Eligible Spare Parts. If, immediately prior to the making of such Loan or the issuance of such Letter of Credit hereunder, no Loans or Letters of Credit were outstanding, the Administrative Agent shall have received an Officer’s Certificate from the Borrower to the effect that, as of the date of such Loan or the issuance of such Letter of Credit and based upon the Appraisal of the Pledged Spare Parts most recently delivered by the Borrower pursuant to Section 5.07, the aggregate Appraised Value of the Excluded Parts (as defined in the Spare Parts Security Agreement) constitutes no more than [***]% of the aggregate Appraised Value of all Spare Parts and Appliances owned by the Borrower and its Subsidiaries (assuming all such Spare Parts and Appliances were Collateral).”
Eligible Spare Parts. If, immediately prior to the making of such Loan or the issuance of such Letter of Credit hereunder, no Loans or Letters of Credit were outstanding, and the Pledged Spare Parts are included as part of the Collateral, the Administrative Agent shall have received an Officer’s Certificate from the Borrower to the effect that, as of the date of such Loan or the issuance of such Letter of Credit and based upon the Appraisal of the Pledged Spare Parts most recently delivered by the Borrower pursuant to Section 5.07 (subject to Section 4.02(f)), the aggregate Appraised Value of all Excluded Parts (under and as defined in each Spare Parts Security Agreement) constitutes no more than [***]% of all Spare Parts and Appliances owned by Borrower and its Subsidiaries (assuming all such Spare Parts and Appliances were Collateral). The acceptance by the Borrower of each extension of credit hereunder shall be deemed to be a representation and warranty by the Borrower that the conditions specified in this Section 4.02 have been satisfied at that time.
Eligible Spare Parts. 19 4.4 Equipment..........................................................19 4.5 Location of Inventory and Equipment................................19
