Common use of Grants of Security InterestsGrants of Security Interests Clause in Contracts

Grants of Security InterestsGrants of Security Interests. The Lessor shall be entitled at any time after Delivery to grant a security interest in the Aircraft or its right, title and interest in this Agreement (each, a "Mortgage") in favor of any Person (each, a "Mortgagee"). In the case of any such grant by Lessor of a Mortgage to a Mortgagee in all or any portion of Lessor's rights, title and interest in and to the Aircraft and this Agreement, Lessee shall promptly, at the specific written request and at the sole cost and expense of Lessor: a. execute and delivery to Lessor and to such Mortgagee an agreement, in form and substance satisfactory to Lessor, such Mortgagee and Lessee, dated the date of the grant of such Mortgage, (i) consenting to such Mortgage and to any assignment of Lessor's rights, title and interest in and to this Agreement to such Mortgagee for security purposes, (ii) if requested in writing by Lessor, agreeing that Lessee will pay the Basic Rent and other payments under this Agreement to such Mortgagee, and (iii) agreeing that such Mortgagee shall be entitled to rely on all representations and warranties made by Lessee in this Agreement or in any certificate or document furnished by Lessee in connection with this Agreement as though such Mortgagee was originally the "Lessor"; b. execute and deliver to Lessor and such Mortgagee such agreements as the Lessor may reasonably require for the purposes of effecting all necessary amendments to this Agreement (including Clauses 8, 9 and 10 and Schedule 6); c. deliver to Lessor and such Mortgagee a certificate, signed by a duly authorized officer of Lessee, dated the date of the grant of the Mortgage, to the effect that no Event of Default has occurred and is continuing or, if one is then continuing, describing such Event of Default; d. cause to be delivered to Lessor and such Mortgagee certificates of insurance (and where appropriate certificates of reinsurance) and broker's (and any reinsurance brokers') letter of undertaking substantially in the form set out in Parts 2 and 3 of Schedule 6, detailing the coverage and confirming the insurers' (and any reinsurers') agreement to the specified insurance requirements of this Agreement, adding such Mortgagee as an additional insured and, if requested by Lessor, listing such Mortgagee as sole loss payee; e. deliver to Lessor and such Mortgagee an opinion of Lessee's chief internal counsel to the effect that such Mortgagee may rely on the opinion delivered by such counsel or its predecessor counsel in connection with this Agreement on the Delivery Date with the same force and effect as if such Mortgagee was an original addressee of such opinion when given; and f. such other documents as Lessor or such Mortgagee may reasonably request so long as such documents do not adversely affect the rights or obligations of Lessee under this Agreement or otherwise adversely affect Lessee.