Eligible Tooling definition

Eligible Tooling means such portion of assets, net of any payments received thereon, of a Borrower or Guarantor which consists of Tooling, provided that each of the following conditions is satisfied: (a) the sale of such Tooling is covered under specific written purchase orders or agreements between a Borrower or Guarantor and the purchaser of such Tooling, and the terms and provisions of all such purchase orders and agreements and the purchaser thereof must be satisfactory to the Agent, (b) the Agent has a first priority, perfected and enforceable security interest in such Tooling and any account receivable or other proceeds of a Borrower or Guarantor relating to such Tooling , subject to only such Liens as are permitted by Section 5.2(f)(i), and (c) the unpaid balance of such Tooling as represented by a Borrower or Guarantor is not subject to any defense, counterclaim, setoff, contra-account, credit, allowance or adjustment. For purposes of this definition, all Tooling of a Borrower or Guarantor which is the subject of any Tooling Contract financed by any lender other than by Advances by the Lenders under this Agreement shall be excluded from this definition, and no (i) accounts receivable included within Eligible Accounts Receivable, (ii) Eligible Tooling Reimbursement Payments or (iii) Eligible Inventory shall be included as part of Eligible Tooling.
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Eligible Tooling means all of the Tooling owned by Credit Parties and reflected in the most recent Term A Borrowing Base Certificate delivered by Borrower to the Administrative Agent, except any Ineligible Term A Borrowing Base Collateral.
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Eligible Tooling means, at any time, the Tooling owned by a Domestic Loan Party which the Administrative Agent determines in its Permitted Discretion is eligible hereunder. Without limiting the Administrative Agent’s discretion provided herein, Eligible Tooling shall not include any Tooling as to which:
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Examples of Eligible Tooling in a sentence

  • The Administrative Agent shall have the right to modify or eliminate Reserves against Eligible Accounts, Eligible Unbilled Accounts and Eligible Refundable Ticket Accounts, Eligible Real Estate, Eligible Aircraft, Eligible Engines, Eligible Spare Parts, Eligible Ground Service Equipment, Eligible Flight Simulators and Eligible Tooling from time to time in its reasonable credit judgment.

  • With respect to each Material Location leased or owned on or after the Closing Date, if the Administrative Agent has requested but, within sixty (60) days following such request, has not received a landlord agreement or bailee letter, Borrower's Eligible Spare Parts, Eligible Ground Service Equipment and Eligible Tooling at that location shall, in the Administrative Agent's discretion, be subject to such Reserves as may be established by the Administrative Agent in its reasonable credit judgment.

  • All trade accounts receivable and inventory and fixed assets of the Company and Manufacturing represented or reported by the Company and Manufacturing to be, or otherwise included in, Eligible Accounts Receivable, Eligible Inventory, Eligible Tooling Inventory and Eligible Fixed Assets comply in all respects with the requirements therefor set forth in the definition thereof, and the computations of the Borrowing Base set forth in each Borrowing Base Certificate is true and correct.

  • U.S./European Tooling Vendor Reserve: the aggregate amount of reserves, as established by Agent from time to time in its Permitted Discretion to reflect the reasonably anticipated liabilities in respect of the then outstanding amounts owing to all tooling vendors with respect to the tooling giving rise to Eligible Tooling Accounts of the U.S./European Facility Loan Parties.

  • With respect to each Material Location leased or owned on or after the Closing Date, if the Administrative Agent has requested but, within sixty (60) days following such request, has not received a landlord agreement or bailee letter, Borrower’s Eligible Spare Parts, Eligible Ground Service Equipment and Eligible Tooling at that location shall, in the Administrative Agent’s discretion, be subject to such Reserves as may be established by the Administrative Agent in its reasonable credit judgment.

  • Canadian Tooling Vendor Reserve: the aggregate amount of reserves, as established by Agent from time to time in its Permitted Discretion to reflect the reasonably anticipated liabilities in respect of the then outstanding amounts owing to all tooling vendors with respect to the tooling giving rise to Eligible Tooling Accounts of the Canadian Domiciled Loan Parties.

  • Term Loan Administrative Agent shall have the right to modify or eliminate Reserves against Eligible Real Estate, Eligible Aircraft, Eligible Spare Parts, Eligible Ground Service Equipment, Eligible Flight Simulators and Eligible Tooling from time to time in its reasonable credit judgment.

