REPLACEMENT OF SLOTS AND NARITA SLOTS Sample Clauses

REPLACEMENT OF SLOTS AND NARITA SLOTS. (i) The Grantor may, to the extent permitted hereunder and subject to the limitations set forth in this Agreement and the Credit Agreement and this Section 6(g), replace any Slot and/or Narita Slot with one or more Replacement Slots through the transfer of slots or the substitutions for such Slot or Narita Slot of another slot owned by Grantor of reasonably equivalent value for the related Narita Route, provided, that, on the date of such replacement, no Event of Default shall have occurred and be continuing, and provided further American Airlines SGR Security Agreement that a Slot can only be replaced by another Slot and a Narita Slot can only be replaced by another Narita Slot. (ii) Upon the Grantor having received a Replacement Slot, the Lien of this Agreement shall continue with respect to each such Replacement Slot as though no replacement had occurred. The Collateral Agent shall, at the cost and expense of the Grantor, release from the Lien of this Agreement each replaced Slot or Narita Slot (and any related Collateral) upon the occurrence of the replacement (including satisfaction of each condition for replacement provided for or referred to in Section 6(g)(iii)) by executing and delivering to the Grantor such documents and instruments, prepared at the Grantor's expense, as the Grantor may reasonably request to evidence such release. (iii) The Grantor's right to effect a replacement under Section 6(g)(i) hereof shall be subject to the fulfillment, at the Grantor's sole cost and expense and in addition to the conditions contained in such Section 6(g)(i), of each of the following conditions precedent: A. Each Replacement Slot is of reasonably equivalent value (as determined in the exercise of reasonable good faith by the Grantor) to the Slot or Narita Slot being replaced thereby; B. The Collateral Agent shall have received a certificate of a Responsible Officer of the Grantor stating (x) that on the replacement date no Event of Default shall have occurred and be continuing, (y) each of the conditions specified in this Section 6(g)(iii) with respect to such Replacement Slot has been satisfied and (z) all the material licenses, permits, authorizations, exemptions, certificates of compliance, certificates of public convenience and necessity, and other certificates (including, without limitation, air carrier operating certificates and operations specifications issued by the FAA pursuant to 14 C.F.R. Parts 119 and 121, if applicable) which are required by ...
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