Common use of Aircraft Hull Insurance Clause in Contracts

Aircraft Hull Insurance. 11.2.1 On or prior to the Delivery Date and throughout the Term, Sublessee will maintain (or cause to be maintained) in full force and effect, at its expense and on terms substantially similar to and no less favorable than insurance carried by Sublessee on similar aircraft in its fleet, all-risk ground and flight aircraft hull insurance covering the Aircraft including coverage of the Engines and Parts while temporarily removed from or not installed on the Aircraft and not replaced with similar components in amounts denominated and payable in Dollars not less than, in respect of the Aircraft, the Agreed Value, and with respect to any Engines or Parts while removed from the Aircraft, on a replacement value basis. Sublessee will maintain such hull war and allied perils insurance covering any loss or damage arising from hull war and allied perils: (a) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power; (b) strikes, riots, civil commotions or labor disturbances; (c) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional; (d) any malicious act or act of sabotage; (e) confiscation, nationalization, seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority; and (f) hijacking or any unlawful seizure or wrongful exercise of control of the Aircraft or any Engine or any Airframe on which any Engine is installed or crew in flight (including any attempt at such seizure or control) made by any person or persons on board the Aircraft or such Airframe acting without the consent of the insured. 11.2.2 The hull war and allied perils insurances will be in accordance with Lloyd’s Aviation Underwriters Association Standard Policy Form LSW 555D or equivalent unless otherwise approved by Sublessor in writing. Sublessee covenants that all policies and subsequent policies taken out in accordance with this Section 11.2 will: (a) be issued by insurance companies or underwriters of internationally recognized standing in the aviation industry; (b) be endorsed to name Sublessor or its designee as loss payee (each to the extent their interest may appear) (collectively, “Loss Payee”) Head Lessor, Owner Participant, any Financing Parties, Sublessor and its designees as Additional Insureds to the extent of each of their interests in respect of hull claims that become payable on the basis of a total loss and will provide that any other loss will be settled (net of any relevant policy deductible) with such parties as may be necessary to repair the Aircraft unless otherwise agreed in writing after consultation among the insurers, Head Lessor, Sublessor and Sublessee (it being agreed that where the loss is not expected to exceed $[***] and, unless Sublessor has notified the insurers to the contrary, such loss will be settled with and paid to Sublessee); (c) provide that, in respect of the interest of any Loss Payees in such policies, the insurance will not be invalidated by any act or omission, except that such Loss Payee so protected has not caused, contributed to or knowingly condoned the said act or omission; (d) provide that none of the Loss Payees (other than Sublessee), will have responsibility for the payment of premiums or any other amount payable under such policies; (e) provide that insurers waive all rights of subrogation as against the Loss Payees; (f) provide that, if such insurance is canceled or allowed to lapse for any reason whatsoever, or if any material change is made in such insurance which adversely affects the interest of a Loss Payee, such cancellation, lapse or change will not be effective as to any Loss Payee for [***] days ([***] days for nonpayment of premiums and [***] days, or such other period as is then customarily obtainable in the industry, in the case of any hull war and allied perils coverage) after the giving of written notice from such insurers or Sublessee’s appointed insurance broker to Sublessor; (g) waive any right of the insurers to any setoff, counterclaim or other deduction against the Loss Payees but for any outstanding premiums due and owing with respect to the Aircraft; (h) provide for worldwide coverage, subject to such limitations and exclusions as may be set forth in the certificates of insurance delivered pursuant to Section 11.4 provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated (or caused to operated) by Sublessee, or as Sublessor may otherwise agree in writing; (i) contain a 50/50 claims funding clause in the form of Lloyd’s standard provision AVS103 (or a replacement for such clause) in the event of a dispute as to which policy in respect of the hull insurance set forth in this Section 11.2 will pay in the event of a loss; (j) provide that if any Engine is installed on an aircraft other than the Aircraft, the agreed value of that other aircraft shall be automatically increased by the replacement value of such Engine(s) (or the Agreed Value for such Engine, if any is specified from time to time) while so installed; this shall be noted on the insurance certificate for the Aircraft; (k) confirm that the insurers are not entitled to replace the Aircraft in case of an insured Total Loss and (l) have deductibles not greater than the maximum deductible amount set forth in Appendix B. 11.2.3 All insurance coverage will, among other things: (a) Be maintained in accordance with best industry practice for comparable operators (b) be subject to Airline Finance/Sublease Contract Endorsement AVN67B (or equivalent coverage). Sublessee may procure endorsements to the relevant insurance or reinsurance policies required to be maintained so as to incorporate the terms of Lloyd’s Form AVN67B (or equivalent coverage) into such insurance or reinsurance policies, in which event, to the extent that any provisions of such Lloyd’s Form AVN67B (or any revised form) endorsement conflicts or is otherwise inconsistent with the requirements of any provision of this Agreement relating to insurance or reinsurance then (so long as it will remain general aviation insurance practice to insure aircraft financed or leased by financial institutions on the basis of such endorsement), such conflicting or inconsistent provision of this Agreement will be of no further force and effect and such endorsement will be deemed to satisfy the requirements of each such conflicting or inconsistent provision of this Agreement; (c) operate on a worldwide basis; (d) contain a provision entitling any Indemnitee to initiate a claim under any policy in the event of the refusal or failure of Sublessee to do so; (e) accept and insure the indemnity provisions of the Sublease to the extent of the risks covered by the policies; (f) be maintained through the London or New York insurance markets or in any other leading insurance markets. Insurers shall be of internationally recognized responsibility and rated A-, or better by AM Best. 11.2.4 For the purposes of this Section 11, the definition of Aircraft will not include the Aircraft Documents.

Aircraft Hull Insurance. 11.2.1 (a) On or prior to the Delivery Date and throughout the Term, Sublessee will Lessee shall maintain (or cause to be maintained) in full force and effect, at its expense and on terms substantially similar to and no less favorable than insurance carried by Sublessee Lessee on similar aircraft in its fleet, all-risk ground and flight aircraft hull insurance covering the Aircraft including coverage of the Engines and Parts while temporarily removed from or not installed on the Aircraft and not replaced with similar components in amounts denominated and an payable in United States Dollars not less than, in respect of the Aircraft, the Agreed ValueValue as set forth in Appendix B hereto, and with respect to any Engines or Parts while removed from the Aircraft, Aircraft on a replacement value basis. Sublessee will Lessee shall maintain such hull war and allied perils insurance covering any loss or damage arising from hull war and allied perilsfrom: (ai) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power; (bii) strikes, riots, civil commotions or labor disturbances; (ciii) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional; (div) any malicious act or act of sabotage; (ev) confiscation, nationalization, seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority; andand AIRCRAFT LEASE AGREEMENT 29 MSN (fvi) hijacking or any unlawful seizure or wrongful exercise of control of the Aircraft or any Engine or any Airframe airframe on which any Engine is installed or crew in flight (including any attempt at such seizure or control) made by any person or persons on board the Aircraft or such Airframe airframe acting without the consent of the insured. 11.2.2 (b) The hull war and allied perils insurances will shall be in accordance with Lloyd’s Aviation Underwriters Association Standard Policy Form LSW 555D or equivalent unless otherwise approved by Sublessor Lessor in writing. Sublessee Lessee covenants that all policies and subsequent policies taken out in accordance with this Section 11.2 willshall: (aA) be issued by insurance companies or underwriters of internationally recognized standing in the aviation industry; (bB) be endorsed to name Sublessor Lessor or its designee (as directed by Lessor) Lessor’s Lender as the loss payee (each to the extent their interest may appear) (collectively, “Loss Payee”) Head Lessor, Owner Participant, any Financing Parties, Sublessor and its designees as Additional Insureds to the extent of each of their its interests in respect of hull claims that become payable on the basis of a total loss and will shall provide that any other loss will shall be settled (net of any relevant policy deductible) with such parties party(ies) as may be necessary to repair the Aircraft unless otherwise agreed in writing after consultation among the insurers, Head Lessor and Lessor, Sublessor and Sublessee ’s Lender (it being agreed that where the loss is not expected to exceed $[***] U.S.$500,000 and, unless Sublessor Lessor has notified the insurers to the contrary, such loss will be settled with and paid to SublesseeLessee); (cC) be amended to name the Additional Insureds as additional insureds for their respective interest with respect to the Aircraft; (D) provide that, in respect of the interest of any Loss Payees Additional Insureds in such policies, the insurance will shall not be invalidated by any act or omission, except provided that such Loss Payee the Additional Insured so protected has not caused, contributed to or knowingly condoned the said act or omission; (dE) provide that none of the Loss Payees (other than Sublessee), will Additional Insureds shall have responsibility for the payment of premiums or any other amount payable under such policies; (eF) provide that insurers shall waive all rights of subrogation as against the Loss PayeesAdditional Insureds; (fG) provide that, if such insurance is canceled or allowed to lapse for any reason whatsoever, or if any material change is made in such insurance which adversely affects the interest of a Loss Payeean Additional Insured, such cancellation, lapse or change will shall not be effective as to any Loss Payee Additional Insured for [***] thirty (30) days ([***] days for nonpayment of premiums and [***] seven (7) days, or such other period as is then customarily obtainable in the industry, in the case of any hull war and allied perils coverage) after the giving of written notice from such insurers or SublesseeLessee’s appointed insurance broker to SublessorLessor and Lessor’s Lender; (gH) waive any right of the insurers to any setoff, counterclaim or other deduction against the Loss Payees but for any outstanding premiums due and owing with respect to the AircraftAdditional Insureds; (hI) provide for worldwide coverage, subject to such limitations and exclusions as may be set forth in the certificates of insurance delivered pursuant to Section 11.4 hereof provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated (or caused to operated) by SublesseeLessee, or as Sublessor Lessor may otherwise agree in writing; (iJ) contain a 50/50 claims funding clause in the form of Lloyd’s standard provision AVS103 (or a replacement for such clause) in the event of a dispute as to which policy in respect of the hull insurance set forth in this Section 11.2 will shall pay in the event of a loss; and (jK) provide that if any Engine is installed on an aircraft other than the Aircraft, the agreed value of that other aircraft shall be automatically increased by the replacement value of such Engine(s) have deductibles (or the Agreed Value for such Engine, if any is specified from time to time) while so installed; this shall be noted on the insurance certificate for the Aircraft; (k) confirm that the insurers are not entitled to replace the Aircraft applicable in case of an insured Total Loss a total, constructive total and/or arranged total loss) standard in the industry which do not exceed, per occurrence, the lesser of (i) $500,000 and (lii) have such amounts carried by Lessee with respect to other aircraft similar to the Aircraft and operated on similar routes or which are otherwise reasonably acceptable to, and approved in writing by Lessor, provided, however, any deductibles not greater than shall be assumed by and at the maximum deductible amount set forth in Appendix B.sole risk of Lessee and to the extent applicable shall be paid by Lessee. 11.2.3 (c) All insurance coverage will, among other things: (a) Be maintained in accordance with best industry practice for comparable operators (b) shall be subject to Airline Finance/Sublease Contract Endorsement AVN67B (or equivalent coveragea comparable endorsement). Sublessee may procure endorsements to the relevant insurance or reinsurance policies required to be maintained so as to incorporate the terms of Lloyd’s Form AVN67B (or equivalent coverage) into such insurance or reinsurance policies, in which event, to the extent that any provisions of such Lloyd’s Form AVN67B (or any revised form) endorsement conflicts or is otherwise inconsistent with the requirements of any provision of this Agreement relating to insurance or reinsurance then (so long as it will remain general aviation insurance practice to insure aircraft financed or leased by financial institutions on the basis of such endorsement), such conflicting or inconsistent provision of this Agreement will be of no further force and effect and such endorsement will be deemed to satisfy the requirements of each such conflicting or inconsistent provision of this Agreement; (c) operate on a worldwide basis; (d) contain a provision entitling any Indemnitee to initiate a claim under any policy in the event of the refusal or failure of Sublessee to do so; (e) accept and insure the indemnity provisions of the Sublease to the extent of the risks covered by the policies; (f) be maintained through the London or New York insurance markets or in any other leading insurance markets. Insurers shall be of internationally recognized responsibility and rated A-, or better by AM Best. 11.2.4 For the purposes of this Section 11, the definition of Aircraft will not include the Aircraft Documents.AIRCRAFT LEASE AGREEMENT 30 MSN

Aircraft Hull Insurance. 11.2.1 (a) On or prior to the Delivery Date and throughout the Term, Sublessee will Lessee shall maintain (or cause to be maintained) in full force and effect, at its expense and on terms substantially similar to and no less favorable than insurance carried by Sublessee Lessee on similar aircraft in its fleet, all-risk ground and flight aircraft hull insurance covering the Aircraft including coverage of the Engines and Parts while temporarily removed from or not installed on the Aircraft and not replaced with similar components in amounts denominated and payable in United States Dollars not less than, in respect of the Aircraft, the Agreed ValueValue as set forth in Appendix B hereto, and with respect to any Engines Initials: ABX:__________ DHL:__________ or Parts while removed from the Aircraft, Aircraft on a replacement value basis. Sublessee will Lessee shall maintain such hull war and allied perils insurance covering any loss or damage arising from hull war and allied perilsfrom: (ai) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power; (bi) strikes, riots, civil commotions or labor disturbances; (cii) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional; (diii) any malicious act or act of sabotage; (eiv) confiscation, nationalization, seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority; and (fv) hijacking or any unlawful seizure or wrongful exercise of control of the Aircraft or any Engine or any Airframe airframe on which any Engine is installed or crew in flight (including any attempt at such seizure or control) made by any person or persons on board the Aircraft or such Airframe airframe acting without the consent of the insured. 11.2.2 (b) The hull war and allied perils insurances will shall be in accordance with Lloyd’s Aviation Underwriters Association Standard Policy Form LSW 555D or equivalent unless otherwise approved by Sublessor Lessor in writing. Sublessee Lessee covenants that all policies and subsequent policies taken out in accordance with this Section 11.2 willshall: (aA) be issued by insurance companies or underwriters of internationally recognized standing in the aviation industry; (bB) be endorsed to name Sublessor Lessor or its designee (as directed by Lessor) Lessor’s Lender as the loss payee (each to the extent their interest may appear) (collectively, “Loss Payee”) Head Lessor, Owner Participant, any Financing Parties, Sublessor and its designees as Additional Insureds to the extent of each of their its interests in respect of hull claims that become payable on the basis of a total loss and will shall provide that any other loss will shall be settled (net of any relevant policy deductible) with such parties party(ies) as may be necessary to repair the Aircraft unless otherwise agreed in writing after consultation among the insurers, Head Lessor and Lessor, Sublessor and Sublessee ’s Lender (it being agreed that where the loss is not expected to exceed $[***] U.S.$500,000 and, unless Sublessor Lessor has notified the insurers to the contrary, such loss will be settled with and paid to SublesseeLessee); (cC) be amended to name the Additional Insureds as additional insureds for their respective interest with respect to the Aircraft; (D) provide that, in respect of the interest of any Loss Payees Additional Insureds in such policies, the insurance will shall not be invalidated by any act or omission, except provided that such Loss Payee the Additional Insured so protected has not caused, contributed to or knowingly condoned the said act or omission; (dE) provide that none of the Loss Payees (other than Sublessee), will Additional Insureds shall have responsibility for the payment of premiums or any other amount payable under such policies; (eF) provide that insurers shall waive all rights of subrogation as against the Loss PayeesAdditional Insureds; (fG) provide that, if such insurance is canceled or allowed to lapse for any reason Initials: ABX:__________ DHL:__________ whatsoever, or if any material change is made in such insurance which adversely affects the interest of a Loss Payeean Additional Insured, such cancellation, lapse or change will shall not be effective as to any Loss Payee Additional Insured for [***] thirty (30) days ([***] days for nonpayment of premiums and [***] seven (7) days, or such other period as is then customarily obtainable in the industry, in the case of any hull war and allied perils coverage) after the giving of written notice from such insurers or SublesseeLessee’s appointed insurance broker to SublessorLessor and Lessor’s Lender; (gH) waive any right of the insurers to any setoff, counterclaim or other deduction against the Loss Payees but for any outstanding premiums due and owing with respect to the AircraftAdditional Insureds; (hI) provide for worldwide coverage, subject to such limitations and exclusions as may be set forth in the certificates of insurance delivered pursuant to Section 11.4 hereof provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated (or caused to operated) by SublesseeLessee, or as Sublessor Lessor may otherwise agree in writing; (iJ) contain a 50/50 claims funding clause in the form of Lloyd’s standard provision AVS103 (or a replacement for such clause) in the event of a dispute as to which policy in respect of the hull insurance set forth in this Section 11.2 will shall pay in the event of a loss; and (jK) provide that if any Engine is installed on an aircraft other than the Aircraft, the agreed value of that other aircraft shall be automatically increased by the replacement value of such Engine(s) have deductibles (or the Agreed Value for such Engine, if any is specified from time to time) while so installed; this shall be noted on the insurance certificate for the Aircraft; (k) confirm that the insurers are not entitled to replace the Aircraft applicable in case of an insured Total Loss a total, constructive total and/or arranged total loss) standard in the industry which do not exceed, per occurrence, the lesser of (i) $500,000 and (lii) have such amounts carried by Lessee with respect to other aircraft similar to the Aircraft and operated on similar routes or which are otherwise reasonably acceptable to, and approved in writing by Lessor, provided, however, any deductibles not greater than shall be assumed by and at the maximum deductible amount set forth in Appendix B.sole risk of Lessee and to the extent applicable shall be paid by Lessee. 