Common use of Financing Parties; Grants of Security Interests Clause in Contracts

Financing Parties; Grants of Security Interests. (a) On or before the Delivery Date, and from time to time thereafter, Lessor shall advise Lessee in writing of any Financing Parties, and of any Financing Documents relevant to such Financing Parties status as Additional Insureds and of any Financing Security Documents providing to any Financing Parties a Security Interest in the Leased Property or Lessor’s right, title and interest in any Operative Documents. On the Delivery Date, pursuant to Section 3.1(c), Lessee shall execute and deliver to Lessor the Notice and Acknowledgment. (b) Lessor shall be entitled at any time after Delivery to grant a Security Interest in the Leased Property or its right, title and interest in any Operative Document in replacement of or with a priority senior, equal or subordinate to any previous grant of a Security Interest. In the case of any such grant after Delivery, Lessee shall promptly, at the specific written request of Xxxxxx and with Lessor paying all of Lessee’s reasonable out-of-pocket costs and expenses: (i) execute and deliver to Lessor a notice and acknowledgment referring to the new Financing Security Document and otherwise substantially in the form of the Notice and Acknowledgment; (ii) deliver to Lessor and any new Financing Parties identified by Lessor a certificate, signed by a duly authorized officer of Xxxxxx, dated the date of the grant of the additional Security Interest by Xxxxxx, to the effect that (1) no Event of Default has occurred and is continuing or, if one is then continuing, describing such Event of Default, and (2) the representations and warranties set forth in Section 2.1 are true and correct as of such date; (iii) cause to be delivered to Lessor certificates of insurance and broker’s letters of undertaking substantially in the form delivered to Lessor on the Delivery Date, detailing the coverage and confirming the insurers’ agreement to the specified insurance requirements of this Agreement, adding the additional Financing Parties identified by Xxxxxx as additional insureds and, if requested by Lessor, as loss payees; and (iv) such other documents as Lessor may reasonably request.

Financing Parties; Grants of Security Interests. (a) On or before the Delivery Date, and from time to time thereafter, Lessor shall advise Lessee in writing of any Financing Parties, and of any Financing Documents relevant to such Financing Parties status as Additional Insureds and of any Financing Security Documents providing to any Financing Parties a Security Interest in the Leased Property Aircraft or Lessor’s right, title and interest in any Operative Documents. On the Delivery Date, pursuant to Section 3.1(c), Lessee shall execute and deliver to Lessor the Notice and Acknowledgment. (b) Lessor shall be entitled at any time after Delivery to grant a Security Interest in the Leased Property Aircraft or its right, title and interest in any Operative Document in replacement of or with a priority senior, equal or subordinate to any previous grant of a Security Interest. In the case of any such grant after Delivery, Lessee shall promptly, at the specific written request of Xxxxxx Lessor and with Lessor paying all of Lessee’s reasonable out-of-pocket costs and expenses: (i) execute and deliver to Lessor a notice and acknowledgment referring to the new Financing Security Document and otherwise Document, provided that any Financing Parties to whom such acknowledgment is given shall give to Lessee a quiet enjoyment undertaking in substantially the same terms as those set out in the form of the Notice and AcknowledgmentSection 7.1 hereof; (ii) deliver to Lessor and any new Financing Parties identified by Lessor a certificate, signed by a duly authorized officer of XxxxxxLessee, dated the date of the grant of the additional Security Interest by XxxxxxLessor, to the effect that that (1) no Event of Default has occurred and is continuing or, if one is then continuing, describing such Event of Default, and (2) the representations and warranties set forth in Section 2.1 are true and correct as of such date; (iii) cause to be delivered to Lessor certificates of insurance and broker’s letters of undertaking substantially in the form delivered to Lessor on the Delivery Date, detailing the coverage and confirming the insurers’ agreement to the specified insurance requirements of this Agreement, adding the additional Financing Parties identified by Xxxxxx Lessor as additional insureds and, if requested by Lessor, as loss payees; and; (iv) such other documents as Lessor may reasonably request.