Examples of Eligible Spare Parts Inventory in a sentence
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.
No Obligated Party will permit any of its Inventory to become a fixture with respect to Real Estate or (except for spare parts Inventory other than Eligible Spare Parts Inventory) to become an accession with respect to other personal property with respect to which Real Estate or personal property the Collateral Agent does not have a Lien.
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.
Each Account or item of Inventory that a Credit Party shall, expressly or by implication, request Agent to classify as an Eligible Account or as Eligible Spare Parts Inventory, respectively, shall, as of the time when such request is made, conform in all respects to the requirements of such classification as set forth in the respective definitions of “Eligible Account” and “Eligible Spare Parts Inventory” as set forth herein and as otherwise established by Agent from time to time.