EFTA01332625.pdf

U.S. Department Aviation Safety V.O. Box 25504 of Transportation Oklahoma City, Oklahoma 73126-0504 (405) 964-3116 Federal Aviation Toe Free: 1.338.762.3434 WEB Address: http://registiy.taa.gov Administration Date of Issue: July 22, 2021 N550GP LLC 2151 E CONVENTION CENTER WAY STE 222 ONTARIO, CA 91764-5496 II I III,.,1111.,,Iiilil.1.11.11111inll,,li1„1.1 Fax 405-681-9299 ATTENTION: TATS T216269 This facsimile must be carried in the Aircraft as a Temporary Certificate of Registration for N550GP GULFSTREAM AEROSPACE GV-SP (G550) Serial 5173 and is valid until Aug 21, 2021. This is not an airworthiness certificate. For airworthiness information, contact the nearest Federal Aviation Administration Flight Standards District Office. for Kevin R. West Acting Manager, Aircraft Registration Branch Federal Aviation Administration RWAR-FAX-4 (02/21) SDNY_GM_02762185 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249107 EFTA01332625  SDNY_GM_02762186 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249 I 08 EFTA01332626  •• WC ) - e0° caI''c• DC! ILOZ/ZZ/TIV 10`c I O, kr? OM rts• t, tei . . ft, ,./ .zt ‘N° 4 DECLARATION a tita thir kir , ,k c„e`ucct of Ei usl i, INTERNATIONAL OPERATIONS The undersigned owner of aircraft N 55c& p , Manufacturer Gultstream dest—fe Model 611SP Serial Number 5173 declares that this aircraft is scheduled to make an international flight* on 7 5- ata\. (dm) as flight Number departing tbfese..a Konr) (City)srme) with a destination of 40nples /f•..1), (URN) (City/Country) 'Dr required route between two points In the United States involves international navigation, explain under Comments below, e.g. "partly over Canada" or "patty in international airspace".) Expedited registration in support of this international flight is requested this A) St- day of 20 21 with knowledge that: Whoever, in any matter within the jurisdiction of the executive branch of the Government of the United States, knowingly and willfully makes or uses any false writing or document knowing the same to contain any materially false, fictitious or fraudulent statement of representation shall be fined under Title 18 United States Code or imprisoned not more than 5 years, or both. 18 U.S.C. §1001(a). Name of Owner N5.50GP, LLC CARC0PY I Signature Typed Name and Title of Signer 'ZtCoA40 Cr .1.our Phone: Fax: Comments: •[Ifrequired route between two points in the United States involves international navigation, explain under comments below, e.g. "partly over Canada" or "partly in international airspace".] Comments: Please fax the flying time wire to Insured Aircraft Title Service Inc. at 405- 681-9299. corm m Filed by: Amy Shilling 722IIMEAlle Insured Aircraft Title Service LLC Phone SDNY_GM_02762187 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249109 EFTA01332627  0NV1}40 AIM VWVW0UVU0 01 :8 WV ZZ Tr IZOZ US Wit/W.003U 1.4t180dIV VVd 1411N1 and SDNY_GM_02762188 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249 I 10 EFTA01332628  TUZ/ZZ/int so pivideoov ASSIGNMENT OF SPECIAL Special Registration Number 0 REGISTRATION NUMBERS NSSOGP vs. eacerwrint Aircraft Make arid Model Present Registration Nunta et nsuirensam GULFSTREAM AEROSPACE GV-SP (G550) N2123E Federal Avliburi Serial Number Issue Date: Adadestranat 5173 Feb 24, 2021 ICAO AIRCRAFT ADDRESS CODE FOR N550GP - 51600017 This is your mita* to Mame the Vaned Swat intimation oumbu on the above demritor N5500P LLC aircraft to the special 2151 E CONVENTION CENTER WAY regiatmlice cumber ton STE 222 ONTARIO CA 91764-5496 Corry duplicate of Ms form in the Ili aircraft together with the Illuililliiiliilililtillilltliiilliiiilitititiitilli old regiumioa certifies ss interim authority camerae the slue peedisg receipt ofreviled certificate of aitraft Neurotic. The lent FAA Fons• 11130-6, Applicant.IN /Unwilling*. on Me la tied: Ms 07, 200E The alneorthhwa cbssIlleselos " marry: STD TRANSP INSTRUCTIONS: SIGN AND RETURN THE ORIGINAL of this font to din Clvil Aviation Registry, Aircraft Registration Branch, within 5 days after the special registration number is placed on the anal& A revised certificate of aircraft registration will then be issued. Obtain a revised certificate of airwordtinen from your nearest Flight Standards District Office. The authority to sae the special number replies: Feb 24, 2022 CERTIFICATION: leanly that the maid registration number was placed RETURN FORM TO: on the swan described above. Civil Aviation Registry Signature of Owoecr,„....----7 — MaliteaC i tr _.....„R Aircraft Registration Snatch P.O. Box 25304 Oklahoma City, Oklahoma 73125-0504 Tide of Owner. eiMACICASAVE44F-6954404 Date Placed on Aircraft 3-l9-aoai AC FORSI 505464 (SINS) Seponoke Frewlso EOM Return Certificate of Registration to goAdTOS SDNY_GM_02762189 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 002491 II EFTA01332629  VINOHV1310 V401IV1)10 A113 VII101-1V1NO A110 V 14 01-1'..1 40 IC L Wd Dew Liu ZE 43 IN 9Z INN I/Ill 218 NOI1V81S193e1 3114 dVjHLIM 03114 11V2131:11V VO'd HlIAI 03111 - SDNY_GM_02762190 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249112 EFTA01332630  O M 0 DocuSign Envelope ID: C9C428F679CA-4100-A29F-423F14801014 s. -J ch PJ DEPARTMENT OF TRANSPORTATION FEDERAL AVIATION ADMINISTRATION FAA AIRCRAFT REGISTRY P.O. Box 25504 °Idahoan City. Oklahoma 73125 0 AIRCRAFT SECURITY AGREEMENT NAME & ADDRESS OF BORROWER: yrs Pm oz:DI Tuoz/6T/Anv N550GP, LLC 2151 E. Convention Center Way, Suite 222 Ontario, CA 91764 NAME & ADDRESS OF SECURED PARTY/LENDER: Bank of Hope 3200 Wilshire Blvd. 7th Floor Las Angeles, CA 90010 NAME & ADDRESS OF GRANTOR: N550GP, LLC 2151 E. Convention Center Way, Suite 222 ABOVE SPACE Ontario, CA 91764 FOR FAA USE ONLY 1. THIS AIRCRAFT SECURITY AGREEMENT dated May II, 2021, is made and executed by N550GP, LLC, a California limited liability company ("Grantor'', in favor of Bank of Hope ("Lender). 2. GRANT OF SECURITY INTEREST. For valuable consideration, Grantor grants to Lender a continuing security interest in the Collateral to secure the Indebtedness and agrees that Lender shall have the rights stated in this Agreement with respect to the Collateral, in addition to all other rights which Lender may have by law. 3. COLLATERAL. The word "Collateral" as used in this Agreement means the following described Airframe, Engines, and Contracts, as defiled herein: isIll2I345 SDNY_GM_02762191 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249113 EFTA01332631  VIN01-1V -1)10 A110 MHVIN0 9h :1 141 hl AV11 1/02 88 NOliVhISIDDA 1UV8081V VVJ RIM 03111 SDNY_GM_02762192 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249114 EFTA01332632  DowSon Envelope VD C9C428Flin3CA-41064‘29F-423F148011)14 AIRCRAFT SERIAL FAA REGISTRATION YEAR MFG MANUFACTURER MODEL NUMBER NUMBER NUMBER 2008 Gulfstream GV-SP (aka 5173 N212JE (Pending Aerospace Gulfstream GV-SP change to N550GP) Corporation (aka (G550) on the GULFSTREAM on International the International Registry drop down Registry drop down mars) menu) ENGINE MODEL NUMBER(S) SERIAL NUMBER(S) MAKE Rolls-Royce BR700-710C4-11 (aka 15449 Deutschland BR7I0 on the Ltd & Co KG International (aka ROLLS Registry drop down ROYCE on the menu) International Registry drop down menu) Rolls-Royce BR700-710C4-11 (aka 15448 Deutschland BR7I0 on the Ltd & Co KG International (aka ROLLS Registry drop down ROYCE on the menu) International Registry drop down menu) AUXILIARY MODEL NUMBER SERIAL NUMBER POWER UNIT MAKE HONEYWELL RE220 P-500 The word "Aircraft" also means and includes without limitation, (a) the Airframe, (b) the Engines, (c) any propellers, and (d) related log books, manuals, diagrams and records. The word "Airframe" means the Aircraft's airframe, together with any and all parts, appliances, components, instruments, accessories, accessions, attachments, equipment, or avionics (including, without limitation, radio, radar, navigation systems, or other electronic equipment) installed in, appurtenant to, or delivered with or in respect of such airframe. The word "Engines" means any engines described above together with any other aircraft engines which either now or in the future are installed on, appurtenant to, or delivered with or in respect of the Airframe, together with any and all parts, appliances, components, accessories, accessions, attachments or equipment installed on, appurtenant to, or delivered with or in respect of such engines. The word "Engines" shall also refer to any replacement aircraft engine which, under this Agreement, is required or permitted to be installed upon the Airframe. 2 1511213453 SDNY_GM_02762193 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249115 EFTA01332633  SDNY_GM_02762194 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249 I 16 EFTA01332634  DowSign Envelope ID: C9C42BF8.78CA-41064.29F-423F14801014 repair The word "Contracts" means any and all agreements, contracts, service contracts, contracts, including the Engine Maintenance Program, insurance contracts. contracts. maintenance or leases, purchase agreements, bills of sale and assignments, and any other instruments, contracts, agreements of any kind with respect to the Collateral. 4. DURATION. This Agreement, including any representations, warranties and time as covenants contained herein, shall remain continuing, in full force and effect until such costs, expenses, attorneys' fees the Indebtedness secured hereby, including principal, interest, have been paid in full, together with all additional sums that and other fees and charges, shall pay or advance on Grantor's behalf and interest thereon as provided in this Lender may Agreement. 5. REPRESENTATIONS, WARRANTIES, AND COVENANTS. Grantor represents, warrants and covenants to Lender at all times while this Agreement is in effect as follows: 5.1 Title. Grantor warrants that Grantor is the lawful owner of the Collateral and holds good and marketable title to the Collateral, free and clear of all Encumbrances except the lien of this Agreement. Grantor is, or concurrent with the completion of the transactions contemplated by this Agreement will be, the registered owner of the Aircraft pursuant to a proper registration under the Transportation Code, and Grantor qualifies in all respects as a citizen of the United States as defined in the Transportation Codc. If Grantor acquired its interest in the Aircraft on or after the effective date of the Convention, the ownership rights of Grantor shall be the subject of a valid and subsisting registered contract of sale at the International Registry. Grantor shall defend Lender's rights in the Collateral against the claims and demands of all other persons. The Collateral is not and will not be registered under the laws of any foreign country, and Grantor is and will remain a citizen of the United States as defined in the Transportation Code. 5.2 Authority; Binding Effect, etc. Grantor is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of California. Grantor is duly authorized to transact business in all other states in which Grantor is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Grantor is doing business. Grantor has the full right, power and authority to enter into the Note, the Related Documents, and this Agreement and to grant a security interest in the Collateral to Lender. The Note, the Related Documents, and this Agreement are binding upon Grantor as well as Grantor's successors and assigns, and are legal, valid and binding obligations of Grantor and arc legally enforceable in accordance with their terms. Grantor's principal place of business is 2151 E. Convention Center Way, Suite 222, Ontario. CA 91764, and unless Grantor has designated otherwise in writing, the Grantor's principal place of business is the office at which Grantor keeps its complete logs, manuals, books and records including its complete logs, manuals, books and records concerning the Collateral. Grantor's exact legal name is: N550GP, LLC. 3 iSit2I345 SDNY_GM_02762195 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249I 17 EFTA01332635  SDNY_GM_02762196 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249 I IS EFTA01332636  DoreSqn Emirippon C9C47618-7BCA-410644.29F-423F 14001014 five Grantor has not used any trade, assumed or previous names within the past years. Grantor has not merged with or into, or transferred all or substantially all assets to, any other entity within the past five years. Grantor was situated in of its the United States, State of California at the time of the conclusion of this Agreement. Grantor has the power to dispose of the Aircraft, as contemplated in the Convention. 6. Authorization. Grantor's execution, delivery, and performance of the Note, this action by Agreement and all the Related Documents have been duly authorized by all necessary result in a violation of, or constitute a default under (I) any Grantor and do not conflict with, of organization or membership agreements, or bylaws or articles provision of Grantor's articles upon Grantor or (2) any law. of incorporation, or any agreement or other instrument binding governmental regulation, court decree, or order applicable to Grantor or to Grantor's properties. 7. Litigation and Claims. No litigation, claim, investigation, administrative or proceeding or similar action (including those for unpaid taxes) against Grantor is pending adversely affect Grantor's threatened, and no other event has occurred which may materially financial condition or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing. 8. Taxes. All of Grantor's tax returns and reports that arc or were required to be filed, have been filed, and all taxes, assessments and other governmental charges in connection with the Aircraft and the Collateral have been paid in full, except those presently being or to be contested by Grantor in good faith in the ordinary course of business and for which adequate reserves have been provided. 9. Information. All information heretofore or contemporaneously herewith furnished by Grantor to Lender for the purposes of or in connection with this Agreement or any transaction contemplated hereby (including without limitation the description of the Aircraft) is, and all information hereafter furnished by or on behalf of Grantor to Lender will be, true and accurate in every material respect on the date as of which such information is dated or certified; and none of such information is or will be incomplete by omitting to state any material fact necessary to make such information not misleading. 10. Aircraft and Log Books. Grantor will keep accurate and complete logs, manuals, books, and records relating to the Collateral, and will provide Lender with copies of such reports and information relating to the Collateral as Lender may reasonably require from time to time. 11. Airframe and Engines. The Airframe is type certified to transport at least eight persons including crew, or goods in excess of 2750 kilograms and each of the Engines has at least 1750 pounds of thrust or at least 550 rated take off shaft horsepower. 12. Perfection of Security Interest. The security interest granted herein constitutes a valid and subsisting International Interest in the Aircraft under the Convention. Grantor grants and covenants to continue a first priority perfected security interest (including an International Interest) in and to the Collateral in favor of Lender. Grantor agrees to prepare and file financing 4 151/111451 SDNY_GM_02762197 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249I 19 EFTA01332637  SDNY_GM_02762198 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249120 EFTA01332638  DocuSign Envelops ID. C9C42BF8-7BCA-4100-AZIE-423F14001D14 statements and to take whatever other actions are requested by Lender to perfect and continue Lender's security interests in the Collateral. Upon request of Lender. Grantor will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and Grantor will note Lender's interest upon any and all chattel paper if not delivered to Lender for possession by Lender. In particular, Grantor will perform, or will cause to be performed, upon Lender's request, each and all of the following: (I) record, register and file this Agreement (and the IDERA, as defined below), together with such notices, financing statements or other documents or instruments as Lender may request from time to time to carry out fully the intent of this Agreement, with the FAA in Oklahoma City, Oklahoma, United States of America and other governmental agencies, either concurrent with the delivery and acceptance of the Collateral or promptly after the execution and delivery of this Agreement; (2) take all actions necessary to initiate or consent to the registration of an International Interest in the Aircraft (or at Lender's option, a Prospective International Interest) with the International Registry; (3) take all actions necessary to initiate or consent to the registration of any other interests or rights pertaining to the Collateral with the International Registry, as requested in the sole discretion of Lender; (4) furnish to Lender evidence of every such recording, registering, and filing; and (5) execute and deliver or perform any and all acts and things which may be reasonably requested by Lender with respect to complying with or remaining subject to the Geneva Convention, the Convention, the International Registry, the laws and regulations of the FAA, the laws of the United States and the laws and regulation of any of the various states or countries in which the Collateral is or may fly over, operate in, or become located in. Grantor hereby appoints Lender as Grantor's irrevocable anomey-in-fact for the sole purposes of preparing, executing, and/or filing any documents necessary to perfect, amend or to continue the security interests granted in this Agreement or to demand termination of filings of other secured parties. Lender may at any time, and without further authorization from Grantor, file a carbon, photographic or other reproduction of any financing statement or of this Agreement for use as a financing statement. Grantor will reimburse Lender for all expenses for the perfection and the continuation of the perfection of Lender's security interest in the Collateral. 13. Convention Requirements. Prior to funding by Lender, (a) Grantor shall establish a valid and existing account with the International Registry, appoint an Administrator and/or a Professional User acceptable to Lender to initiate or consent to registrations at the International Registry with regard to the Collateral, and initiate the registration of an International Interest (or, at Lender's option, a Prospective International Interest) in the Collateral, with all such steps being completed except for the consent of Lender, (b) Grantor's initiation of such registration at the International Registry shall not have expired or lapsed; (c) Grantor shall execute and Lender shall have received a fully completed and originally executed Irrevocable De-Registration and Export Request Authorization ("IDERA"), in the form attached hereto as Exhibit A and acceptable to the FAA and Lender, (d) Grantor shall execute and Lender shall have received a fully completed and originally executed Irrevocable Power of Attorney In Fact (Aircraft Registration), in the form attached hereto as Exhibit B and acceptable to the FAA and Lender, and (e) Grantor's Contract of Sale shall be registered and searchable in the International Registry. 14. Performance of Contracts. Grantor hereby undertakes to perform all of its obligations under the Note, this Agreement, any Related Documents and any Contracts and to isisnii$ SDNY GM_02762199 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249I 21 EFTA01332639  SDNY_GM_02762200 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249 I 22 EFTA01332640  DaceSign Envelope ID. C9C428F8-78O1.4108-A2aF-C3F14801014 procure the performance of third parties (other than Lender) under the Related Documents and any Contracts. 15. Notices to Lender. Grantor will promptly notify Lender in writing at Lender's address shown above (or such other addresses as Lender may designate from time to time) prior to any (I) change in Grantor's name; (2) change in Grantor's assumed business name(s); (3) (if Grantor is a business) change in the ownership of the Grantor or management of the Grantor; (4) change in the authorized signer(s); (5) change in Grantor's principal office address; (6) change in Grantor's state of organization; (7) conversion of Grantor to a new or different type of business entity; (8) merger of Grantor with or into, transfer by Grantor of all or substantially all of its assets to, or acquisition by Grantor of all or substantially all of the assets of, any other entity; or (9) change in any other aspect of Grantor that directly or indirectly relates to any agreements between Grantor and Lender. No change in Grantor's name or state of organization will take effect until after Lender has received notice. 16. Location of the Collateral. Grantor will hangar or keep the Collateral at its home airport or base location (the "Home Airport'), which is: Chino Airport (CNO) 17. Maintenance, Use, Repairs, Inspections, and Licenses. Grantor, at its expense, shall do, or cause to be done, in a timely manner with respect to the Collateral each and all of the following: 17.1 Grantor shall maintain and keep the Collateral in as good condition and repair as it is on the date of this Agreement, ordinary wear and tear excepted. 17.2 Grantor shall maintain and keep the Aircraft in good order and repair and in airworthy condition in accordance with the requirements of the FAA and each of the manufacturers' manuals and mandatory service bulletins and each of the manufacturers' non-mandatory service bulletins which relate to airworthiness, and as recommended or required by any rules, regulations, or guidelines of the FAA and/or the manufacturer. 17.3 Grantor shall replace in or on the Airframe, any and all Engines, parts, appliances, instruments or accessories which may be worn out, lost, destroyed or otherwise rendered unfit for use. 17.4 Grantor shall cause to be performed, on all parts of the Aircraft, all applicable mandatory airworthiness directives, Federal Aviation Regulations, special Federal Aviation Regulations, and manufacturers' service bulletins relating to airworthiness, the compliance date of which shall occur while this Agreement is in effect. 17.5 Grantor shall be responsible for all required inspections of the Aircraft and licensing or re-licensing of the Aircraft in accordance with all applicable FAA and other governmental requirements. Grantor shall at all times cause the Aircraft to 6 153213451 SDNY_GM_02762201 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249I 23 EFTA01332641  SDNY_GM_02762202 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249124 EFTA01332642  on:=Eign Envelope COCA28F8-7BCJVA1064.29F-423F118010is have on board and in a conspicuous location a current Certificate of Airworthiness issued by the FAA. 17.6 All inspections, maintenance, modifications, repairs, and overhauls of the Aircraft (including those performed on the Airframe, the Engines or any components, appliances, accessories, instruments, or equipment) shall be performed by personnel authorized by the FAA to perform such services. part of 17.7 if any Engine, component, appliance, accessory, instrument, equipment or a condition as to require overhaul, repair or the Aircraft shall reach such for any cause whatever, in order to comply with the standards for replacement, maintenance and other provisions set forth in this Agreement, Grantor may: (a) Install on or in the Aircraft such items of substantially the same or repair type in temporary replacement of those then installed on the Aircraft, pending overhaul provided, however, that such replacement items must be in such a of the unsatisfactory item; the standards for condition as to be permissible for use upon the Aircraft in accordance with Agreement; provided further, however, that maintenance and other provisions set forth in this or Grantor at all times must retain unencumbered title to any and all items temporarily removed; (b) Install on or in the Aircraft such items of substantially the same type and value in permanent replacement of those then installed on the Aircraft; provided, however, that such replacement items must be in such condition as to be permissible for use upon the Aircraft in accordance with the standards for maintenance and other provisions set forth in this Agreement; provided further, however, that in the event Grantor shall be required or permitted to install upon the Airframe or any Engine, components, appliances, accessories, instruments, engines, equipment or parts in permanent replacement of those then installed on the Airframe or such Engine, Grantor may do so provided that, in addition to any other requirements of this Agreement: Lender is not divested of its security interest in and lien upon any item removed from the Aircraft and that no such removed item shall be or become subject to the lien or claim of any person, unless and until such item is replaced by an item of the type and condition required by this Agreement, title to which, upon its being installed or attached to the Airframe, is validly vested in Grantor, free and clear of all liens and claims, of every kind or nature, of all persons other than Lender; (ii) Grantor's title to every substituted item shall immediately be and become subject to the security interests and liens of Lender and each of the provisions of this Agreement, and each such item shall remain so encumbered and so subject unless it is, in turn, replaced by a substitute item in the manner permitted in this Agreement; (iii) If an item is removed from the Aircraft and replaced in accordance with the requirements of this Agreement, and if the substituted item satisfies the requirements of this Agreement, including the terms and conditions above, then the item which is removed shall thereupon be free and clear of the security interests and liens of Lender; and 7 15i$21345.3 SDNY_GM_02762203 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA 00249125 EFTA01332643  SDNY_GM_02762204 SUBJECT TO PROTECTIVE ORDER PARAGRAPHS 7, 8, 9, 10, 15, and 17 EFTA_00249126 EFTA01332644  DecoSign Envelope ID: CSCAZBF8-70e.4.4106.429F-423F HamDI4 (iv) Such items are approved in writing by Lender in its sole discretion. 17.8 In the event that any Engine, component, appliance, accessory, instrument. equipment or part is installed upon the Airframe, and is not in substitution for or in replacement of an existing item, such additional item shall be considered as an accession to the Airframe. 17.9 If the Engines are enrolled in or become enrolled in an "Engine Maintenance Program" at the time of loan application or anytime thereafter, Grantor represents, warrants, and covenants that the Engines will continue to be enrolled in such Engine Maintenance Program while this Agreement is in effect and until all amounts owed to Lender are paid in full. "Engine Maintenance Program" means the engine maintenance program provid