Notice of Violations of Laws and Regulations. Each Grantor agrees to give the Collateral Agent notice of any material violations of any applicable laws, foreign laws, treaties or agreements, rules, or regulations (collectively, the “Requirements”) (whether presently in effect or hereinafter enacted, passed, promulgated, made, issued or adopted by the DOT, FAA, any Governmental Authority, Foreign Aviation Authorities or Airport Authorities) affecting the Collateral or such Grantor’s use thereof, by sending within fifteen (15) business days after service upon, or receipt by, an SGR Responsible Officer of such Grantor, a copy of each and every one thereof to the Collateral Agent. At the same time, such Grantor will inform the Collateral Agent as to the work or steps which such Grantor proposes to do or take in order to correct the violation. Notwithstanding the foregoing, however, if such work or step would require any alterations which would, in such Grantor’s reasonable opinion, reduce the value of the Collateral, such Grantor may defer compliance therewith, as long as such deferral is consistent with applicable law in order that such Grantor may, at such Grantor’s expense, contest or seek modification of or other relief with respect to such Requirements so long as such contest or the seeking of such relief does not involve any substantial danger of the sale, forfeiture or loss of the related Collateral.
Notice of Violations of Laws and Regulations. Each Pledgor agrees to give the Administrative Agent notice of any violations of any applicable laws, foreign laws, treaties or agreements, rules or regulations (collectively, the “Applicable Laws”) (whether presently in effect or hereinafter enacted, passed, promulgated, made, issued or adopted by the DOT, FAA or any Governmental Authority, Foreign Aviation Authority or Airport Authority) affecting the Collateral or such Pledgor’s use thereof that would reasonably be expected to have a Material Adverse Effect, a copy of which has been served upon or received by such Pledgor, or otherwise brought to the attention of an SGR Responsible Officer of such Pledgor, by sending within thirty (30) Business Days after such service upon or receipt by, or after the same otherwise comes to the attention of, an SGR Responsible Officer of such Pledgor, a copy of each and every one thereof to the Administrative Agent.
Notice of Violations of Laws and Regulations. Each Pledgor agrees to give the Administrative Agent notice of any material violations of any applicable laws, foreign laws, treaties or agreements, rules or regulations (collectively, the “Requirements”) (whether presently in effect or hereinafter enacted, passed, promulgated, made, issued or adopted by the DOT, FAA or any Governmental Authority, Foreign Aviation Authority or Airport Authority) affecting the Collateral or such Pledgor's use thereof, a copy of which has been served upon or received by such Pledgor, or otherwise brought to the attention of an SGR Responsible Officer of such Pledgor, by sending within thirty (30) days after such service upon or receipt by, or after the same otherwise comes to the attention of, an SGR Responsible Officer of such Pledgor, a copy of each and every one thereof to the Administrative Agent. At the same time, such Pledgor will inform the Administrative Agent as to the work or steps which such Pledgor proposes to do or take in order to correct the violation. Notwithstanding the foregoing, however, if such work or step would require any alterations which would, in such Pledgor's reasonable opinion, reduce the value of the Collateral, such Pledgor may, defer compliance therewith, as long as such deferral is consistent with applicable law in order that such Pledgor may, at such Pledgor's expense, contest or seek modification of or other relief with respect to such Requirements, so long as such contest or the seeking of such relief does not involve any substantial danger of the sale, forfeiture or loss of the related Collateral and could not reasonably be expected to have a material adverse affect on the value thereof.
