Applicable Security Documents Clause Samples

Applicable Security Documents. (A) The Administrative Agent shall have received the documents and instruments reasonably required to perfect the Secured Parties' and the HoldCo Security Trustee's first-priority Lien on, and security interest in, the Collateral, including the HoldCo Collateral (subject to the Perfection Requirements, as defined in the HoldCo Intercompany Credit Agreement) required to be delivered on or prior to such Funding Date, including each Local Law Mortgage (subject to the Perfection Requirements) and New York Law Mortgage, which shall (i) have been duly executed and held subject to escrow arrangements reasonably satisfactory to the Administrative Agent and will be released upon payment or release or receipt (as agreed between the relevant parties) of the purchase price in respect of such Aircraft pursuant to the Share Purchase Agreement and (ii) be in proper form for filing, and shall, following prompt filing thereof on or following the applicable Funding Date (but in no event more than one (1) Business Day following the applicable Funding Date), create in favor of the Secured Parties and the HoldCo Security Trustee, as the case may be, a perfected (to the extent obtainable under Applicable Law) first-priority Lien on, and security interest in, the Collateral, including the HoldCo Collateral (subject to the Perfection Requirements, as defined in the HoldCo Intercompany Credit Agreement); (B) The Administrative Agent shall have received confirmation that (where applicable) each relevant Aircraft Owning Entity, Intermediate Lessee and the Lessee have (i) been established as a transacting user entity or a controlled entity, as applicable, and (ii) each appointed a professional user entity for the purposes of registering (as applicable) the relevant International Interests and Assignment of Associated Rights (in the order agreed by the Administrative Agent and which is customary in similar transactions).

Applicable Security Documents. The Administrative Agent shall have received the documents and instruments reasonably required (including, for the avoidance of doubt, printouts of the "priority search certificates" from the International Registry relating to the applicable Airframe and each Engine) to perfect the Secured Parties' first-priority Lien (subject to Permitted Encumbrances) on, and security interest in, the Collateral (subject to the Perfection Requirements and such other exceptions as are expressly set forth in the Security Documents) required to be delivered on or prior to such Release Date, which shall have been duly executed and delivered and be in proper form for filing, and shall create in favor of the Secured Parties, a perfected (to the extent obtainable under Applicable Law) first-priority Lien (subject to Permitted Encumbrances) on, and security interest in, the Collateral (subject to the Perfection Requirements);