Eligible New Equipment means all new Equipment owned by Borrowers which is or has been acquired on or after October 1, 2008 (the value of which has been included in the calculation of the amount of any Equipment Purchase Loan) and which is not included in the most recent appraisal of Equipment received by Agent after the date hereof in accordance with Section 7.4(a) hereof, and is in good order, repair, running and marketable condition that at all times satisfies the criteria set forth below. In general, Eligible New Equipment shall not include: (a) Equipment at premises other than those permitted hereunder and which are either (i) owned and operated by Borrowers, or (ii) leased and operated by Borrowers or (iii) owned and operated by a third person, provided, that, except as Agent may otherwise agree, Agent shall have received a Collateral Access Agreement duly executed and delivered by such third person; (b) Equipment subject to a security interest, lien, charge or other encumbrance in favor of any Person other than Agent except those permitted in this Agreement that are subject to an intercreditor agreement, in form and substance satisfactory to Agent, between the holder of such security interest or lien and Agent or as Agent may otherwise specifically agree; (c) Equipment located outside the continental United States of America; (d) Equipment that is not subject to the first priority, valid and perfected security interests and liens of Agent; (e) worn-out, obsolete, damaged or defective Equipment or Equipment not used or usable in the ordinary course of Borrowers’ business as presently conducted; (f) computer hardware; (g) Equipment that is or becomes a fixture; or (h) Equipment which is Eligible Equipment. The criteria for Eligible New Equipment set forth above may only be changed and any new criteria for Eligible New Equipment may only be established by Agent in good faith based on either: (i) an event, condition or other circumstance arising after the date hereof, or (ii) an event, condition or other circumstance existing on the date hereof to the extent Agent has no written notice thereof from Borrowers prior to the date hereof, in either case under clause (i) or (ii) which adversely affects or could reasonably be expected to adversely affect such Equipment in the good faith determination of Agent. Any Equipment that is not Eligible New Equipment shall nevertheless be part of the Collateral.
Eligible New Equipment means manufacturing Equipment
Eligible New Equipment means, as to each Borrower, Equipment owned by such Borrower and acquired after the date hereof and which is not included in the appraisal referred to in Section 1.27 above, which would otherwise constitute Eligible Equipment pursuant to the criteria set forth in Section 1.27 above. Any Equipment which is not Eligible New Equipment shall nevertheless be part of the Collateral.
Examples of Eligible New Equipment in a sentence
When any modification is made to the product or process, FABO must review their control procedures and make any changes necessary to ensure FA product safety.
A single Equipment Purchase Loan may be used for the purchase price of one or more items constituting Eligible New Equipment specified in the Equipment Purchase Loan Request required to be delivered to Lender pursuant to Section 2.3(d)(i) below and the minimum amount of such Equipment Purchase Loan applies to such Equipment Purchase Loan, not to the purchase price of any individual item of Eligible New Equipment.
At the time of each Money Advance, Borrower must: (i) submit a completed loan request on a form acceptable to Bank; and (ii) deliver to Bank a true and accurate copy of each invoice or other documents of transfer for Eligible Equipment (identifying said item as Eligible New Equipment or Eligible Used Equipment) being purchased by the use of the proceeds of the Money Advance requested.
The outstanding aggregate principal amount of the Equipment Purchase Loans made by Lenders shall not exceed, at any time, an amount equal to twenty five (25%) percent of the Maximum Credit; provided, that, in no event shall the aggregate principal amount of the Equipment Purchase Loans exceed the aggregate amount of eighty-five (85%) percent of the Hard Costs of all Eligible New Equipment purchased by Borrowers pursuant hereto.
Utilize (i) $13,000,000 of cash on deposit with Lender on the Closing Date, or (ii) any portion of the $13,000,000 prepaid or on deposit with Borrower’s supplier(s) of future Equipment that is refunded to Borrower as result of any cancellation or non-delivery of such Equipment, for any purpose other than the acquisition of Eligible New Equipment or the pledge of cash collateral to Lender.
