Borrowing Base Equipment definition

Borrowing Base Equipment at any time, Equipment included in the U.S. Borrowing Base at such time.
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Borrowing Base Equipment. Motor Vehicle Equipment in which the Borrower or any of the Guarantors has title and in which the Administrative Agent has a first priority perfected lien and security interest or, as to Motor Vehicle Equipment of any Person acquired pursuant to a Permitted Acquisition, with respect to which all Indebtedness secured by such Motor Vehicle Equipment has been repaid in full in connection with such Permitted Acquisition and arrangements reasonably satisfactory to the Administrative Agent in all respects have been made for the termination of record of all liens on and security interests in such Motor Vehicle Equipment and all steps have been taken to perfect a first priority lien and security interest in favor of the Administrative Agent.
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Examples of Borrowing Base Equipment in a sentence

  • The Administrative Agent shall have received appraisals from third-party appraisers satisfactory to the Administrative Agent covering Borrowing Base Equipment and Borrowing Base Real Property Collateral to be included in the U.S. Borrowing Base, in each case in form, and with results, satisfactory to the Administrative Agent.

  • Except as listed in Schedule 7.22 attached hereto, (a) each used tractor which becomes Borrowing Base Equipment is qualified under the terms of a manufacturer’s guaranteed residual program or, in the alternative, is deemed roadworthy and generates revenue for any Borrower or Subsidiary on a current basis, and (b) each used trailer which becomes Borrowing Base Equipment is deemed roadworthy and generates revenue for any Borrower or Subsidiary on a current basis.

  • The Administrative Agent shall have received ---------- appraisals of the value of Borrowing Base Equipment of the Borrowers or any Subsidiary from commercial finance examiners satisfactory to the Administrative Agent, in form and substance satisfactory to the Administrative Agent, which appraisals shall be conducted at the expense of the Borrowers or such Subsidiary.

  • A Borrowing Base Report signed by the chief financial officer of the Borrowers and in substantially the form of Exhibit A hereto, which report shall contain an appropriate notation identifying the aggregate Determined Value of all tractors which constitute Borrowing Base Equipment that are not qualified under the terms of a manufacturer’s guaranteed residual program.

  • The Administrative Agent shall have received appraisals from third-party appraisers satisfactory to the Administrative Agent covering Borrowing Base Equipment and Borrowing Base Real Property Collateralreal property collateral to be included in the U.S. Borrowing Base, in each case in form, and with results, satisfactory to the Administrative Agent.

  • The Administrative Agent shall give to the Borrowers written notice of any change in the Borrowing Base determined by the Administrative Agent resulting from a change in the Determined Value of Borrowing Base Equipment based upon the results of any such appraisal or reappraisal, and such notice shall be effective on receipt by the Borrowers.

  • Any tractor which constitutes Borrowing Base Equipment that ceases to operate and generate revenue for any Borrower or Subsidiary for a period of three (3) or more consecutive days without repair shall cease to constitute Borrowing Base Equipment until such time as such tractor has resumed operations and generates revenue for such Borrower or such Subsidiary on a current basis.

  • It is expressly agreed that no Motor Vehicle Equipment shall constitute Borrowing Base Equipment unless and to the extent that the Administrative Agent shall have received evidence satisfactory to it that all steps necessary to cause the Administrative Agent's lien on the certificates of title relating to such Motor Vehicle Equipment have been taken.

  • The Borrowing Base shall be determined ------------------------ monthly (or at such other interval as may be specified pursuant to Section 8.4(f)) by the Administrative Agent by reference to the Borrowing Base Report, commercial finance and collateral audit reports, and the appraisals of Borrowing Base Equipment delivered to the Lenders and the Administrative Agent pursuant to Section 8.4(h) and other information obtained by or provided to the Administrative Agent.

Related to Borrowing Base Equipment

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • Borrowing Base Assets means any Loan Party’s Inventory and Receivables and other assets directly related thereto, including documents, instruments, general intangibles, deposit accounts and the proceeds of all of the same.

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Borrowing Base Amount means:

  • Borrowing Base Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

  • 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.

  • Borrowing Base Availability means, at the time of any determination, an amount equal to the lesser of the Borrowing Base at such time and the aggregate amount of the Commitments at such time.

