Fixed Asset Sublimit set forth in Article 1 and may thereby be reduced below zero (-0-) to a negative number. In addition, after the Fixed Asset Sublimit has been reduced to zero (-0-), the Revolving Commitment of each Revolving Lender shall be reduced upon any Asset Disposition by such Revolving Lender's Proportionate Share of the amount by which the Fixed Asset Sublimit has been reduced below zero (-0-) under the definition of "Fixed Asset Sublimit." After all the Revolving Commitments have been reduced to zero (-0-) and all Letter of Credit Obligations have been cash collateralized in the manner set forth in Section 9.2(c), the Net Disposition Proceeds of any Asset Disposition shall be applied to repay the outstanding Postpetition Obligations relating to the Term Loan.
Fixed Asset Sublimit means an amount equal to $43,606,713; provided, that such amount shall be automatically and permanently reduced (and may thereby become a negative number or a greater negative number) on each date on which an Asset Disposition (other than the Sale/Leaseback Transaction) occurs with respect to any real property, other fixed assets or any leasehold interest in real property of any Borrower, in an amount equal to (i) in the case of any Asset Disposition of or with respect to any real property or any leasehold interest in real property, the greater of (a) the Appraised Value and (b) the Net Cash Disposition Proceeds thereof; (other than any Asset Disposition with respect to the Borrowers' properties located in Colorado Springs, Colorado; Springdale, Ohio; Denver, Colorado; or San Diego, California; in which case, the amount of such reduction to the Fixed Asset Sublimit shall be to equal the average of the Appraised Value and the Net Cash Disposition Proceeds with respect to each such property) and (ii) in the case of any Asset Disposition of or with respect to any other fixed assets (including without limitation fixtures, furniture and equipment), twenty-five percent (25%) of the Appraised Value thereof, provided that, no reduction of the Fixed Asset Sublimit pursuant to this clause (ii) shall occur as a result of the Borrowers' selling, transferring or otherwise disposing of obsolete or worn out fixed assets with an aggregate Appraised Value of up to $1,800,000; provided, further, that upon payment of all Net Cash Disposition Proceeds from the Sale/Leaseback Transaction to the Agent the Fixed Asset Sublimit shall be a negative number such that Excess Availability as of the date of such payment shall be $10,000,000 plus the amount set forth in subsection (d) of the definition of Borrowing Base and shall thereafter continue to be reduced in the manner described in the first proviso of this definition in respect of all future asset dispositions.
Fixed Asset Sublimit means an amount equal to $17,135,438; PROVIDED, that such amount shall be automatically and permanently reduced on each date on which either (A) an Asset Disposition occurs with respect to any real property, other fixed assets or any leasehold interest in real property of any Borrower or (B) any Borrower rejects any lease of real property or assumes any lease of real property without procuring contemporaneously a right to assign such lease, in an amount equal to (i) in the case of any Asset Disposition of any real property identified on SCHEDULE 1.1 hereof or in the event that any Borrower rejects any lease of real property or assumes any lease of real property without procuring contemporaneously a right to assign such lease, the amount set forth opposite such property on such Schedule, (ii) in the case of any Asset Disposition of a fee interest in real property other than as provided in clause (i), above, one hundred percent (100%) of the Net Cash Disposition Proceeds thereof, and (iii) in the case of any Asset Disposition of any other fixed assets (including without limitation fixtures, furniture and equipment), twenty-five percent (25%) of the Appraised Value thereof, provided that, no reduction of the Fixed Asset Sublimit pursuant to this clause (iii) shall occur as a result of the Borrowers' selling, transferring or otherwise disposing of obsolete or worn out fixed assets with an aggregate Appraised Value of up to $1,800,000; PROVIDED, FURTHER, that on and after September 30, 1999, the Fixed Asset Sublimit shall be zero ($0).
Examples of Fixed Asset Sublimit in a sentence
If the Collateral subject to such sale, loss, damage, destruction or condemnation consists of Equipment or real Property, then the Additional Amount and the Fixed Asset Sublimit shall be permanently reduced by the amount of such prepayment, on a pro rata basis; in each case, the applicable Individual Borrowing Base shall also be reduced by an allocable portion of the amount of such prepayment.
Note: NationsBank would consider making a Fixed Asset Sublimit Facility of up to $7 million available under the Revolving Credit Facility, described above, subject to further due diligence, appraisals and legal documentation and review, and credit approval.
The maximum amount that may be included in the Borrowing Base pursuant to clauses (iii) and (iv) above is $50,000,000, plus an amount equal to that portion of any Facility Increase allocated to the Fixed Asset Sublimit in accordance with Section 2.22 (the aggregate amount set forth in this sentence, the “Fixed Asset Sublimit”).
