Examples of Spare Parts Security Agreement in a sentence
Each Loan Party hereby further does grant to Agent, for the benefit of each member of the Lender Group and the Bank Product Providers, a perfected security interest in the Collateral (as defined in the Guaranty and Security Agreement), the Collateral (as defined in the Aircraft and Engine Security Agreement), and the Collateral (as defined in the Spare Parts Security Agreement) in order to secure all of its present and future obligations under the Loan Documents.
No Person holds any right or interest in any of the Pledged Spare Parts under the Spare Parts Security Agreement by virtue of any interest that such person may have in real property or improvements at any of the Designated Locations (as defined therein).
Defined terms in this paragraph not otherwise defined herein shall have the respective meanings specified in the Spare Parts Security Agreement.
The Collateral Agent is entitled to the benefits of Section 1110 of the Bankruptcy Code with respect to the Specified Engines as provided in the Engine Mortgage and Security Agreement and to not less than the Minimum 1110 Percentage (determined on the basis of Appraisal Value as of the Closing Date) of the Rotables included within the Pledged Spare Parts as provided in the Spare Parts Security Agreement in the event of a case under Chapter 11 of the Bankruptcy Code in which a Borrower is a debtor.
In the event of any actual, irreconcilable conflict that cannot be resolved between the Spare Parts provisions of this Agreement and any Spare Parts Security Agreement, the provisions of such Spare Parts Security Agreement shall control and govern.