Eligible Rental Equipment definition

Eligible Rental Equipment means, as of any date of determination, the amount of all Rental Equipment of the Borrowers which (a) is held by Borrower (other than for sale) or is rented to third Persons in the ordinary course of business by Borrower or which is the subject of an equipment rental program or similar equipment outsourcing program, and (b) conforms to the requirements of Section 2.16 of the Agreement.

Eligible Rental Equipment means (x) Rental Equipment of the Obligors or (y) equipment of the Obligors available for sale, in each case that complies in all material respects with each of the representations and warranties respecting Eligible Rental 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. An item of Rental Equipment shall not be included in Eligible Rental Equipment if:

Eligible Rental Equipment means all equipment owned by any Loan Party which (a) constitutes Eligible Inventory and (b) consists of used Rental Fleet Equipment.

Examples of Eligible Rental Equipment in a sentence

• Duly executed originals of an initial Borrowing Base Certificate, dated the Closing Date, reflecting information concerning Eligible Accounts, Eligible Rental Equipment, Eligible Wholesale Disposables and Eligible Equipment Disposables as of September 30, 2003.

• The Agent alone shall be authorized to determine whether any Accounts or Rental Equipment constitute Eligible Accounts or Eligible Rental Equipment, whether to impose or release any reserve, or whether any conditions to funding or to issuance of a Letter of Credit have been satisfied, which determinations and judgments, if exercised in good faith, shall exonerate the Agent from liability to any Lender or other Person for any error in judgment.

• In the event of a conflict between the following summary of eligibility criteria and the criteria set forth in the definition of Eligible Accounts, Eligible New Equipment Inventory, Eligible Used Equipment Inventory, Eligible Rental Equipment, and Eligible Parts and Attachments Inventory indicated in the Credit Agreement, the Credit Agreement shall govern.

• The undersigned represents and warrants that this Borrowing Base Certificate is a true and correct statement of, and that the information contained herein is true and correct in all material respects regarding, the status of Eligible Accounts, Eligible New Equipment Inventory, Eligible Used Equipment Inventory, Eligible Rental Equipment, and Eligible Parts and Attachments Inventory and that the amounts reflected herein are in compliance with the provisions of the Credit Agreement and the Exhibits thereto.

• Notwithstanding anything herein to the contrary, a Reserve shall not be established to the extent that such Reserve would be duplicative of any specific item excluded as ineligible in the definitions of Eligible Merchandise and Consumables Inventory or Eligible Rental Equipment, but the Agent shall retain the right, subject to the requirements of this paragraph, to establish Reserves with respect to prospective changes in eligible Collateral that are likely to occur.

More Definitions of Eligible Rental Equipment

Eligible Rental Equipment means the Rental Equipment of the Secured Obligors that (x) is held for sale or rent by a Secured Obligor in the ordinary course of its business, (y) is being rented by a Secured Obligor as lessor in the ordinary course of its business or (z) is Titled Goods consisting of motor vehicles used by a Secured Obligor in its business, other than any Rental Equipment of a Secured Obligor:

Eligible Rental Equipment means, as of any date of determination, the amount of all Rental Equipment of Borrower which (i) is held by Borrower (other than for sale) or is rented to third Persons in the ordinary course of business by Borrower or which is the subject of an equipment rental program or similar equipment outsourcing program, (ii) conforms to the requirements of Section 1.7 of the Agreement and (iii) at all times continues to be acceptable to the Agent in its commercially reasonable judgment. In any event, Eligible Rental Equipment shall (i) exclude the net book value of Borrower's "Bazooka Bed" inventory, and (ii) account for reserves for Rental Equipment that is unrentable, obsolete or slow moving.

Eligible Rental Equipment means the appraised Quail Rental Assets. Unless otherwise approved in writing by the Administrative Agent, no Quail Rental Assets shall be Eligible Rental Equipment unless: (i) it is owned solely by Quail Tools and Quail Tools has good, valid and marketable title thereto; (ii) it is at all times subject to the Administrative Agent’s valid and duly perfected first priority security interest granted pursuant to the Security Agreement and no other Lien (other than (x) any Permitted Liens or (y) any Lien of a landlord, warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possess any Quail Rental Assets unless a Lien Waiver or a Rent and Charges Reserve with respect thereto is required and exists, in each case in accordance with clause (ii) of the following sentence); (iii) Quail Tools shall at all times have title to such Quail Rental Assets and shall have the ability to direct the disposition thereof (subject only to the rights of any lessee under any lease in effect with respect to such Quail Rental Assets) and such Quail Rental Asset is not located outside the continental United States, Alaska or the Gulf of Mexico waters subject to U.S. state or federal jurisdiction; (iv) it is not obsolete, unmerchantable, slow moving, in other than good working order and condition (ordinary wear and tear excepted), in each case, as determined by the Administrative Agent in its Permitted Discretion; (v) it conforms in all respects to the covenants, warranties and representations set forth in this Agreement or any other Collateral Document with respect to Quail Rental Assets; (vi) is not subject to any agreement that restricts the ability of Quail Tools to use, sell, transport or dispose of such Quail Rental Assets (other than this Agreement or any other Loan Document or Indebtedness permitted under Section 7.3(m) or any Refinancing Debt in respect thereof) or that restricts the Administrative Agent’s ability to take possession of, sell or otherwise dispose of such Quail Rental Assets (subject only to the rights of any lessee under any lease in effect with respect to such Quail Rental Assets); or (vii) it does not constitutes “fixtures” under the applicable Laws of the jurisdiction in which such Quail Rental Assets is located. In no event shall Eligible Rental Equipment include (i) any Quail Rental Assets held under a Vendor Lease, (ii) any Quail Rental Assets held at a non-owned property (other than Quail Rental Assets on ac...

Eligible Rental Equipment at any date of determination thereof, the Rental Equipment owned by any Loan Party at such date except any Rental Equipment:

Eligible Rental Equipment means the Rental Equipment of the Obligors, which the Agent in the exercise of its Reasonable Credit Judgment determines to be Eligible Rental Equipment, that (i) is held for sale or rent by an Obligor in the ordinary course of its business, (ii) is being rented by an Obligor as lessor in the ordinary course of its business or (iii) is Titled Goods consisting of motor vehicles used by an Obligor in its business. If the Agent deems Rental Equipment ineligible in its Reasonable Credit Judgment (and not based upon the criteria set forth below), then the Agent shall give the Borrowers’ Agent two (2) Business Days’ prior notice thereof (unless an Event of Default exists, in which event no notice shall be required). Subject to the ability of the Agent to establish other criteria of ineligibility in its Reasonable Credit Judgment, Eligible Rental Equipment shall not include any Rental Equipment of an Obligor:

Eligible Rental Equipment means the Rental Equipment of the Obligors that (i) is held for sale or rent by an Obligor in the ordinary course of its business, (ii) is being rented by an Obligor as lessor in the ordinary course of its business or (iii) is Titled Goods consisting of motor vehicles used by an Obligor in its business, other than any Rental Equipment of an Obligor:

Eligible Rental Equipment means, as of any date of determination, the amount of all Rental Equipment of the Borrowing Base Parties which (a) is held by any Borrowing Base Party (other than for sale) or is rented to third Persons in the ordinary course of business by any Borrowing Base Party or which is the subject of an equipment rental program or similar equipment outsourcing program, and (b) conforms to the requirements of Section 2.16 of the Agreement.