Permitted Aircraft definition

Permitted Aircraft means any aircraft (x) for which the Borrower or any Subsidiary Loan Party has a 100% ownership interest, free and clear of all security interests or liens in favor of any person other than the Collateral Agent except for any Permitted Lien the holder of which has entered into a Recognition of Rights Agreement on or prior to the date that is twenty (20) days after any Spare Engines are installed on any such aircraft (or such later date as the Collateral Agent may agree in its sole discretion) or (y) (A) owned by a third party lessor and leased to the Borrower or any Subsidiary Loan Party, where such third party lessor has entered into a Recognition of Rights Agreement on or prior to the date that is twenty (20) days after any Spare Engines are installed on any such aircraft (or such later date as the Collateral Agent may agree in its sole discretion) and (B) registered in the United States or in another jurisdiction that is acceptable to the Collateral Agent (in its sole discretion).

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Permitted Aircraft means either a Permitted Narrow-body Aircraft or a Permitted Wide-body Aircraft.

Permitted Aircraft means hobbyist, heritage or recreational aircraft, but shall not include:

Examples of Permitted Aircraft in a sentence

• The assessment or collection of such fees shall not create any right for Tenant to continue to use the Premises for the storage of any aircraft that is not a Permitted Aircraft, nor shall it be deemed a waiver by Landlord of any rights hereunder.

• Tenant's right to store a passenger vehicle inside Tenant's hangar is conditioned upon Tenant's maintaining of an ownership interest in the Permitted Aircraft that is registered with Airport staff for storage in Tenant's hangar.

• If Tenant stores, or permits the storage, of any aircraft that is not a Permitted Aircraft, at the Premises, such aircraft shall be subject to assessment of overnight transient aircraft fees and/or impoundment, at the discretion of the Airport Director.

• Tenant represents that he/she has an ownership interest in said Permitted Aircraft.

• Only for that period of time when the Permitted Aircraft is in use, Tenant may temporarily store no more than four (4) passenger vehicles inside Tenant's hangar.

• Neither any Aircraft Collateral Owner nor any lessee under an Aircraft Lease nor any Disclosed Sublessee has granted to any person other than the Agent an International Interest, national interest, Prospective International Interest, Lien, de-registration power of attorney or a de-registration and export request authorization with respect to any Aircraft, Airframe, Engine or Spare Engine included as Aircraft Collateral other than any Permitted Aircraft Liens.

• In addition, any insurance deemed necessary to protect the Permitted Aircraft and/or personal property against fire, theft or damage, or as may otherwise be required by this Agreement, is the sole responsibility of Permittee.

• Tenant may use the Premises only for the storage of one (1) permitted aircraft, or with the prior approval of the Airport Director, which approval shall not be unreasonably withheld, two (2) permitted aircraft, listed herein in Exhibit 3 (“Permitted Aircraft”) and for the storage of aircraft related equipment related to such Permitted Aircraft.

• Permittee waives and releases any claims against GAS and/or PMGAA for losses or damage to the Permitted Aircraft as a result of such towing or relocation of the Permitted Aircraft.

• GAS shall have a possessory lien in accordance with A.R.S. §33-1022 or any other applicable statute from the date rent is unpaid and due, in the Permitted Aircraft and personal property parked or stored pursuant to the provisions of this Agreement.