11.2.3 (c) All insurance coverage will, among other things: (a) Be maintained in accordance with best industry practice for comparable operators (b) shall be subject to Airline Finance/Sublease Contract Endorsement AVN67B (or equivalent coverage). Sublessee may procure endorsements to the relevant insurance or reinsurance policies required to be maintained so as to incorporate the terms of Lloyd’s Form AVN67B (or equivalent coverage) into such insurance or reinsurance policies, in which event, to the extent that any provisions of such Lloyd’s Form AVN67B (or any revised form) endorsement conflicts or is otherwise inconsistent with the requirements of any provision of this Agreement relating to insurance or reinsurance then (so long as it will remain general aviation insurance practice to insure aircraft financed or leased by financial institutions on the basis of such a comparable endorsement), such conflicting or inconsistent provision of this Agreement will be of no further force and effect and such endorsement will be deemed to satisfy the requirements of each such conflicting or inconsistent provision of this Agreement; (c) operate on a worldwide basis; (d) contain a provision entitling any Indemnitee to initiate a claim under any policy in the event of the refusal or failure of Sublessee to do so; (e) accept and insure the indemnity provisions of the Sublease to the extent of the risks covered by the policies; (f) be maintained through the London or New York insurance markets or in any other leading insurance markets. Insurers shall be of internationally recognized responsibility and rated A-, or better by AM Best. 11.2.4 For the purposes of this Section 11, the definition of Aircraft will not include the Aircraft Documents.

Aircraft Hull Insurance. 11.2.1 (a) On or prior to the Delivery Date and throughout the Term, Sublessee will Lessee shall maintain (or cause to be maintained) in full force and effect, at its expense and on terms substantially similar to and no less favorable than insurance carried by Sublessee Lessee on similar aircraft in its fleet, all-risk ground and flight aircraft hull insurance covering the Aircraft including coverage of the Engines and Parts while temporarily removed from or not installed on the Aircraft and not replaced with similar components in amounts denominated and an payable in United States Dollars not less than, in respect of the Aircraft, the Agreed ValueValue as set forth in Appendix B hereto, and with respect to any Engines or Parts while removed from the Aircraft, Aircraft on a replacement value basis. Sublessee will Lessee shall maintain such hull war and allied perils insurance covering any loss or damage arising from hull war and allied perilsfrom: (ai) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power; (bii) strikes, riots, civil commotions or labor disturbances;; AIRCRAFT LEASE AGREEMENT 28 MSN (ciii) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional; (div) any malicious act or act of sabotage; (ev) confiscation, nationalization, seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority; and (fvi) hijacking or any unlawful seizure or wrongful exercise of control of the Aircraft or any Engine or any Airframe airframe on which any Engine is installed or crew in flight (including any attempt at such seizure or control) made by any person or persons on board the Aircraft or such Airframe airframe acting without the consent of the insured. 11.2.2 (b) The hull war and allied perils insurances will shall be in accordance with Lloyd’s Aviation Underwriters Association Standard Policy Form LSW 555D or equivalent unless otherwise approved by Sublessor Lessor in writing. Sublessee Lessee covenants that all policies and subsequent policies taken out in accordance with this Section 11.2 willshall: (aA) be issued by insurance companies or underwriters of internationally recognized standing in the aviation industry; (bB) be endorsed to name Sublessor Lessor or its designee (as directed by Lessor) Lessor’s Lender as the loss payee (each to the extent their interest may appear) (collectively, “Loss Payee”) Head Lessor, Owner Participant, any Financing Parties, Sublessor and its designees as Additional Insureds to the extent of each of their its interests in respect of hull claims that become payable on the basis of a total loss and will shall provide that any other loss will shall be settled (net of any relevant policy deductible) with such parties party(ies) as may be necessary to repair the Aircraft unless otherwise agreed in writing after consultation among the insurers, Head Lessor and Lessor, Sublessor and Sublessee ’s Lender (it being agreed that where the loss is not expected to exceed $[***] U.S.$500,000 and, unless Sublessor Lessor has notified the insurers to the contrary, such loss will be settled with and paid to SublesseeLessee); (cC) be amended to name the Additional Insureds as additional insureds for their respective interest with respect to the Aircraft; (D) provide that, in respect of the interest of any Loss Payees Additional Insureds in such policies, the insurance will shall not be invalidated by any act or omission, except provided that such Loss Payee the Additional Insured so protected has not caused, contributed to or knowingly condoned the said act or omission; (dE) provide that none of the Loss Payees (other than Sublessee), will Additional Insureds shall have responsibility for the payment of premiums or any other amount payable under such policies; (eF) provide that insurers shall waive all rights of subrogation as against the Loss PayeesAdditional Insureds; (fG) provide that, if such insurance is canceled or allowed to lapse for any reason whatsoever, or if any material change is made in such insurance which adversely affects the interest of a Loss Payeean Additional Insured, such