Common use of Transaction Security Clause in Contracts

Transaction Security. If at any time any of the Transaction Security purported to be created under the Security Documents (other than the Aircraft Interest Holder Agreement) fails or ceases to be a valid and perfected (subject to completion of the relevant registrations and filings, including, in the case of the Mortgages, registrations with the Civil Aviation Authority of the United Kingdom and the Registrar of Companies for England and Wales) Security on any Collateral, with the priority (subject to the Permitted Security) required by the Security Documents (other than the Aircraft Interest Holder Agreement), except as a result of:

Transaction Security. If at any time any of the Transaction Security purported to be created under the Security Documents (other than the Aircraft Interest Holder Agreement) fails or ceases to be a valid and perfected (subject to completion of the relevant registrations and filings, including, in the case of the Mortgages, registrations with the Civil Aviation Authority of the United Kingdom and filing of a financing statement with the Registrar Delaware Secretary of Companies for England and WalesState) Security on any Collateral, with the priority (subject to the Permitted Security) required by the Security Documents (other than the Aircraft Interest Holder Agreement), except as a result of: