Eligible Existing Equipment definition

Eligible Existing Equipment means Equipment of any Borrower existing as of the date of this Agreement which Lender, in good faith, determines to be eligible. Without limiting the foregoing, unless otherwise agreed by Lender, the following Equipment of any Borrower is not Eligible Existing Equipment: (i) Equipment which is not in good condition; (ii) Equipment which is obsolete; (iii) Equipment which Lender determines, in good faith, to be unacceptable due to age, type, category and/or quantity; (iv) Equipment with respect to which Lender does not have a first and valid fully perfected security interest; (v) Equipment which may constitute fixtures under applicable law; or (vi) Equipment which is stored with or located on the premises of a bailee, consignee, warehouseman, processor or other third party.

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Eligible Existing Equipment means Existing Equipment that meets all of the following criteria: (a) Lender shall have a perfected first-and-only priority lien on and security interest in such Equipment; (b) such Equipment shall be located at premises owned or leased by Borrower, provided that, if such Equipment is located at premises leased by Borrower, Lender shall have received an agreement in writing from the owner of such premises in form and substance satisfactory to Lender acknowledging Lender's first priority security interest in the Equipment, waiving security interests and claims by such person against the Equipment and permitting Lender access to, and the right to remain on, the premises so as to exercise Lender's rights and remedies and otherwise deal with the Equipment; and (c) such Equipment is acceptable to Lender in good faith as Collateral. The criteria for Eligible Existing Equipment shall be subject to Lender's continuing satisfaction and may be revised by Lender from time to time in its sole judgment. Any Existing Equipment that is not Eligible Existing Equipment shall nevertheless be and remain at all times part of the Collateral.

Eligible Existing Equipment means any Equipment owned by Borrower and, with respect to the “M▇▇▇ S▇▇▇▇▇” vessel, owned by SAExploration Seismic Services (US), LLC, on or after the Closing Date, to the extent a Net Orderly Liquidation Value has been identified for such Equipment pursuant to an appraisal ordered by, prepared for, and issued to Lender, which is in good order, repair, operating and marketable condition (ordinary wear and tear excepted) and in each case acceptable to Lender in its Permitted Discretion, and shall not include:

Examples of Eligible Existing Equipment in a sentence

• Such Eligible Existing Equipment shall not be the basis for any Equipment Term Loan made after the date hereof.

• As to each item of Equipment that is identified by Borrower as Eligible Existing Equipment, such Equipment is (i) unconditionally owned by Borrower, (ii) in good order, repair, operating and marketable condition and in the condition identified in Lender’s most recent appraisal, ordinary wear and tear excepted, and (iii) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Lender-discretionary criteria) set forth in the definition of Eligible Existing Equipment.

• Except in Lender’s discretion, the outstanding aggregate principal amount of the Term Loans shall not exceed, at any time, the lower of (i) the aggregate amount of (A) eighty (80%) percent of the Hard Costs of all Eligible New Equipment purchased by Borrowers pursuant hereto plus (B) eighty (80%) percent of the Net Orderly Liquidation Value of Eligible Existing Equipment or (ii) the Equipment Loan Limit.

• Upon Lender's request, each Borrower shall, at its expense, no more than once in any twelve (12) month period, but at any time or times as Lender may request on or after an Event of Default, deliver or cause to be delivered to Lender written reports or appraisals as to the Eligible Existing Equipment or Eligible New Equipment in form, scope and methodology acceptable to Lender and by an appraiser acceptable to Lender, addressed to Lender, and upon which Lender is expressly permitted to rely.

• Such Equipment Term Loans are based on the Eligible Existing Equipment located in L▇▇▇▇▇▇, Texas and China, Texas that is subject to the appraisal by Dovebid Valuation Services dated February 18, 2005.

More Definitions of Eligible Existing Equipment

Eligible Existing Equipment means any Equipment owned by Borrower and, with respect to the “Mark Steven” vessel, owned by SAExploration Seismic Services (US), LLC, on or after the Closing Date, to the extent a Net Orderly Liquidation Value has been identified for such Equipment pursuant to an appraisal ordered by, prepared for, and issued to Lender, which is in good order, repair, operating and marketable condition (ordinary wear and tear excepted) and in each case acceptable to Lender in its Permitted Discretion, and shall not include:

Eligible Existing Equipment means, as to each Borrower, Equipment owned by such Borrower as of the date of this Amendment No. 4 that is designated from time to time by a Borrower to Lender in writing as "Eligible Existing Equipment" (and all of the Equipment included in the appraisal by Dovebid Valuation Services dated February 18, 2005 is hereby designated by the applicable Borrower as "Eligible Existing Equipment") and that is acceptable to Lender in all respects. Such designation by the applicable Borrower shall include Equipment serial numbers sufficient to identify the Equipment designated, and such acceptance by Lender shall be in writing specifying such Equipment, if any, that is acceptable to Lender. In general, Eligible Existing Equipment shall not include, unless otherwise approved by Lender: (A) Equipment that is not subject to an appraisal by an appraiser acceptable to Lender that is in form, scope and methodology acceptable to Lender, addressed to Lender, and upon which Lender is expressly permitted to rely, (B) Equipment that is not in good order, repair, running and marketable condition, (C) Equipment at premises other than those owned and controlled by such Borrower, except for Equipment at locations leased by a Borrower if either (1) Lender shall have received a Collateral Access Agreement duly authorized, executed and delivered by the owner of such premises in form and substance satisfactory to Lender, or (2) if Lender shall not have received such an agreement (or Lender shall determine to accept a Collateral Access Agreement that does not include all required provisions or provisions in the form otherwise required by Lender), Lender shall have, at its option, either (but without duplication for any Reserve established pursuant to clause (iii) below or reduction in Equipment Purchase Term Loan in respect of such amounts): (y) established a Reserve with respect to amounts at any time payable by such Borrower to the owner and lessor of such premises as Lender shall determine or (z) reduced the amount of the Equipment Term Loan based on such Eligible Existing Equipment by amounts at any time payable by such Borrower to the owner and lessor of such premises by an amount equal to the Reserves that would have been established under clause (y) above; (D) Equipment subject to a security interest or lien in favor of any person other than Lender; (E) Equipment which is not located in the continental United States of America; (F) Equipment which is not subject to the first pri...