Permitted Vehicle Indebtedness definition

Permitted Vehicle Indebtedness means (i) any Indebtedness Incurred in connection with the acquisition, sale, leasing, financing or refinancing of Vehicles and/or related rights (including under leases, manufacturer warranties and buy-back programs, and insurance policies) and/or related assets, including, without limitation, assets that have been transferred to a Special Purpose Entity or made subject to a Lien in a Financing Disposition, and (ii) any refinancing of the Indebtedness under clause (i). The amount of any Permitted Vehicle Indebtedness shall be determined in accordance with the definition of “Indebtedness.”

Permitted Vehicle Indebtedness means (i) any Indebtedness Incurred in connection with the acquisition, sale, leasing, financing or refinancing of Vehicles and/or related rights (including under leases, manufacturer warranties and buy-back programs, and insurance policies) and/or related assets, including, without limitation, assets that have been transferred to a Special Purpose Entity or made subject to a Lien in a Financing Disposition, and

Permitted Vehicle Indebtedness means (i) Indebtedness incurred by the Company or any Restricted Subsidiary to finance or refinance, directly or indirectly, Eligible Vehicles (but only to the extent actually used to finance or refinance Eligible Vehicles) and (ii) Indebtedness of the Company or any Restricted Subsidiary secured by Permitted Vehicle Collateral; provided, however, that any Indebtedness redesignated pursuant to clause (b)(iii) of Section 4.9 shall not constitute Permitted Vehicle Indebtedness; and provided, further, that the Loans shall not be deemed to constitute Permitted Vehicle Indebtedness when incurred.

Examples of Permitted Vehicle Indebtedness in a sentence

• The aggregate principal amount of outstanding Permitted Vehicle Indebtedness held by Persons other than the Company and its Restricted Subsidiaries as of the last calendar day of each month (the "Determination Date") shall not exceed the net book value of the Permitted Vehicle Collateral securing Permitted Vehicle Indebtedness held by Persons other than the Company and its Restricted Subsidiaries on such Determination Date.

• Enter into any Hedge Agreement other than Hedge Agreements entered into prior to or subsequent to the date hereof in the ordinary course of business or which are initially entered into by the US Borrower or any of its Subsidiaries as the account party on behalf of any Finance Company in relation to Permitted Vehicle Indebtedness and which are promptly assigned to such Finance Company, in each case not for speculative purposes.

• Limitation on Permitted Vehicle Indebtedness .........................

• The aggregate principal amount of outstanding Permitted Vehicle Indebtedness held by Persons other than the Company and its Restricted Subsidiaries as of the last calendar day of each month (the ADETERMINATION DATE") shall not exceed the net book value of the Permitted Vehicle Collateral securing Permitted Vehicle Indebtedness held by Persons other than the Company and its Restricted Subsidiaries on such Determination Date.

• The aggregate principal amount of outstanding Permitted Vehicle Indebtedness as of the last calendar day of each month (the "Determination Date") shall not exceed the net book value of the Permitted Vehicle Collateral on such Determination Date.

• The aggregate principal amount of outstanding Permitted Vehicle Indebtedness held by Persons other than the Company and its Restricted Subsidiaries as of the last calendar day of each month (the "DETERMINATION DATE") shall not exceed the net book value of the Permitted Vehicle Collateral securing Permitted Vehicle Indebtedness held by Persons other than the Company and its Restricted Subsidiaries on such Determination Date.

• Permit the aggregate principal amount of outstanding Permitted Vehicle Indebtedness held by Persons other than the US Borrower and its Subsidiaries as of the last calendar day of each month (the “Determination Date”) to exceed the net book value of the Permitted Vehicle Collateral securing Permitted Vehicle Indebtedness held by Persons other than the US Borrower and its Subsidiaries on such Determination Date.

• The proceeds of the Term Loan Facility shall be used to (i) repay the Existing Facilities, (ii) repay approximately $400.0 million of Permitted Vehicle Indebtedness, (iii) fund a loan of up to $123,100,000 to Parent under the Parent Promissory Note to fund the redemption of Parent’s preferred equity and (iv) pay the related fees, commissions, premiums and expenses in connection therewith.

More Definitions of Permitted Vehicle Indebtedness

Permitted Vehicle Indebtedness means (i) Indebtedness that finances or refinances Eligible Vehicles (but only to the extent actually used to finance or refinance Eligible Vehicles) and (ii) Indebtedness secured by Permitted Vehicle Collateral; provided, however, that the Permitted Vehicle Indebtedness of a Foreign Subsidiary (other than a VMS Subsidiary) shall be limited to the Covered Foreign Fleet Debt of such Subsidiary.

Permitted Vehicle Indebtedness. Indebtedness (including Capital Lease Obligations) of a Finance Company incurred (without recourse to any Loan Party) to finance the acquisition or lease of Eligible Vehicles or other Permitted Vehicle Collateral, or to provide credit support for such financing or to pay fees and expenses reasonably related thereto or to refinance any such Indebtedness; provided, however, that any Indebtedness redesignated pursuant to Section 7.16(b)(iii) shall not constitute Permitted Vehicle Indebtedness.

Permitted Vehicle Indebtedness means (1) Indebtedness Incurred to finance or Refinance Eligible Vehicles and related receivables (but only to the extent actually used to finance or Refinance Eligible Vehicles and related receivables), (2) Indebtedness secured by Permitted Vehicle Collateral and (3) any Indebtedness that Refinances Permitted Vehicle Indebtedness; provided, however, that any Indebtedness redesignated pursuant to clause (2)(C) of Section 4.12 shall not constitute Permitted Vehicle Indebtedness; and provided, further, that the Securities (other than any Additional Securities) shall be deemed not to constitute Permitted Vehicle Indebtedness when issued.

Permitted Vehicle Indebtedness means (1) Indebtedness Incurred to finance or Refinance Eligible Vehicles and related receivables (but only to the extent actually used to finance or Refinance Eligible Vehicles and related receivables), (2) Indebtedness secured by Permitted Vehicle Collateral and (3) any Indebtedness that Refinances Permitted Vehicle Indebtedness; provided, however, that any Indebtedness redesignated pursuant to clause (2)(C) of Section 4.12 shall not constitute Permitted Vehicle Indebtedness; and provided, further, that the Securities (other than any Additional Securities) shall be deemed not to constitute Permitted Vehicle Indebtedness when issued.