrowing Base” shall increase to $25,000,000 on such date, which amount shall be reduced by $892,857.15 on the first day of each Fiscal Quarter following the receipt of such appraisal.

Fixed Asset Borrowing Base means at any time, for the Borrowers in the aggregate, an amount equal to the lesser of (i) $3,640,000 or (ii) the sum of (A) fifty percent (50%) of the Appraised FM Value of the Mortgaged Property and (B) eighty percent (80%) of the Appraised OL Value of each Borrower's Equipment. Notwithstanding the foregoing to the contrary, the Fixed Assets Borrowing Base will be reduced by $400,000 on each of March 1, June 1, and September 1, 2005 and by the Net Proceeds of any Borrower's Equipment and Mortgaged Property. The Agent shall have, and reserves, the right at any time, in its reasonable credit judgment, to adjust the foregoing advance rate percentages.

Fixed Asset Borrowing Base means, at any particular time, the lesser of:

Fixed Asset Borrowing Base has the meaning assigned to such term in the Original Credit Agreement.

Fixed Asset Borrowing Base means, for any Borrower at any time, the lesser of (a) the Fixed Asset Sublimit of such Borrower at such time and (b) the Fixed Asset Value of such Borrower at such time. Notwithstanding the foregoing, on or before the receipt after the Effective Date by the Administrative Agent of updated Appraisals for all Eligible Equipment and Eligible Real Estate together with, if and to the extent required by the Administrative Agent, amendments to the Australian Collateral Documents or new Australian Collateral Documents to ensure the Loan Values reflect the result of such appraisals, the "Fixed Asset Borrowing Base" shall be determined as set forth in the Existing Credit Agreement on the date hereof.

Fixed Asset Borrowing Base shall be determined as set forth in the Existing Credit Agreement on the date hereof.