Common use of Permitted Lien Clause in Contracts

Permitted Lien. (a) the rights of Security Agent under the Operative Agreements, or of any Permitted Lessee under any Permitted Lease; (b) Liens which the Security Agent or the Lender, as the case may be, is expressly required to remove under the terms of the Operative Agreements; (c) the rights of others under agreements or arrangements to the extent expressly permitted by Section 4.2(b) or Section 4.4 of the Mortgage; (d) Liens of Taxes either not yet due or being contested in good faith by appropriate procedures if such Liens and such procedures (i) do not involve any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or any Engine, or the interest of Security Agent or any Lender therein, or (ii) do not involve any risk of criminal liability or material risk of civil liability being imposed on Security Agent or other Indemnitee, or (iii) impair the Lien of the Mortgage and for which adequate reserves have been established under GAAP; (e) materialmen’s, mechanics’, workers’, repairers’, employees’, or other like Liens arising in the ordinary course of business for amounts the payment of which either is not yet delinquent for more than sixty (60) days or is being contested in good faith by appropriate proceedings, if such Liens and such proceedings do not involve any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or any Engine or any other Collateral, or the interest of Security Agent or any Lender therein, or impair the first and prior Lien of the Mortgage; (f) Liens arising out of any judgment or award against Borrower (or any Permitted Lessee), if, within sixty (60) days after the entry thereof, that judgment or award is discharged or vacated, or has its execution stayed pending appeal, or is discharged, vacated, or reversed, and if during any such 60-day period there is not, or any such judgment or award does not involve, any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or any Engine or any other Collateral, or the interest of Security Agent or any Lender therein, or impair the first and prior Lien of the Mortgage; (g) any other Lien with respect to which Borrower (or any Permitted Lessee) shall have provided a bond, cash collateral, or other security adequate in the reasonable opinion of Security Agent; (h) any Lien arising in respect of a Junior Loan, to the extent permitted by Section 7.3 of the Loan Agreement; or (i) Liens that are ownership interests registered with the International Registry in the Airframe and any Engine constituted by the Bills of Sale (or other evidence of Borrower’s ownership) thereof or ownership interests registered with the International Registry in any airframes on which any Engine may be installed (as permitted by Section 4.2 of the Mortgage) constituted by bills of sale (or other evidence of ownership) thereof. Person or person: an individual, firm, partnership, joint venture, trust, trustee, Governmental Entity, organization, association, corporation, limited liability company, government agency, committee, department, authority, and other body, corporate or not, whether having distinct legal status or not, or any member of any of the same. Plan: any employee benefit plan within the meaning of ERISA § 3(3), which is subject to Title I of ERISA, or any plan subject to Code § 4975(e)(1).

Permitted Lien. (a) the rights of Security Agent under the Operative Agreements, or of any Permitted Lessee under any Permitted Lease; (b) Liens which the Security Agent or the Lender, as the case may be, is expressly required to remove under the terms of the Operative Agreements; (c) the rights of others under agreements or arrangements to the extent expressly permitted by Section 4.2(b) or Section 4.4 of the Mortgage; (d) Liens of Taxes either not yet due or being contested in good faith by appropriate procedures if such Liens and such procedures Lien" means (i) do not involve any material risk lease of any -------------- asset by the sale, forfeiture, Borrower or loss of the Aircraft, the Airframe or by any Engine, or the interest of Security Agent or any Lender therein, or (ii) do not involve any risk of criminal liability or material risk of civil liability being imposed on Security Agent or other Indemnitee, or (iii) impair the Lien of the Mortgage and for which adequate reserves have been established under GAAP; (e) materialmen’s, mechanics’, workers’, repairers’, employees’, or other like Liens arising Subsidiary as a lessor in the ordinary course of its business for amounts and without interference with the conduct of its business or operations, (ii) any pledge or deposit made by the Borrower or by any Subsidiary in the ordinary course of its business (A) in connection with any workers' compensation, unemployment insurance, social security or similar Law or (B) to secure the payment of which either is any indebtedness, liability or obligation in connection with any letter of credit, bid, tender, trade or government contract, lease, surety, appeal or performance bond or Law, or of any similar indebtedness, liability or obligation, not yet delinquent for more than sixty incurred in connection with the borrowing of any money or in connection with the deferral of the payment of the purchase price of any asset, (60iii) days any attachment, levy or similar lien with respect to the Borrower or with respect to any Subsidiary arising in connection with any action or other legal proceeding so long as (A) the validity of the claim or judgment secured thereby is being contested in good faith by appropriate proceedingsproceedings promptly instituted and diligently conducted, if (B) adequate reserves have been appropriately established for such Liens claim or judgment, (C) the execution or other enforcement of such attachment, levy or similar lien is effectively stayed and (D) neither such proceedings do not involve claim or judgment nor such attachment, levy or similar lien has any material risk Material Adverse Effect, (iv) any statutory lien in favor of the saleUnited States for any amount paid to the Borrower or to any Subsidiary as a progress payment pursuant to any government contract, forfeiture, or loss of (v) any statutory lien securing the Aircraft, the Airframe or any Engine or any other Collateral, or the interest of Security Agent or any Lender therein, or impair the first and prior Lien of the Mortgage; (f) Liens arising out payment of any judgment tax, assessment, fee, charge, fine or award against Borrower (penalty imposed by any government or political subdivision upon the Borrower, upon any Permitted Lessee), if, within sixty (60) days after the entry thereof, that judgment Subsidiary or award is discharged or vacated, or has its execution stayed pending appeal, or is discharged, vacated, or reversed, and if during any such 60-day period there is not, or any such judgment or award does not involve, any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or any Engine or any other Collateral, or the interest of Security Agent or any Lender therein, or impair the first and prior Lien of the Mortgage; (g) any other Lien with respect to which Borrower (or any Permitted Lessee) shall have provided a bond, cash collateral, or other security adequate in the reasonable opinion of Security Agent; (h) any Lien arising in respect of a Junior Loan, to the extent permitted by Section 7.3 of the Loan Agreement; or (i) Liens that are ownership interests registered with the International Registry in the Airframe and any Engine constituted by the Bills of Sale (or other evidence of Borrower’s ownership) thereof or ownership interests registered with the International Registry in any airframes on which any Engine may be installed (as permitted by Section 4.2 of the Mortgage) constituted by bills of sale (or other evidence of ownership) thereof. Person or person: an individual, firm, partnership, joint venture, trust, trustee, Governmental Entity, organization, association, corporation, limited liability company, government agency, committee, department, authority, and other body, corporate or not, whether having distinct legal status or not, or any member of upon any of the same. Plan: assets, income and franchises of the Borrower or of any employee benefit plan within Subsidiary but not yet required by Section 5i of this Agreement to be paid, (vi) any statutory lien securing the meaning payment of ERISA § 3(3)any claim or demand of any materialman, which is subject mechanic, carrier, warehouseman, garageman or landlord against the Borrower or against any Subsidiary but not yet required by such Section 5i to Title I be paid, (vii) any reservation, exception, encroachment, easement, right-of-way, covenant, condition, restriction, lease or similar title exception or encumbrance affecting the title to any real property of ERISAthe Borrower or of any Subsidiary but not interfering with the conduct of its business or operations, or (viii) any plan subject to Code § 4975(e)(1)security interest, mortgage, leasehold interest or other lien or encumbrance securing any Permitted Indebtedness.

