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, 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)).
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.
Examples of PP&E Component in a sentence
The Borrowers shall reimburse Agent for all reasonable charges, costs and expenses related to the initial appraisals of the M&E included in the PP&E Component and to any appraisal of M&E of the kind described in the definition of “PP&E Component” in connection with a Borrower-requested reset of the NOLV of Eligible M&E.
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 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, at the time of any determination, an amount equal to 75% of the Net Orderly Liquidation Value of the Borrowers’ Eligible Equipment less Reserves related to the Eligible Equipment established by the Administrative Agent in its Permitted Discretion; provided that the PP&E Component shall be subject to straight-line annual amortization from the date of any Loan on the PP&E Component through the date which is the fifth anniversary of the Effective Date. As of the Effective Date, the Net Orderly Liquidation Value of the Borrowers’ Eligible Equipment is $3,629,266. Upon request by the Borrowers, the Administrative Agent may agree in its Permitted Discretion to the addition of new Eligible Equipment to the PP&E Component; provided that (A) the PP&E Component shall never exceed $20,000,000 at any time prior to the first anniversary of the Effective Date, (B) the PP&E Component shall not exceed $0 at any time after the fifth anniversary of the Effective Date, and (C) prior to inclusion in the PP&E Component, all Equipment must be appraised in a manner reasonably acceptable to the Administrative Agent by an appraiser reasonably acceptable to the Administrative Agent.
PP&E Component means clauses (f) and (g) of the Borrowing Base.
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 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.