cancellation, lapse or change will shall not be effective as to any Loss Payee Additional Insured for [***] thirty (30) days ([***] days for nonpayment of premiums and [***] seven (7) days, or such other period as is then customarily obtainable in the industry, in the case of any hull war and allied perils coverage) after the giving of written notice from such insurers or SublesseeLessee’s appointed insurance broker to SublessorLessor and Lessor’s Lender; (gH) waive any right of the insurers to any setoff, counterclaim or other deduction against the Loss Payees but for any outstanding premiums due and owing with respect to the AircraftAdditional Insureds; (hI) provide for worldwide coverage, subject to such limitations and exclusions as may be set forth in the certificates of insurance delivered pursuant to Section 11.4 hereof provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated (or caused to operated) by SublesseeLessee, or as Sublessor Lessor may otherwise agree in writing; (iJ) contain a 50/50 claims funding clause in the form of Lloyd’s standard provision AVS103 (or a replacement for such clause) in the event of a dispute as to which policy in respect of the hull insurance set forth in this Section 11.2 will shall pay in the event of a loss; and (jK) provide that if any Engine is installed on an aircraft other than the Aircraft, the agreed value of that other aircraft shall be automatically increased by the replacement value of such Engine(s) have deductibles AIRCRAFT LEASE AGREEMENT 29 MSN (or the Agreed Value for such Engine, if any is specified from time to time) while so installed; this shall be noted on the insurance certificate for the Aircraft; (k) confirm that the insurers are not entitled to replace the Aircraft applicable in case of an insured Total Loss a total, constructive total and/or arranged total loss) standard in the industry which do not exceed, per occurrence, the lesser of (i) $500,000 and (lii) have such amounts carried by Lessee with respect to other aircraft similar to the Aircraft and operated on similar routes or which are otherwise reasonably acceptable to, and approved in writing by Lessor, provided, however, any deductibles not greater than shall be assumed by and at the maximum deductible amount set forth in Appendix B.sole risk of Lessee and to the extent applicable shall be paid by Lessee. 11.2.3 (c) All insurance coverage will, among other things: (a) Be maintained in accordance with best industry practice for comparable operators (b) shall be subject to Airline Finance/Sublease Contract Endorsement AVN67B (or equivalent coverage). Sublessee may procure endorsements to the relevant insurance or reinsurance policies required to be maintained so as to incorporate the terms of Lloyd’s Form AVN67B (or equivalent coverage) into such insurance or reinsurance policies, in which event, to the extent that any provisions of such Lloyd’s Form AVN67B (or any revised form) endorsement conflicts or is otherwise inconsistent with the requirements of any provision of this Agreement relating to insurance or reinsurance then (so long as it will remain general aviation insurance practice to insure aircraft financed or leased by financial institutions on the basis of such a comparable endorsement), such conflicting or inconsistent provision of this Agreement will be of no further force and effect and such endorsement will be deemed to satisfy the requirements of each such conflicting or inconsistent provision of this Agreement; (c) operate on a worldwide basis; (d) contain a provision entitling any Indemnitee to initiate a claim under any policy in the event of the refusal or failure of Sublessee to do so; (e) accept and insure the indemnity provisions of the Sublease to the extent of the risks covered by the policies; (f) be maintained through the London or New York insurance markets or in any other leading insurance markets. Insurers shall be of internationally recognized responsibility and rated A-, or better by AM Best. 11.2.4 For the purposes of this Section 11, the definition of Aircraft will not include the Aircraft Documents.

Aircraft Hull Insurance. 11.2.1 (a) On or prior to the Delivery Date and throughout the Term, Sublessee will Lessee shall maintain (or cause to be maintained) in full force and effect, at its expense and on terms substantially similar to and no less favorable than insurance carried by Sublessee Lessee on similar aircraft in its fleet, all-risk ground and flight aircraft hull insurance covering the Aircraft including coverage of the Engines and Parts while temporarily removed from or not installed on the Aircraft and not replaced with similar components in amounts denominated and an payable in United States Dollars not less than, in respect of the Aircraft, the Agreed ValueValue as set forth in Appendix B hereto, and with respect to any Engines or Parts while removed from the Aircraft, Aircraft on a replacement value basis. Sublessee will Lessee shall maintain such hull war and allied perils insurance covering any loss or damage arising from hull war and allied perilsfrom: (ai) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power; (bii) strikes, riots, civil commotions or labor disturbances; (ciii) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional; (div) any malicious act or act of sabotage; (ev) confiscation, nationalization, seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority; andand MSN Initials: ABX: DHL: (fvi) hijacking or any unlawful seizure or wrongful exercise of control of the Aircraft or any Engine or any Airframe airframe on which any Engine is installed or crew in flight (including any attempt at such seizure or control) made by any person or persons on board the Aircraft or such Airframe airframe acting without the consent of the insured. 11.2.2 (b) The hull war and allied perils insurances will shall be in accordance with Lloyd’s Aviation Underwriters Association Standard Policy Form LSW 555D or equivalent unless otherwise approved by Sublessor Lessor in writing. Sublessee Lessee covenants that all policies and subsequent policies taken out in accordance with this Section 11.2 willshall: (aA) be issued by insurance companies or underwriters of internationally recognized standing in the aviation industry; (bB) be endorsed to name Sublessor Lessor or its designee (as directed by Lessor) Lessor’s Lender as the loss payee (each to the extent their interest may appear) (collectively, “Loss Payee”) Head Lessor, Owner Participant, any Financing Parties, Sublessor and its designees as Additional Insureds to the extent of each of their its interests in respect of hull claims that become payable on the basis of a total loss and will shall provide that any other loss will shall be settled (net of any relevant policy deductible) with such parties party(ies) as may be necessary to repair the Aircraft unless otherwise agreed in writing after consultation among the insurers, Head Lessor and Lessor, Sublessor and Sublessee ’s Lender (it being agreed that where the loss is not expected to exceed $[***] U.S.$500,000 and, unless Sublessor Lessor has notified the insurers to the contrary, such loss will be settled with and paid to SublesseeLessee); (cC) be amended to name the Additional Insureds as additional insureds for their respective interest with respect to the Aircraft; (D) provide that, in respect of the interest of any Loss Payees Additional Insureds in such policies, the insurance will shall not be invalidated by any act or omission, except provided that such Loss Payee the Additional Insured so protected has not caused, contributed to or knowingly condoned the said act or omission; (dE) provide that none of the Loss Payees (other than Sublessee), will Additional Insureds shall have responsibility for the payment of premiums or any other amount payable under such policies; (eF) provide that insurers shall waive all rights of subrogation as against the Loss PayeesAdditional Insureds; (fG) provide that, if such insurance is canceled or allowed to lapse for any reason whatsoever, or if any material change is made in such insurance which adversely affects the interest of a Loss Payeean Additional Insured, such cancellation, lapse or change will shall not be effective as to any Loss Payee Additional Insured for [***] thirty (30) days ([***] days for nonpayment of premiums and [***] seven (7) days, or such other period as is then customarily obtainable in the industry, in the case of any hull war and allied perils coverage) after the giving of written notice from such insurers or SublesseeLessee’s appointed insurance broker to SublessorLessor and Lessor’s Lender; (gH) waive any right of the insurers to any setoff, counterclaim or other deduction against the Loss Payees but for any outstanding premiums due and owing with respect to the AircraftAdditional Insureds; (hI) provide for worldwide coverage, subject to such limitations and exclusions as may be set forth in the certificates of insurance delivered pursuant to Section 11.4 hereof provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated (or caused to operated) by SublesseeLessee, or as Sublessor Lessor may otherwise agree in writing; (iJ) contain a 50/50 claims funding clause in the form of Lloyd’s standard provision AVS103 (or a replacement for such clause) in the event of a dispute as to which policy in respect of the hull insurance set forth in this Section 11.2 will shall pay in the event of a loss; and (jK) provide that if any Engine is installed on an aircraft other than the Aircraft, the agreed value of that other aircraft shall be automatically increased by the replacement value of such Engine(s) have deductibles (or the Agreed Value for such Engine, if any is specified from time to time) while so installed; this shall be noted on the insurance certificate for the Aircraft; (k) confirm that the insurers are not entitled to replace the Aircraft applicable in case of an insured Total Loss a total, constructive total and/or arranged total loss) standard in the industry which do not exceed, per occurrence, the lesser of (i) $500,000 and (lii) have such amounts carried by Lessee with respect to other aircraft similar to the Aircraft and operated on similar routes or which are otherwise reasonably acceptable to, and approved in writing by Lessor, provided, however, any deductibles not greater than shall be assumed by and at the maximum deductible amount set forth in Appendix B.sole risk of Lessee and to the extent applicable shall be paid by Lessee. 11.2.3 (c) All insurance coverage will, among other things: (a) Be maintained in accordance with best industry practice for comparable operators (b) shall be subject to Airline Finance/Sublease Contract Endorsement AVN67B (or equivalent coveragea comparable endorsement). Sublessee may procure endorsements to the relevant insurance or reinsurance policies required to be maintained so as to incorporate the terms of Lloyd’s Form AVN67B (or equivalent coverage) into such insurance or reinsurance policies, in which event, to the extent that any provisions of such Lloyd’s Form AVN67B (or any revised form) endorsement conflicts or is otherwise inconsistent with the requirements of any provision of this Agreement relating to insurance or reinsurance then (so long as it will remain general aviation insurance practice to insure aircraft financed or leased by financial institutions on the basis of such endorsement), such conflicting or inconsistent provision of this Agreement will be of no further force and effect and such endorsement will be deemed to satisfy the requirements of each such conflicting or inconsistent provision of this Agreement; (c) operate on a worldwide basis; (d) contain a provision entitling any Indemnitee to initiate a claim under any policy in the event of the refusal or failure of Sublessee to do so; (e) accept and insure the indemnity provisions of the Sublease to the extent of the risks covered by the policies; (f) be maintained through the London or New York insurance markets or in any other leading insurance markets. Insurers shall be of internationally recognized responsibility and rated A-, or better by AM Best. 11.2.4 For the purposes of this Section 11, the definition of Aircraft will not include the Aircraft Documents.MSN Initials: ABX: DHL:

Aircraft Hull Insurance. 11.2.1 (a) On or prior to the Delivery Date and throughout the Term, Sublessee will Lessee shall maintain (or cause to be maintained) in full force and effect, at its expense and on terms substantially similar to and no less favorable than insurance carried by Sublessee Lessee on similar aircraft in its fleet, all-risk ground and flight aircraft hull insurance covering the Aircraft including coverage of the Engines and Parts while temporarily removed from or not installed on the Aircraft and not replaced with similar components in amounts denominated and payable in United States Dollars not less than, in respect of the Aircraft, the Agreed ValueValue as set forth in Appendix B hereto, and with respect to any Engines Initials: ABX:__________ DHL:__________ or Parts while removed from the Aircraft, Aircraft on a replacement value basis. Sublessee will Lessee shall maintain such hull war and allied perils insurance covering any loss or damage arising from hull war and allied perilsfrom: (ai) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power; (bii) strikes, riots, civil commotions or labor disturbances; (ciii) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional; (div) any malicious act or act of sabotage; (ev) confiscation, nationalization, seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority; and (fvi) hijacking or any unlawful seizure or wrongful exercise of control of the Aircraft or any Engine or any Airframe airframe on which any Engine is installed or crew in flight (including any attempt at such seizure or control) made by any person or persons on board the Aircraft or such Airframe airframe acting without the consent of the insured. 11.2.2 (b) The hull war and allied perils insurances will shall be in accordance with Lloyd’s Aviation Underwriters Association Standard Policy Form LSW 555D or equivalent unless otherwise approved by Sublessor Lessor in writing. Sublessee Lessee covenants that all policies and subsequent policies taken out in accordance with this Section 11.2 willshall: (aA) be issued by insurance companies or underwriters of internationally recognized standing in the aviation industry; (bB) be endorsed to name Sublessor Lessor or its designee (as directed by Lessor) Lessor’s Lender as the loss payee (each to the extent their interest may appear) (collectively, “Loss Payee”) Head Lessor, Owner Participant, any Financing Parties, Sublessor and its designees as Additional Insureds to the extent of each of their its interests in respect of hull claims that become payable on the basis of a total loss and will shall provide that any other loss will shall be settled (net of any relevant policy deductible) with such parties party(ies) as may be necessary to repair the Aircraft unless otherwise agreed in writing after consultation among the insurers, Head Lessor and Lessor, Sublessor and Sublessee ’s Lender (it being agreed that where the loss is not expected to exceed $[***] U.S.$500,000 and, unless Sublessor Lessor has notified the insurers to the contrary, such loss will be settled with and paid to SublesseeLessee); (cC) be amended to name the Additional Insureds as additional insureds for their respective interest with respect to the Aircraft; (D) provide that, in respect of the interest of any Loss Payees Additional Insureds in such policies, the insurance will shall not be invalidated by any act or omission, except provided that such Loss Payee the Additional Insured so protected has not caused, contributed to or knowingly condoned the said act or omission; (dE) provide that none of the Loss Payees (other than Sublessee), will Additional Insureds shall have responsibility for the payment of premiums or any other amount payable under such policies; (eF) provide that insurers shall waive all rights of subrogation as against the Loss PayeesAdditional Insureds; (fG) provide that, if such insurance is canceled or allowed to lapse for any reason whatsoever, or if any material change is made in such insurance which adversely affects the interest of a Loss Payeean Additional Insured, such cancellation, lapse or change will shall not be effective as to any Loss Payee Additional Insured for [***] thirty (30) days ([***] days for nonpayment of premiums and [***] seven (7) days, or such other period as is then customarily obtainable in the industry, in the case of any hull war and allied perils Initials: ABX:__________ DHL:__________ coverage) after the giving of written notice from such insurers or SublesseeLessee’s appointed insurance broker to SublessorLessor and Lessor’s Lender; (gH) waive any right of the insurers to any setoff, counterclaim or other deduction against the Loss Payees but for any outstanding premiums due and owing with respect to the AircraftAdditional Insureds; (hI) provide for worldwide coverage, subject to such limitations and exclusions as may be set forth in the certificates of insurance delivered pursuant to Section 11.4 hereof provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated (or caused to operated) by SublesseeLessee, or as Sublessor Lessor may otherwise agree in writing; (iJ) contain a 50/50 claims funding clause in the form of Lloyd’s standard provision AVS103 (or a replacement for such clause) in the event of a dispute as to which policy in respect of the hull insurance set forth in this Section 11.2 will shall pay in the event of a loss; and (jK) provide that if any Engine is installed on an aircraft other than the Aircraft, the agreed value of that other aircraft shall be automatically increased by the replacement value of such Engine(s) have deductibles (or the Agreed Value for such Engine, if any is specified from time to time) while so installed; this shall be noted on the insurance certificate for the Aircraft; (k) confirm that the insurers are not entitled to replace the Aircraft applicable in case of an insured Total Loss a total, constructive total and/or arranged total loss) standard in the industry which do not exceed, per occurrence, the lesser of (i) $500,000 and (lii) have such amounts carried by Lessee with respect to other aircraft similar to the Aircraft and operated on similar routes or which are otherwise reasonably acceptable to, and approved in writing by Lessor, provided, however, any deductibles not greater than shall be assumed by and at the maximum deductible amount set forth in Appendix B.sole risk of Lessee and to the extent applicable shall be paid by Lessee. 11.2.3 (c) All insurance coverage will, among other things: (a) Be maintained in accordance with best industry practice for comparable operators (b) shall be subject to Airline Finance/Sublease Contract Endorsement AVN67B (or equivalent coverage). Sublessee may procure endorsements to the relevant insurance or reinsurance policies required to be maintained so as to incorporate the terms of Lloyd’s Form AVN67B (or equivalent coverage) into such insurance or reinsurance policies, in which event, to the extent that any provisions of such Lloyd’s Form AVN67B (or any revised form) endorsement conflicts or is otherwise inconsistent with the requirements of any provision of this Agreement relating to insurance or reinsurance then (so long as it will remain general aviation insurance practice to insure aircraft financed or leased by financial institutions on the basis of such a comparable endorsement), such conflicting or inconsistent provision of this Agreement will be of no further force and effect and such endorsement will be deemed to satisfy the requirements of each such conflicting or inconsistent provision of this Agreement; (c) operate on a worldwide basis; (d) contain a provision entitling any Indemnitee to initiate a claim under any policy in the event of the refusal or failure of Sublessee to do so; (e) accept and insure the indemnity provisions of the Sublease to the extent of the risks covered by the policies; (f) be maintained through the London or New York insurance markets or in any other leading insurance markets. Insurers shall be of internationally recognized responsibility and rated A-, or better by AM Best. 11.2.4 For the purposes of this Section 11, the definition of Aircraft will not include the Aircraft Documents.

