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 Pledged Spare Parts owned by Credit Parties and reflected in the most recent Term A Borrowing Base Certificate delivered by Borrower to the Administrative Agent, except for any Ineligible Term A Borrowing Base 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

• 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.

• 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.

• 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.

• 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.

More Definitions of Eligible Spare Parts

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 Spare Parts which constitute Eligible Inventory.

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 (A) owned or leased by such Credit Party, provided that such Credit Party shall have delivered in favor of the Agent an Acknowledgment Agreement from the landlord of any such leased location, or (B) stored in a warehouse with a warehouseman, or with a bailee on such bailee's premises, provided that such Credit Party shall have delivered in favor of the Agent an Acknowledgment Agreement from the warehouseman or bailee or for which the Agent has established a reasonable reserve; (iii) are subject to a valid, enforceable and first priority Lien in favor of Agent (except, with respect to Eligible Spare Parts stored at sites described in clause (ii)(B) above for normal and customary warehouseman charges); (iv) are located in a Spare Parts Location; and (v) which otherwise conform to the warranties contained herein and which at all times continue to be acceptable to the Agent in its reasonable discretion, less (b) the sum of (i) damaged Spare Parts (unless such damaged Spare Parts are rotable), (ii) a reserve equal to the amount of all accounts payable of such Credit Party owed or owing at the date of any calculation regarding Eligible Spare Parts to any warehouseman or bailee of such Credit Party, and (iii) any Spare Parts that the Agent determines in its reasonable discretion to be ineligible.

Eligible Spare Parts means any Spare Parts and Appliances suitable for incorporation in, installation on, attachment or appurtenance to, or use in, an Eligible Aircraft, an Eligible Engine or another Eligible Spare Part, 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 original equipment manufacturer approved Rotables or Expendables of Borrower, manufactured and refurbished, as the case may be, in conformity with the Borrower’s Maintenance Program that comply with each of the representations and warranties respecting Eligible Spare Parts made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that, until such time as the “Obligations” under and as defined in the Bank Credit Agreement have been paid in full, such criteria may be revised from time to time by Bank Credit Agent in Bank Credit Agent’s Permitted Discretion to address the results of any audit or appraisal performed by Bank Credit Agent from time to time after the Closing Date; provided further that, from and after such time as the “Obligations” under and as defined in the Bank Credit Agreement have been paid in full, such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any audit or appraisal performed by Agent from time to time after the Closing Date. In determining the amount to be so included, Spare Parts shall be valued at the lower of cost or market on a basis consistent with Borrower’s historical accounting practices. A Rotable or Expendable shall not be included in Eligible Spare Parts if:

Eligible Spare Parts means all of the Pledged Spare Parts owned by Credit Parties and reflected in the most recent Term Loan Borrowing Base Certificate delivered by Borrower to Term Loan Administrative Agent, except for any Ineligible Term Loan Borrowing Base Collateral.

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.]