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:

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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:

Examples of Eligible FF&E in a sentence

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).
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.
Items of Eligible FF&E Equipment that, from time to time, do not comprise part of the FF&E Component for any Project identified on Exhibit L-1 shall constitute part of the Resort Component and may be funded in accordance with Sections 2.5.1 and 2.5.2.
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.
Notwithstanding any other provision hereof, items of Eligible FF&E that have not been financed entirely (other than costs related to transportation, installation and sales taxes) by the proceeds of draws under the FF&E Financings and therefore do not comprise part of the FF&E Component shall constitute part of the Phase II Hotel/Casino Component and may be funded in accordance with the provisions of Sections 2.5.1(d) and 2.5.2.

More Definitions of Eligible 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 Domestic 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):

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 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 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, as of any date of determination thereof, all furniture, fixtures and equipment owned by the Loan Parties for which Agent shall have received an appraisal (based upon Appraised Value) of such furniture, fixtures and equipment by an appraiser engaged by Agent (and in form and substance reasonably satisfactory to Agent), deemed by the Agent in its discretion to be eligible for inclusion in the calculation of the Term Loan Borrowing Base, in each case that, except as otherwise agreed by the Agent, (A) complies with each of the representations and warranties respecting furniture, fixtures and Equipment made by the Loan Parties in the Loan Documents, and (B) is not excluded as ineligible by virtue of one or more of the criteria set forth below. Except as otherwise agreed by the Agent, in its discretion, the following items of furniture fixtures and equipment 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: (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

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