Eligible Flight Simulators definition

Eligible Flight Simulators means all of the Flight Simulators, 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 Flight Simulators (subject only to Permitted Encumbrances and other Liens approved by the Administrative Agent) shall have been granted by the applicable Credit Parties in favor of Administrative Agent for the benefit of the Secured Parties pursuant to the Loan Documents 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.
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Eligible Flight Simulators means all of the Flight Simulators owned by the Obligors and reflected in the most recent Collateral Value Certificate delivered by the Borrower to the Administrative Agent, except any Flight Simulators that constitute Ineligible Collateral; provided, however, that the Administrative Agent shall provide the Borrower with an Appraisal Report with respect to any Flight Simulators for which an assignment of the applicable flight simulator software to the Administrative Agent requires the consent of a third party within 30 days after the Closing Date, and if such consent is not obtained on or before June 30, 2007, the Appraised Value for such Flight Simulators shall be based on the methodologies and assumptions contained in such Appraisal Report until such consent is obtained.
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Eligible Flight Simulators means all of the Flight Simulators owned by the Obligors and reflected in the most recent Collateral Value Certificate delivered by the Borrower to the Administrative Agent, except (a) any Flight Simulators for which an assignment of the applicable flight simulator software to the Administrative Agent requires the consent of a third party and such consent is not obtained and (b) any Flight Simulators that constitute Ineligible Collateral.
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Examples of Eligible Flight Simulators in a sentence

  • The Administrative Agent shall have the right to modify or eliminate Reserves against Eligible Accounts, Eligible Unbilled Accounts and Eligible Refundable Ticket Accounts, Eligible Real Estate, Eligible Aircraft, Eligible Engines, Eligible Spare Parts, Eligible Ground Service Equipment, Eligible Flight Simulators and Eligible Tooling from time to time in its reasonable credit judgment.

  • Term Loan Administrative Agent shall have the right to modify or eliminate Reserves against Eligible Real Estate, Eligible Aircraft, Eligible Spare Parts, Eligible Ground Service Equipment, Eligible Flight Simulators and Eligible Tooling from time to time in its reasonable credit judgment.


More Definitions of Eligible Flight Simulators

Eligible Flight Simulators means all flight simulators and flight training devices (collectively, for purposes of this definition, "flight simulators") of the Loan Parties identified in the appraisals by the Approved Appraiser (the "Primary Simulators") and such additional flight simulators as the Borrower may from time to time request from the Administrative Agent and the Collateral Agent to be considered Eligible Flight Simulators for purposes of this Agreement; provided, however, that no flight simulator shall be considered to be an Eligible Flight Simulator at any time unless it meets the following criteria at such time:
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Eligible Flight Simulators. Eligible Parts", "Eligible Real Estate", "Eligible Slots", "Eligible Gates" or "Eligible Receivables";
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Eligible Flight Simulators means all of the Flight Simulators owned by the Credit Parties; PROVIDED that (i) a valid and enforceable first priority Lien on such Flight Simulators (subject only to Permitted Encumbrances and other Liens approved by Term Loan Administrative Agent) shall have been granted by the applicable Credit Parties in favor of Collateral Agent for the benefit of the Term Loan Secured Parties pursuant to the Security Agreement, (ii) a valid and enforceable second priority Lien on such Flight Simulators (subject only to Permitted Encumbrances and other Liens approved by Revolving Facility Administrative Agent) shall have been granted by the applicable Credit Parties in favor of Collateral Agent for the benefit of the Revolving Facility Secured Parties pursuant to the Security Agreement and (iii) the Liens described in CLAUSES (I) AND (II) above be in full force and effect in favor of Collateral Agent for the benefit of the Secured Parties at such time.
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Related to Eligible Flight Simulators

  • Ferry Flight means the movement of an aircraft without payload to position the aircraft to perform a flight or upon completion of a flight to position the aircraft to a point required by the carrier.

  • Spares means a part or a sub-assembly or assembly for substitution which is ready to replace an identical or similar part or sub-assembly or assembly including a component or an accessory;

  • Engine Manufacturer means CFM International, Inc.

  • Flight means any flight demonstration, flight test, taxi test, or other flight made in the performance of this contract, of for the purpose of safeguarding the aircraft, or previously approved in writing by the Contracting Officer.

  • Passenger car means every motor vehicle other than a motorcycle designed and used primarily for

  • Eligible generator means a developer of a base load or mid-

  • Exempt Wholesale Generator has the meaning provided in 18 C.F.R. Section 366.1.

  • Manufactured dwelling means a residential trailer, a mobile home or a manufactured

  • Aviation gasoline means fuel designed for use in the operation of aircraft other than jet aircraft,

  • Passenger Services means the Franchisee's railway passenger services as specified in any Timetable and/or Plan of the Day including those railway passenger services which the Franchisee may delegate or subcontract or otherwise secure through any other person from time to time in accordance with the Franchise Agreement;

  • 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.