Permitted Lien. (a) the rights of Security Agent Mortgagee under the Operative Agreements, or of any Permitted Lessee under any Permitted Lease; (b) Liens which the Security Agent arising by, through or the Lenderunder WFB, as the case may be, is expressly required to remove under the terms of the Operative Agreementsany Lender or Mortgagee; (c) the rights of others under agreements or arrangements to the extent expressly permitted by Section 4.2(b) or Section 4.4 of the Mortgage; (d) Liens of for Taxes either not yet due or being contested in good faith by appropriate procedures if such Liens and such procedures (i) do not involve any a material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine, or the interest of Security Agent Mortgagee or any Lender therein, or (ii) do not involve any risk of criminal liability or material risk of civil liability being imposed on Security Agent or other Indemnitee, or (iii) impair the Lien of the Mortgage and for which adequate reserves have been established under GAAP; (e) materialmen’s, mechanics’, workers’, repairers’, employees’, or other like Liens arising in the ordinary course of business for amounts the payment of which either is not yet delinquent for more than sixty (60) 60 days or is being contested in good faith by appropriate proceedings, if such Liens and such proceedings do not involve any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine or any other CollateralEngine, or the interest of Security Agent Mortgagee or any Lender therein, or impair the first and prior Lien of the Mortgage; (f) Liens arising out of any judgment or award against Borrower (or any Permitted Lessee), if, within sixty (60) 60 days after the entry thereof, that judgment or award is discharged or vacated, or has its execution stayed pending appeal, or is discharged, vacated, or reversedreversed within 60 days after the expiration of such stay, and if during any such 60-day period there is not, or any such judgment or award does not involve, any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine or any other CollateralEngine, or the interest of Security Agent Mortgagee or any Lender therein, or impair the first and prior Lien of the Mortgage; (g) any other Lien with respect to which Borrower (or any Permitted Lessee) shall have provided a bond, cash collateral, or other security adequate in the reasonable opinion of Security AgentMortgagee; and (h) the Lien of any Lien arising in respect of a Junior Loan, to the extent permitted by Section 7.3 of the Loan Agreement; or (i) Liens that are ownership interests registered with the International Registry in the Airframe and any Engine constituted by the Bills of Sale (or other evidence of Borrower’s ownership) thereof or ownership interests registered with the International Registry in any airframes on which any Engine may be installed (as permitted by Section 4.2 of the Mortgage) constituted by bills of sale (or other evidence of ownership) thereof. Person or person: an individual, firm, partnership, joint venture, trust, trustee, Governmental Entity, organization, association, corporation, limited liability company, government agency, committee, department, authority, and other body, corporate or not, whether having distinct legal status or not, or any member of any of the same. Plan: any employee benefit plan within the meaning of ERISA § 3(3), which is subject to Title I of ERISA, or any plan subject to Code § 4975(e)(1).

Permitted Lien. (a) the rights of Security Agent Mortgagee under the Operative Agreements, or of any Permitted Lessee under any Permitted Lease; (b) Liens which the Security Agent attributable to SSB or the Lender, as the case may be, is expressly required to remove under the terms of the Operative AgreementsMortgagee; (c) the rights of others under agreements or arrangements to the extent expressly permitted by Section 4.2(b(S) 4.02(b) or Section 4.4 (S) 4.04 of the Mortgage; (d) Liens of Taxes either not yet due or being contested in good faith by appropriate procedures proceedings if such Liens and such procedures (i) proceedings do not involve any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine, or the interest of Security Agent Mortgagee or any Lender Note Holder therein, or (ii) do not involve any risk of criminal liability or material risk of civil liability being imposed on Security Agent or other Indemnitee, or (iii) impair the Lien of the Mortgage and for which adequate reserves have been established under GAAPMortgage; (e) materialmen’s's, mechanics’', workers’', repairers’', employees’', or other like Liens arising in the ordinary course of business for amounts the payment of which either is not yet delinquent for more than sixty (60) 60 days or is being contested in good faith by appropriate proceedings, if such Liens and such proceedings do not involve any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine or any other CollateralEngine, or the interest of Security Agent Mortgagee or any Lender Note Holder therein, or impair the first and prior Lien of the Mortgage; (f) Liens arising out of any judgment or award against Borrower Owner (or any Permitted Lessee), if, within sixty (60) 60 days after the entry thereof, that judgment or award is discharged or vacated, or has its execution stayed pending appeal, or is discharged, vacated, or reversedreversed within 60 days after the expiration of such stay, and if during any such 60-day period there is not, or any such judgment or award does not involve, any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine or any other CollateralEngine, or the interest of Security Agent Mortgagee or any Lender Note Holder therein, or impair the first and prior Lien of the Mortgage; (g) any other Lien with respect to which Borrower Owner (or any Permitted Lessee) shall have provided provides a bond, cash collateral, or other security adequate in the reasonable opinion of Security Agent; (h) any Lien arising in respect of a Junior Loan, to the extent permitted by Section 7.3 of the Loan Agreement; or (i) Liens that are ownership interests registered with the International Registry in the Airframe and any Engine constituted by the Bills of Sale (or other evidence of Borrower’s ownership) thereof or ownership interests registered with the International Registry in any airframes on which any Engine may be installed (as permitted by Section 4.2 of the Mortgage) constituted by bills of sale (or other evidence of ownership) thereof. Person or person: an individual, firm, partnership, joint venture, trust, trustee, Governmental Entity, organization, association, corporation, limited liability company, government agency, committee, department, authority, and other body, corporate or not, whether having distinct legal status or not, or any member of any of the same. Plan: any employee benefit plan within the meaning of ERISA § 3(3), which is subject to Title I of ERISA, or any plan subject to Code § 4975(e)(1)Mortgagee.

