Common use of Concentration Limits Clause in Contracts

Concentration Limits. Unless the Controlling Trustees obtain Rating Agency Confirmation, the Issuer shall not permit any Issuer Subsidiary to lease or re-lease any Aircraft if entering into such proposed Lease would cause the Portfolio (excluding any Aircraft then subject to an Aircraft Agreement and expected to be disposed of within one year pursuant to Section 5.02(g)(iii) and (v) but as to which the Issuer or any Issuer Subsidiary retains an interest including a right to lease rentals or other payments, finance lease payments, instalment purchase agreements or any other payments with respect to such Aircraft, but including any Aircraft with respect to which MSAF Group has entered into a binding agreement to acquire and which the Controlling Trustees reasonably expect to acquire within 180 days from the date of such agreement) to exceed any of the Concentration Limits set forth in Exhibit E hereto (as such limits may be adjusted by the Issuer from time to time, subject to Rating Agency Confirmation, the "Concentration Limits"); provided that the Issuer and any Issuer Subsidiary shall be entitled to renew or extend any Lease to the existing Lessee thereunder irrespective of the effect of such renewal or extension on the Concentration Limits. The Issuer shall not permit any Issuer Subsidiary to lease or re-lease any Aircraft operated or to be operated by a Lessee domiciled in a jurisdiction set forth in clause (a) of the PRI Guidelines as set forth on Exhibit E hereto and as amended from time to time upon the approval of the Rating Agencies (the "PRI Guidelines") as "Prohibited Countries".

Concentration Limits. Unless the Controlling Trustees obtain Without receipt of a Rating Agency ConfirmationConfirmation from Moody’s and the prior written consent of the Policy Provider, the Issuer shall not permit any Issuer ACS Ireland Subsidiary to lease or re-lease any Aircraft if entering into such proposed Lease would cause the ACS Group Portfolio (excluding any Aircraft then subject to an Aircraft Agreement and expected to be disposed of within one year pursuant to Section 5.02(g)(iii) and (v) but as to which the Issuer or any Issuer Subsidiary retains an interest including a right to lease rentals or other payments, finance lease payments, instalment purchase agreements or any other payments with respect to such Aircraft, but including any Aircraft with respect to which MSAF Group has entered into a binding agreement to acquire and which the Controlling Trustees reasonably expect to acquire within 180 days from the date of such agreement) to exceed any of the Concentration Limits set forth in Exhibit E C hereto (as such limits may be adjusted by the Issuer from time to time, subject to receipt of a Rating Agency ConfirmationConfirmation from Moody’s, the "delivery of written notice of such adjustment to Standard and Poor’s, and the receipt of the prior written consent of the Policy Provider, the “Concentration Limits"”); provided that the Issuer and or any Issuer ACS Ireland Subsidiary shall be entitled to renew or extend any Lease to the existing Lessee thereunder irrespective of the effect of such renewal or extension on the Concentration LimitsLimits with the prior written consent of the Policy Provider. The Issuer shall not, and shall not permit any Issuer ACS Ireland Subsidiary to to, (i) lease (including any renewal or re-lease extension of any existing Lease) any Aircraft operated to any Lessee habitually based or to be operated by a Lessee domiciled in a jurisdiction any of the jurisdictions set forth as “Prohibited” in clause (a) the last section of the PRI Guidelines Concentration Limits as set forth on Exhibit E C hereto and as amended from time to time upon the approval receipt of a Rating Agency Confirmation from Moody’s, the delivery of written notice of such amendment to Standard & Poor’s, and the receipt of the Rating Agencies prior written consent of the Policy Provider (each such jurisdiction, a “Prohibited Country”), (ii) enter into any Lease (including any renewal or extension of any existing Lease) that expressly permits the "PRI Guidelines"Lessee to sublease an Aircraft to a sublessee habitually based or domiciled in a Prohibited Country, or (iii) as "consent to a sublease of an Aircraft to a sublessee habitually based or domiciled in a Prohibited Countries"Country.

