operations for such period. As of the date of this Agreement, there has been no Materially Adverse Change.
Section 4.06 Taxes. Borrower has filed all tax returns which it is or was required to file, and has paid all taxes shown to be due and payable on those returns or on any assessment received by it, except such taxes of Borrower, if any, as are being contested diligently in good faith, and by appropriate proceedings, and as to which adequate reserves have been provided in accordance with GAAP.
Section 4.07 Status as United States Citizen and Air Carrier. Borrower is a Section 1110 Airline.
Section 4.08 Governmental Consents. Borrowers execution, delivery, and performance of this Agreement do not require the consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any federal, state, or foreign governmental authority or agency (including any judicial body).
Section 4.09 No Governmental Approvals, Notices and Filings. No consent or approval of, giving of notice to, registration with, or taking of any action in respect of or by, any federal, state, or local governmental authority is or will be required with respect to Borrowers execution, delivery, or performance of this Agreement or if any such consent, approval, notice, registration, or action is required, it will have been duly given or obtained on or before the Funding Date.
Section 4.10 Compliance with Laws. Borrower is in compliance with all applicable laws and regulations, including, without limitation, environmental laws and laws and regulations relating to corruption and bribery, provided that, in the case of such laws and regulations (other than laws and regulations relating to corruption and bribery), Borrower may have complied only to the extent necessary to ensure that non-compliance with such laws would not, individually or in the aggregate, reasonably be expected to have a Materially Adverse Effect.
5. AFFIRMATIVE COVENANTS
So long as the Loan, or any amount owed by Borrower under this Agreement, remains outstanding or unpaid:
Section 5.01 Company Existence. Except as permitted by Section 5.02, Borrower shall maintain its existence as a corporation or limited liability company in good standing.
Section 5.02 Merger, etc. Borrower shall not consolidate with or merge into any other Person, or convey, transfer, or lease all or substantially all of its assets as an entirety to any Person, unless:
(a) the Person formed by such consolidation or merger, or the Person who acquires by conveyance, transfer, or lease all or substantially all of Borrowers assets as an entirety (the Successor) is a Section 1110 Airline;
(b) in the case of such a consolidation, merger, conveyance, transfer, or lease, the Successor: (x) executes and delivers to Lender an agreement, in form and substance