Ownership of Aircraft. 44 SECTION 13. Notices; Consent to Jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 SECTION 14. Change of Situs of Owner Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 PARTICIPATION AGREEMENT [N603SW] -iii- 5
Ownership of Aircraft. It is hereby agreed among Lessee, the Owner Participant and the Owner Trustee that for all purposes the Owner Trustee will be the owner of the Aircraft (except that the Owner Participant will be the owner for income tax purposes and except under the circumstances contemplated by the proviso to Section 18.2(d) of the Lease) and Lessee will be the lessee thereof, and each party hereto agrees to characterize the Lease as a lease for income tax purposes and all other relevant purposes (subject to the election referred to above).
Ownership of Aircraft. On the Delivery Date, the Lessor shall have full legal title to the Aircraft, free and clear of all Liens except any Lien which Lessor caused to be placed on the Aircraft as permitted pursuant to Section 19 hereof.
Ownership of Aircraft. The Owners agree to jointly own and operate the Aircraft for the use of their respective businesses, subject to all the terms and conditions contained herein and all applicable FARs and laws.
Ownership of Aircraft. 13 4.2.5 No Consents or Approvals ............................................... 13 4.2.6. Citizenship ............................................................ 13 4.2.7. Discharge of FSBU Liens ................................................ 13 4.2.8. Litigation ............................................................. 13 4.2.9. FSBU Litigation ........................................................ 13 4.3. Disclaimer and Acknowledgement of Disclaimer; Waiver of Consequential Damages .. 14
Ownership of Aircraft. 14 4.3. Disclaimer and Acknowledgement of Disclaimer; Waiver of Consequential Damages .......................................... 14 4.4. Lessee's Miscellaneous Covenants ................................. 15 4.4.1. Maintenance of Corporate Status; No Merger or Consolidation .......................................... 15 4.4.2. Notice of Default or Adverse Occurrence .................. 15 4.4.3. Maintenance of Consents and Approvals .................... 16
Ownership of Aircraft. Lessee hereby covenants that Lessee shall be the owner of the aircraft stored in the leased premises. In the event that an aircraft is owned by multiple parties, each owner shall sign and execute this Lease for Hangar Space at the time of entry into this Lease for Hangar Space. Aircraft ownership shall be established by the parties name(s) appearing on the Federal Aviation Administration Form (AC Form 8050-3) Certificate of Aircraft Registration, a copy of which shall be attached to this Lease for Hangar Space. Should the ownership of the aircraft change during the term of this Lease, any and all additional and current owners must sign and execute a new Lease for Hangar Space within 30 days of the time of sale, and shall provide new proof of aircraft ownership as described above. Lessee shall make available to Lessor a copy of the Lessee-owned aircraft AC Form 8050-3 within 30 days of Lessor's written notice at all times during this Lease. A copy of the Aircraft Xxxx of Sale, (FAA AC Form 8050-2) along with a copy of the FAA Aircraft Registration Application (AC Form 8050-1 - pink copy) will be accepted on a temporary basis for a period of not more than four (4) months from the date of sale, provided that Lessee shall provide to the Xxxxxxx Field Manager the AC Form 8050-3 at or before the expiration of four (4) months time. Failure to comply with all terms set forth in Section 1.04 shall result in immediate default and termination of the entire lease.
Ownership of Aircraft. 14 4.2.5. CONFIDENTIALITY OF LESSEE INFORMATION ............................ 14 4.3. DISCLAIMER AND ACKNOWLEDGEMENT OF DISCLAIMER; WAIVER OF CONSEQUENTIAL DAMAGES ......................................... 14 4.4. LESSEE'S MISCELLANEOUS COVENANTS ........................................ 15 4.4.1. MAINTENANCE OF CORPORATE STATUS; NO MERGER OR CONSOLIDATION ...... 15 4.4.2. NOTICE OF DEFAULT OR ADVERSE OCCURRENCE .......................... 15 4.4.3. MAINTENANCE OF CONSENTS AND APPROVALS ............................ 15
Ownership of Aircraft. Each Financed Aircraft will at all times be owned by the Issuer or an Issuer Subsidiary organized in a state of the United States or in the District of Columbia.
Ownership of Aircraft. On the Delivery Date, the Lessor shall have full legal and beneficial title to the Aircraft, free and clear of all Liens except any Lien which Lessor caused to be placed on the Aircraft as permitted pursuant to Section 16 hereof and except for the interest of Consolidated Freightways, Inc. (hereinafter ("CFI") in the Aircraft pursuant to that certain Tax Benefit Transfer Agreement dated December 5, 1986 among Freightways Terminal Company, Inc. (hereinafter "FTC"), MarkAir, Inc. (hereinafter "MarkAir") and CFI (hereinafter "TBT Agreement").