Concentration Limits. Unless the Controlling Trustees obtain Without receipt of a Rating Agency ConfirmationConfirmation from Moody's and the prior written consent of the Policy Provider, the Issuer shall not permit any Issuer ACS Bermuda Subsidiary to lease or re-lease any Aircraft if entering into such proposed Lease would cause the ACS Group Portfolio (excluding any Aircraft then subject to an Aircraft Agreement and expected to be disposed of within one year pursuant to Section 5.02(g)(iii) and (v) but as to which the Issuer or any Issuer Subsidiary retains an interest including a right to lease rentals or other payments, finance lease payments, instalment purchase agreements or any other payments with respect to such Aircraft, but including any Aircraft with respect to which MSAF Group has entered into a binding agreement to acquire and which the Controlling Trustees reasonably expect to acquire within 180 days from the date of such agreement) to exceed any of the Concentration Limits set forth in Exhibit E C hereto (as such limits may be adjusted by the Issuer from time to time, subject to receipt of a Rating Agency ConfirmationConfirmation and the prior written consent of the Policy Provider, the "Concentration Limits"); provided that the Issuer and or any Issuer ACS Bermuda Subsidiary shall be entitled to renew or extend any Lease to the existing Lessee thereunder irrespective of the effect of such renewal or extension on the Concentration LimitsLimits with the prior written consent of the Policy Provider. The Issuer shall not, and shall not permit any Issuer ACS Bermuda Subsidiary to to, (i) lease (including any renewal or re-lease extension of any existing Lease) any Aircraft operated to any Lessee habitually based or to be operated by a Lessee domiciled in a jurisdiction any of the jurisdictions set forth as "Prohibited" in clause (a) the last section of the PRI Guidelines Concentration Limits as set forth on Exhibit E C hereto and as amended from time to time upon the approval receipt of a Rating Agency Confirmation and the prior written consent of the Rating Agencies Policy Provider (the "PRI Guidelines") as each such jurisdiction, a "Prohibited CountriesCountry"), (ii) enter into any Lease (including any renewal or extension of any existing Lease) that expressly permits the Lessee to sublease an Aircraft to a sublessee habitually based or domiciled in a Prohibited Country, or (iii) consent to a sublease of an Aircraft to a sublessee habitually based or domiciled in a Prohibited Country.

Concentration Limits. Unless the Controlling Trustees obtain Without prior written notification to Standard & Poor’s and Fitch, receipt of a Rating Agency ConfirmationConfirmation from Moody’s alone and the prior written consent of the Policy Provider, the Issuer shall not permit any Issuer Subsidiary to lease or re-lease any Aircraft if entering into such proposed Lease would cause the Portfolio (excluding including after giving effect to the acquisition of any Aircraft then subject to an Aircraft Agreement and expected to be disposed of within one year pursuant to Section 5.02(g)(iii) and (v) but as to which the Issuer or any Issuer Subsidiary retains an interest including a right to lease rentals or other payments, finance lease payments, instalment purchase agreements or any other payments with respect to such Substitute Aircraft, but including any Aircraft with respect to which MSAF Group has entered into a binding agreement to acquire and which the Controlling Trustees reasonably expect to acquire within 180 days from the date of such agreement) to exceed any of the Concentration Limits set forth in Exhibit E B hereto (excluding from such limits renewals or extensions of a Lease to an existing Lessee under a Lease entered into in compliance with the Concentration Limits and as 107 such limits may be adjusted or changed by the Issuer from time to time, subject to a Rating Agency ConfirmationConfirmation from Moody’s alone, the "delivery of prior written notice to Standard & Poor’s and Fitch and the prior written consent of the Policy Provider, the “Concentration Limits"”); provided that the Issuer and or any Issuer Subsidiary shall be entitled to renew or extend any Lease to the existing Lessee thereunder irrespective of the effect of such renewal or extension on the Concentration LimitsLimits (and if the Concentration Limits absent such exception would be exceeded as a result of any such renewal or extension, the Issuer shall give written notification thereof to the Rating Agencies and the Policy Provider); and provided that, unless otherwise elected by the Administrative Agent, the Concentration Limits shall be determined without giving effect to any Aircraft contributed (by way of Equity Contributions) to the Issuer Group. The Issuer shall not permit any Issuer Subsidiary Group Member to (i) lease (including any renewal or re-lease extension of any existing Lease) any Aircraft operated to any Lessee habitually based or to be operated by a Lessee domiciled in a jurisdiction any of the jurisdictions set forth as “Prohibited” in clause (a) the last section of the PRI Guidelines Concentration Limits as set forth on Exhibit E B hereto and as amended from time to time upon the approval receipt of a Rating Agency Confirmation from Moody’s alone, the delivery of prior written notice to Standard & Poor’s and Fitch and the prior written consent of the Rating Agencies Policy Provider (each such jurisdiction, a “Prohibited Country”), (ii) enter into any Lease (including any renewal or extension of any existing Lease) that expressly permits the "PRI Guidelines"Lessee to sublease an Aircraft to a sublessee habitually based or domiciled in a Prohibited Country, or (iii) as "consent to a sublease of an Aircraft to a sublessee habitually based or domiciled in a Prohibited Countries"Country.

