AVAILABLE NET PRESENT VALUE

AVAILABLE NET PRESENT VALUE. As of any time of determination by the Management Company shall mean the excess, if any, of (a) the sum of (i) the Present Value of Cash Flows, (ii) the Fair Market Value of Financial Investments, (iii) the outstanding principal of and accrued and unpaid interest on all loans to El Paso from Chaparral, Mesquite or any of their Subsidiaries, and (iv) the Present Value of all other assets over (b) the sum of (i) Liabilities not otherwise taken into account in the computation of Cash Flows, (ii)... the Limestone Equity Cash -2- Component and Limestone Equity PIK Component, (iii) the Limestone Note Component and (iv) the Present Value of all Annual Fixed Fees payable to the Management Company after the date of determination through March 31, 2003. View More