Permitted Foreign Air Carrier any air carrier that (1) is domiciled and has its principal executive offices in, and a substantial part of its commercial operations in, a Permitted Country, (2) possesses all licenses, approvals, and other authorizations necessary to conduct commercial airline operations and to operate the Aircraft under the applicable Laws of such Permitted Country and each other country or territory having any jurisdiction over or with respect to its business or operations and in which the Aircraft will be operated, and (3) at the time that the sublease or other pertinent Transfer is entered into, has not declared or effected, or announced its intention to declare or effect, any suspension or moratorium of payments or the performance of other material *** Material has been omitted pursuant to a request for confidential treatment and filed separately with the SEC obligations, or otherwise materially delayed or failed to make or perform any payment or other material obligation, in the conduct of its business, and is not subject (as debtor) to any bankruptcy, insolvency, liquidation, reorganization, dissolution, or similar proceeding, and does not have substantially all of its property in the possession of any liquidator, trustee, receiver, or similar Person. Permitted Institution: (a) any bank, trust company, insurance company, financial institution, or any other corporation, limited liability company or other legally cognizable entity, in each case with a combined capital and surplus or Net Worth of at least $50,000,000, or (b) any Affiliate of any Person described in clause (a) in respect of which such person has provided a written guarantee of the obligations assumed by such Affiliate under the Owner Participant Agreements in form and substance reasonably satisfactory to Lessee and Lessor, or (c) any trustee or other disclosed agent acting on behalf of any Person described in clause (a) or (b); provided that “Permitted Institution” shall not, without Lessee’s consent, include any person who, at the time of the subject such transaction, is (1) a commercial air carrier with flight operations that directly compete with the then-existing commercial air carrier flight operations of Lessee, or (2) is an Affiliate of a person described in the foregoing clause (1), or (3) a party then adverse to Lessee or an Affiliate of Lessee in any material litigation, arbitration or other similar proceeding, or (4) is an Affiliate of a person described in the foregoing clause (3) if, but ...
Permitted Foreign Air Carrier any air carrier that (1) has its principal executive offices in Taiwan or any Permitted Country or other country approved by Mortgagee (which approval shall not be unreasonably withheld), and (2) is authorized to conduct commercial airline operations and to operate jet aircraft similar to the Aircraft under the applicable Laws of such Permitted Country.
