Qualifying Maintenance LC

Qualifying Maintenance LC. Means, as of any Payment Date, any irrevocable standby letter of credit (i) provided under the Lease of an Aircraft to secure the relevant Lessee's obligations in respect of maintenance repairs, airworthiness directives and/or redelivery requirements, (ii) in a customary form, issued under Uniform Customs and Practice for Documentary Credits, (iii) payable in dollars, (iv) the place of presentment of drafts or demands under which to be in the United States, London, Frankfurt or Paris, (v)... payouts under which to be not subject to withholdings, (vi) in customary form for standby letters of credit with sight draft and/or sight draw certificate specifying, inter alia, that a default has occurred under such Lease, (vii) issued or confirmed by a Qualifying LC Provider, (viii) having an expiry date no earlier than 30 days after such Payment Date and (ix) with respect to which executed undated originals of all drafts, certificates, powers of attorney and other documents required to be presented in order to render it practicable for the Collateral Agent acting alone to procure the honor of such letter of credit shall have been delivered to the Collateral Agent; provided that the bank guarantees issued by Fortis Bank (Nederland) N.V. with serial nos. NLEGG006070 and NLEGG004134 under the leases of the Aircraft with manufacturer's serial numbers 24066 and 24226, as from time to time extended, shall also be deemed Qualifying Maintenance LCs if, as of such Payment Date, the Dutch government owns 100% of Fortis Bank (Nederland) N.V. and the senior, unsecured and unguaranteed long-term dollar-denominated debt obligations of Fortis Bank (Nederland) N.V. are rated A- or higher by Standard & Poor's, and clauses (viii) and (ix) above shall be satisfied. View More