Common use of Eligible Chassis Clause in Contracts

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. 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.