Common use of Eligible Lease Involving Eligible Intermediary Clause in Contracts

Eligible Lease Involving Eligible Intermediary. In lieu of leasing a Financed Eligible Asset directly to an Eligible Carrier, a Borrower may lease such Financed Eligible Asset directly to an Eligible Intermediary pursuant to an Eligible Lease described in clause (X) of the proviso to the definition of "Eligible Lease"; provided that (a) such Eligible Intermediary simultaneously subleases such Eligible Asset to an Eligible Carrier pursuant to an Eligible Lease described in clause (Y) of the proviso to the definition of "Eligible Lease" and such sublease is pledged as collateral security for the obligations of the Eligible Intermediary under the head lease; (b) in the case of any Loan with respect to such Eligible Asset, all Loan conditions that pertain to any Eligible Lease or other Lease by a Borrower of such Eligible Asset (including without limitation requirements concerning the perfection of Liens on Collateral, and delivery of copies of the Leases and Lessee Notices) shall be satisfied with respect to each such Lease to or by the Applicable Intermediary; (c) all provisions of any Loan Document that pertain to any Eligible Lease or other Lease by a Borrower of such Eligible Asset shall apply to each such Lease to or by the Applicable Intermediary; and (d) the lease/sublease structure shall not result in adverse tax or other consequences to the Agent or any Lender which have not been indemnified or otherwise addressed to the reasonable satisfaction of the Agent.

Eligible Lease Involving Eligible Intermediary. In lieu of leasing a Financed Eligible Asset Aircraft directly to an Eligible Carrier, a Borrower may lease such Financed Eligible Asset Aircraft directly to an Eligible Intermediary pursuant to an Eligible Lease described in clause (X) of the proviso to the definition of "Eligible Lease"; provided that (a) such Eligible Intermediary simultaneously subleases such Eligible Asset Aircraft to an Eligible Carrier pursuant to an Eligible Lease described in clause (Y) of the proviso to the definition of "Eligible Lease" that is expressly stated to be subject and subordinate to the Borrower's Lease and such sublease is pledged as collateral security for the obligations of the Obligations; provided that such Eligible Intermediary under the head leaseCarrier is not a U.S. Carrier; (b) in the case of any Loan with respect to such Eligible AssetAircraft, all Loan conditions that pertain to any Eligible Lease or other Lease by a Borrower of such Eligible Asset Aircraft (including without limitation requirements concerning the perfection of Liens on Collateral, and delivery of copies originals of the Leases and Lessee NoticesEstoppel Certificates) shall be satisfied with respect to each such Lease to or by the Applicable Intermediary; (c) all provisions of any Loan Document that pertain to any Eligible Lease or other Lease by a Borrower of such Eligible Asset Aircraft shall apply to each such Lease to or by the Applicable Intermediary; and (d) the lease/sublease structure shall not result in adverse tax or other consequences to the Agent or any Lender which have not been indemnified or otherwise addressed to the reasonable satisfaction of the Agent.

Eligible Lease Involving Eligible Intermediary. In lieu of leasing a Financed Eligible Asset Aircraft directly to an Eligible Carrier, a Borrower may lease such Financed Eligible Asset Aircraft directly to an Eligible Intermediary pursuant to an Eligible Lease described in clause (X) of the proviso to the definition of "Eligible Lease"; provided that (a) such Eligible Intermediary simultaneously subleases such Eligible Asset Aircraft to an Eligible Carrier pursuant to an Eligible Lease described in clause (Y) of the proviso to the definition of "Eligible Lease" and such sublease is pledged as collateral security for the obligations of the Eligible Intermediary under the head lease; (b) in the case of any Loan with respect to such Eligible AssetAircraft, all Loan conditions that pertain to any Eligible Lease or other Lease by a Borrower of such Eligible Asset Aircraft (including without limitation requirements concerning the perfection of Liens on Collateral, and delivery of copies of the Leases and Lessee Notices) shall be satisfied with respect to each such Lease to or by the Applicable Intermediary; (c) all provisions of any Loan Document that pertain to any Eligible Lease or other Lease by a Borrower of such Eligible Asset Aircraft shall apply to each such Lease to or by the Applicable Intermediary; and; (d) the lease/sublease structure shall not result in adverse tax or other consequences to the Agent or any Lender which have not been indemnified or otherwise addressed to the reasonable satisfaction of the Agent; (e) such Eligible Intermediary shall execute and deliver to the Agent a Facility Guaranty, a Security Agreement and such other instruments, documents and agreements as the Agent may reasonably require in connection therewith; and (f) all equity and ownership interests directly or indirectly held by any Credit Party in and to such Eligible Intermediary shall be pledged to the Agent on terms and conditions required by the Agent.

Eligible Lease Involving Eligible Intermediary. In lieu of leasing a Financed Eligible Asset directly to an Eligible Carrier, a Borrower may lease such Financed Eligible Asset directly to an Eligible Intermediary pursuant to an Eligible Lease described in clause (X) of the proviso to the definition of "“Eligible Lease"”; provided that (a) such Eligible Intermediary simultaneously subleases such Eligible Asset to an Eligible Carrier pursuant to an Eligible Lease described in clause (Y) of the proviso to the definition of "“Eligible Lease" ” and such sublease is pledged as collateral security for the obligations of the Eligible Intermediary under the head lease; (b) in the case of any Loan with respect to such Eligible Asset, all Loan conditions that pertain to any Eligible Lease or other Lease by a Borrower of such Eligible Asset (including without limitation requirements concerning the perfection of Liens on Collateral, and delivery of copies of the Leases and Lessee Notices) shall be satisfied with respect to each such Lease to or by the Applicable Intermediary; (c) all provisions of any Loan Document that pertain to any Eligible Lease or other Lease by a Borrower of such Eligible Asset shall apply to each such Lease to or by the Applicable Intermediary; and (d) the lease/sublease structure shall not result in adverse tax or other consequences to the Agent or any Lender which have not been indemnified or otherwise addressed to the reasonable satisfaction of the Agent.