Eligible Spare Parts definition

Eligible Spare Parts means any Spare Parts and Appliances, in each case that are owned by the Borrower or any other applicable Grantor and that are eligible for the benefits of Section 1110.

Eligible Spare Parts means all of the Spare Parts owned by the Obligors and reflected in the most recent Collateral Value Certificate delivered by the Borrower to the Administrative Agent, except for any Spare Parts that constitute Ineligible Collateral.

Eligible Spare Parts means any Spare Parts and Appliances, in each case that are owned by the Borrower and that are eligible for the benefits of Section 1110.

Examples of Eligible Spare Parts 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.

• Administrative Agent may rely, in determining which Accounts are Eligible Accounts Receivable and which Spare Parts Inventory are Eligible Spare Parts Inventory, on all statements and representations made by Borrowers with respect thereto.

• With respect to each Material Location leased or owned on or after the Closing Date, if the Administrative Agent has requested but, within sixty (60) days following such request, has not received a landlord agreement or bailee letter, Borrower's Eligible Spare Parts, Eligible Ground Service Equipment and Eligible Tooling at that location shall, in the Administrative Agent's discretion, be subject to such Reserves as may be established by the Administrative Agent in its reasonable credit judgment.

• Notify Agent if any Account or Inventory identified by such Borrower to Agent as an Eligible Account or Eligible Spare Parts Inventory becomes ineligible for any reason by submitting the borrowing base report, or promptly upon becoming aware thereof if the aggregate of Eligible Accounts or Eligible Spare Inventory not yet reported as ineligible exceed $100,000 at any time.

• All Eligible Spare Parts must be located in fenced areas with readily visible signage indicating that the Spare Parts located at such location are subject to a Lien in favor of Agent.

More Definitions of Eligible Spare Parts

Eligible Spare Parts means Spare Parts which constitute Eligible Inventory.

Eligible Spare Parts means all spare parts inventory (excluding capitalized spare parts) of the Borrower and its Subsidiaries which in each case the Administrative Agent, in its reasonable judgment, deems to be Eligible Spare Parts; provided that in no event shall spare parts inventory be deemed Eligible Spare Parts unless all representations and warranties set forth in the Security Documents with respect to such spare parts inventory are true and correct and such spare parts inventory:

Eligible Spare Parts means any Spare Parts of the Loan Parties. Unless otherwise approved in writing by the Administrative Agent, no Spare Parts shall be Eligible Spare Parts unless: (i) it is owned solely by one of the Loan Parties and such Loan Party has good, valid and marketable title thereto; (ii) it is at all times subject to the Collateral Agent’s valid and duly perfected first priority security interest granted pursuant to the Security Documents and no other Lien (other than (x) any Lien permitted under Section 7.01(c) or (y) any landlord’s Lien to the extent a rent reserve with respect to the relevant leased property has been deducted from the Borrowing Base in accordance with clause (ii) of the following sentence); (iii) the Loan Parties shall at all times have title to such Spare Parts and shall have the ability to direct the disposition thereof (subject only to the rights of any lessee under any lease in effect with respect to such Spare Parts) and it is not located outside the United States or is in transit with a common carrier from vendors and suppliers; (iv) it is not obsolete, unmerchantable, defective, slow moving, unfit for sale, lease, rental or its intended use, not salable at prices approximating at least the cost of such Spare Parts in the ordinary course of business, or unacceptable due to age, type, category and/or quantity, in each case, as determined by the Administrative Agent in its Permitted Discretion; (v) it conforms in all respects to the covenants, warranties and representations set forth in this Agreement and applicable Security Documents and is fully insured in the manner required by this Agreement and applicable Security Documents; (vi) it conforms to all standards imposed by any Governmental Authority; (vii) it is not the subject of a consignment of any Loan Party as consignor; (viii) it is covered by insurance acceptable to the Administrative Agent; (ix) it is not covered by a negotiable document of title, unless such document and evidence of insurance covering such Spare Part has been delivered to the Administrative Agent and/or Collateral Agent with all necessary endorsements, free and clear of all Liens except those in favor of the Administrative Agent (or Collateral Agent, as applicable); (x) it is not perishable; and (xi) it is not located in any third party warehouse or is in the possession of a bailee and is not evidenced by a Document (as defined in the Uniform Commercial Code), unless (A) such warehouseman or bailee has delivered...

Eligible Spare Parts means any Spare Parts and Appliances suitable for installation on a Section 1110 Eligible Aircraft or an Eligible Engine, in each case that are owned by the Borrower and that are eligible for the benefits of Section 1110.

Eligible Spare Parts a Spare Part of Borrower which Lender, in its good faith credit judgment, based upon its usual and customary credit and collateral considerations, deems to be an Eligible Spare Part. Without limiting the generality of the foregoing, no Spare Part shall be an Eligible Spare Part unless:

Eligible Spare Parts and "Leverage Ratio," and any other applicable provision of this Agreement or the other Loan Documents to reflect such payment and satisfaction of such "Obligations," it being understood and agreed that an amendment reflecting terms substantially similar to those contained in the corresponding provisions of the Bank Credit Agreement will be mutually agreeable. [Signature pages to follow.]

Eligible Spare Parts means (a) the NOLV of a relevant Credit Party's rotable and non-rotable Spare Parts (excluding Spare Parts "fly-away" kits), which (i) are owned solely by such Credit Party and with respect to which such Credit Party has good title; (ii) are (A) stored on real property that is either