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of any Borrower is not Eligible Existing Equipment: (i) Equipment which is not in good condition; (ii) Equipment which is obsolete; (iii) Equipment which Lender determines, in good faith, to be unacceptable due to age, type, category and/or quantity; (iv) Equipment with respect to which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.
Sample 1
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.
Sample 1
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: Schedule 1.1
Sample 1

Examples of Eligible Existing Equipment in a sentence

  • 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.

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

  • 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.

  • 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.

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


More Definitions of Eligible Existing Equipment

Eligible Existing Equipment means any Equipment owned by Borrower and, with respect to the “Mxxx Sxxxxx” 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:
Sample 1
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...
Sample 1

Related to Eligible Existing Equipment

  • Existing Equipment means any items of existing plant or equipment owned or controlled by either Pur- chaser or End-User upon which Supplier is required to perform Services.

  • Operating Equipment means furniture, furnishings, special lighting fixtures, carpeting, draperies, decorations or other special finishing work, signs, appliances and trade fixtures and equipment that is furnished, installed or used by the Contractor in its operations on the Airport. It does not include Fixed Improvements, or repair or maintenance of Operating Equipment or Fixed Improvements or displays or decorations that are of a seasonal or temporary promotional nature.

  • Automatic tabulating equipment means apparatus that automatically examines

  • Metering Equipment means all metering equipment installed at the metering points designated in the appropriate appendix to an Interconnection Service Agreement.

  • Building Equipment shall have the meaning set forth in the Security Instrument.

  • Fuel burning equipment means any furnace, boiler, apparatus, stack and all associated equipment, used in the process of burning fuel.

  • Voting equipment means electronic or electro- mechanical voting systems, voting devices, and auto- matic tabulating equipment as defined in s. 101.5603, as well as materials, parts, or other equipment neces- sary for the operation and maintenance of such systems and devices, the individual or combined retail value of which is in excess of the threshold amount for CATE- GORY TWO purchases provided in s. 287.017.

  • Excluded Equipment means (i) defibrillators, enhanced emergency medical kits and other medical equipment, (ii) airphones and other components or systems installed on or affixed to the Airframe that are used to provide individual telecommunications or electronic entertainment to passengers aboard the Aircraft, (iii) galley carts, beverage carts, waste containers, liquor kits, food tray carriers, ice containers, oven inserts, galley inserts, and other branded passenger convenience or service items, (iv) any items, equipment or systems leased by Company or any Permitted Lessee (other than items, equipment, or systems that are leased from Company pursuant to the applicable Lease) or owned by Company or any Permitted Lessee subject to a conditional sales agreement or a security interest (other than the security interest granted under the Indenture), and (v) cargo containers.

  • Pre-Existing Conditions means, in respect of the Insured Person, any Sickness, Disease, Injury, physical, mental or medical condition or physiological degradation, including Congenital Condition, that has existed prior to the Policy Issuance Date or the Policy Effective Date, whichever is the earlier. An ordinary prudent person shall be reasonably aware of a Pre- existing Condition, where -

  • Pre-Existing Condition means an illness, disease, or other condition during the 180 day period immediately prior to the Effective Date of Your coverage for which You or Your Traveling Companion, Business Partner or Family Member: 1) received or received a recommendation for a test, examination, or medical treatment; or 2) took or received a prescription for drugs or medicine. Item (2) of this definition does not apply to a condition which is treated or controlled solely through the taking of prescription drugs or medicine and remains treated or controlled without any adjustment or change in the required prescription throughout the 180 day period before Your coverage is effective under this policy.

  • X-ray equipment means an x-ray system, subsystem, or component thereof. Types of x-ray equipment are as follows:

  • Performing Equipment Note “Person”, “Pool Balance”, “Rating Agencies”, “Regular Distribution Date”, “Replacement Liquidity Facility”, “Responsible Officer”, “Scheduled Payment”, “Special Payment”, “Stated Interest Rate”, “Subordination Agent”, “Taxes”, “Threshold Rating”, “Transfer”, “Trust Agreement”, “Trustee”, “Underwriters”, and “Underwriting Agreement”.

  • Qualified machinery and equipment means all new industrial

  • Gaming Equipment means any and all gaming devices, gaming device parts inventory and other related gaming equipment and supplies used in connection with the operation of a casino, including (without limitation), slot machines, gaming tables, cards, dice, chips, tokens, player tracking systems, cashless wagering systems, electronic betting systems, mobile gaming systems and associated equipment which are located at the Casino Components, owned or leased by Operating Company or Mortgage Borrower and used or useable exclusively in the present or future operation of slot machines and live games at the Casino Component, together with all improvements and/or additions thereto.

  • Eligible Equipment is (a) general purpose computer equipment, office equipment, test and laboratory equipment, furnishings, subject to the limitations set forth herein, and (b) Other Equipment that complies with all of Borrower's representations and warranties to Bank and which is reasonably acceptable to Bank in all respects.

  • Load Control Equipment means the equipment (which may include, but is not limited to, ripple receivers and relays) that is from time to time installed in, over or on Consumer’s Premises for the purpose of receiving signals sent by Load Signalling Equipment and switching on and off, or otherwise controlling, controllable load;

  • Fixed Equipment means any property affixed in any way to the Licensed Premises existing at the time Notice to Proceed is given, whose removal would damage the Licensed Premises.

  • Non-Performing Equipment Note means an Equipment Note issued pursuant to an Indenture that is not a Performing Equipment Note.

  • Service Equipment means any equipment, Software, systems, cabling and facilities provided by or on behalf of Verizon and used to facilitate provision of the Services at a Customer Site. Ownership of the Service Equipment does not pass to Customer. Service Equipment does not include Verizon Facilities.

  • New equipment means equipment for which, by the cut-off date, neither of the following events has occurred:

  • Additional Equipment means equipment that is not factory fitted in the Vehicle, including but not limited to navigation equipment (GPS), baby seat, bicycle rack etcetera;

  • Replacement Assets means (1) non-current assets (including any such assets acquired by capital expenditures) that shall be used or useful in a Permitted Business or (2) substantially all the assets of a Permitted Business or the Voting Stock of any Person engaged in a Permitted Business that is or shall become on the date of acquisition thereof a Restricted Subsidiary of the Company.

  • Standard equipment means the basic configuration of a vehicle which is equipped with all the features that are required under the regulatory acts of the Contracting Party including all features that are fitted without giving rise to any further specifications on configuration or equipment level.

  • Replacement Equipment means operational equipment or other parts used by Tenant to replace any of the Equipment.

  • Replacement Airframe means an Airbus A321 aircraft or a comparable or improved model of Manufacturer (except (a) Engines or engines from time to time installed thereon and any and all Parts related to such Engine or engines and (b) Excluded Equipment), that shall have been made subject to the Lien of the Indenture pursuant to Section 7.05 thereof, together with all Parts relating to such aircraft.

  • Mobility enhancing equipment means equipment, other than durable medical equipment or a motor vehicle or equipment on a motor vehicle normally provided by a motor vehicle manufacturer, dispensed pursuant to a prescription, including repair or replacement parts for that equipment, that is all of the following: