PP&E Component means, at the time of any determination, with respect to each Borrower, an amount equal to the difference between:
PP&E Component means, as of any date of determination, an amount equal to the product of the PP&E Percentage multiplied by the lesser of (i) the product of 85% multiplied by the NOLV of Eligible M&E, as such NOLV is identified in the most recent Acceptable Appraisal of M&E at such time, and (ii) $75,000,000. In the event of a voluntary or involuntary sale or disposition of any Eligible M&E (including as a result of a casualty or condemnation), the PP&E Component shall automatically be reduced by the amount of the PP&E Component attributable to the Eligible M&E sold or disposed of (based upon the most recent Borrowing Base Certificate delivered by Borrowers to Agent). Not more than two times after the Closing Date, upon request of the Borrowers, the NOLV of Eligible M&E may be reset subject to receipt by Agent of a new Acceptable Appraisal.
PP&E Component means, at any time of determination of the US Borrowing Base, the lesser of (x) $30,000,000 and (y) 50% of the fair market value of the Eligible Real Property on the Effective Date (or, in the case of any real property on which a Mortgage is granted to the US Collateral Agent after the Effective Date, on the date such Mortgage is granted) (such amount to amortize monthly on a straight-line basis to zero over five years commencing at the end of the first full fiscal quarter following the Effective Date (or, in the case of any real property on which a Mortgage is granted to the US Collateral Agent after the Effective Date, at the end of the first full fiscal quarter following the date such Mortgage is granted)).
Examples of PP&E Component in a sentence
The Loan Parties have valid title to all assets included from time to time in the Canadian PP&E Component and the U.S. PP&E Component and to all other material properties and possessions under lease.
Each Grantor will give the Administrative Agent notice of its acquisition of any vehicle covered by a certificate of title that constitutes a portion of the PP&E Component and deliver to the Administrative Agent, upon request, the original of the vehicle title certificate with respect to any such vehicle and provide and/or file all other documents or instruments necessary to have the Lien of the Administrative Agent noted on any such certificate or with the appropriate state office.
None of the Equipment that constitutes a portion of the PP&E Component is covered by any certificate of title, except for the vehicles described in Exhibit E.
Each Grantor shall promptly inform the Administrative Agent of any additions to or deletions from the Equipment that constitutes a portion of the PP&E Component which individually exceed $250,000.
The Grantors shall not permit any Equipment that constitutes a portion of the PP&E Component to become a fixture with respect to real property or to become an accession with respect to other personal property with respect to which real or personal property the Administrative Agent does not have a Lien.
More Definitions of PP&E Component
PP&E Component means the aggregate amount of the Canadian Borrowing Base, the Dutch Borrowing Base, the German Borrowing Base and the U.K. Borrowing Base that is attributable to Eligible Machinery and Equipment and Eligible Real Property; provided, however, that the PP&E Component of the Global Borrowing Base shall not constitute more than the lesser of (x) 20.0% of the Total Revolving Facility Commitments and (y) 20.0% of the Global Borrowing Base (calculated prior to giving effect to such limitation).
PP&E Component means, at the time of any determination, an amount equal to the lesser of (a) the PP&E Component Sublimit and (b) the sum of 70% of the fair market value of the Borrowers’ Eligible Real Property as determined by Agent in its Permitted Discretion plus 80% of the Net Orderly Liquidation Value of the Borrowers’ Eligible Equipment less Reserves established by the Administrative Agent in its Permitted Discretion. The Administrative Agent may, in its Permitted Discretion, reduce the advance rates set forth above, adjust Reserves or reduce one or more of the other elements used in computing the PP&E Component.
