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. The Loan Agreement is hereby amended by deleting the definition of "Eligible Lease(s)" contained in Section 1.1 of the Loan Agreement and replacing it with the following: "Eligible Lease(s) - Each Lease which meets all of the following specifications: (1) is not subject to any Lien, security interest or prior assignment other than Agent's security interest for the benefit of Lenders and the rights of the Lessee's thereunder; (2) is a valid enforceable Lease, representing the undisputed obligation of the Lessee, with rentals due thereunder not more than sixty-one (61) days contractually past due; (3) is not subject to any defense, setoff, counterclaim, deduction, allowance or adjustment; (4) unless otherwise agreed to in writing by Agent, provides for the lease of Leased Property with an aggregate invoice price of less than $1,500,000; (5) provides for the lease of Leased Property which has not been returned, rejected, lost or damaged; (6) arose in the ordinary course of Borrowers' business; (7) Borrowers have not received notice of bankruptcy, receivership, reorganization, insolvency or material adverse change in the financial condition of the Lessee; (8) the Lessee has not a Subsidiary or Affiliate of Borrowers; (9) is not Defaulted Lease and complies with all general warranties set forth in Section 5.17 hereof; (10) does not have an initial stated term in excess of seventy-two (72) months, provided, however, that lease(s) with an initial stated term of up to ninety-six (96) months may be considered Eligible Leases so long as the aggregate Lease Receivable(s) of all such Lease(s) shall, at no time, exceed Two Million Dollars ($2,000,000); (11) has not, in the case of Revolving Credit Loans, been pledged to Agent and/or Lenders for a period of more than twelve (12) months; (12) contains a provision whereby the Lessee agrees not to assert any claim or reduction, counterclaim, setoff, recoupment, or any other claim, allowance or adjustment against any assignee of Borrowers; (13) is a Lease with a Lease Receivable, which together with all other Lease Receivables owed by the same Lessee does not exceed One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) in the aggregate; (14) Borrowers are in possession of the Lessee's original signatures pages to the Lease or are in possession of a Facsimile Lease, and (15) the Lessee's chief executive office and the Leased Property under such Lease is located in the continental United States."
Eligible Leases. As to each Lease that is identified by or on behalf of Borrower as an Eligible Lease in the most recent Borrowing Base Certificate submitted to Lender, as of the date of such certificate: (i) such Lease 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’s business, (ii) such Lease has been originated by, or transferred or assigned to, Borrower and is, or upon such transfer, will be, unconditionally owed to Borrower without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, (iii) such Lease is a Borrower Lease and is not or would not be excluded as ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible Leases, except to the extent indicated on such certificate; (iv) such Lease has been documented on the Approved Forms in accordance with the Required Procedures; (v) neither Servicer nor Borrower has received notice of actual or imminent bankruptcy, insolvency, or material impairment of the financial condition of any Account Debtor obligated on such Lease, except to the extent that such fact has been taken into account in excluding amounts owing under such Lease as ineligible by virtue of the excluding criteria set forth in the definition of Eligible Leases; (vi) neither Servicer nor Borrower has received notice of any actual or threatened litigation regarding the validity or enforceability of such Lease or any lien on other collateral securing such Lease; (vii) such Lease is subject to a first-priority security interest in favor of Lender, (viii) Borrower has duly filed financing statements naming the applicable Account Debtor as debtor in all applicable jurisdictions (except to the extent not required by Section 4.8) or, if applicable, has delivered to Custodian to hold for the benefit of Lender (or shall deliver to Lender or the Custodian to hold for the benefit of Lender promptly upon receipt thereof by Borrower) a Certificate of Title for the Equipment covered by such Lease naming Borrower as owner and Lender as first lienholder, or a Certificate of Title for the Equipment covered by such Lease naming Account Debtor as owner and Borrower as first lienholder, together with an assignment of such Lien to Lender; and (ix) Borrower is the sole legal and beneficial owner of such Lease, and all related documents and Books.
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. 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. 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. (a) Each Eligible Lease (i) is hereby duly collaterally assigned by Borrower to Lender and, together with the Inventory and Equipment leased thereunder, subject to the first priority, valid and perfected security interest of Lender and such assignment does not conflict with or constitute a breach of any agreement of Borrower with any other Person; (ii) is valid, binding and enforceable upon Borrower and the applicable Lessee in accordance with its terms and represents valid obligations thereunder of such Lessee; (iii) is in full force and effect and, together with the Inventory or Equipment leased thereunder, is owned by Borrower free and clear of any liens or security interests except in favor of Lender; (iv) at the time of the assignment to Lender, is not in default by Borrower; (v) has been executed by the applicable Lessee, which execution has been confirmed by Borrower and the Lease Receivables owed thereunder is unconditionally owed by the Lessee thereunder to Borrower.