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More Definitions of Eligible Tooling

Eligible Tooling means such portion of assets, net of any payments received thereon, of a Borrower or Guarantor which consists of Tooling, provided that each of the following conditions is satisfied: (a) the sale of such Tooling is covered under specific written purchase orders or agreements between a Borrower or Guarantor and the purchaser of such Tooling, and the terms and provisions of all such purchase orders and agreements and the purchaser thereof must be satisfactory to the Agent, (b) the Agent has a first priority, perfected and enforceable security interest in such Borrower's or Guarantor's interest in such Tooling and any account receivable or other proceeds of a Borrower or Guarantor relating to such
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Eligible Tooling means all of the Tooling owned by Credit Parties and reflected in the most recent Term Loan Borrowing Base Certificate delivered by Borrower to Term Loan Administrative Agent, except any Ineligible Term Loan Borrowing Base Collateral.
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Related to Eligible Tooling

  • Eligible teacher means a teacher who:

  • eligible client means a client of a person or company if any of the following apply:

  • Eligible Finished Goods Inventory means all Finished Goods Inventory that is Eligible Inventory.

  • Tooling means tools funded or provided by the Buyer.

  • Eligible Tenant means, as of any date of determination, a bona fide third party lessee of a Property who satisfies each of the following criteria:

  • Eligible generator means a developer of a base load or mid-

  • Qualified machinery and equipment means all new industrial

  • Eligible Recipients means all Employees, all Non-Employee Directors and all Consultants.

  • Eligible Items means the goods imported under the Program (except those specifically excluded pursuant to Attachment 1 to Schedule 3 to this Loan Agreement), the foreign exchange costs of which are eligible for financing out of the proceeds of the Loan;

  • Eligible Recipient means an employee, director or independent contractor of the Company or any Affiliate of the Company who has been selected as an eligible participant by the Administrator; provided, however, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Stock Appreciation Right means an employee, non-employee director or independent contractor of the Company or any Affiliate of the Company with respect to whom the Company is an “eligible issuer of service recipient stock” within the meaning of Section 409A of the Code.

  • Service Equipment means any equipment, Software, systems, cabling and facilities provided by or on behalf of Verizon and used to facilitate provision of the Services at a Customer Site. Ownership of the Service Equipment does not pass to Customer. Service Equipment does not include Verizon Facilities.

  • Covered Equipment means, unless otherwise specified in a Schedule, Covered Property:

  • Eligible Termination means the involuntary termination of Participant’s employment without Cause, provided that at the time of such termination Participant is a Senior Officer and has completed at least ten (10) years of service as a Senior Officer.

  • Eligible program means a program of education or training which:

  • Eligible adult means any of the following:

  • Eligible Aircraft has the meaning set forth in the second recital to the Note Purchase Agreement.

  • Eligible customer-generator means a customer-generator whose net energy metering system for renewable resources, cogeneration, fuel cells, and microturbines meets all applicable safety and performance standards.

  • Eligible business means a business located within the counties of Cook, DuPage, Kane, Lake, McHenry or Will in the State of Illinois (the “Six County Region”), and as to which: (1) a majority of the business' fleet is located and used within the Six County Region; and (2) a majority of those vehicles located and used within the Six County Region are alternatively powered vehicles.

  • related service means the services incidental to the supply of the Goods, such as transportation, insurance, installation, training and initial maintenance and other such obligations of the Supplier under the Contract.

  • Restricted computer software means computer software developed at private expense and that is a trade secret, is commercial or financial and confidential or privileged, or is copyrighted computer software, including minor modifications of the computer software.

  • Eligible Products collectively means certain Dell and Dell EMC hardware, software product(s) and services related to the Dell Technologies Client Solutions Group (“CSG”) and Infrastructure Solutions Group (“ISG”) lines of business in the product categories (each an “Eligible Product Category”). A detailed list of Eligible Products in each eligible Product Category may be found at: https://www.dellemc.com/resources/en-sg/auth/asset/quick-reference-

  • Eligible Equipment means, at any time of determination, Equipment owned by Borrower which Lender, in its sole discretion, deems to be eligible for borrowing purposes.

  • Spares means a part or a sub-assembly or assembly for substitution which is ready to replace an identical or similar part or sub-assembly or assembly including a component or an accessory;

  • Qualified Contractor ’ means a residential energy ef-

  • Eligible Users means those authorized to use State Cooperative Contracts and includes the State of Utah’s government departments, institutions, agencies, political subdivisions (e.g., colleges, school districts, counties, cities, etc.), and, as applicable, nonprofit organizations, agencies of the federal government, or any other entity authorized by the laws of the State of Utah to participate in State Cooperative Contracts.

  • Eligible Ground Lease means a ground lease that (a) has a minimum remaining term of twenty-five (25) years, including tenant controlled options, as of any date of determination, (b) has customary notice rights, default cure rights, bankruptcy new lease rights and other customary provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee interest, and (c) is otherwise acceptable for non-recourse leasehold mortgage financing under customary prudent lending requirements. The Eligible Ground Leases as of the date of this Credit Agreement are listed on Schedule EG.