PP&E Component on any date of determination after the PP&E Component Implementation Date, an amount equal to the sum, without duplication, of the following (expressed in Dollars based on the Dollar Equivalent thereof):
PP&E Component means, at the time of any determination, an amount equal to the sum of (i) 75% of the fair market value of the Borrowers' Eligible Real Estate (the "Real Estate Component"), plus (ii) 75% of the Net Orderly Liquidation Value of the Borrowers' Eligible Equipment (the "Equipment Component"), less (iii) Reserves established by the Administrative Agent in its Permitted Discretion; provided, that the PP&E Component shall be reduced on the first day of each fiscal quarter (other than any fiscal quarter in which the Real Estate Component and the Equipment Component are reset pursuant to the proviso below) by an amount equal to the sum of (I) the quotient of (1) the Real Estate Component, divided by (2) 40, plus (II) the quotient of (1) the Equipment Component, divided by (2) 20; provided, further, that the Borrower Representative may elect (at its option) to have Eligible Equipment and Eligible Real Estate reappraised on an annual basis, in which event the Real Estate Component and the Equipment Component shall be reset on the first day of the fiscal quarter immediately after each such annual reappraisal to reflect such reappraisal.
PP&E Component means, at the time of any determination, an amount equal to the sum of (i) the lesser of (A) 70% of the fair market value of the Borrowers’ Eligible Real Property as of the Effective Date and (B) $12,500,000 (with the lesser of (A) and (B) to amortize monthly on a straight-line basis to zero over ten years) plus (ii) the lesser of (A) 80% of the Net Orderly Liquidation Value of the Borrowers’ Eligible Equipment as of the Effective Date and (B) $12,500,000 (with the lesser of (A) and (B) to amortize monthly on a straight-line basis to zero over five years).
PP&E Component means clauses (f) and (g) of the Borrowing Base.
PP&E Component means, at the time of any determination, (a) with respect to the Domestic Borrowing Base, an amount equal to the sum of (i) 85% of the Net Orderly Liquidation Value of Eligible Machinery and Equipment of the Parent Borrower and the wholly-owned Domestic Subsidiary Loan Parties at such time, provided that the aggregate amount determined pursuant to this subclause (a)(i) shall not constitute more than 20% of the aggregate Domestic Borrowing Base at such time, and (ii) the lesser of (A) 50% of the fair market value (as set forth in the then most recent independent appraisal in form, scope and substance reasonably satisfactory to the Administrative Agent) of Eligible Real Property of the Parent Borrower and the wholly-owned Domestic Subsidiary Loan Parties at such time, and (B) $15,000,000, provided that beginning on the first anniversary of the Effective Date such amount referred to in this subclause (B) shall decrease by $3,000,000 per annum, and (b) with respect to the Canadian Borrowing Base, an amount equal to the sum of (i) 85% of the U.S. Dollar Equivalent of the Net Orderly Liquidation Value of Eligible Machinery and Equipment of the Canadian Subsidiary Borrower and the wholly-owned Canadian Subsidiary Loan Parties at such time, provided that the aggregate amount determined pursuant to this subclause (b)(i) shall not constitute more than 20% of the aggregate Canadian Borrowing Base at such time, and (ii) the lesser of (A) 50% of the U.S. Dollar Equivalent of the fair market value (as set forth in the then most recent independent appraisal in form, scope and substance reasonably satisfactory to the Administrative Agent) of Eligible Real Property of the Canadian Subsidiary Borrower and the wholly-owned Canadian Subsidiary Loan Parties at such time, and (B) $5,000,000, provided that beginning on the first anniversary of the Effective Date such amount referred to in this subclause (B) shall decrease by $1,000,000 per annum. Notwithstanding the foregoing, (x) at the time of any determination, the aggregate amount of the PP&E Component with respect to the Domestic Borrowing Base and the Canadian Borrowing Base, on a combined basis, shall not exceed $50,000,000 and (y) the Parent Borrower shall have the option, at one time during the term of this Agreement, to reallocate the amounts between clauses (a)(ii)(B) and (b)(ii)(B) (so long as the aggregate amount under such clauses does not exceed $20,000,000 less the aggregate amount of decreases to the date of det...