Titled Equipment definition
Examples of Titled Equipment in a sentence
Upon the acquisition of any additional Titled Equipment, such Borrower shall promptly, and in any event within ten (10) days after such acquisition, (i) cause the lien of the Administrative Agent on such Titled Equipment to be noted on the certificate of title relating thereto and (ii) deliver to the Administrative Agent such certificate of title (which shall evidence the lien of the Administrative Agent thereon).
Each certificate of title relating to Titled Equipment shall be delivered by the Borrowers to the Administrative Agent at the Administrative Agent's Head Office, Attention: Timo▇▇▇ ▇.
Each Borrower will, at all times, except for transfers permitted pursuant to ss.6 hereof, if required under ss.7.19 of the Credit Agreement, (i) maintain the registration and titling of each item of Titled Equipment in the jurisdiction set forth with respect thereto on the applicable Perfection Certificate and (ii) cause the lien of the Administrative Agent on each item of Titled Equipment to be noted on the certificate of title relating thereto.
The Borrowers shall cause all additional Titled Equipment to be listed on the Titled Equipment Schedule Update delivered to the Administrative Agent pursuant to ss.6(c) hereof.
Upon the occurrence of an Event of Default, the Debtor shall cause the lien of the Administrative Agent on such Titled Equipment to be noted on the certificate of title relating thereto.
Each Grantor is the true, lawful, sole and exclusive owner of or otherwise has the right to use the Titled Equipment of such Grantor.
Furthermore, if at the end of any calendar quarter, commencing with the end of the calendar quarter ending on March 31, 2017, the security interest in any Titled Equipment has not been perfected, then within 60 days after the end of such calendar quarter, the Borrower shall cause the security interest in such items of Titled Equipment to be perfected.
NEF acknowledges and agrees that NEF shall have conveyed all of its right, title and interest in the Titled Equipment to the Borrower pursuant to the Purchase Agreement, notwithstanding that NEF may remain on the certificate of title prior to such time as the certificate of title is updated to reflect the Borrower as owner or secured party.
Thereafter, Debtor will, at all times, (i) maintain the registration and titling of each item of Titled Equipment in the jurisdiction set forth with respect thereto on Attachment A-1 to Exhibit A and (ii) cause the lien of the Administrative Agent on each item of Titled Equipment to be noted on the certificate of title relating thereto.
The perfection of the security interest granted in Article 2 above in Titled Equipment will be required only with respect to any Titled Equipment that has a net book value on the date hereof or, if acquired after the date hereof, the date of acquisition greater than or equal to $0.