Common use of FAA APPROVAL Clause in Contracts

FAA APPROVAL. The FAA Approval is in full force and effect and there are no conditions that, with the passage of time or the giving of notice, or both, would permit the Federal Aviation Administration to rescind or materially and adversely amend the FAA Approval. There are no unperformed obligations or conditions with respect to the effectiveness of the FAA Approval that were or are required to be completed as of the Effective Date or, as applicable, as of any date of determination. Neither Holdings nor the Borrowers are aware of any defects or actual or potential actions, challenges or proceedings by any third party or Governmental Authority with respect to the FAA Approval.