Eligible Equipment definition
Eligible Equipment means Equipment of the Company or a Grantor which the Administrative Agent, in the exercise of its reasonable commercial discretion, determines to be Eligible Equipment. Without limiting the discretion of the Administrative Agent to establish other criteria of ineligibility, Eligible Equipment shall not (unless otherwise agreed to by the Administrative Agent) include any Equipment:
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.
Eligible Equipment is (a) general purpose computer equipment, office equipment, test and laboratory equipment, furnishings, subject to the limitations set forth herein, and (b) Other Equipment that complies with all of Borrower's representations and warranties to Bank and which is reasonably acceptable to Bank in all respects.
Examples of Eligible Equipment in a sentence
Notwithstanding the foregoing, only Eligible Equipment that is sold or otherwise disposed will require a prepayment of the Term Loan hereunder.
Subject to the terms and conditions of this Agreement, including, without limitation, the mandatory prepayment provisions set forth in Section 2.20(c) hereof, each Lender, severally and not jointly, will make a term loan in Dollars to the US Borrowers (the “Term Loan”) in the amount equal to the lesser of (x) such Lender's Term Loan Commitment Amount or (y) an amount not to exceed 85% of the appraised net orderly liquidation value of Eligible Equipment (the “Term Loan NOLV”).
So long as no Event of Default shall have occurred and be continuing, or result therefrom, the Loan Parties may, from time to time, request that Equipment (other than Eligible Equipment) be deemed Excluded Collateral (if approved by Agent in its Permitted Discretion, such Equipment, the “Excluded Equipment”).
More Definitions of Eligible Equipment
Eligible Equipment is (a) general purpose computer equipment, office equipment, test and laboratory equipment, furnishings, subject to the limitations set forth herein, and (b) Other Equipment that complies with all of Borrower’s representations and warranties to Bank and which is acceptable to Bank in all respects and in which Bank has a first priority Lien.
Eligible Equipment means and include with respect to each Borrower, all such Equipment owned by (and in the possession or under the control of) a Borrower that is located at a premises in the continental United States owned and controlled by a Borrower or, at any time following seventy-five (75) days after the Closing Date (or such later date agreed to by the Agent), is situated at a location leased and controlled by a Borrower for which Agent has obtained a Lien Waiver Agreement (or Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in an amount not to exceed the equivalent of three (3) months’ rental obligation with respect to such location); provided that, Eligible Equipment shall not include Equipment (a) for which a Borrower does not have good and marketable title; (b) which was not acquired pursuant to an arms-length transaction; (c) which is used, damaged, inoperable or defective in any material way or is not in good working condition; (d) which is not subject to a first-priority perfected security interest in favor of the Agent or which is subject to any Lien (other than Permitted Encumbrances); (e) which does not conform in all material respects to all standards imposed by any Governmental Body which has regulatory authority over such Equipment or the use, lease or sale thereof; (f) which is covered by a negotiable document of title; (g) which is not covered by insurance in accordance with this Agreement; or (h) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Agent’s right to sell or otherwise dispose of such Equipment, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its sole discretion).
Eligible Equipment means a cigarette tax stamping machine that meets all of the following conditions:
Eligible Equipment means that Equipment of Borrower designated by Lender as eligible from time to time in its sole discretion, but excluding Equipment having any of the following characteristics:
Eligible Equipment is the following to the extent it complies with all of Borrower’s representations and warranties to Bank, is acceptable to Bank in all respects, is located at the premises of Borrower indicated in Section 10 hereof or such other location of which Bank has approved in writing, and is subject to a first priority Lien in favor of Bank: (a) general purpose equipment computer equipment, office equipment, test and laboratory equipment, agricultural equipment, seed business related equipment, furnishings, subject to the limitations set forth herein, and (b) Other Equipment.
Eligible Equipment means the Equipment owned by a Borrower and meeting each of the following requirements:
Eligible Equipment means Equipment that satisfies each of the following requirements: