Common use of Notice of Violations of Laws and Regulations Clause in Contracts

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 The 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”"REQUIREMENTS") (whether presently in effect or hereinafter enacted, passed, promulgated, made, issued or adopted by the DOT, FAA, any Governmental Authority, Authority or Foreign Aviation Authorities or Airport Authorities) affecting the Collateral or such the Grantor’s 's use thereof, by sending within fifteen ten (1510) business days after service upon, or receipt by, an SGR Responsible Officer of such the Grantor, a copy of each and every one thereof to the Collateral Agent. At the same time, such the Grantor will inform the Collateral Agent as to the work or steps which such the 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 the Grantor’s 's reasonable opinion, reduce the value of the Collateral, such the Grantor may defer compliance therewith, as long as such deferral is consistent with applicable law in order that such the Grantor may, at such the Grantor’s '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 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.. (b)