Concentration Limits. Unless Without prior written notification to each of the Controlling Trustees obtain Rating Agency ConfirmationAgencies and the prior written consent of the Holders of a majority of the Outstanding Principal Balance of the Senior Class (provided that the consent of the Holders of the Senior Class will be deemed to have been given if the Holders of the Senior Class do not respond within fourteen (14) days of receipt by such Holders from the Issuer or the Trustee of a request for such consent), the Issuer shall not permit any Issuer Subsidiary to lease or re-lease any Aircraft if entering into such proposed Lease would cause the Portfolio (excluding any Aircraft then subject to an Aircraft Agreement and expected to be disposed of within one year pursuant to Section 5.02(g)(iii) and (v) but as to which the Issuer or any Issuer Subsidiary retains an interest including a right to lease rentals or other payments, finance lease payments, instalment purchase agreements or any other payments with respect to such Aircraft, but including any Aircraft with respect to which MSAF Group has entered into a binding agreement to acquire and which the Controlling Trustees reasonably expect to acquire within 180 days from the date of such agreement) to exceed any of the Concentration Limits set forth in Exhibit E C hereto (as such limits may be adjusted by the Issuer from time to time, subject to Rating Agency Confirmation, the "“Concentration Limits"”); . Without prior written notification to each of the Rating Agencies and the prior written consent of the Holders of a majority of the Outstanding Principal Balance of the Senior Class (provided that the Issuer and any Issuer Subsidiary shall be entitled to renew or extend any Lease to the existing Lessee thereunder irrespective consent of the effect Holders of the Senior Class will be deemed to have been given if the Holders of the Senior Class do not respond within fourteen (14) days of receipt by such renewal Holders from the Issuer or extension on the Concentration Limits. The Trustee of a request for such consent), the Issuer shall not permit any Issuer Subsidiary Group Member (i) to lease or re-lease any Aircraft operated to any Lessee habitually based or to be operated by a Lessee domiciled in a jurisdiction any of the jurisdictions set forth as “Prohibited” in clause (a) the last section of the PRI Guidelines as Concentration Limits set forth on Exhibit E C hereto and (each such jurisdiction, a “Prohibited Country”), (ii) to enter into any Lease (including any renewal or extension of any existing Lease) that expressly permits the Lessee to sublease an Aircraft to a sublessee habitually based or domiciled in a Prohibited Country or (iii) to consent to a sublease of an Aircraft to a sublessee of an Aircraft habitually based or domiciled in a Prohibited Country. The calculations with respect to the Concentration Limits as amended from time to time upon the approval set forth in Exhibit C hereto assume that all of the Rating Agencies (the "PRI Guidelines") as "Prohibited Countries"Initial Aircraft have been delivered.

