Eligible FF&E definition

Eligible FF&E means FF&E owned by a Borrower or a Canadian Loan Party and deemed by the Administrative Agent in its reasonable discretion to be eligible for inclusion in the calculation of the Borrowing Base, in each case that, except as otherwise agreed by the Administrative Agent, complies with each of the representations and warranties respecting FF&E made by the Borrowers and the Canadian Loan Parties in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the criteria set forth below. Except as otherwise agreed by the Administrative Agent, the following items of FF&E shall not be included in Eligible FF&E:

Eligible FF&E means, as of the date of determination thereof, without duplication, items of FF&E of a Loan Party that are in good order, repair, running (to the extent applicable) and marketable condition, in each case that is not excluded as ineligible by virtue of one or more of the criteria set forth below. Eligible FF&E shall not include any FF&E:

Eligible FF&E means, at any time of determination thereof, all fixtures, furniture and equipment (collectively, `FF&E') of the Borrower or any Subsidiary of the Borrower that is a Subsidiary Guarantor as to which each of the following requirements has been fulfilled to the reasonable satisfaction of the Administrative Agent (which requirements shall be deemed to have been fulfilled to the reasonable satisfaction of the Administrative Agent unless the Administrative Agent shall have otherwise notified the Borrower in writing):

Examples of Eligible FF&E in a sentence

• In the event the Collateral Agent shall have received notice of the disapproval by the Required Lenders of all or any portion of the Eligible FF&E Collateral, the Collateral Agent shall so inform the Disbursement Agent pursuant to the terms of Section 2.4.1(e) of the Disbursement Agreement.

• At the time of any Advance Request for payment of Project Costs with respect to the FF&E Component, the Company shall have specified in such Advance Request the items of Eligible FF&E Equipment that comprise the portion of the FF&E Component for which payment is requested in such Advance Request and the FF&E Lenders shall have approved (or deemed to have approved) such Eligible FF&E Equipment in accordance with Section 2.4.1(e).

• Promptly after receipt by the Administrative Agent of a Borrowing Notice pursuant to subsection 2.1D and, in the case of any Term Delayed Draw Loan, a Borrowing Base Certificate (covering all then existing Eligible FF&E including the Designated FF&E to be financed or refinanced with the proceeds of such Term Delayed Draw Loans), the Administrative Agent shall notify each Lender of the proposed borrowing.

• All FF&E Facilities may only be used to pay Project Costs allocated pursuant to the Project Budget for any Active Project to the “FF&E” Line Item Category set forth in the Project Budget for such Active Project and Project Costs allocated to Eligible FF&E Equipment for any other Project.

• In the case of any Term Delayed Draw Loan, each Borrowing Notice shall be accompanied by a Borrowing Base Certificate (covering all then existing Eligible FF&E including the Designated FF&E to be financed or refinanced with the proceeds of such Term Delayed Draw Loans) together with such supporting detail and documentation as shall be requested by Administrative Agent in its reasonable discretion.

More Definitions of Eligible FF&E

Eligible FF&E means FF&E owned by Borrowers and used by Borrowers in the Ordinary Course of Business that Agent, in its good faith credit judgment and discretion, deems to be Eligible FF&E. Without limiting the generality of the foregoing, no FF&E shall be Eligible FF&E if:

Eligible FF&E. Not applicable.

Eligible FF&E means, as of the date of determination thereof, the Equipment owned by a Borrower and deemed by the Administrative Agent in its Permitted Discretion to be eligible for inclusion in the calculation of the Borrowing Base, in each case that, except as otherwise agreed by the Administrative Agent, (i) complies with each of the representations and warranties respecting Equipment owned by the Borrowers in the Loan Documents, and (ii) satisfies each of the following criteria set forth below:

Eligible FF&E means, as of any date of determination, the aggregate net book value (calculated in accordance with GAAP) of the furnishings, furniture and equipment of the Borrower and its Subsidiaries in which the Administrative Agent, for the benefit of the Lenders and the Issuing Bank, has a first priority perfected security interest, excluding (a) leasehold improvements and any other property so affixed to real estate as to become a fixture, (b) property that is obsolete or worn-out, and (c) intangible items, such as capitalized software development costs.

Eligible FF&E means the items of furniture, trade fixtures, equipment and other personal property to be used in the operation by Company of its business that, upon acquisition thereof by Borrower, satisfy all of the requirements to constitute, and conform to all of the representations and warranties applicable to, Purchased FF&E hereunder.

Eligible FF&E means, as of the date of determination thereof, without duplication, items of FF&E of a Loan Party that are in good order, repair, running (to the extent applicable) and marketable condition, in each case that is not excluded as ineligible by virtue of one or more of the criteria set forth below. Eligible FF&E shall not include any FF&E: (a) which is not subject to a first priority perfected Lien in favor of the Administrative Agent (for the benefit of the Secured Parties) (other than, so long as the Administrative Agent shall have implemented any applicable Reserve in its Permitted Discretion in respect thereof, Permitted Liens set forth in clauses (2), (3) and (22) of the definition thereof to the extent such Liens arise under and have priority by operation of law); (b) which is subject to any Lien other than (i) a Lien in favor of the Administrative Agent (for the benefit of the Secured Parties), (ii) the Liens described in clause (a) above, (iii) a Permitted Lien arising by operation of law which does not have priority over the Lien in favor of the Administrative Agent (for the benefit of the Secured Parties), (iii) the Lien in favor of ABL Agent that is subject and

Eligible FF&E means all of the equipment, fixtures, furniture, furnishings and goods that are (a) Designated FF&E (or such other equipment, fixtures, furniture, furnishings and goods as may be reasonably acceptable to Administrative Agent), (b) owned by a Borrower (or to be owned by a Borrower upon or immediately following funding of the related Term Delayed Draw Loan hereunder) and (c) reflected in the most recent Borrowing Base Certificate delivered to Administrative Agent in connection with a Term Delayed Draw Loan pursuant to subsection 2.1, except any equipment, fixtures, furniture, furnishings and goods to which any of the exclusionary criteria set forth below applies (which may not be included in the Borrowing Base Certificate). Administrative Agent shall have the right, in consultation with the Borrowers, to establish, modify or eliminate Reserves against Eligible FF&E from time to time in its reasonable credit judgment. Eligible FF&E funded by any Term Delayed Draw Loan shall not include any equipment, fixtures, furniture, furnishings and goods of any Borrower, as the case may be, that: