Fixed Asset Availability

Fixed Asset Availability. Shall mean the amount equal to the lesser of: (i) the Fixed Asset Availability Limit; or (ii) the sum of: (A) seventy (70%) percent of the fair market value of Eligible Real Property as set forth in the most recent acceptable appraisal (or acceptable updates of existing appraisals) of such Real Property received by Agent in accordance with Section 7.4 hereof, plus (B) eighty-five (85%)... percent of the forced liquidation value of the Eligible Equipment as set forth in the most recent acceptable appraisal (or acceptable updates of existing appraisals) of such Equipment received by Agent in accordance with Section 7.4 hereof; Provided, that, the Fixed Asset Availability shall be reduced as of the first day of each month, commencing on January 1, 2005, by an amount equal to the initial Fixed Asset Availability divided by eighty-four (84). View More

Fixed Asset Availability. Shall mean, at any time, the amount equal to the lesser of: (A) the sum of (1) the HQ Real Estate Advance Rate then in effect multiplied by the lesser of $8,700,000 or the appraised value of the Eligible HQ Real Estate then owned by Borrowers, plus (2) the Surplus Real Estate Advance Rate then in effect multiplied by the lesser of $4,800,000 or the appraised fair market value of the Eligible Surplus Real Estate then owned by Borrowers, plus (3) the Equipment Advance Rate then in effect... multiplied by the appraised net orderly liquidation value of the Eligible Equipment then owned by Borrowers, which as of the date hereof is $12,885,294 or (B) the amount equal to $16,500,000, reduced commencing July 1, 2007 by $650,000, and effective as of January 1 and July 1 of each year thereafter by an additional $650,000 as of each such date. For purposes hereof, the appraised values of the Eligible HQ Real Estate, the Eligible Surplus Real Estate and the Eligible Equipment will be based on the then most recent appraisal received by Agent prior to the applicable date of the determination of the Fixed Asset Availability that satisfies the requirements of Section 7.4 or is otherwise acceptable to Agent for such purpose. 2 View More