Permitted Lien. (a) the rights of Security Agent Mortgagee under the Operative Agreements, or of any Permitted Lessee under any Permitted Lease; (b) Liens which the Security Agent arising by, through or the Lenderunder WFB, as the case may be, is expressly required to remove under the terms of the Operative Agreementsany Lender or Mortgagee; (c) the rights of others under agreements or arrangements to the extent expressly permitted by Section 4.2(b) or Section 4.4 of the Mortgage; (d) Liens of for Taxes either not yet due or being contested in good faith by appropriate procedures if such Liens and such procedures (i) do not involve any a material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine, or the interest of Security Agent Mortgagee or any Lender therein, or (ii) do not involve any risk of criminal liability or material risk of civil liability being imposed on Security Agent or other Indemnitee, or (iii) impair the Lien of the Mortgage and for which adequate reserves have been established under GAAP; (e) materialmen’s, mechanics’, workers’, repairers’, employees’, or other like Liens arising in the ordinary course of business for amounts the payment of which either is not yet delinquent for more than sixty (60) 60 days or is being contested in good faith by appropriate proceedings, if such Liens and such proceedings do not involve any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine or any other CollateralEngine, or the interest of Security Agent Mortgagee or any Lender therein, or impair the first and prior Lien of the Mortgage; (f) Liens arising out of any judgment or award against Borrower (or any Permitted Lessee), if, within sixty (60) 60 days after the entry thereof, that judgment or award is discharged or vacated, or has its execution stayed pending appeal, or is discharged, vacated, or reversedreversed within 60 days after the expiration of such stay, and if during any such 60-day period there is not, or any such judgment or award does not involve, any material risk of the sale, forfeiture, or loss of the Aircraft, the Airframe or Airframe, any Engine or any other CollateralEngine, or the interest of Security Agent Mortgagee or any Lender therein, or impair the first and prior Lien of the Mortgage; (g) any other Lien with respect to which Borrower (or any Permitted Lessee) shall have provided a bond, cash collateral, or other security adequate in the reasonable opinion of Security AgentMortgagee; (h) the Lien of any Lien arising in respect of a Junior Loan, to the extent permitted by Section 7.3 of the Loan Agreement; or and (i) Liens that are ownership interests registered with the International Registry in the Airframe and any Engine constituted by the Bills of Sale (or other evidence of Borrower’s ownership) thereof or ownership interests registered with the International Registry in any airframes on which any Engine may be installed (as permitted by Section 4.2 of the Mortgage) constituted by bills of sale (or other evidence of ownership) thereof. Permitted Manufacturer: any manufacturer of commercial jet airframes or commercial jet aircraft engines, or Affiliate of any such manufacturer whose obligations are guaranteed by such manufacturer. Person or person: an individual, firm, partnership, joint venture, trust, trustee, Governmental Government Entity, organization, association, corporation, limited liability company, government agency, committee, department, authority, and other body, corporate or notincorporate, whether having distinct legal status or not, or any member of any of the same. Plan: any employee benefit plan within the meaning of ERISA § 3(3), which is subject to Title I of ERISA, or any plan subject to within the meaning of Code § 4975(e)(1).