Aircraft Hull Insurance. 11.2.1 11.2.1. On or prior to the Delivery Date and throughout the Term, Sublessee Lessee will maintain (or cause to be maintained) in full force and effect, at its expense and on terms substantially similar to and no less favorable than insurance carried by Sublessee Lessee on similar aircraft in its fleet, all-risk ground and flight aircraft hull insurance covering the Aircraft including coverage of the Engines and Parts while temporarily removed from or not installed on the Aircraft and not replaced with similar components in amounts denominated and payable in Dollars not less than, in respect of the Aircraft, the Agreed Value, and with respect to any Engines or Parts while removed from the Aircraft, on a replacement value basis. Sublessee Lessee will maintain such hull war and allied perils insurance covering any loss or damage arising from hull war and allied perilsfrom: (a) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power; (b) strikes, riots, civil commotions or labor disturbances; (c) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional; (d) any malicious act or act of sabotage; (e) confiscation, nationalization, seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority; and (f) hijacking or any unlawful seizure or wrongful exercise of control of the Aircraft or any Engine or any Airframe airframe on which any Engine is installed or crew in flight (including any attempt at such seizure or control) made by any person or persons on board the Aircraft or such Airframe airframe acting without the consent of the insured. 11.2.2 11.2.2. The hull war and allied perils insurances will be in accordance with Lloyd’s Aviation Underwriters Association Standard Policy Form LSW 555D or equivalent unless otherwise approved by Sublessor Lessor in writing. Sublessee Lessee covenants that all policies and subsequent policies taken out in accordance with this Section 11.2 will: (a) be issued by insurance companies or underwriters of internationally recognized standing in the aviation industry; (b) be endorsed to name Sublessor or its designee Lessor, Lessor’s Lender (if directed by Lessor), and Lessee as loss payee payees (each to the extent their interest may appear) (collectively, “Loss PayeePayees”) Head Lessor, Owner Participant, any Financing Parties, Sublessor and its designees as Additional Insureds to the extent of each of their interests in respect of hull claims that become payable on the basis of a total loss and will provide that any other loss will be settled (net of any relevant policy deductible) with such parties party(ies) as may be necessary to repair the Aircraft unless otherwise agreed in writing after consultation among the insurers, Head Lessor, Sublessor Lessee, and Sublessee Lessor’s Lender (it being agreed that where the loss is not expected to exceed $[***] and, unless Sublessor Lessor has notified the insurers to the contrary, such loss will be settled with and paid to SublesseeLessee); (c) provide that, in respect of the interest of any Loss Payees in such policies, the insurance will not be invalidated by any act or omission, except that such the Loss Payee Payees so protected has not caused, contributed to or knowingly condoned the said act or omission; (d) provide that none of the Loss Payees (other than Sublessee)Payees, will have responsibility for the payment of premiums or any other amount payable under such policies; (e) provide that insurers waive all rights of subrogation as against the Loss Payees; (f) provide that, if such insurance is canceled or allowed to lapse for any reason whatsoever, or if any material change is made in such insurance which adversely affects the interest of a Loss Payee, such cancellation, lapse or change will not be effective as to any Loss Payee for [***] 30 days ([***] 10 days for nonpayment of premiums and [***] seven days, or such other period as is then customarily obtainable in the industry, in the case of any hull war and allied perils coverage) after the giving of written notice from such insurers or SublesseeLessee’s appointed insurance broker to SublessorLessor and Lessor’s Lender; (g) waive any right of the insurers to any setoff, counterclaim or other deduction against the Loss Payees but for any outstanding premiums due and owing with respect to the AircraftPayees; (h) provide for worldwide coverage, subject to such limitations and exclusions as may be set forth in the certificates of insurance delivered pursuant to Section 11.4 hereof provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated (or caused to operated) by SublesseeLessee, or as Sublessor Lessor may otherwise agree in writing; (i) contain a 50/50 claims funding clause in the form of Lloyd’s standard provision AVS103 (or a replacement for such clause) in the event of a dispute as to which policy in respect of the hull insurance set forth in this Section 11.2 will pay in the event of a loss; and (j) provide that if any Engine is installed on an aircraft other than the Aircraft, the agreed value of that other aircraft shall be automatically increased by the replacement value of such Engine(s) (or the Agreed Value for such Engine, if any is specified from time to time) while so installed; this shall be noted on the insurance certificate for the Aircraft; (k) confirm that the insurers are not entitled to replace the Aircraft in case of an insured Total Loss and (l) have deductibles not greater than the maximum deductible amount set forth in Appendix B. 11.2.3 11.2.3. All insurance coverage will, among other things: (a) Be maintained in accordance with best industry practice for comparable operators (b) will be subject to Airline Finance/Sublease Contract Endorsement AVN67B (or equivalent coverage). Sublessee may procure endorsements to the relevant insurance or reinsurance policies required to be maintained so as to incorporate the terms of Lloyd’s Form AVN67B (or equivalent coverage) into such insurance or reinsurance policies, in which event, to the extent that any provisions of such Lloyd’s Form AVN67B (or any revised form) endorsement conflicts or is otherwise inconsistent with the requirements of any provision of this Agreement relating to insurance or reinsurance then (so long as it will remain general aviation insurance practice to insure aircraft financed or leased by financial institutions on the basis of such a comparable endorsement), such conflicting or inconsistent provision of this Agreement will be of no further force and effect and such endorsement will be deemed to satisfy the requirements of each such conflicting or inconsistent provision of this Agreement; (c) operate on a worldwide basis; (d) contain a provision entitling any Indemnitee to initiate a claim under any policy in the event of the refusal or failure of Sublessee to do so; (e) accept and insure the indemnity provisions of the Sublease to the extent of the risks covered by the policies; (f) be maintained through the London or New York insurance markets or in any other leading insurance markets. Insurers shall be of internationally recognized responsibility and rated A-, or better by AM Best. 11.2.4 11.2.4. For the purposes of this Section 11, the definition of Aircraft will not include the Aircraft Documents.