Engine Collateral definition
Examples of Engine Collateral in a sentence
All of such assets are free and clear of Liens except for (i) in the case of Eligible Whole Aircraft Collateral and Eligible Whole Engine Collateral, Specified Permitted Liens, and (ii) otherwise, Permitted Liens.
Each Loan Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Whole Aircraft, Whole Engines and Parts that are identified by Borrowers as an Eligible Whole Aircraft Collateral, Eligible Whole Engine Collateral or Eligible Part, respectively, in a Borrowing Base Certificate submitted to Agent, and the book value thereof.
The amount of any Reserve established by Agent, and any changes to the eligibility criteria set forth in the definitions of Eligible Accounts, Eligible Whole Aircraft Collateral, Eligible Whole Engine Collateral or Eligible Parts shall have a reasonable relationship to the event, condition, other circumstance, or fact that is the basis for such reserve or change in eligibility and shall not be duplicative of any other reserve established and currently maintained or eligibility criteria.
Borrower shall maintain all Eligible Equipment for which Lender has made an Equipment Loan and all Aircraft Collateral and Rated Engine Collateral airworthy at all times, except when such items of Collateral are being repaired or replaced in accordance with the provisions of this Agreement.
No transfer, by operation of law or otherwise, of any Obligations or other right, title and interest of any Secured Party in and to the Spare Engine Collateral or hereunder shall operate to terminate this Spare Engine Security Agreement or entitle such holder or any successor or transferee of such holder to an accounting or to the transfer to it of any legal title to any part of the Spare Engine Collateral.
The Company, for itself and all who may claim under it, waives, to the extent that it lawfully may, all right to have all or any portion of the Spare Engine Collateral marshalled upon any foreclosure hereof.
For all purposes hereof, upon the attachment of the Lien of this Spare Engine Security Agreement thereto, such Additional Spare Engine shall become part of the Spare Engine Collateral, and each engine constituting part of the Additional Spare Engine shall be deemed a “Spare Engine” as defined herein.
This Mortgage shall create a continuing security interest in the Spare Engine Collateral and Spare Engine Related Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of the Secured Obligations, (b) be binding upon the Company, its successors and assigns and (c) inure, together with the rights and remedies of the Agent hereunder, to the benefit of the Agent and its successors, transferees and assigns.
No holder of any Obligation shall have legal title to any part of the Spare Engine Collateral.
At the request of the Agent, the Company shall promptly deliver or cause the Lessee to deliver to the Agent or to whomsoever the Agent shall designate, at such time or times and place or places as the Agent may specify, and fly or cause to be flown to such airport or airports in the United States as the Agent may specify, without risk or expense to the Agent, the Spare Engine Collateral or any part thereof.