Common use of State of Registration Clause in Contracts

State of Registration. Borrower shall at all times cause and maintain each Aircraft constituting Aircraft Collateral to be duly registered with (i) the FAA or (ii) the Aviation Authority in a State of Registration that is a Contracting State other than the United States (each such State of Registration, together with Papua New Guinea, the Philippines, Trinidad and Tobago, Ghana, and prior to the Separation Date, New Zealand, Australia and Cyprus, a “Permitted Foreign Jurisdiction”); provided that on the Closing Date all Aircraft will be duly registered with (x) the FAA or (y) the Aviation Authority of a Permitted Foreign Jurisdiction; provided further that, unless agreed to by Agent in its Permitted Discretion, Borrower shall not cause or permit any Aircraft constituting Aircraft Collateral to be deregistered with the FAA or the Aviation Authority of any Permitted Foreign Jurisdiction (i) at any time that Domestic Aircraft Collateral NOLV is less than $75,000,000, or (ii) if at any time Domestic Aircraft Collateral NOLV shall be less than $75,000,000 upon deregistration of any such Aircraft with the FAA or Permitted Foreign Jurisdiction.

State of Registration. Borrower shall at all times cause and maintain each Aircraft constituting Aircraft Collateral to be duly registered with (i) the FAA or (ii) the Aviation Authority in a State of Registration that is a Contracting State other than the United States (each such State of Registration, together with Papua New Guinea, the Philippines, Trinidad and Tobago, Ghana, and prior to the Separation Date, New Zealand, Australia and Cyprus, a “Permitted Foreign Jurisdiction”); provided that on the Closing Date all Aircraft will be duly registered with (x) the FAA or (y) the Aviation Authority of a Permitted Foreign Jurisdiction; provided further that, unless agreed to by Agent in its Permitted Discretion, Borrower shall not cause or permit any Aircraft constituting Aircraft Collateral to be deregistered with the FAA or the Aviation Authority of any Permitted Foreign Jurisdiction (i) at any time that Domestic Aircraft Collateral NOLV is less than $75,000,000, or (ii) if at any time Domestic Aircraft Collateral NOLV shall be less than $75,000,000 upon deregistration of any such Aircraft with the FAA or Permitted Foreign Jurisdiction.