Fleet Assets definition
Examples of Fleet Assets in a sentence
The Company has made available to Parent true, correct and complete copies of all current class status reports from the relevant class societies relating to Company Fleet Assets.
Parent has made available to the Company true, correct and complete copies of all current class status reports from the relevant class societies relating to Parent Fleet Assets.
The Insurance Policies include (A) insurance policies and fidelity bonds covering the Company, its Subsidiaries and their respective businesses, properties, assets, directors, officers or employees, and (B) protection and indemnity, hull and machinery and war risks insurance policies and club entries covering the Company Fleet Assets in such amounts and types as are customary in the industry in which the Company and its Subsidiaries operate.
Notwithstanding the foregoing, each Borrower shall, and shall cause each of its Subsidiaries to, provide to the Responsible Agent an appraisal of the applicable Credit Party’s Rental Fleet Assets that such Credit Party intends to acquire, which appraisal shall be from the Appraiser and shall be reasonably satisfactory in scope, form and substance to the Responsible Agent, any time a Credit Party makes an acquisition in an individual amount exceeding $15,000,000.
Parent and each of its Subsidiaries are qualified in all material respects to own and operate the Parent Fleet Assets, as set forth on Section 5.09(a) of the Parent Disclosure Letter, under Applicable Law, including the Applicable Laws of each Parent Fleet Asset’s flag state.
The Company and each of its Subsidiaries and Joint Venture Affiliates are qualified in all material respects to own and operate the Company Fleet Assets, as set forth on Section 4.10(a) of the Company Disclosure Letter, under Applicable Law, including the Applicable Laws of each Company Fleet Asset’s flag state.
Number of Fleet Assets – Based on the average number of fleet assets during the most recent 12 months for which data are available or for a forecast 12-month period at the time the budget is prepared.
Additionally, upon the request of the Borrower and at Borrower’s expense, the Administrative Agent shall request an Appraisal with respect to Rental Fleet Assets added pursuant to clause (h) of the definition of “Eligible Owned Rental Fleet Assets” and clause (g) of the definition of “Eligible Direct Lease Assets” since the date of the latest Appraisal delivered to the Administrative Agent to reset the amount permitted thereunder to be added as Eligible Rental Fleet Assets.
In furtherance thereof, as soon as practicable but in no event later than the expiration of the Transition Period, Buyer shall, and shall cause each Fleet Subsidiary to, remove, strike over or otherwise obliterate all Excluded Marks from all Fleet Assets.
Such Appraisal may be a desktop or physical appraisal, at the Permitted Discretion of the Administrative Agent, if the net depreciated GAAP value of such added Rental Fleet Assets exceeds $50,000,000, and shall consist of a desktop appraisal if the net depreciated GAAP value of such added Rental Fleet Assets does not exceed $50,000,000.