Eligible Aircraft Sample Clauses
The 'Eligible Aircraft' clause defines which specific aircraft are covered or permitted under the terms of the agreement. It typically outlines criteria such as model, age, condition, or registration status that an aircraft must meet to qualify. For example, only aircraft manufactured after a certain year or those that have passed specific inspections may be included. This clause ensures that only aircraft meeting agreed standards are involved, thereby managing risk and clarifying the scope of the agreement.
Eligible Aircraft. Full legal and beneficial ownership of each Aircraft identified as Eligible Aircraft in the most recent Borrowing Base Certificate submitted pursuant to the DIP Revolving Credit Agreement is held by Borrower, Evergreen or Evergreen Equity and is free and clear of all Liens (other than Permitted Liens).
(a) Each Aircraft that is identified by Borrower as an Eligible Aircraft in the most recent Borrowing Base Certificate submitted pursuant to the DIP Revolving Credit Agreement, as of the date of such Borrowing Base Certificate, (i) is registered with the FAA in the name of Borrower, Evergreen or Evergreen Equity as owner free and clear of all Liens of record with the FAA (except those in favor of the Prepetition Revolving Agent, Senior Note Collateral Agent, DIP Revolving Agent or Agent), (ii) is in good operating condition, free from material defects and is maintained in accordance with the FARs and other applicable laws and has a valid and current airworthiness certificate and other relevant licenses and registrations, (iii) has all applicable serviceability tags applicable thereto and all related applicable back-to-birth records and other documents required by the FARs, (iv) is not excluded as ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible Aircraft, and (v) is accurately described in such Borrowing Base Certificate (including by manufacturer’s serial number and registration number) and its Engines are accurately described in such Borrowing Base Certificate (including by manufacturer’s serial number).
(b) Each Aircraft that is identified by Borrower as an Eligible Aircraft in the most recent Borrowing Base Certificate delivered pursuant to the DIP Revolving Credit Agreement is in the possession and control of Borrower, Evergreen Equity, or a Person providing Eligible Maintenance.
(c) Each Eligible Aircraft that is identified by Borrower as an Eligible Aircraft in the most recent Borrowing Base Certificate delivered pursuant to the DIP Revolving Credit Agreement is covered by Warranties applicable thereto that are at least as extensive as the warranties and other product assurance documents that are maintained by similarly situated businesses in accordance with industry practice (including for Aircraft purchased on an as•is basis to the extent applicable), and such Warranties are transferable at least to the extent that similar warranties are transferable in accordance with industry practice.
(d) Each o...
Eligible Aircraft. (a) Not permit any Aircraft identified in the most recent Borrowing Base Certificate delivered pursuant to the DIP Revolving Credit Agreement as Eligible Aircraft to be leased, sold, exchanged or otherwise disposed of or be subject to any leasing, pooling, interchange or similar agreement.
(b) Comply with all terms and conditions of the Aircraft and Engine Security Agreements and not permit any excluding criteria set forth in the definitions of Eligible Aircraft and Eligible Engine to apply to any Aircraft and Engines identified in the most recent Borrowing Base Certificate as Eligible Aircraft or Eligible Engines. Each Loan Party that executes and delivers an Aircraft and Engine Security Agreement shall be permitted to operate Aircraft in foreign jurisdictions as contemplated by Section 3.9 thereof to the extent that such Loan Party is otherwise in compliance with such Section 3.9 and so long as no such Aircraft is Eligible Aircraft (or represented by any Loan Party or any of its Subsidiaries to be Eligible Aircraft), in each case, on and after the date of deregistration of such Aircraft pursuant to such Section 3.9. The location and operation of any such Aircraft in a foreign jurisdiction as contemplated by any such Section 3.9 shall not be deemed a breach of or default under any covenant, representation or warranty under this Agreement so long as such Aircraft is not Eligible Aircraft and is not represented by any Loan Party or any of its Subsidiaries to be Eligible Aircraft, in each case, on and after the date of deregistration of such Aircraft pursuant to such Section 3.9.
Eligible Aircraft. The Financed Aircraft to be acquired with the proceeds of such Advance shall be an Eligibile Aircraft other than an Out-of-Production Aircraft.
Eligible Aircraft. With respect to each Aircraft that is identified by Great Lakes as an Eligible Aircraft in the calculation of the Term Loan Suppression Amount in a Borrowing Base Certificate submitted to each Agent, such Aircraft meets the criteria eligibility (other than Agent-discretionary criteria of which Great Lakes is not aware) set forth in the definition of Eligible Aircraft.
Eligible Aircraft. Such Aircraft shall be an Eligible Aircraft.
Eligible Aircraft. [DELETED]