Eligible Revenue Equipment means, as of any Borrowing Base Determination Date, all Revenue Equipment which is owned by the Borrower or any Guarantor other than a Canadian Subsidiary as of such date and was so owned as of the date of the most recent Borrowing Base Certificate delivered to the Banks.
Eligible Revenue Equipment means, as at any date of determination thereof, the recorded book value at such date of all Revenue Equipment owned by the Borrower or any of its Subsidiaries and located in any jurisdiction in the United States of America excluding in any event any Revenue Equipment subject to a Lien to any Person other than a Lien in favor of the Administrative Agent.
Eligible Revenue Equipment means Revenue Equipment owned by a Borrower that is deemed by the Administrative Agent, in its Permitted Discretion, to be Eligible Revenue Equipment. Without limiting the foregoing, no item of Revenue Equipment shall be Eligible Revenue Equipment if any of the following exclusionary criteria exist:
Examples of Eligible Revenue Equipment in a sentence
Each of the Eligible Revenue Equipment, the Treadco Shares and the Eligible Receivables shall be subject to an Acceptable Security Interest in favor of the Agent for the benefit of the Banks until the Liens held by the Agent for the benefit of the Banks upon the Collateral have been released pursuant to Section 2.17(f).
Agent alone shall be authorized to determine whether any Accounts or Revenue Equipment constitute Eligible Accounts or Eligible Revenue Equipment, whether to impose or release any reserve, and to exercise its Credit Judgment, if applicable, in connection therewith, which determinations and judgments, if exercised in good faith, shall exonerate Agent from liability to any Lender or other Person for any error in judgment.
Each Borrower and each Loan Party hereby acknowledge that any Eligible Revenue Equipment as to which such Certificates of Title or other required release documentation shall have been delivered shall immediately be excluded from the Borrowing Base and the calculation of Availability hereunder.
Part A of Exhibit B lists all of the Equipment ------------------- which is Eligible Revenue Equipment and is covered by any certificate of title, except for Excluded Property.
As to each item of Revenue Equipment that is identified by any Borrower as Eligible Revenue Equipment in a Borrowing Base Certificate submitted to Agent, such Revenue Equipment is not excluded as ineligible by virtue of one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Revenue Equipment.
More Definitions of Eligible Revenue Equipment
Eligible Revenue Equipment means, at any date of determination thereof, any Revenue Equipment which is (i) owned by any Borrower free and clear of all Liens other than a Lien in favor of the Collateral Agent or the Agent pursuant to any Loan Document or (ii) refinanced using the proceeds of Revolving Loans, and, if after the Security Date, in each case is subject to a lien in favor of the Agent that constitutes a first perfected security interest in such Revenue Equipment.
Eligible Revenue Equipment means Revenue Equipment upon which there exists a perfected, first priority Agent's Lien.
Eligible Revenue Equipment all Revenue Equipment that a Borrower elects to identify as Eligible Revenue Equipment and that Agent, in its discretion, deems to be Eligible Revenue Equipment. Without limiting the foregoing, no Revenue Equipment shall constitute Eligible Revenue Equipment if it (a) is not subject to a valid certificate of title (except to the extent such untitled Revenue Equipment has been fully assembled and delivered to a Borrower and is subject to a manufacturer’s statement of origin that can be delivered to the applicable titling authority to promptly cause such Revenue Equipment to become titled); (b) does not conform with the covenants and representations herein; (c) is not subject to any Lien other than Agent’s Lien or, after the perfection requirements set forth in clause (y) of the following sentence have been complied with, it ceases to be subject to Agent’s duly perfected first priority Lien, and no other Lien; (d) is not in good repair and normal operating condition or which has not been maintained in accordance with a Borrower’s historic maintenance program, including annual and preventative maintenance and rebuilds, provided, however, that such Revenue Equipment shall not be deemed ineligible solely due to the fact such Revenue Equipment is being repaired for ordinary wear and tear; (e) is obsolete; or (f) is not stored, garaged or otherwise assigned to a business location of a Borrower or another Obligor. Furthermore, no Revenue Equipment shall constitute Eligible Revenue Equipment unless (x) with respect to Revenue Equipment that is Collateral on the Closing Date, Agent or its designee has received a detailed list of all certificates of title for such Revenue Equipment that note Agent’s Lien thereon and the original certificate of title with Agent’s Lien noted thereon is delivered to Agent or its designee within 30 days after the Closing Date, and (y) with respect to Revenue Equipment that becomes Collateral after the Closing Date, Agent or its designee has received a copy of the application for title filed with the applicable Governmental Authority, requesting that Agent’s Lien be noted thereon and the original certificate of title with Agent’s Lien noted thereon is delivered to Agent or its designee within 60(I) 120 days after such Revenue Equipment becomes Collateral in the case of Collateral acquired through December 31, 2023 or (II) 90 days after such Revenue Equipment becomes Collateral in the case of Collateral acquired thereafter. With respect to...
Eligible Revenue Equipment. Eligible Revenue Equipment Value" "Fixed Charge Coverage Ratio" "Maximum Revolver Equipment Advance" "Revenue Equipment Advance Rate"
Eligible Revenue Equipment means Revenue Equipment of any Borrower that complies with each of the representations and warranties respecting Eligible Revenue 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, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any field examination or appraisal performed by (or on behalf of) Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Revenue Equipment shall be valued at the net book value (calculated on a basis consistent with Borrowers’ historical accounting practices). An item of Revenue Equipment shall not be included in Eligible Revenue Equipment if:
Eligible Revenue Equipment means any equipment, including all tractors, trucks, trailers and similar equipment used in the conduct of the trucking business of the Parent and its Subsidiaries and not constituting inventory, owned by the Parent or any Subsidiary of the Parent which (i) is subject to no Lien other than Liens permitted by Section 10.3 (a), (b) or (c), (ii) is in salable and good working condition, and (iii) is not stored, garaged or permanently located at a location other than a place of business of the Parent or any Subsidiary of the Parent.
Eligible Revenue Equipment means any equipment, including all tractors, trucks, trailers and similar equipment used in the conduct of the trucking business of the Parent and its Subsidiaries and not constituting inventory, owned by the Parent or any Subsidiary of the Parent, and including those tractors, trucks, trailers and similar equipment owned by the Parent or any Subsidiary of the Parent previously used in the conduct of the trucking business of the Parent and its Subsidiaries and which are held for sale by the Parent or any Subsidiary of the Parent at the time of determination of “Eligible Revenue Equipment”, which, in each case, (i) is subject to no Lien other than Liens permitted by Section 7.03(a), to the extent such Liens are in favor of the Collateral Agent, or Section 7.03(b) or (c), (ii) is in salable and good working condition, and (iii) is not stored, garaged or permanently located at a location other than a place of business of the Parent or any Subsidiary of the Parent.