Eligible Railcar definition

Eligible Railcar means any Railcar that, on its applicable Delivery Date, is ready and available to operate as of such date (or will be upon routine maintenance) in commercial service and otherwise perform the functions for which it was designed.

Eligible Railcar means, as of any date of determination,

Eligible Railcar means a railcar or locomotive owned directly by a Guarantor, subject to no liens other than Permitted Railcar Liens; provided that

Examples of Eligible Railcar in a sentence

• Each Railcar described on its relevant Delivery Schedule constitutes an Eligible Railcar as of the date of its Conveyance to the Issuer.

• Each Railcar shown as an Eligible Railcar on the Monthly Report most recently delivered to the Agent and the Lenders in accordance with Section 6.01(f) was an Eligible Railcar as of the date of such Monthly Report.

• A Responsible Officer of the Borrower shall have certified to the Agent and each Lender that (i) each Railcar which is to become a Portfolio Railcar on such Funding Date is an Eligible Railcar and (ii) each Lease which is to become a Portfolio Lease on such Funding Date is an Eligible Lease.

• Upon approval by the Agent (with the consent of the Required Lenders, if required) of a Railcar and any related Lease to be added to the Portfolio in accordance with Section 2.02(b) (but in any event no more frequently than once in any week), the Borrower may, subject to the terms and conditions of this Agreement, borrow Loans in respect of each such Railcar and related Lease which is an Eligible Railcar and/or Eligible Lease, as applicable.

• Any modification or improvement to a Railcar not required pursuant to §8.19.1 that is readily removable without impairing the value, utility or useful life of the Eligible Railcar immediately prior to such modification.

More Definitions of Eligible Railcar

Eligible Railcar means each Railcar that meets each of the following requirements:

Eligible Railcar means, as of any date of determination, all of the following with respect to any Railcar:

Eligible Railcar means, on the date such Railcar is added to the Portfolio, a Railcar:

Eligible Railcar means a railcar or locomotive owned directly by a Guarantor, subject to no liens other than Permitted Railcar Liens; provided that (i) each such railcar or locomotive shall be operated in the U.S., Canada or Mexico, (ii) no more than 10% of the Carrying Value of all Eligible Railcars shall consist of railcars or locomotives subject to an operating lease with a lessee that is domiciled in Mexico, and (iii) each such railcar or locomotive shall be subject to an operating lease that is in effect with such Guarantor and was entered into in the ordinary course of business.

Eligible Railcar means, as of any date of determination, a Railcar that satisfies the representations and warranties with respect to Railcars contained in Section 4.03 of the Management Agreement as of the immediately preceding Accounting Date.

Eligible Railcar means any Railcar that, on its applicable Delivery Date, is ready and available to operate as of such date (or will be upon routine maintenance)

Eligible Railcar means, as of any date of determination, (i) a Railcar other than a Railcar which as of such date of determination, if leased, is leased to a third party pursuant to a Lease which is not an Eligible Lease; (ii) a Railcar in respect of which the Security Agreement is effective to create a valid and perfected first priority Lien in favor of the Collateral Agent, subject only to Permitted Liens; (iii) a Railcar other than a Railcar (it being understood and agreed that Railcars deemed ineligible under this clause (iii) shall be excluded from the “Eligible Railcars” in descending order by age, beginning with the oldest Portfolio Railcar) which, when taken together with all of the other Portfolio Railcars, causes the weighted average age (weighted by Fair Market Values) of all Eligible Railcars in the Portfolio from their respective dates of manufacture to exceed fifteen (15) years; and (iv) a Railcar other than a Railcar with an age from its date of manufacture equal to or greater than thirty (30) years. “Environmental Laws” means any current or future legal requirement of any Governmental Authority pertaining to (i) the protection of health, safety, and the environment, (ii) the conservation, management, damage to or use of natural resources and wildlife, (iii) the protection or use of surface water and groundwater or (iv) the management, manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, release, threatened release, abatement, removal, remediation or handling of, or exposure to, any hazardous or toxic substance or material and includes, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 USC 9601 et seq., Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976 and Hazardous and Solid Waste Amendment of 1984, 42 USC 6901 et seq., Federal Water Pollution Control Act, as amended by the Clean Water Act of 1977, 33 USC 1251 et seq., Clean Air Act of 747656567 17557858 24 Fifth Amended and Restated Warehouse Loan Agreement