Eligible Engines definition

Eligible Engines means the new Engines originally installed on the Aircraft and the Spare Engines. Exhibit A to this Agreement identifies the Eligible Engines by serial number and will be updated from time to time to: (i) add Eligible Engines and serial numbers as Spirit takes delivery of the Aircraft and the Spare Engines and (ii) to remove Eligible Engines in accordance with Section 11 hereto.

Eligible Engines means Engines which meet all of the Eligibility Criteria for Engines.

Eligible Engines means all of the Engines, except any Ineligible Term A Borrowing Base Collateral, owned by the Credit Parties; provided, that (i) a valid and enforceable first priority Lien on such Engine (subject only to Permitted Encumbrances and other Liens approved by the Administrative Agent) shall have been granted by the applicable Credit Party in favor of Administrative Agent for the benefit of the Secured Parties pursuant to the Aircraft Mortgage and (ii) the Liens described in clause (i) above shall be in full force and effect in favor of Administrative Agent for the benefit of the Secured Parties at such time.

Examples of Eligible Engines in a sentence

• Spirit shall not unreasonably withhold its approval of any "one time concessions" approved by IAE and the applicable FAA representative with respect to the Eligible Engines.

• Spirit shall take or, as applicable, have taken delivery of all of the Aircraft and Eligible Engines in accordance with the schedule set forth in Exhibit A to this Agreement, as amended, supplemented or otherwise modified from time to time, and shall operate the Aircraft and Eligible Engines in regular commercial service as contemplated by Section 10.6 below for the duration of the Period of Cover, subject to Section 11 hereto.

• If the actual operation of the Eligible Engines falls between the points covered in any one of the tables, the adjustment factor can be interpolated linearly between the points to derive the applicable factor.

• Spirit warrants that title to Parts removed from Eligible Engines by the Maintenance Center shall pass immediately to IAE free and clear of all security interests and rights of Spirit or others at the time that title to the replacement Part passes to Spirit.

More Definitions of Eligible Engines

Eligible Engines means each Engine of each Borrower that (i) is installed in an Aircraft that meets all the eligibility criteria of Eligible Aircraft, (ii) is maintained and overhauled, in conformity with each of the Borrower’s Maintenance Program and the FARs and all other applicable laws, (iii) complies with each of the representations and warranties respecting Eligible Engines made in the Loan Documents, and (iv) is not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any audit or appraisal performed by Agent from time to time after the Closing Date. An Engine shall not be included in Eligible Engines if:

Eligible Engines means (a) the new Engines operated by Vuela originally installed on the Aircraft, (b) the Spare Engines, and (c) any other Engines mutually agreed by the parties and listed in Exhibit A, in each case so long as such Engine is operated by Vuela. Exhibit A to this Agreement identifies the Eligible Engines as of the date hereof by serial number, and will be updated by the Parties from time to time to identify Eligible Engines by serial number as Vuela takes delivery of the Aircraft and the Spare Engines (or as the parties agree to cover other Engines under this Agreement).

Eligible Engines means the new Engines originally installed on the Aircraft as set forth in Exhibit A and delivered in accordance with the schedule set forth in Exhibit E hereto, subject to the rescheduling and scheduling rights and lead-time agreed to in writing between Spirit and IAE (if any), which rights shall be no greater than those appearing in the Aircraft Purchase Agreement or applicable lease agreement.

Eligible Engines means, for the avoidance of doubt, all Eligible Engines as defined in the FHA as of the date hereof (including SL2 Eligible Engines as defined in Side Letter No. 2 to the FHA and the SL3 Eligible Engines as defined in Side Letter No. 3 to the FHA).

Eligible Engines means the Designated Engines of Borrower so long as they have been maintained in conformity with the Maintenance Program, comply with each of the representations and warranties respecting Eligible Engines made in the Loan Documents, and are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any audit or appraisal performed by Agent from time to time after the Closing Date. In determining the amount to be so included, Engines shall be valued at the lower of cost or market on a basis consistent with Borrower’s historical accounting practices. An Engine shall not be included in Eligible Engines if:

Eligible Engines. As defined in Section 1.12 and Attachment A to the Agreement.

Eligible Engines has the meaning set forth in Appendix 8.