Concentration Limits. Unless Without prior written notification to each of the Controlling Trustees obtain Rating Agencies, receipt of a Rating Agency ConfirmationConfirmation from Moody’s alone and the prior written consent of the Policy Provider, the Issuer shall not permit any Issuer Subsidiary to lease or re-lease any Aircraft if entering into such proposed Lease would cause the Portfolio (excluding any Aircraft then subject to an Aircraft Agreement and expected to be disposed of within one year pursuant to Section 5.02(g)(iii) and (v) but as to which the Issuer or any Issuer Subsidiary retains an interest including a right to lease rentals or other payments, finance lease payments, instalment purchase agreements or any other payments with respect to such Aircraft, but including any Aircraft with respect to which MSAF Group has entered into a binding agreement to acquire and which the Controlling Trustees reasonably expect to acquire within 180 days from the date of such agreement) to exceed any of the Concentration Limits set forth in Exhibit E B hereto (excluding from such limits renewals or extensions of a Lease to an existing Lessee under a Lease entered into in compliance with the Concentration Limits and as such limits may be adjusted by the Issuer from time to time, subject to a Rating Agency ConfirmationConfirmation from Moody’s alone and the prior written consent of the Policy Provider, the "“Concentration Limits"”); provided that the Issuer and or any Issuer Subsidiary shall be entitled to renew or extend any Lease to the existing Lessee thereunder irrespective of the effect of such renewal or extension on the Concentration LimitsLimits (and if the Concentration Limits absent such exception would be exceeded as a result of any such renewal or extension, the Issuer shall give written notification thereof to the Rating Agencies and the Policy Provider); and provided that, unless otherwise elected by the Manager, the Concentration Limits shall be determined without giving effect to any Aircraft contributed to the Issuer Group. The Issuer shall not permit any Issuer Subsidiary Group Member to (i) lease (including any renewal or re-lease extension of any existing Lease) any Aircraft operated to any Lessee habitually based or to be operated by a Lessee domiciled in a jurisdiction any of the jurisdictions set forth as “Prohibited” in clause (a) the last section of the PRI Guidelines Concentration Limits as set forth on Exhibit E B hereto and as amended from time to time upon the approval receipt of a Rating Agency Confirmation and the prior written consent of the Rating Agencies Policy Provider (each such jurisdiction, a “Prohibited Country”), (ii) enter into any Lease (including any renewal or extension of any existing Lease) that expressly permits the "PRI Guidelines"Lessee to sublease an Aircraft to a sublessee habitually based or domiciled in a Prohibited Country, or (iii) as "consent to a sublease of an Aircraft to a sublessee habitually based or domiciled in a Prohibited Countries"Country.

Concentration Limits. Unless the Controlling Trustees obtain Without receipt of a Rating Agency ConfirmationConfirmation from Moody’s and the prior written consent of the Policy Provider, the Issuer shall not permit any Issuer ACS Bermuda Subsidiary to lease or re-lease any Aircraft if entering into such proposed Lease would cause the ACS Group Portfolio (excluding any Aircraft then subject to an Aircraft Agreement and expected to be disposed of within one year pursuant to Section 5.02(g)(iii) and (v) but as to which the Issuer or any Issuer Subsidiary retains an interest including a right to lease rentals or other payments, finance lease payments, instalment purchase agreements or any other payments with respect to such Aircraft, but including any Aircraft with respect to which MSAF Group has entered into a binding agreement to acquire and which the Controlling Trustees reasonably expect to acquire within 180 days from the date of such agreement) to exceed any of the Concentration Limits set forth in Exhibit E C hereto (as such limits may be adjusted by the Issuer from time to time, subject to receipt of a Rating Agency ConfirmationConfirmation from Moody’s, the "delivery of written notice of such adjustment to Standard & Poor’s, and the receipt of the prior written consent of the Policy Provider, the “Concentration Limits"”); provided that the Issuer and or any Issuer ACS Bermuda Subsidiary shall be entitled to renew or extend any Lease to the existing Lessee thereunder irrespective of the effect of such renewal or extension on the Concentration LimitsLimits with the prior written consent of the Policy Provider. The Issuer shall not, and shall not permit any Issuer ACS Bermuda Subsidiary to to, (i) lease (including any renewal or re-lease extension of any existing Lease) any Aircraft operated to any Lessee habitually based or to be operated by a Lessee domiciled in a jurisdiction any of the jurisdictions set forth as “Prohibited” in clause (a) the last section of the PRI Guidelines Concentration Limits as set forth on Exhibit E C hereto and as amended from time to time upon the approval receipt of a Rating Agency Confirmation from Moody’s, the delivery of written notice of such amendment to Standard & Poor’s, and the receipt of the Rating Agencies prior written consent of the Policy Provider (each such jurisdiction, a “Prohibited Country”), (ii) enter into any Lease (including any renewal or extension of any existing Lease) that expressly permits the "PRI Guidelines"Lessee to sublease an Aircraft to a sublessee habitually based or domiciled in a Prohibited Country, or (iii) as "consent to a sublease of an Aircraft to a sublessee habitually based or domiciled in a Prohibited Countries"Country.