Eligible Leases. As to each Lease that is identified as an Eligible Lease in a Borrowing Base Certificate submitted by or on behalf of Borrower to Agent: (a) such Lease (i) evidences a bona fide existing payment obligation of the applicable Account Debtor created by the lease of personal property to such Account Debtor in the ordinary course of Borrower (or its predecessor in interest’s) business, (ii) is unconditionally owed to Borrower without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, and (iii) is not excluded as ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible Lease; (b) each Eligible Lease has been documented on the Approved Forms in accordance with the Required Procedures and all Applicable Laws; (c) the original amount scheduled payments, the remaining scheduled payments and the amount and dates of such payments on each Lease shown on the Books of Borrower and in the schedules of same delivered to Agent are true and correct; (d) neither Servicer nor Borrower has received notice of (i) actual or imminent bankruptcy, insolvency, or material impairment of the financial condition of any Account Debtor obligated on any Eligible Lease, (ii) any actual or threatened litigation regarding the validity or enforceability of any Eligible Lease, or (iii) any lien on other collateral securing any Eligible Lease; (e) neither Servicer nor Borrower has knowledge of any other fact that is reasonably likely to impair the validity or collectibility of such Lease; (f) since delivery of such report to Agent, such Lease has not been amended nor any requirements relating thereto waived without the prior written consent of Agent, other than an extension or modification in accordance with the Required Procedures then in effect; (g) financing statements naming the applicable Account Debtor as debtor have been duly filed in all applicable jurisdictions except with respect to (i) finance Leases covering Equipment with an original cost less than $25,000 and (ii) operating Leases covering Equipment with an original cost less than $50,000; (h) Borrower is the sole legal and beneficial owner of each Lease identified to Agent as an Eligible Lease, and all related documents and Books, and no participation interest or other ownership interest (legal, beneficial or otherwise) has been sold or is otherwise outstanding with respect thereto; (i) the Original Contract delivered to Custodian is the one and o...
Eligible Leases. Each Lease that is identified by Company as an Eligible Lease in a Borrowing Base Certificate satisfies all of the criteria set forth in the definition of Eligibility Criteria.
Eligible Leases. A list of all items of Eligible Assets subject to a Lease in effect as of the Closing Date is set forth in Schedule 1.1a.
Eligible Leases. With respect to each Eligible Lease financed by a Loan:
4.19.1 Borrower maintains in its possession each of the following: (a) valid lease documentation, including, without limitation, the original master lease agreement, or a copy thereof and original lease schedules, together with all amendments, modifications, supplements or addenda made, or schedules attached, thereto; (b) the purchase agreement and assignment of lease, or xxxx of sale, as applicable; (c) invoices with respect to Equipment subject to the Lease, together with evidence of payment to the vendor or supplier of the Equipment; (d) the original equipment acceptance executed by the obligor under the Lease; and (e) certificates of title for the Equipment subject to the Lease, if applicable;
4.19.2 No material default exists under the Lease; provided that a payment delinquency under the Lease of less than sixty (60) days shall not constitute a material default;
Eligible Leases. Each Substitute Lease shall be an Eligible Lease the transfer of which to the Trust shall be subject to the satisfaction of the conditions set forth in Section 2.6(b).
Eligible Leases. Not permit the product of (i) the net book value of the Eligible Leased Assets times (ii) ninety percent (90%) to exceed, at any time, the Equipment cost with respect to the Eligible Leases.
Eligible Leases. A list of all Eligible Engines and/or items of Eligible Equipment (other than Eligible Parts) subject to a Lease in effect as of the Closing Date is set forth in Schedule 5.23.
Eligible Leases. On or prior to the Closing Date, the Agent, on behalf of the Lender, shall have received (i) the original counterpart of each Lease (other than the Post Closing Leases and the Stamping Leases and the Leases set forth on schedule 4.21) included in the calculation of the Maximum Asset Base that constitutes “chattel paper”, and (ii) a photocopy of the original counterpart of each Stamping Lease marked with the legend set forth in Section 4.8 of the Security Agreement.
Eligible Leases. Lender shall have received originals of each Eligible Lease.
Eligible Leases. On or prior to the Third Restatement Date, the Agent, on behalf of the Lender, shall have received (i) the original counterpart of each Lease (other than the Stamping Leases) that constitutes "chattel paper", and (ii) a photocopy of the original counterpart of each Stamping Lease marked with the legend set forth in Section 4.8 of the Security Agreement.
