Equipment Availability

Example Definitions of "Equipment Availability"
Equipment Availability. Shall mean (a) prior to delivery to Agent of a New Equipment Appraisal Reload Notice and receipt by Agent of a New Equipment Reload Appraisal (each as hereinafter defined), eighty-five (85%) percent of the appraised net orderly liquidation value of the Eligible Equipment as set forth in the most recent appraisal of such Equipment received by Agent in accordance with the terms hereof (net of, without duplication, estimated liquidation expenses, costs and commissions); provided, that, the... Equipment Availability calculated under this clause (a) shall be reduced, as of the first day of each month, commencing on February 1, 2013, by an amount equal to $333,333.33; and (b) on and after delivery to Agent of a New Equipment Reload Appraisal Notice and a New Equipment Reload Appraisal, and subject to the conditions set forth in this clause (b), eighty-five (85%) of the appraised net orderly liquidation value of the Eligible Equipment set forth in the New Equipment Reload Appraisal and in the most recent appraisal of the Eligible Equipment thereafter received by Agent in accordance with the terms hereof; provided that (in the case of this clause (b)): (i) Agent shall have received a written notice from Borrower requesting a reload of the Equipment Availability ("New Equipment Appraisal Reload Notice"), (ii) Agent shall have received a new appraisal as to the Equipment of Borrowers, including any Equipment acquired after the Amendment No. 8 Effective Date, by an appraiser reasonably acceptable to Agent, in form, scope and methodology reasonably acceptable to Agent and upon which Agent and Lenders are expressly permitted to rely (the "New Equipment Reload Appraisal"); (iii) Excess Availability shall be greater than $20,000,000 for each day during the thirty (30) consecutive period ending on the date that Equipment Availability is first adjusted pursuant to this clause (b), (iv) the Fixed Charge Coverage Ratio of Parent and its Subsidiaries, for the most recently ended period of twelve months for which Agent has received financial statements of Parent and its Subsidiaries, shall not be less than 1.0:1.0 and (v) no Event of Default shall exist as of the date the Equipment Availability is adjusted pursuant to this clause (b) and immediately after giving effect thereto; provided, further, that the Equipment Availability calculated under this clause (b) shall be reduced, as of the first day of each month, commencing on the first day of the month following the date the Equipment Availability is adjusted pursuant to this clause (b), by an amount equal to the Equipment Availability (as calculated under this clause (b) divided by sixty (60))." View More
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