Eligible Rolling Stock Sample Clauses

Eligible Rolling Stock. As to each item of Rolling Stock that is identified by Borrowers as Eligible Rolling Stock in a Borrowing Base Certificate submitted to Agent, at the time of inclusion in such Borrowing Base Certificate, such Rolling Stock is not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Rolling Stock.

Eligible Rolling Stock. (a) All of the Rolling Stock which is Collateral: (i) is owned by a Loan Party, the ownership of which, after compliance by such Loan Party with Section 5.15(b), is evidenced by a Certificate of Title that has the name of such Loan Party noted thereon as the owner of it, (ii) is properly registered in one of the States of the United States to such Loan Party that is entitled to operate such Rolling Stock in accordance with all applicable laws; (ii) after compliance by the Borrower with Section 5.15(b), is subject to the first priority, valid and perfected security interest of the Agent; (iii) is not subject to a Lien in favor of any person other than the Agent; (iv) is not subject to any lease, other than leases between or among the Loan Parties and to owner-operators (as lessors) that contract with the Loan Parties (as lessees); (v) is used by such Loan Party in the ordinary course of such Loan Party’s business; (vii) meets, in all material respects, all applicable safety or regulatory standards applicable to it for the use for which it is intended or for which it is being used; (viii) meets, in all material respects, all applicable standards of all motor vehicle laws or other statutes and regulations established by any Governmental Authority and is not subject to any licensing or similar requirement that would limit the right of the Agent to sell or otherwise dispose of such Rolling Stock; and (ix) with respect to physical damage, is either self-insured or covered by an insurance policy of the applicable Loan Party in such amounts as are acceptable to the Lead Lenders (or if no Lead Lenders, the Required Lenders), which insurance policy provides that Agent is the loss payee.

Eligible Rolling Stock. All of the Rolling Stock owned by Borrowers and reflected in the most recent Borrowing Base Certificate delivered by Borrower Representative to Administrative Agent shall be "Eligible Rolling Stock" for purposes of this Agreement, except any Rolling Stock to which any of the exclusionary criteria set forth below applies. Administrative Agent shall have the right to establish, modify or eliminate Reserves against Eligible Rolling Stock from time to time in their reasonable credit judgment. In addition, Administrative Agent reserves the right, at any time and from time to time after the Closing Date, to adjust the criteria set forth below and to establish new criteria and to adjust advance rates with respect to Eligible Rolling Stock, in its reasonable credit judgment, subject to the approval of Requisite Lenders and each Revolving Lender in the case of adjustments or new criteria or changes in advance rates or the elimination of Reserves which have the effect of making more credit available. Eligible Rolling Stock shall not include any Rolling Stock of any Borrower that:

Eligible Rolling Stock. From and after the date that Rolling Stock shall constitute part of the Borrowing Base: