Eligible Lease definition

Eligible Lease means, as of any date of determination, a Lease for a Property that satisfies all of the following:

Eligible Lease means a Closed-End Lease:

Eligible Lease means a Lease that has been validly assigned to the Vehicle Trust by a Center as of the Closing Date and for which the related Vehicle is one which the Vehicle Trust or the Vehicle Trustee on behalf of the Vehicle Trust shall have good and marketable title as of the Closing Date.

Examples of Eligible Lease in a sentence

• Borrower shall not enter into any Lease (including any renewals or extensions of any existing Lease) for any Property unless such Lease is an Eligible Lease.

• The copy of such Eligible Lease in the Property File is true and complete in all material respects and there are no material oral agreements with respect thereto.

• An indication as to whether the financing agreement is an Eligible Loan, Eligible Lease or Eligible Equipment Finance Agreement, Eligible Energy Service Agreement, or an Eligible Savings-Based Payment Agreement.

• The Property is subject to an Eligible Lease or is a Vacant Property previously subject to an Eligible Lease, and at the commencement of such Eligible Lease, such Property was (and to Borrower’s knowledge continues to be) in a good, safe and habitable condition and repair, and free of and clear of any damage or waste that has an Individual Material Adverse Effect on the Property.

• If the Property is a Vacant Property, it was previously subject to an Eligible Lease.

More Definitions of Eligible Lease

Eligible Lease means a Lease that has been validly assigned to the Trust by a BMW Center as of the Closing Date and for which the related 2012-1 Vehicle is one which the Trust or the Vehicle Trustee on behalf of the Trust shall have good and marketable title as of the Closing Date.

Eligible Lease means a lease containing terms and conditions and otherwise in a form consistent with Leasing Company Practice with respect to similar aircraft under lease, taking into consideration, among other things, the identity of the relevant lessee (including operating experience), the age and condition of the applicable Pool Aircraft and the jurisdiction in which such Pool Aircraft will be operated or registered.

Eligible Lease means, as of any date of determination, a Lease:

Eligible Lease means a Lease with respect to which the Eligibility Criteria are satisfied or, solely with respect to the first Loan hereunder, waived by the Administrative Agent as of the applicable date of determination.

Eligible Lease means, unless otherwise approved by Owner, a written Lease that satisfies all of the following characteristics:

Eligible Lease means a Lease that as of the date allocated to the Lease SUBI Portfolio was either an Eligible Consumer Lease or a Lease arising under an Eligible Master Lease that satisfied the following eligibility criteria:

Eligible Lease means a Lease in which: (i) a Borrower is the sole lessor; (ii) the Lease arose in the ordinary course of business of such Borrower; (iii) the lessee is not an Affiliate of any Borrower; (iv) the Equipment has been delivered to and accepted by the lessee and is currently subject to the Lease; (v) neither the Lease nor the related Equipment is subject to any prior assignment, claim, lien, security interest or other limitation on the absolute title of the applicable Borrower thereto; (vi) the Lease payments are not more than 60 days past due with respect to any payment required thereby (Lease payments in respect of a newly effective Lease shall not be deemed 60 days past due until 60 days have elapsed since the effective date of the Lease); (vii) the Lease provides that the obligations of the lessee to make payments thereunder are absolute; (viii) the Lease is freely assignable; (ix) the Lease is not subject to any defense of the lessee; (x) the lessee is not the subject of an bankruptcy, reorganization or similar proceedings and is not insolvent; (xi) the Lease is with a lessee/account debtor which is not located outside of the United States of America; (xii) the Lease has not been part of the Borrowing Base for more than 12 months; (xiii) the initial term of the Lease does not exceed 72 months, provided, however, that a Lease with an initial term exceeding 72 months shall be eligible for inclusion in the Borrowing Base upon the prior written consent of the Administrative Agent, which consent will be granted in the Administrative Agent's sole discretion; and (xiv) the Lease and the Equipment being leased constitute Collateral as defined in the Security Agreement. In addition, the aggregate of all Eligible Receivables and Eligible Leases for any one account debtor/lessee or group of affiliated account debtors/lessees which is included in the Collateral shall not at any time exceed: (i) $15,000,000 for Investment Grade Credits; and (ii) $5,000,000 for Non-Investment Grade Credits.