Common use of Perfected Security Interest Clause in Contracts

Perfected Security Interest. On the Closing Date, after giving effect to the filing of the FAA Filed Documents, the Financing Statements and the registration of the International Interest (or Prospective International Interest) of the Indenture Trustee in the Airframe and each Engine with the International Registry, Indenture Trustee shall have received a duly perfected first priority security interest in all of Owner’s right, title and interest in the Aircraft, subject only to Permitted Liens.