Common use of No Event of Loss Clause in Contracts

No Event of Loss. To the Borrowers' knowledge, on the First Funding Date, no Event of Loss has occurred with respect to any Pledged Engine, or A321 Aircraft subject to an A321 Airbus Financing, and no circumstance, condition, act or event has then occurred that, with the giving of notice or lapse of time or both gives rise to or constitutes an Event of Loss with respect to any Pledged Engine, unless arrangements satisfactory to the Loan Agent have been made for the Loan Agent to receive, out of Net Insurance Proceeds or otherwise, the prepayment envisioned under Section 3.04(a) of the Engine Mortgage and Security Agreement for Pledged Engines which have suffered an Event of Loss. On each subsequent Funding Date, No Event of Loss has occurred with respect to any Pledged Engine, or A321 Aircraft subject to an A321 Airbus Financing, with respect to which any Obligor or any of its Subsidiaries has not complied in all material respects with its applicable obligations under the Collateral Documents and the documents related to the A321 Airbus Financings; and no circumstance, condition, act or event has occurred that, with the giving of notice or lapse of time or both gives rise to or constitutes an Event of Loss with respect to any Pledged Engine, of which the Loan Agent has not been notified by the Borrowers.