  • Borrowing Base Report means a report in substantially the form of Exhibit E (or such other form approved by Administrative Agent) certified by a Responsible Officer of Borrower.

  • Eligible Inventory means, with respect to any Borrower, all Trailers (less than ten years old), Aircraft and Aircraft engines complying with Stage III noise reduction requirements, Railcars (less than twenty-five years old), marine containers (less than ten years old), and, if approved by the Requisite Lenders, other related Equipment, in each case that (a) is owned of record by such Borrower or a Marine Subsidiary of such Borrower (or jointly by such Borrower and one or more of the other Borrowers) or, subject to the approval of Agent, any Owner Trustee of which such Borrower is the sole beneficiary or owner (or is the beneficiary or owner jointly with one or more of the other Borrowers), as applicable, (b) is subject to a Lease acceptable to Agent in its sole discretion (as reviewed in full in connection with each requested borrowing hereunder), which Lease shall, at a minimum, (A) be non-cancelable, (B) be with a lessee of acceptable credit quality as determined by Agent, and (C) be of a firm term in excess of one (1) year, except that cargo-containers and Trailers may be on Utilization Leases; (c) has a value and marketability reasonably satisfactory to the Agent; and (d) is free and clear of all Liens, except (i) any interest of a lessee thereof pursuant to a Lease entered into with such Borrower or a Marine Subsidiary of such Borrower or such Borrower’s or such Marine Subsidiary’s predecessor in interest or such Owner Trustee or nominee entity, as lessor, or (ii) as otherwise permitted by Section 6.1, provided that any Liens of the type permitted under clause (ii) encumbering any item of Equipment shall not secure obligations in amounts which materially impair the equity value in such item of Equipment. Requisite Lenders in their sole discretion, on a case by case basis, may approve other items or types of Equipment for credit under "Eligible Inventory" from time to time. Equipment which is Eligible Inventory will cease to be Eligible Inventory at any time it no longer continues to meet all of the above requirements.

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Capital Equipment means machinery and equipment purchased or leased, and used in this state by the purchaser or lessee primarily for manufacturing, fabricating, mining, or refining tangible personal property to be sold ultimately at retail if the machinery and equipment are essential to the integrated production process of manufacturing, fabricating, mining, or refining. Capital equipment also includes machinery and equipment used primarily to electronically transmit results retrieved by a customer of an online computerized data retrieval system.

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • U.S. Borrowing Base means, as of any date of determination, the result of:

  • Inventory control system means a system described in Section 4-41a-103.

  • Movable equipment means a hand-held or non-hand-held machine or device, powered or unpowered, that is used to do work and is moved within or between work sites.

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Fixed Equipment means any property affixed in any way to the Licensed Premises existing at the time Notice to Proceed is given, whose removal would damage the Licensed Premises.

  • Service Equipment means any equipment, Software, systems, cabling and facilities provided by or on behalf of Verizon and used to facilitate provision of the Services at a Customer Site. Ownership of the Service Equipment does not pass to Customer. Service Equipment does not include Verizon Facilities.

  • Excluded Equipment means (i) defibrillators, enhanced emergency medical kits and other medical equipment, (ii) airphones and other components or systems installed on or affixed to the Airframe that are used to provide individual telecommunications or electronic entertainment to passengers aboard the Aircraft, (iii) galley carts, beverage carts, waste containers, liquor kits, food tray carriers, ice containers, oven inserts, galley inserts, and other branded passenger convenience or service items, (iv) any items, equipment or systems leased by Company or any Permitted Lessee (other than items, equipment, or systems that are leased from Company pursuant to the applicable Lease) or owned by Company or any Permitted Lessee subject to a conditional sales agreement or a security interest (other than the security interest granted under the Indenture), and (v) cargo containers.

  • Foreign Borrowing Base means, as of any date, an amount equal to:

  • Approved Location means (a) a storage terminal or facility located in the United States or Canada owned by the Borrower or a Subsidiary; or (b) other storage location located in the United States or Canada identified by the Borrower by notice to the Administrative Agent for which, if requested by the Administrative Agent, the Borrower has used commercially reasonable efforts to cause the owner, operator or landlord thereof to execute and deliver, a waiver of lien, subordination agreement or similar agreement in form and substance reasonably acceptable to the Administrative Agent with respect to any inventories of Petroleum Products stored at such terminal or facility.