Rental Fleet Debt definition
Rental Fleet Debt means the Debt or Capitalized Lease obligations of a Borrower pursuant to a lease or purchase agreement to finance the acquisition of equipment or vehicle chassis, subject to the terms and conditions provided in Section 8.1(c) of this Agreement.
Rental Fleet Debt. Liens shall mean liens securing Rental Fleet Debt; provided that (i) any such lien is created solely for the purpose of securing indebtedness representing or incurred to finance the cost of the acquisition of the item of property subject thereto, (ii) the principal amount of the indebtedness secured by any such lien shall at no time exceed 100% of the sum of the purchase price or cost of the applicable property, equipment or improvements and the related costs and charges imposed by the vendors thereof, and (iii) the lien does not cover any property other than the equipment or vehicle chassis acquired; for the avoidance of doubt, notice filings made by lessors with respect to operating lease obligations with respect to a lease of equipment or vehicle chassis shall be specifically permitted. Representative shall mean Manitex International. Required Lenders shall mean, at any time, (i) if there are less than three (3) Lenders, all Lenders and (ii) at all other times, Lenders whose Pro Rata Shares in the aggregate exceed 66 2⁄3% as determined pursuant to clause (ii) of the definition of Pro Rata Shares provided, that the Pro Rata Shares held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lender.
Rental Fleet Debt means the indebtedness or Capital Lease obligations of a Borrower pursuant to a lease or purchase agreement to incurred finance the acquisition of equipment or vehicle chassis, whether pursuant to a loan or a Capital Lease, provided that both at the time of and immediately after giving effect to the incurrence thereof (i) no Default or Event of Default shall have occurred and be continuing, (ii) the aggregate amount of all such Rental Fleet Debt at any one time outstanding in respect of equipment shall not exceed $4,000,000, or the equivalent amount in Canadian Dollars, and (iii) any renewals or refinancings of such Debt shall be on terms substantially the same or better than those in effect at the time of the original incurrence of such indebtedness.