More Definitions of Eligible New Equipment
Eligible New Equipment means the Equipment owned by any Borrower that complies with each of the representations and warranties respecting Eligible New Equipment made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any audit or appraisal performed or received by Agent from time to time after the Closing Date. A piece of Equipment shall not be included in Eligible New Equipment if:
Eligible New Equipment means any Equipment acquired by Borrower on or after the Closing Date for which payment has been made in full, Borrower holds unconditional title, and which is in good order, repair, operating and marketable condition (ordinary wear and tear excepted), for which a Net Orderly Liquidation Value has not been identified pursuant to an appraisal ordered, received, and reviewed by Lender to its satisfaction, and in each case acceptable to Lender in its Permitted Discretion, and shall not include:
Eligible New Equipment means: (i) Eligible Equipment which has been acquired by Borrower after the date hereof, which has been delivered from the manufacturer thereof (or its selling agent) and has not been placed in service (as that term is used in the Internal Revenue Code of 1986, as amended) by any party; and (ii) Eligible Equipment that has been purchased by Borrower no earlier than 180 days prior to the date hereof and that has been delivered from the manufacturer thereof (or its selling agent) and has not been placed in service (as that term is used in the Internal Revenue Code of 1986, as amended) by any party other than Borrower, Borrower’s lessee or the manufacturer thereof (or its selling agent).
Eligible New Equipment means, as to each Borrower, such Equipment owned by such Borrower which is acquired after the date of Amendment No. 4 designated by a Borrower to Lender in writing as "Eligible New Equipment" and 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 New Equipment shall not include, unless otherwise approved by Lender: (A) Equipment that is not in good order, repair, running and marketable condition, (B) Equipment at premises other than those owned and controlled by such Borrower, except for Equipment at locations leased by a Borrower if either (but without duplication for any Reserve established pursuant to clause (ii) above or reduction in Equipment Term Loans in respect of such amounts):(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 (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 Purchase Term Loan based on such Eligible New 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; (C) Equipment subject to a security interest or lien in favor of any person other than Lender; (D) Equipment which is not located in the continental United States of America; (E) Equipment which is not subject to the first priority, valid and perfected security interest of Lender; (F) worn out, obsolete, damaged or defective Equipment or Equipment not used or usable in the ordinary course of such Borrower’s business as presently conducted; (G) computer hardware; or (H) Equipment that is or becomes permanently affixed to land or buildings such that removal from the land or buildings would cause substantial damage to the item being removed or to the land or build...
Eligible New Equipment means (A) the gross amount of each Borrower's New Equipment, valued at the delivered cost of such New Equipment, which (i) is owned solely by such Borrower and with respect to which such Borrower has good, valid and marketable title; (ii) is stored on property that is either owned or leased by such Borrower when not rented to an account debtor pursuant to an equipment lease (provided, that, with respect to New Equipment stored on property leased by such Borrower, such Borrower shall have delivered in favor of the Agent an Acknowledgment Agreement from the landlord of such leased property); (iii) is subject to a valid, enforceable and first priority perfected Lien (and no other Liens other than Non-Priority Liens) in favor of the Agent (except for any titled equipment, the title to which has not been modified to name the Agent as lienholder, which equipment may be included as Eligible New Equipment for a period of sixty (60) days following the Closing Date, provided such equipment otherwise complies with the requirements of this definition); (iv) is located in the United States; and (v) is not obsolete or slow moving, and which otherwise conforms to the warranties contained in this definition and to the Collateral Warranties; and (B) less any New Equipment that the Agent determines in its reasonable judgment to be ineligible. In addition to the foregoing, Eligible New Equipment shall include such items of such Borrower's New Equipment as such Borrower shall request and that the Agent approves in advance, in writing and in its reasonable judgment.
Eligible New Equipment means Equipment which is:
Eligible New Equipment means Equipment owned by Borrower acquired after the date hereof, which Equipment is in good order, repair, running and marketable condition, and acceptable to Lender in all respects. In general, Eligible New Equipment shall not include: (a) Equipment subject to a security interest or lien in favor of any person other than Lender except those permitted in this Agreement; (b) Equipment which is not located in the continental United States of America; (c) Equipment which is not subject to the first priority, valid and perfected security interest of Lender; (d) worn-out obsolete, damaged or defective Equipment or Equipment not used or usable in the ordinary course of Borrower's business as presently conducted. Any Equipment which is not Eligible New Equipment shall nevertheless be part of the Collateral.