Eligible Lease Receivables means at the time of calculation or determination, any bona fide Lease Receivables in which the Lender has a first priority perfected security interest and assignment, and which arise from or in connection with any bona fide Lease in which the Lender has a first priority perfected security interest and assignment, and which Lease Receivables and/or Leases, as the case may be, satisfy all of the following requirements:
Eligible Lease Receivables means lease receivables which are less than 90 days old and are not doubtful as to collectibility or disputed as to existence or amount or subject to offset, contra-indebtedness or return, exclusive of discounts and rebates, and are otherwise acceptable to Standard Federal in its sole discretion, and may include up to $382,000.00 in lease receivables from Galion Holding Company but shall not otherwise be intra-company or owing from any affiliated or related company or other entity, as such lease receivables are disclosed in the statements timely furnished to Standard Federal pursuant to Section 3 below.
Eligible Lease Receivables means a lease for Equipment to an unaffiliated Person in which (i) AeroCentury is the sole lessor or lessor of the Equipment, (ii) the lease arose in the ordinary course of business of AeroCentury, (iii) the Equipment has been delivered to the lessee and is currently subject to the lease, (iv) neither the lease nor the Equipment is subject to any currently outstanding assignment, claim, lien, security interest or other limitation on the absolute title of AeroCentury, (v) the lease payments are not more than 30 days past due with respect to any payment required thereby (based on the contractual terms in existence at the date the lease was included in the Collateral and not including any subsequent amendment or modification thereof, unless National City has specifically consented thereto in writing), (vi) the lease is freely assignable by the lessor (with any notices or consents required in connection therewith having been previously obtained, and subject to any lease requirements concerning the net worth of the assignee), (vii) the lease and the Equipment being leased constitute Collateral, (viii) the remaining lease term at the time of assignment to the Bank is for a period of seven years or less, (ix) the lease is a noncancellable, triple net lease in which the lessee may not assert, as an offset, any defenses or claims against the lessor arising from the condition or the intended use of the subject matter, except in the case of leases with terms of less than twelve months in which AeroCentury may be responsible for maintenance and except in the case of a lease where AeroCentury assumes the obligation to pay some or all of the cost of engine overhaul, airworthiness directives or manufacturer or government ordered modifications required during the term of the lease, so long as the lease states that such obligation is solely that of AeroCentury and imposes no obligation on the Banks (whether as secured parties or successor in interest to AeroCentury's ownership interest in the leased aircraft) and lessee's only remedy for breach of the obligation is an independent action against AeroCentury, and lessee waives any and all right to offset such obligation against lease payments owed AeroCentury, and (x) the lessee is not a resident of, and the Equipment will not be subject to the laws of any, foreign jurisdiction in which, in the sole determination of National City, the ability of the Bank to perfect a first priority security interest in the Equipment is unsat...
Examples of Eligible Lease Receivables in a sentence
The Borrower shall also permit the Agent to arrange for verification of Eligible Lease Receivables, under reasonable procedures, directly with any account debtors or by other methods.
If Eligible Lease Receivables are not available on a Funding Date, no Funding shall occur.
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Administrative Agent and Revolver Agent reserve the right, at any time and from time to time after the Closing Date, to adjust any such criteria, to establish new criteria and to adjust advance rates with respect to Eligible Lease Receivables, in their reasonable credit judgment, subject to the approval of Supermajority Revolving Lenders in the case of adjustments, or new criteria or changes in advance rates which have the effect of making more credit available.
Receivables Once per calendar month, Borrower may request the release of the Lender's security interest in those Eligible Lease Receivables which no longer meet the qualifications of an Eligible Lease Receivable and are no longer listed in any Lease Certificate or Borrowing Base Certificate upon which a Revolving Credit Advance has been based (an "Ineligible Lease Receivable").
More Definitions of Eligible Lease Receivables
Eligible Lease Receivables as at the date of determination thereof, receivables then due and unpaid with respect to an Eligible Lease.
Eligible Lease Receivables means at any applicable time, Lease Receivables owed, as applicable, pursuant to an Eligible Borrowing Base Lease or Eligible Additional Collateral Lease.
Eligible Lease Receivables means Lease Receivables created by Borrower and which Lender determines in its Permitted Discretion are eligible. A Lease Receivable shall not be an Eligible Lease Receivable unless it: (a) is made to a Lessee acceptable to Lender in its discretion; (b) is properly evidenced by duly executed and delivered Lease Documents; (c) is properly assigned to Lender as collateral security for the Obligations; and (d) is unconditionally due and payable in Dollars. Without limiting the foregoing, Eligible Lease Receivables shall not include any of the following:
Eligible Lease Receivables means lease receivables arising under leases entered into on or before March 31, 2001 which are less than 90 days (or, beginning March 31, 2002 60 days) old and are not doubtful as to collectability or disputed as to existence or amount or subject to offset, contra-indebtedness or return, exclusive of discounts and rebates, and are otherwise acceptable to Standard Federal in its sole discretion, and may include up to $382,000.00 in lease receivables from McClain Galion, Inc. but shall not otherwise be intra-company or owixx xxxx any affiliated or related company or other entity, as such lease receivables are disclosed in the statements timely furnished to Standard Federal pursuant to Section 3 below. Eligible Lease Receivables shall include (a) receivables under consolidated leases for the same lessee provided that payments under all of the consolidated leases are Current and the amortization of the combined leases is not extended more than six months, (b) receivables under leases assumed by another lessee of the Borrower provided that the new lessee is Current with respect to all of its existing leases with the Borrower and (c) receivables under leases which have been extended provided that the applicable lease has not been extended, the extension is for 60 days or less, the reason for the extension has been provided to Standard Federal and is acceptable to Standard Federal and the lessee is Current with respect to all of its existing leases with the Borrower.
Eligible Lease Receivables means, as of the applicable date of such calculation, leases of Equipment owned by an Obligor that satisfy the eligibility criteria set out in Schedule O hereto and which otherwise satisfy the eligibility requirements under the Master Trust Purchase Agreement, but which have not yet been transferred to an Excluded Subsidiary or to Fleet Leasing Receivables Trust pursuant to the Master Trust Purchase Agreement, less the aggregate value of any such leases which are Excluded Receivables. The value of Eligible Lease Receivables for purposes of the Borrowing Base shall be calculated on the basis of the Net Book Value.
Eligible Lease Receivables means as at the date of determination thereof, the unpaid balance of rentals through the end of the applicable term under an Eligible Lease.
Eligible Lease Receivables means an amount owing to Borrower under a lease of equipment owned by Borrower which would otherwise qualify as an Eligible Account Receivable; provided, however, that the fact that such amount is an uninsured amount owing from a Customer located in a foreign country shall not disqualify such amount from being an Eligible Lease Receivable.