Eligible Lease Receivables means at the time of calculation or determination, any bona fide Lease Receivables in which the Lender has a first priority perfected security interest and assignment, and which arise from or in connection with any bona fide Lease in which the Lender has a first priority perfected security interest and assignment, and which Lease Receivables and/or Leases, as the case may be, satisfy all of the following requirements:
Eligible Lease Receivables means accounts receivable and general intangibles of ABL or FLC in connection with the lease of equipment each of which have the following characteristics: (i) ABL or FLC, as applicable, is the sole lessor, (ii) the lease and the account receivable arose in the ordinary course of business of ABL or FLC, as applicable, (iii) all of the Equipment to be leased pursuant to the lease has been delivered to, and accepted by, the lessee (except in the case of accounts receivable relating to Advance Funding Eligible Lease Receivables) and is currently subject to a lease, (iv) none of the lease, the account receivable or the Equipment is subject to any prior assignment, claim, lien, security interest or other limitation on the absolute title of ABL or FLC, as applicable, thereto, (v) neither the lease nor the account receivable is not more than 61 days past due with respect to any payment required thereby, (vi) the lease and the account receivable is freely assignable, (vii) neither the lease nor the account receivable is questionable as to collectibility, (vii) the lessee/account debtor is not located outside of the United States of America (except as specifically provided in the next sentence), (viii) the lease is dated and has been in effect for not more than 210 days, (ix) the lease is not cancelable by lessee, (x) the lease has an original term not in excess of 63 months, except that leases not in excess of 10% of the Commitment may have an original term greater than 63 months provided that no lease shall have an original term of 72 months or more, (xi) the lease has not been restructured or amended, except for restructurings or amendments for reasons not involving the creditworthiness of the lessee or the ability of the lessee to make payments or maintain (or insure) leased equipment as required by the applicable lease, (xii) the lease shall not be in default except as otherwise covered in clause (v) above, and (xiii) the lease, the account receivable and the equipment all constitute Collateral as defined in the Security Agreement. In addition, the aggregate of all Eligible Lease Receivables included in the Borrowing Base (a) for any one lessee or group of affiliated lessees shall not at any time exceed $450,000 and (b) which arise from the lease of equipment that was not new at the origination of the lease shall not at any time exceed $1,000,000. Notwithstanding clause (vii) above, Eligible Lease Receivables shall include accounts receivable by ABL and FLC wh...
Eligible Lease Receivables means lease receivables which are less than 90 days old and are not doubtful as to collectibility or disputed as to existence or amount or subject to offset, contra-indebtedness or return, exclusive of discounts and rebates, and are otherwise acceptable to Standard Federal in its sole discretion, and may include up to $382,000.00 in lease receivables from Galion Holding Company but shall not otherwise be intra-company or owing from any affiliated or related company or other entity, as such lease receivables are disclosed in the statements timely furnished to Standard Federal pursuant to Section 3 below.
Examples of Eligible Lease Receivables in a sentence
The Borrower shall also permit the Agent to arrange for verification of Eligible Lease Receivables, under reasonable procedures, directly with any account debtors or by other methods.
Administrative Agent and Revolver Agent reserve the right, at any time and from time to time after the Closing Date, to adjust any such criteria, to establish new criteria and to adjust advance rates with respect to Eligible Lease Receivables, in their reasonable credit judgment, subject to the approval of Supermajority Revolving Lenders in the case of adjustments, or new criteria or changes in advance rates which have the effect of making more credit available.
Each Borrower shall also permit the Agent to arrange for verification of Eligible Lease Receivables, under reasonable procedures, directly with any account debtors or by other methods.
If Eligible Lease Receivables are not available on a Funding Date, no Funding shall occur.
Receivables Once per calendar month, Borrower may request the release of the Lender's security interest in those Eligible Lease Receivables which no longer meet the qualifications of an Eligible Lease Receivable and are no longer listed in any Lease Certificate or Borrowing Base Certificate upon which a Revolving Credit Advance has been based (an "Ineligible Lease Receivable").
More Definitions of Eligible Lease Receivables
Eligible Lease Receivables means an amount owing to Borrower under a lease of equipment owned by Borrower which would otherwise qualify as an Eligible Account Receivable; provided, however, that the fact that such amount is an uninsured amount owing from a Customer located in a foreign country shall not disqualify such amount from being an Eligible Lease Receivable.
Eligible Lease Receivables means lease receivables arising under leases entered into on or before March 31, 2001 which are less than 90 days (or, beginning March 31, 2002 60 days) old and are not doubtful as to collectability or disputed as to existence or amount or subject to offset, contra-indebtedness or return, exclusive of discounts and rebates, and are otherwise acceptable to Standard Federal in its sole discretion, and may include up to $382,000.00 in lease receivables from McClain Galion, Inc. but shall not otherwise be intra-company or owixx xxxx any affiliated or related company or other entity, as such lease receivables are disclosed in the statements timely furnished to Standard Federal pursuant to Section 3 below. Eligible Lease Receivables shall include (a) receivables under consolidated leases for the same lessee provided that payments under all of the consolidated leases are Current and the amortization of the combined leases is not extended more than six months, (b) receivables under leases assumed by another lessee of the Borrower provided that the new lessee is Current with respect to all of its existing leases with the Borrower and (c) receivables under leases which have been extended provided that the applicable lease has not been extended, the extension is for 60 days or less, the reason for the extension has been provided to Standard Federal and is acceptable to Standard Federal and the lessee is Current with respect to all of its existing leases with the Borrower.
Eligible Lease Receivables as at the date of determination thereof, receivables then due and unpaid with respect to an Eligible Lease.
Eligible Lease Receivables means Lease Receivables created by Borrower and which Lender determines in its Permitted Discretion are eligible. A Lease Receivable shall not be an Eligible Lease Receivable unless it: (a) is made to a Lessee acceptable to Lender in its discretion; (b) is properly evidenced by duly executed and delivered Lease Documents; (c) is properly assigned to Lender as collateral security for the Obligations; and (d) is unconditionally due and payable in Dollars. Without limiting the foregoing, Eligible Lease Receivables shall not include any of the following:
Eligible Lease Receivables shall have the meaning assigned to it in SECTION 1.8 of the Agreement.
Eligible Lease Receivables set forth in (S)1 of the Credit Agreement is amended by:
Eligible Lease Receivables means at any applicable time, Lease Receivables owed, as applicable, pursuant to an Eligible Borrowing Base Lease or Eligible Additional Collateral Lease.