Eligible Chassis. Chassis which (a) are subject to a first priority fully perfected security interest in favor of the Administrative Agent for the benefit of the Lenders, (b) are subject to no other Liens other than Liens of the type permitted pursuant to §§9.2.1 (ii), (iv), (v) (so long as underlying obligations are not overdue), (x) and (xiv), (c) are in roadworthy condition, subject to ordinary wear and tear and ordinary maintenance and repair, and conform to all regulations promulgated by the United States Department of Transportation, (d) have a then Determined Value greater than zero, (e) have not suffered an Event of Loss and (f) is not then on lease to a Sanctioned Person.
Eligible Chassis. Each Chassis which, when considered with all other Chassis, shall comply with each of the following requirements:
Eligible Chassis. Chassis owned by any Borrower or any Guarantor which (a) are subject to a first priority fully perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties (which shall include, with respect to any Chassis which is subject to a certificate of title (or other similar) statute under applicable law providing for the Lien of the Administrative Agent to be indicated on such certificate of title (or other relevant registration) as a condition of, or to result in, perfection, the applicable Borrower or Guarantor causing the Administrative Agent's security interest to be noted on such certificate and taking all other steps necessary or reasonably requested by Administrative Agent in order to provide the Administrative Agent with a first priority perfected security interest in such Collateral under applicable law), (b) are subject to no other Liens except Permitted Liens that are permitted pursuant to §§9.2.1(v) and (xi), (c) are in a serviceable condition in the normal course of business, (d) have not suffered an Event of Loss and (e) are not the subject of a finance or trade credit arrangement between any Borrower as obligor and a third party obligee but are owned by the applicable Borrower or such Guarantor outright.
Eligible Chassis. Chassis in which the Borrower or any of its Subsidiaries has title and that (a) are subject to a first priority perfected security interest in favor of the Agent for the benefit of the Banks and the Agent, (b) are subject to no other liens, security interests or other encumbrances of any sort except for Permitted Liens under Section 9.2(e), (c) are in a serviceable condition and used in the normal course of the Borrower's intermodal transportation business, (d) have Net Book Value greater than zero and (e) have not suffered an Event of Loss.