Each such prepayment shall be applied to reduce the outstanding principal balance of the Revolving Credit Loans and as a permanent reduction in the Fixed Asset Sublimit, but shall not permanently reduce the Revolving Loan Commitments.
Fixed Asset Formula Amount - the lesser of (a) the Fixed Asset Sublimit, or (b) the sum of (i) 70% of the fair market value of the Mortgaged Property, as determined by an appraisal satisfactory to Agent, and (ii) 80% of the orderly liquidation value of Eligible Equipment, as determined by an appraisal satisfactory to Agent.
More Definitions of Fixed Asset Sublimit
Fixed Asset Sublimit and by replacing it with a reference to "DECEMBER 31, 1999".
Fixed Asset Sublimit means an amount equal to $36,000,000.00; PROVIDED, that such amount shall be automatically and permanently reduced on each date on which an Asset Disposition occurs with respect to any real property, other fixed assets or any leasehold interest in real property of any Borrower, in an amount equal to (i) in the case of Asset Dispositions occurring in connection with the Bulk Sale Transaction, in an amount equal to one hundred percent (100%) of the Net Cash Disposition Proceeds thereof, (ii) in the case of any Asset Disposition of any real property identified on SCHEDULE 1.1 hereof, the amount set forth opposite such property on such Schedule, (iii) in the case of any Asset Disposition of a fee interest in real property other than as provided in clauses (i) and (ii), above, one hundred percent (100%) of the Net Cash Disposition Proceeds thereof, and (iv) in the case of any Asset Disposition of any other fixed assets (including without limitation fixtures, furniture and equipment), twenty-five percent (25%) of the Appraised Value thereof, provided that, no reduction of the Fixed Asset Sublimit pursuant to this clause (iv) shall occur as a result of the Borrowers' selling, transferring or otherwise disposing of obsolete or worn out fixed assets with an aggregate Appraised Value of up to $1,800,000; PROVIDED, FURTHER, that on and after September 1, 1999, the Fixed Asset Sublimit shall be zero ($0). Additionally, the Fixed
Fixed Asset Sublimit in clause (a) of the definition of "BORROWING BASE": (which may be a negative number)
Fixed Asset Sublimit means an amount equal to $90,000,000; provided, that such amount shall be automatically and permanently reduced (and may thereby become a negative number) on each date on which an Asset Disposition occurs with respect to any real property, other fixed assets or any leasehold interest in real property of any Borrower, in an amount equal to (i) in the case of any Asset Disposition of or with respect to any real property or any leasehold interest in real property, the Appraised Value thereof, and (ii) in the case of any Asset Disposition of or with respect to any other fixed assets (including without limitation fixtures, furniture and equipment), twenty-five percent (25%) of the Appraised Value thereof, provided that, no reduction of the Fixed Asset Sublimit pursuant to this clause (ii) shall occur as a result of the Borrowers' selling, transferring or otherwise disposing of obsolete or worn out fixed assets with an aggregate Appraised Value of up to $1,800,000.
Fixed Asset Sublimit means an amount equal to $25,000,000; provided that the Fixed Asset Sublimit shall be automatically and permanently reduced:
Fixed Asset Sublimit shall initially mean an amount equal to $40,000,000, which amount shall be reduced by $1,428,600 on the first day of each fiscal quarter, commencing with the fiscal quarter beginning on July 1, 2005. Upon the inclusion of any Additional Eligible U.S. Equipment as Eligible U.S. Equipment, the Fixed Asset Sublimit shall be increased by an amount equal to 75% of the Hard Costs of such Additional Eligible U.S. Equipment (each such increase, a "Fixed Asset Sublimit Increase"); provided that in no event shall the Fixed Asset Sublimit be increased to an amount exceeding $40,000,000. Each Fixed Asset Sublimit Increase shall be reduced quarterly on the first day of each fiscal quarter by an amount equal to 1/28th of the initial amount of such Fixed Asset Sublimit Increase, commencing with the first day of the fiscal quarter which begins at least ninety (90) days after the date of such Fixed Asset Sublimit Increase.
Fixed Asset Sublimit means an amount equal to $37,644,000; provided, that the Fixed Asset Sublimit shall be automatically reduced by an amount equal to $247,000 (reflecting $71,000 with respect to Eligible Real Property and $176,000 with respect to Eligible Equipment) on the first day of each month (such amount, the “Fixed Asset Amortization Amount”) commencing with August 1, 2018.